reports
- Kasemsun Koonnara
Energy Absolute (EA TB) - 1Q24: Earnings Down 62% yoy And 24% qoq
EA’s 1Q24 earnings declined 62% yoy and 24% qoq. The fall was due to decreased subsidies, reduced production from power plants, and lower EV deliveries. However, we are cautiously optimistic about the future as EA focuses on producing EV trucks and targets large corporate groups. With increased delivery volumes, we foresee a significant improvement in EA's earnings from 2Q24 onwards. We recommend a trading BUY. Target price: Bt34.00.
- Kampon Akaravarinchai
CP ALL (CPALL TB) - 1Q24: Impressive Earnings; Strongest Earnings Grow...
CPALL’s 1Q24 earnings grew 53% yoy and 15% qoq to Bt6,319m. This exceeded our and market estimates by 30%. The impressive 1Q24 earnings was due to solid top-line and profitability improvement. We revise up 2024 and 2025 earnings by 11% and 13% respectively. We expect CPALL’s 2024 profit to grow 29% yoy, and exhibit the strongest earnings growth among peers. Maintain BUY. Target price: Bt84.00.
- Kampon Akaravarinchai
Betagro PCL (BTG TB) - 1Q24: Earnings Improve Strongly Qoq
BTG reported a net loss of Bt124m for 1Q24, decreasing from a net loss of Bt657m in 4Q23 on the back of better livestock prices and lower raw material costs. We expect BTG’s bottom line to turn to a profit in 2Q24 following an improvement in profitability throughout 2024 on the back of higher ASPs and feed costs trending lower. Maintain BUY. Target price: Bt27.00.
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 1Q24: Earnings Surge Yoy And Qoq
BEC reported 1Q24 earnings of Bt14m (+279% yoy, -85% qoq). Earnings increased yoy due to higher gross margin. Meanwhile, earnings declined qoq, impacted by lower revenue and softer gross margin. Looking ahead, we believe the media sector, especially TV broadcaster players, may not see a strong recovery due to a slow recovery of TV adex. Maintain HOLD. Target price: Bt5.30.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Banpu PCL (BANPU TB) - 1Q24: Operating Results Turn To A Profit
BANPU reported 1Q24 net profit of Bt1.55b, reversing from a net loss in 4Q23. However, the coal and gas businesses remained weak due to lower ASP and sales volumes. We cut our 2024-25 core earnings forecasts to reflect weak coal prices. However, we expect 2Q24 core profit to recover qoq from outstanding profits in the utilities business. We maintain our negative view on the coal business. Maintain HOLD. Target price: Bt5.00.
- Malaysia Research Team
Malaysia Daily - Monday, May 13, 2024
KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 Apr 24: Malaysia’s palm oil inventory exceeds market expectation. Expect CPO prices to soften in the short term with a possible recovery in 3Q24. UOBKH Highlights SFP Tech Holdings (SFPTECH MK/BUY/RM0.75/Target: RM1.10) Page 4 1Q24: Within expectations; on the brink of a new dawn. TRADERS’ CORNER Page 5 Bahvest Resources (BORN MK): Technical BUY UEM Edgenta (UEME MK): Technical BUY
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, May 13, 2024
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt5.45/Target: Bt5.00) 1Q24: Operating results turn to a profit. BEC World PCL (BEC TB/HOLD/Bt4.64/Target: Bt5.30) 1Q24: Earnings surge yoy and qoq. Betagro PCL (BTG TB/BUY/Bt23.50/Target: Bt27.00) 1Q24: Earnings improve strongly qoq. CP ALL (CPALL TB/BUY/Bt59.00/Target: Bt84.00) 1Q24: Impressive e...
- Arsit Pamaranont
- Ceilica Su Rui
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Leow Huey Chuen
- Paula Ruth
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, May 13, 2024
GREATER CHINA Economics Inflation: PPI decline narrows as global commodity prices head higher. Money Supply: Weak credit demand hampering policy transmission. Sector Shipping and Ports: Prefer ports over container shipping for better risk-reward. Downgrade CSH to HOLD and OOIL to SELL after recent share price surge; switch to CSP and CMP. Update Xiaomi Corp (1810 HK/BUY/HK$19.40/Target: HK$22.80): 1Q24 Results Preview: Expect another beat driven by AIoT business. INDONESIA Results Erajaya Swas...
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Monday, May 13, 2024
KEY HIGHLIGHTS Sector Banking: 1Q24 round-up: Strong results demonstrate resiliency. Results CSE Global (CSE SP/BUY/S$0.41/Target: S$0.56): 1Q24: Revenue in line; steady order wins reaffirm 2024 outlook. Genting Singapore (GENS SP/BUY/S$0.885/Target: S$1.25): 1Q24: Stellar results within expectations, mainly driven by “Swiftonomics” and seasonal strength during CNY. Maintain BUY and target price of S$1.25. Oversea-Chinese Banking Corp (OCBC SP/BUY/S$13.91/Target: S$18.10): 1Q24: Record-high ...
- Jonathan Koh
United Hampshire US REIT (UHU SP) - 1Q24: Longer WALE After Lease Rene...
UHU’s strip centres have outperformed due to in-migration to suburban locations triggered by entrenched hybrid work arrangements. Long-term lease renewals with Home Depot (Lawnside Common) and LA Fitness (Upland Square, St Lucie West and Garden City) in 1Q24 have lengthened WALE from 7.1 to 7.9 years. Leasing momentum has sustained into 2Q24. UHU provides resilient and attractive 2024 distribution yield of 10.4% and trades at P/NAV of 0.55x. Maintain BUY. Target price: US$0.66.
- Llelleythan Tan Tan
Singapore Post (SPOST SP) - FY24: Delivering Performance Despite Macro...
Despite posting lower FY24 revenue (-9.9% yoy), SPOST reported higher underlying net profit (+28.1% yoy), driven by higher contributions from most business segments. The P&P segment returned to profitability as both the DPP and IPP sub-segments saw better margins. The logistics segment posted lower revenue growth, dragged by normalising sea freight rates while the property segment remained stable. With improving fundamentals, we maintain BUY with a higher target price of S$0.61.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Riverstone Holdings (RSTON SP) - 1Q24: Earnings Above Expectations; Po...
Riverstone’s 1Q24 earnings rose 54.5% yoy to RM72m, beating our forecast by 3%. Revenue was higher yoy and qoq for the fifth consecutive quarter, driven by higher demand for its higher-margin customised healthcare gloves and cleanroom gloves. With a further anticipated recovery in the consumer electronics and healthcare glove industries, we expect increased sales volumes for both segments. Maintain BUY with a 14% higher target price of S$1.00 (S$0.88 previously).
- Jonathan Koh
Oversea-Chinese Banking Corp (OCBC SP) - 1Q24: Record-high Earnings De...
OCBC delivered a record-high net profit of S$1,982m in 1Q24 (+5% yoy), supported by the recovery of wealth management, normalised contribution from insurance, and strong trading income. CET-1 CAR improved 0.3ppt qoq to 16.2%, which is the highest among the local banks. The proposed privatisation of GEH is funded by internal cash and enhances pro forma 2023 ROE by 0.2ppt to 14.0%. OCBC provides an attractive dividend yield of 6.4% for 2025. Maintain BUY. Target price: S$18.10.
- Jack Goh Tooan Orng
Genting Singapore (GENS SP) - 1Q24: A Touch Of Wanderlust
Tracking MBS, GENS’ 1Q24 results reflect a wide array of operational refinement across both the gaming and non-gaming segments. We attribute this to higher regional tourist arrivals and consumption driven by mega entertainment events such as Taylor Swift’s six concerts, as well as seasonal strength during the CNY period. We remain convinced that such a growth trend will be sustained throughout 2024, while GENS offers meaningful capital upside. Maintain BUY and target price of S$1.25.
- Heidi Mo Jinghui
- John Cheong Ming Chern
CSE Global (CSE SP) - 1Q24: Revenue In Line; Steady Order Wins Reaffir...
CSE's 1Q24 revenue of S$197m (+24% yoy) is in line with expectations, making up 25% of our full-year estimate. Revenue growth was mainly attributable to the ongoing completion of 2023 orders for electrification projects and contributions from new acquisitions. CSE’s healthy order inflow attests to its strong track record to capture growing demand, while its recent share placement puts it in a better position to achieve inorganic growth. Maintain BUY and target price of S$0.56.
- Jonathan Koh
Singapore Banking - 1Q24 Round-up: Strong Results Demonstrate Resilien...
Banks delivered strong earnings in 1Q24 (DBS: +15% yoy, OCBC: +5% yoy) with a pick-up in loan growth, a recovery in wealth management, and a surge in trading income. The good results demonstrate resiliency. DBS and OCBC provide attractive 2025 dividend yields of 6.8% and 6.3% respectively. Our top pick is OCBC (Target: S$18.10) due to the potential to deploy surplus capital to generate inorganic growth. BUY DBS (Target: S$40.70). Maintain OVERWEIGHT.
- Leonard Law
Lucror Analytics - Morning Views Asia
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. To request full and unrestricted access to Lucror’s research and analytics platform, please visit
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.