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Waritthorn Kaewmuang
- Waritthorn Kaewmuang
Bumrungrad Hospital (BH TB) - Solid Upturn Of Medical Tourism Amid Fav...
BH’s outlook remains bright from the continuous recovery in the number of international patients supported by high oil prices that should enhance the purchasing power of Middle Eastern patients. There are growth opportunities from a new dominant market and further technological development which are likely to send BH’s performance above pre-COVID-19 levels in 2023. Maintain BUY. Target price: Bt205.00.
Thailand Research Team
- Thailand Research Team
Alpha Picks: Jul 22 Portfolio
We are starting 2H22 with a more defensive strategy by using a bottom-up approach to focus purely on defensive and quality names which benefit from the country’s reopening. Against this backdrop, quality names that have domestic tourism and consumption as their main revenue streams should benefit the most. For Jul 22, we cut losses on MTC, while adding BBL and TISCO to our list. Maintain BUY on AMATA, CPALL, CPF, CPN, MINT, OR and VGI.
Thailand Research Team ... (+2)
- Thailand Research Team
- Waritthorn Kaewmuang
John Cheong Ming Chern ... (+2)
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Friday, July 1, 2022
KEY HIGHLIGHTS Sector REITs: Strength of balance sheet being stressed and tested. Shariah Gems Conference Takeaways Venture Corporation (VMS SP/BUY/S$16.63/Target: S$22.80): Remaining on track for growth. TRADERS’ CORNER Japfa (JAP SP): Trading BUY SIA Engineering Co (SIE SP): Trading BUY
John Cheong Ming Chern
- John Cheong Ming Chern
Venture Corporation (VMS SP) - Remains On Track For Growth
VMS continues to see healthy near-term demand from majority of its customers and has an experienced task force to manage the recurring component shortages. Also, its strong R&D capabilities have enabled it to redesign products to reduce dependency on parts that are in shortage. Despite the higher inflationary environment, VMS strives to maintain its net margin in the historical range of 9-10%. Maintain BUY and target price of S$22.80 (pegged to +1SD, 19.5x 2022F PE).
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.