House Of HR - ESG Report - Lucror Analytics

Kasikorn Bank (KBANK TB) - To Increase Dividend Policy From 25% To 50%...

We came away from KBANK’s 2H25 analyst and fund manager meeting with a positive view. The CEO announced a change in dividend policy from 25% to 50, with a targeted payout of 50-60% in the medium term. Management also provided guidance on future capital management. KBANK is maintaining its 2025 financial targets, and reiterated that asset quality and credit costs remain under control. We maintain BUY with a higher target price of Bt192.00.

Bumrungrad Hospital (BH TB) - Cautiously Optimistic In 2H25

The tone at BH’s 2Q25 analyst meeting was positive. Management provided a positive development update on the Kuwaiti patient issue, indicating that it should be resolved soon. The 3Q25 guidance is also promising as last year’s base will no longer include the Kuwait patient portion and revenue intensity is expected to improve. We are more positive on BH, but the timeline and the magnitude of Kuwaiti patients’ return is still uncertain, and the market has already priced this in. Maintain HOLD...

Greater China Strategy Alpha Picks: August Conviction Calls

In July, the HSI and MSCI China index extended their growths, rising 2.9% mom and 4.5% mom respectively to reach their peak on 24 July before pulling pack in the latest week, as investors tend to take profit after the Politburo announcement. With another 90-day tariff delay from the US, we maintain a positive outlook for leading domestic stocks in healthcare and IT. New additions to our BUY list are JBM Healthcare and Lenovo. We take profit on CATL, Han’s Laser, KE Holdings and Longfor.

Thailand Property – Expect Earnings To Recover In 2Q25, But 2H25 Out...

Developers under our coverage are expected to report a combined net profit of Bt4.2b in 2Q25, down 22% yoy but up 56% qoq. Despite the anticipated recovery in 2Q25 earnings, we remain cautious on the outlook for 2H25. Furthermore, we see downside risks to our earnings forecasts for the developers under our coverage, given that the expected 2Q25 results continue to fall short of projections. Maintain UNDERWEIGHT.

Thailand Daily - Tuesday, August 05, 2025

KEY HIGHLIGHTS Sector Property Expect earnings to recover in 2Q25, but 2H25 outlook remains uncertain. Update Bumrungrad Hospital (BH TB/HOLD/Bt176.50/Target: Bt185.00) Cautiously optimistic in 2H25. Kasikorn Bank (KBANK TB/BUY/Bt160.50/Target: Bt192.00 To increase dividend policy from 25% to 50% and guide for potential capital management.

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors

Indofood CBP (ICBP IJ) - 1H25: Core Profit In Line With Our Expectatio...

ICBP posted soft 1H25 results, with revenue up 2% yoy and core profit down 5% yoy to Rp5,367b, representing 49% of our full-year estimate. The decline was partially driven by margin pressure caused by the lagged effect of a rise in soft commodity prices and intense competition in the dairy segment. Nevertheless, the recent softness in CPO prices, domestic sales recovery and continued export momentum should support margin and sales growth in 2H25. Maintain BUY with a target price of Rp13,800.

Strategy - 1H25 Results Recap

Among the 49 stocks under our coverage, nine have yet to release their results. Hence, we only have 40 stocks to compare and analyse. Out of the 40 stocks, 25% exceeded forecasts, 40% were in line and 35% were below expectations. Out of the Big Four banks, the results of two came in below expectations, BBCA’s was in line, while BMRI’s financials are currently under audit. The consumer sector reported mixed results.

Malaysia Daily - Tuesday, August 5, 2025

KEY HIG HLIGH TS Company Update Alpha IVF Group (ALPHA MK/BUY/RM0.29/Target: RM0.35) Page 2 FY26 is poised to be a breakout year for Alpha IVF. Maintain BUY. UOBKH Highlights Pekat Group (PEKAT MK/BUY/RM1.49/Target: RM1.70) Page 5 Group bags another RM31m switchgear contract from TNB. TRADERS’ CORNER Page 6 Resintech (RESI MK): Technical BUY Umedic Group (UMC MK): Technical BUY

SBAC Results Review & Model Update

This note covers results and changes to the model. Results were fine, with beats to most metrics driven by higher non-organic revenue from the early close of Millicom, strong services revenue, and a smaller headwind from FX. Guidance is up on the same drivers. The only change to organic growth came from higher Oi churn.

Greater China Daily: Tuesday, August 5, 2025

KEY HIGHLIGHTS Strategy Alpha Picks: August Conviction Calls In July, the HSI and MSCI China index extended their growths, rising 2.9% mom and 4.5% mom respectively to reach their peak on 24 July before pulling pack in the latest week, as investors tend to take profit after the Politburo announcement. With another 90-day tariff delay from the US, we maintain a positive outlook for leading domestic stocks in healthcare and IT. New additions to our BUY list are JBM Healthcare and Lenovo. We take...

Regional Morning Meeting Notes: Tuesday, August 5, 2025

GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy 1H25 Results Recap: Among the 40 stocks under our coverage that have announced their results, 25% beat forecasts, 39% were in line and 35% were below expectations. Results Indofood CBP (ICBP IJ/BUY/Rp9,550/Target: Rp13,800): 1H25: Core profit in line with our expectation. MALAYSIA Update Alpha IVF (ALPHA MK/BUY...

Frencken Group Ltd: Positive Indicators For The Semiconductor Segment;...

Positive indicators in the semiconductor industry in Jul 25 include: a) the US allowing Nvidia to sell its H20 AI chips to China, b) TSMC reporting a 61% yoy increase in 2Q25 earnings and guiding for a 30% yoy revenue increase for 2025, and c) Samsung signing a US$16.5b deal to supply chips to Tesla. Frencken should also benefit from the positive outlook of its key customers. We estimate 2Q25 earnings of S$10m (+10% yoy) for Frencken. Maintain BUY with a higher target price of S$2.08.

Frasers Logistics & Commercial Trust - Double-Digit Reversion From Aus...

FLT sustained positive double-digit rental reversion of 55.8% for new/renewal logistics leases based on an average vs average basis in 3QFY25. Vacant space at 2 Tuas South Link 1 was backfilled rapidly, reflecting strong demand for logistics space in Singapore. Its low aggregate leverage of 36.8% provides a debt headroom of S$521m after the divestment of 357 Collins Street. After stripping out capital distribution, FLT provides a decent FY27 yield of 5.8%. Maintain BUY. Target price: S$1.15.

Singapore Daily: Tuesday, August 05, 2025

KEY HIGHLIGHTS Sector Tech Manufacturers Picking three tech winners of MAS’ EQDP; top BUYs: FRKN, UMS, VALUE. Update Frasers Logistics & Commercial Trust (FLT SP/BUY/S$0.87/Target: S$1.15) 3QFY25: Double-digit reversion from Australia; rapid backfilling in Singapore. Frencken Group (FRKN SP/BUY/S$1.67/Target: S$2.08) Positive indicators for the semiconductor segment; raise target price by 49%. TRADERS' CORNER Delfi (DELFI SP): Trading BUY ...

Tech Manufacturers: Picking Three Tech Winners Of MAS' EQDP; Top BUYs:...

Tech manufacturing stocks with good earnings growth visibility and positive catalysts should continue to see valuation re-rating as the valuation gap of 35-40% vs Malaysian peers remains wide. Our top picks are Frencken (target price: S$2.08) and UMS (target price: S$1.73) given their positive outlook of sequential earnings growth from their semiconductor customers. We also like VALUE for its attractive valuation and renewed growth profile from new customers. Maintain OVERWEIGHT on the sector.

Indonesia Daily - Tuesday, August 5, 2025

Strategy: 1H25 Results Recap: Among the 40 stocks under our coverage that have announced their results, 25% beat forecasts, 39% were in line and 35% were below expectations. Indofood CBP (ICBP IJ/BUY/Rp9,550/Target: Rp13,800): 1H25: Core profit in line with our expectation. TRADERS’ CORNER Agung Podomoro Land (APLN IJ): Technical BUY Bank Neo Commerce (BBYB IJ): Technical BUY