BUSINESS ACCOUNT
Sign up for a business account to:
-
Access reports individually or via Subscription
-
Receive monthly invoices with payment via CSA or hard dollars
Get access to other exclusive features
-
Analyst access
-
Free Trial Subscriptions
-
Team account with shared subscriptions
-
Advanced analytics to track research consumption and performance
Stevanus Juanda
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 3Q21: Results Weaker Than Street’s Expe...
With 9M21 results coming in below consensus’ expectation (but in line with ours), UNVR’s share price has weakened. The lower share price presents an opportunity for investors to establish positions at the current -2SD 2022F PE. Although the pandemic has caused many companies to suffer losses, UNVR has only seen a 20% decline in its earnings so far. UNVR’s brand equity is intact, and the company should benefit from the recovery post pandemic. Maintain BUY with a new target price of Rp6,300.
Maskun Ramli ... (+2)
- Maskun Ramli
- Stevanus Juanda
Johnny Yum Chung Man
- Johnny Yum Chung Man
ZTE Corporation (763 HK) : 3Q21: Net profit in line with preliminary r...
ZTE’s net profit grew 107.6% yoy but declined 6.5% qoq to Rmb1,774m at the mid-point of the preliminary results. The sharp growth is due to a solid beat in gross margins from a low base effect, with the qoq decline due to fair value gains. Excluding all nonoperating items, ZTE’s EBIT spiked 3x yoy and 42.1% qoq to Rmb2,425m, in line. For 4Q21, the solid recovery of telco operators will ensure stable top-line growth and elevated margins. Maintain BUY and lift target price to HK$37.00.
Sunny Chen ... (+2)
- Sunny Chen
- Carol Dou Xiao Qin
Sinopharm Group (1099 HK): 3Q21: Earnings up 2.7% yoy, below expectati...
Sinopharm’s 3Q21 revenue and net profit attributable to shareholders experienced significantly slower growth at 6.7% yoy and 2.7% yoy respectively. The results are below expectations. Despite its relentless efforts for sustainable growth, we believe GPO and NRDL price negotiation programmes may continue to depress Sinopharm’s revenue and earnings growth in the mid-term. Downgrade to SELL. Lower target price to HK$17.80.
Chaiwat Arsirawichai ... (+10)
- Chaiwat Arsirawichai
- Jonathan Koh
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
- Stevanus Juanda
- Johnny Yum Chung Man
- Sunny Chen
- Carol Dou Xiao Qin
- Sandra Huang Jieqiong
Regional Morning Notes - Tuesday, October 26, 2021
GREATER CHINA Results China Resources Cement (1313 HK/BUY/HK$7.13/Target: HK$8.70): 3Q21: Results miss expectation; high coal cost and production cut weigh on margins. Sinopharm Group (1099 HK/SELL/HK$19.82/Target: HK$17.80): 3Q21: Earnings up 2.7% yoy, below expectations. Downgrade to SELL. ZTE Corporation (763 HK/BUY/HK$25.20/Target: HK$37.00): 3Q21: Net profit in line with preliminary results, solid beat in margins. INDONESIA Results Unilever Indonesia (UNVR IJ/BUY/Rp4,580/Target: Rp6,300): ...
000063
ZTE CORP.
(Personal & Household Goods)
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
Stevanus Juanda
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 3Q21: Results Weaker Than Street’s Expe...
With 9M21 results coming in below consensus’ expectation (but in line with ours), UNVR’s share price has weakened. The lower share price presents an opportunity for investors to establish positions at the current -2SD 2022F PE. Although the pandemic has caused many companies to suffer losses, UNVR has only seen a 20% decline in its earnings so far. UNVR’s brand equity is intact, and the company should benefit from the recovery post pandemic. Maintain BUY with a new target price of Rp6,300.
Maskun Ramli ... (+2)
- Maskun Ramli
- Stevanus Juanda
Johnny Yum Chung Man
- Johnny Yum Chung Man
ZTE Corporation (763 HK) : 3Q21: Net profit in line with preliminary r...
ZTE’s net profit grew 107.6% yoy but declined 6.5% qoq to Rmb1,774m at the mid-point of the preliminary results. The sharp growth is due to a solid beat in gross margins from a low base effect, with the qoq decline due to fair value gains. Excluding all nonoperating items, ZTE’s EBIT spiked 3x yoy and 42.1% qoq to Rmb2,425m, in line. For 4Q21, the solid recovery of telco operators will ensure stable top-line growth and elevated margins. Maintain BUY and lift target price to HK$37.00.
Sunny Chen ... (+2)
- Sunny Chen
- Carol Dou Xiao Qin
Sinopharm Group (1099 HK): 3Q21: Earnings up 2.7% yoy, below expectati...
Sinopharm’s 3Q21 revenue and net profit attributable to shareholders experienced significantly slower growth at 6.7% yoy and 2.7% yoy respectively. The results are below expectations. Despite its relentless efforts for sustainable growth, we believe GPO and NRDL price negotiation programmes may continue to depress Sinopharm’s revenue and earnings growth in the mid-term. Downgrade to SELL. Lower target price to HK$17.80.
Chaiwat Arsirawichai ... (+10)
- Chaiwat Arsirawichai
- Jonathan Koh
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
- Stevanus Juanda
- Johnny Yum Chung Man
- Sunny Chen
- Carol Dou Xiao Qin
- Sandra Huang Jieqiong
Regional Morning Notes - Tuesday, October 26, 2021
GREATER CHINA Results China Resources Cement (1313 HK/BUY/HK$7.13/Target: HK$8.70): 3Q21: Results miss expectation; high coal cost and production cut weigh on margins. Sinopharm Group (1099 HK/SELL/HK$19.82/Target: HK$17.80): 3Q21: Earnings up 2.7% yoy, below expectations. Downgrade to SELL. ZTE Corporation (763 HK/BUY/HK$25.20/Target: HK$37.00): 3Q21: Net profit in line with preliminary results, solid beat in margins. INDONESIA Results Unilever Indonesia (UNVR IJ/BUY/Rp4,580/Target: Rp6,300): ...
000063
ZTE CORP.
(Personal & Household Goods)
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
Stevanus Juanda
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 3Q21: Results Weaker Than Street’s Expe...
With 9M21 results coming in below consensus’ expectation (but in line with ours), UNVR’s share price has weakened. The lower share price presents an opportunity for investors to establish positions at the current -2SD 2022F PE. Although the pandemic has caused many companies to suffer losses, UNVR has only seen a 20% decline in its earnings so far. UNVR’s brand equity is intact, and the company should benefit from the recovery post pandemic. Maintain BUY with a new target price of Rp6,300.
Maskun Ramli ... (+2)
- Maskun Ramli
- Stevanus Juanda
Johnny Yum Chung Man
- Johnny Yum Chung Man
ZTE Corporation (763 HK) : 3Q21: Net profit in line with preliminary r...
ZTE’s net profit grew 107.6% yoy but declined 6.5% qoq to Rmb1,774m at the mid-point of the preliminary results. The sharp growth is due to a solid beat in gross margins from a low base effect, with the qoq decline due to fair value gains. Excluding all nonoperating items, ZTE’s EBIT spiked 3x yoy and 42.1% qoq to Rmb2,425m, in line. For 4Q21, the solid recovery of telco operators will ensure stable top-line growth and elevated margins. Maintain BUY and lift target price to HK$37.00.
Sunny Chen ... (+2)
- Sunny Chen
- Carol Dou Xiao Qin
Sinopharm Group (1099 HK): 3Q21: Earnings up 2.7% yoy, below expectati...
Sinopharm’s 3Q21 revenue and net profit attributable to shareholders experienced significantly slower growth at 6.7% yoy and 2.7% yoy respectively. The results are below expectations. Despite its relentless efforts for sustainable growth, we believe GPO and NRDL price negotiation programmes may continue to depress Sinopharm’s revenue and earnings growth in the mid-term. Downgrade to SELL. Lower target price to HK$17.80.
Chaiwat Arsirawichai ... (+10)
- Chaiwat Arsirawichai
- Jonathan Koh
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
- Stevanus Juanda
- Johnny Yum Chung Man
- Sunny Chen
- Carol Dou Xiao Qin
- Sandra Huang Jieqiong
Regional Morning Notes - Tuesday, October 26, 2021
GREATER CHINA Results China Resources Cement (1313 HK/BUY/HK$7.13/Target: HK$8.70): 3Q21: Results miss expectation; high coal cost and production cut weigh on margins. Sinopharm Group (1099 HK/SELL/HK$19.82/Target: HK$17.80): 3Q21: Earnings up 2.7% yoy, below expectations. Downgrade to SELL. ZTE Corporation (763 HK/BUY/HK$25.20/Target: HK$37.00): 3Q21: Net profit in line with preliminary results, solid beat in margins. INDONESIA Results Unilever Indonesia (UNVR IJ/BUY/Rp4,580/Target: Rp6,300): ...
000063
ZTE CORP.
(Personal & Household Goods)
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
Stevanus Juanda
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 3Q21: Results Weaker Than Street’s Expe...
With 9M21 results coming in below consensus’ expectation (but in line with ours), UNVR’s share price has weakened. The lower share price presents an opportunity for investors to establish positions at the current -2SD 2022F PE. Although the pandemic has caused many companies to suffer losses, UNVR has only seen a 20% decline in its earnings so far. UNVR’s brand equity is intact, and the company should benefit from the recovery post pandemic. Maintain BUY with a new target price of Rp6,300.
Maskun Ramli ... (+2)
- Maskun Ramli
- Stevanus Juanda
Johnny Yum Chung Man
- Johnny Yum Chung Man
ZTE Corporation (763 HK) : 3Q21: Net profit in line with preliminary r...
ZTE’s net profit grew 107.6% yoy but declined 6.5% qoq to Rmb1,774m at the mid-point of the preliminary results. The sharp growth is due to a solid beat in gross margins from a low base effect, with the qoq decline due to fair value gains. Excluding all nonoperating items, ZTE’s EBIT spiked 3x yoy and 42.1% qoq to Rmb2,425m, in line. For 4Q21, the solid recovery of telco operators will ensure stable top-line growth and elevated margins. Maintain BUY and lift target price to HK$37.00.
Sunny Chen ... (+2)
- Sunny Chen
- Carol Dou Xiao Qin
Sinopharm Group (1099 HK): 3Q21: Earnings up 2.7% yoy, below expectati...
Sinopharm’s 3Q21 revenue and net profit attributable to shareholders experienced significantly slower growth at 6.7% yoy and 2.7% yoy respectively. The results are below expectations. Despite its relentless efforts for sustainable growth, we believe GPO and NRDL price negotiation programmes may continue to depress Sinopharm’s revenue and earnings growth in the mid-term. Downgrade to SELL. Lower target price to HK$17.80.
Chaiwat Arsirawichai ... (+10)
- Chaiwat Arsirawichai
- Jonathan Koh
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
- Stevanus Juanda
- Johnny Yum Chung Man
- Sunny Chen
- Carol Dou Xiao Qin
- Sandra Huang Jieqiong
Regional Morning Notes - Tuesday, October 26, 2021
GREATER CHINA Results China Resources Cement (1313 HK/BUY/HK$7.13/Target: HK$8.70): 3Q21: Results miss expectation; high coal cost and production cut weigh on margins. Sinopharm Group (1099 HK/SELL/HK$19.82/Target: HK$17.80): 3Q21: Earnings up 2.7% yoy, below expectations. Downgrade to SELL. ZTE Corporation (763 HK/BUY/HK$25.20/Target: HK$37.00): 3Q21: Net profit in line with preliminary results, solid beat in margins. INDONESIA Results Unilever Indonesia (UNVR IJ/BUY/Rp4,580/Target: Rp6,300): ...
000063
ZTE CORP.
(Personal & Household Goods)
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
Stevanus Juanda
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 3Q21: Results Weaker Than Street’s Expe...
With 9M21 results coming in below consensus’ expectation (but in line with ours), UNVR’s share price has weakened. The lower share price presents an opportunity for investors to establish positions at the current -2SD 2022F PE. Although the pandemic has caused many companies to suffer losses, UNVR has only seen a 20% decline in its earnings so far. UNVR’s brand equity is intact, and the company should benefit from the recovery post pandemic. Maintain BUY with a new target price of Rp6,300.
Maskun Ramli ... (+2)
- Maskun Ramli
- Stevanus Juanda
Johnny Yum Chung Man
- Johnny Yum Chung Man
ZTE Corporation (763 HK) : 3Q21: Net profit in line with preliminary r...
ZTE’s net profit grew 107.6% yoy but declined 6.5% qoq to Rmb1,774m at the mid-point of the preliminary results. The sharp growth is due to a solid beat in gross margins from a low base effect, with the qoq decline due to fair value gains. Excluding all nonoperating items, ZTE’s EBIT spiked 3x yoy and 42.1% qoq to Rmb2,425m, in line. For 4Q21, the solid recovery of telco operators will ensure stable top-line growth and elevated margins. Maintain BUY and lift target price to HK$37.00.
Sunny Chen ... (+2)
- Sunny Chen
- Carol Dou Xiao Qin
Sinopharm Group (1099 HK): 3Q21: Earnings up 2.7% yoy, below expectati...
Sinopharm’s 3Q21 revenue and net profit attributable to shareholders experienced significantly slower growth at 6.7% yoy and 2.7% yoy respectively. The results are below expectations. Despite its relentless efforts for sustainable growth, we believe GPO and NRDL price negotiation programmes may continue to depress Sinopharm’s revenue and earnings growth in the mid-term. Downgrade to SELL. Lower target price to HK$17.80.
Chaiwat Arsirawichai ... (+10)
- Chaiwat Arsirawichai
- Jonathan Koh
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Vincent Khoo Boo Aik
- Stevanus Juanda
- Johnny Yum Chung Man
- Sunny Chen
- Carol Dou Xiao Qin
- Sandra Huang Jieqiong
Regional Morning Notes - Tuesday, October 26, 2021
GREATER CHINA Results China Resources Cement (1313 HK/BUY/HK$7.13/Target: HK$8.70): 3Q21: Results miss expectation; high coal cost and production cut weigh on margins. Sinopharm Group (1099 HK/SELL/HK$19.82/Target: HK$17.80): 3Q21: Earnings up 2.7% yoy, below expectations. Downgrade to SELL. ZTE Corporation (763 HK/BUY/HK$25.20/Target: HK$37.00): 3Q21: Net profit in line with preliminary results, solid beat in margins. INDONESIA Results Unilever Indonesia (UNVR IJ/BUY/Rp4,580/Target: Rp6,300): ...
000063
ZTE CORP.
(Personal & Household Goods)
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD
UNVR UNILEVER INDONESIA (Retail)
X2S SINOPHARM GROUP CO (Telecommunications)
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR (Technology)
MLT MAPLETREE LOGISTICS TRUST
§3§3 CHINA RESOURCES CEMENT
IFAST IFAST CORP LTD