Arandi Ariantara ...
  • Chaiwat Arsirawichai
  • Johnny Yum Chung Man
  • Julia Cheung Pui Man
  • Julia Pan Mengyao
  • Kader Farhan Bin Kader Ridzwan
  • Katrina Chen Chucan
  • Ken Lee
  • Kowit Pongwinyoo
  • Lee Yuk Kei
  • Leow Huey Chuen
  • Malaysia Research Team
  • Philip Wong
  • Robin Yuen
  • Siwakorn Mitsantisuk
  • Thananchai Jittanoon
  • Vincent Khoo Boo Aik

Regional Morning Notes - Friday, May 17, 2019

Gaming: The gaming scene in Indochina remains highly charged as Vietnam and Cambodia’s GGR are set for explosive growth. Key beneficiaries are RGB, Suncity and Nagacorp.
Automobile: Autonomous Vehicles: Huge opportunities but not yet a revolution. Maintain OVERWEIGHT.
IT Hardware: Restriction on Huawei component imports from the US – Negative to handset component makers but positive to telecom equipment names.
NetEase (NTES US/HOLD/US$279.11/Target: US$280.00): 1Q19: Strong game performance, bottom-line beat on increased operating efficiency. Downgrade to HOLD.
Galaxy (27 HK/BUY/HK$51.05/Target: HK$64.00): 1Q19: Results miss on challenging VIP.
Wijaya Karya (WIKA IJ/HOLD/Rp1,850/Target: Rp1,800): Longer receivables due from customer days hurt cash flow, expect a better performance in 2H19. Downgrade to HOLD.
Carlsberg Brewery Malaysia (CAB MK/HOLD/RM24.24/Target: RM23.70): 1Q19: Within expectations. Malaysia sees robust seasonal sales as Singapore and Sri Lanka sustain its turnaround.
Sunway Construction (SCGB MK/HOLD/RM1.94/Target: RM1.79): 1Q19: Results in line, expect stronger earnings ahead from billings recognition from outstanding orderbook backlog as well as gradual improvement in precast business.
Plantation: UOBKH palm oil seminar: CPO prices to recover and trade at US$530-550/tonne; volatility to come from changes in government policies.
CH Karnchang (CK TB/BUY/Bt26.50/Target: Bt31.00): 1Q19: Good earnings growth expected to continue on high-margin project works and contribution from associates.
VGI Global Media (VGI TB/SELL/Bt9.00/Target: Bt7.60): 4QFY19: Downgrade to SELL on the recent hike in share price.
CP ALL (CPALL TB/HOLD/Bt77.25/Target: Bt80.00): Earnings growth underpinned by store and margin expansion.
True Corporation (TRUE TB/BUY/Bt4.94/Target: Bt6.70): A laggard among peers.
360 Security (A)

360 Security Technology Inc Formerly known as Sjec Corporation. 360 Security Technology Inc., formerly SJEC Corporation, is an Internet and mobile security product and service provider, mainly engaged in the research and development of Internet technology and the design, development and operation of network security products. The Company's main business includes Internet advertising services and game services. The Internet advertising service focuses on the development of mobile advertising. The game service is mainly engaged in the issuance and operation of the entire product line of mobile games, page games and end-games.

Carlsberg Brewery Malaysia B

Ch. Karnchang PCL

CH. Karnchang Public Company is principally engaged in the provision of construction services. Co. operates the business of general contract construction for government agencies, state enterprises and private entities, in the form of main contractor, subcontractor or joint venture or consortium. Co. is involve in the business of construction work design and management for buildings, roads, bridges, underground structure and tunneling, piping work and aviation fueling hydrant control system, fuel depot and control system, expressway, landscape, wastewater treatment plant. Co.'s operations are carried in two geographic areas in Thailand and in the Lao People's Democratic Republic.


Galaxy Entertainment Group

Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.

NetEase Inc ADR

Sunway Construction Group Bh


True Corporation Public Company Limited is a Thailand-based integrated communication solution provider. The Company and its subsidiaries categorize the business into three segments: online segment, which is the provision and installation of fixed line services including public telephones and related value-added services, data services, multimedia services, broadband services and Internet services; wireless segment, which is the provision of cellular telephone services, resale of 3G services using high-speed packet access (HSPA) technologies, network equipment rental, mobile services and sales of handsets and accessories, and pay television (Pay-TV) segment, which is the provision of pay television services both via cables and satellite platforms, rental and trading of related equipment and other related services to the pay television business, advertising sale and agency.

VGI Global Media

VGI Global Media Public Company Limited is a Thailand-based Company engaged in the provision of marketing and advertising services. The Company's business activities are divided into three groups: mass transit, modern trade, and multimedia. Mass transit media consists of Bangkok mass transit system (BTS) merchandising, which refers to the shops on the BTS stations, BTS advertising, Chulalongkorn University (CU) media, which comprises bus shelter and bus body media, and airport rail link. Modern trade includes sales floor media, which is a choice of various formats of media located at the point of purchase or nearby, and non sale floor media located from the entrance area of the stores, car parks and mall areas, such as Tesco Lotus and Big C. Multimedia is the digital screen networks across the country, such as BTS and office towers.

Wijaya Karya Persero

PT Wijaya Karya is engaged in the business activities in construction industry, manufacturing industry, conversion industry, rental, agency services, investment, agro-industry, renewable energy and conversion energy, trading, engineering, procurement, construction, area (industrial zone) management, service capacity upgrades in the field of construction, information technology for engineering and planning services. Co. has two core businesses: Construction which divided into Civil Construction and Building Construction, and Electrical Mechanical of which consist of Energy which focused on Engineering, Procurement and Construction (EPC) and Investment, and Industrial Plant.


Arandi Ariantara

Chaiwat Arsirawichai

Johnny Yum Chung Man

Julia Cheung Pui Man

Julia Pan Mengyao

Kader Farhan Bin Kader Ridzwan

Katrina Chen Chucan

Ken Lee

Kowit Pongwinyoo

Lee Yuk Kei

Leow Huey Chuen

Malaysia Research Team

Philip Wong

Robin Yuen

Siwakorn Mitsantisuk

Thananchai Jittanoon

Vincent Khoo Boo Aik

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