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Keith Wee Teck Keong
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - Confident In Meeting ROE Targets
Confident In Meeting ROE Targets Management was slightly cautious on its NIM outlook in 2023. However, asset quality is holding up stronger than expected despite the higher interest rates. This has helped to underpin management’s conviction in achieving its ROE targets. Maintain BUY and target price of RM6.50 (0.96x 2023 P/B, 9.9% 2023 ROE). Valuations remain attractive at -1SD to its historical mean P/B. The stock is also an excellent proxy to foreign inflows if interest in emerging markets was...
Malaysia Research Team
- Malaysia Research Team
Malaysia Daily - Friday, January 27, 2023
KEY HIGHLIGHTS Company Update CIMB Group (CIMB MK/BUY/RM5.72/Target: RM6.50) Page 2 Given management’s optimism about achieving its ROE targets despite macro headwinds, coupled with attractive valuations, maintain BUY and target price of RM6.50. TRADERS’ CORNER Page 5 Top Glove Corporation (TOPG MK): Technical BUY Adventa (ADV MK): Technical BUY
John Cheong Ming Chern
- John Cheong Ming Chern
Kwanchai Atiphophai
- Kwanchai Atiphophai
TMBThanachart Bank (TTB TB) - Solid Earnings Visibility
TTB’s 2022 earnings growth of 36% yoy proves that the bank’s decision to adopt a conservative loan lending approach amid the precarious economic conditions in 2022 was the right choice. Although we expect TTB’s 2023 earnings to grow moderately by 7% yoy, we believe the bank’s earnings visibility is solid. Maintain BUY, with target price increased slightly to Bt1.60.
Posmarito Pakpahan
- Posmarito Pakpahan
Bank Neo Commerce (BBYB IJ) - 4Q22: Road To Profitability, Another Pos...
BBYB posted another positive quarterly net profit in 4Q22 after turning a profit in 3Q22 for the first time. Full-year PPOP turned positive to Rp337b from a loss of Rp790b in 2021. There was a hiccup in asset quality as LaR remained high (17%) while NPL coverage dropped to 31%. Nevertheless, management’s execution has been solid, as reflected by the number of subscribers, balance sheet growth and profitability. Maintain BUY with an unchanged target price of Rp1,600.
Greater China Research Team
- Greater China Research Team
Strategy - Alpha Picks: Greater China October Conviction List
As we continue to expect market volatility, we maintain exposure to names that have resilient earnings or are expected to enjoy an earnings growth recovery, such as Ausnutria Dairy (1717 HK), CSPC (1093 HK) and Dongfeng Motor (489 HK), and add PICC P&C (2328 HK) to our BUY list.
01093
CSPC PHARMACEUTICAL GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy - The End Of Cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop have fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors in our BUY list.
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy: The end of cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop has fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors into our BUY list.