Benyamin Mikael ...
  • Chong Lee Len
  • Eric Wang Zhen
  • Jayson Kong
  • John Cheong Ming Chern
  • Joohijit Kaur Jaztar Singh
  • Julia Pan Mengyao
  • Keith Wee Teck Keong
  • Malaysia Research Team
  • Thananchai Jittanoon

Regional Morning Notes - Thursday, November 28, 2019

Insurance: Life segment remains weak but auto insurance shows improvement.
China Education Group (839 HK/BUY/HK$11.00/Target: HK$14.00): FY19: Solid growth; will be more cautious on M&As.
Poultry: More culling to stabilise poultry prices; upgrade to OVERWEIGHT.
Alliance Bank Malaysia (ABMB MK/HOLD/RM2.69/Target: RM2.75): 2QFY20: Net profit below expectations due to spike in provisions. Maintain HOLD with lower target price post cut in earnings.
Hong Leong Bank (HLBK MK/BUY/RM16.86/Target: RM18.68): 1QFY20: Above estimate, driven by lower-than-expected credit cost and solid operating cost management. Upgrade to BUY post earnings adjustment.
Malaysia Airports Holdings (MAHB MK/BUY/RM8.22/Target: RM9.10): 3Q19: Beat street estimates; implementation of RAB should be a stock price catalyst.
Tenaga Nasional Berhad (TNB MK/HOLD/RM13.56/Target: RM15.10): 3Q19: Within expectations; sustainable dividend yield of 4%. Key focus in 2020 is internal reorganisation, which could result in lower allowable return for RP3 (2021-23), and limits further share price discovery.
Small/Mid Cap Highlights
Jumbo Group (JUMBO SP/BUY/S$0.375/Target: S$0.44): FY19: Earnings growth driven by margin expansion. Upgrade to BUY.
Berli Jucker (BJC TB/BUY/Bt46.50/Target: Bt56.00): The worst should have passed.
Alliance Bank Malaysia Bhd

Berli Jucker

Berli Jucker Public is involved in manufacturing, distribution and other service activities. Co. operates through three groups. The Packaging Supply Chain group manufactures, markets and distributes glass containers, aluminum can and rigid plastic containers. The Consumer Supply Chain group manufactures, markets and distributes various consumer products, such as tissue paper, personal products including soaps, shampoos and cosmetics, snack foods, beverage and confectionery. The Healthcare and Technical Supply Chain group imports and distributes various products, such as stationery, industrial chemicals, food ingredients, pharmaceuticals, imaging products and hospital supplies.

China Education Group Holdings Ltd

Hong Leong Bank Berhad

Jumbo S.A.

Jumbo is a trading company based in Greece. Co.'s main operation is retail sale of toys, baby items, seasonal items, decoration items, books and stationery. A part of its operations is wholesale of toys and similar items to third parties. Co. and its subsidiaries have four geographical segments: Greece, Cyprus, Bulgaria and Romania. At June 30 2015, Co. operated 72 stores in Greece, Cyprus, Bulgaria and in Romania and the on line store e-jumbo.

Malaysia Airports Hldgs Bhd

Tenaga Nasional Bhd

Tenaga Nasional is an electricity utility operating primarily in Malaysia. Co. and its subsidiaries are primarily involved in the business of the generation, transmission, distribution and sales of electricity. Co. and its subsidiaries provide electricity for all residents of Peninsular Malaysia, Sabah and Labuan. Through its subsidiaries, Co. is also involved in energy-related operations such as the manufacture of transformers, high-voltage switchgears and cables; the provision of professional consultancy services; architectural, civil, electrical engineering works and services; and repair and maintenance.


Benyamin Mikael

Chong Lee Len

Eric Wang Zhen

Jayson Kong

John Cheong Ming Chern

Joohijit Kaur Jaztar Singh

Julia Pan Mengyao

Keith Wee Teck Keong

Malaysia Research Team

Thananchai Jittanoon

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