Kasikornbank Public Co. is engaged in the commercial banking business. Co. has four segments: Corporate Business, which provides long term loans, working capital, letter of indemnity services; Retail Business, which provides products and services such as deposit account, debit card, credit card and personal loan; Treasury and Capital Markets Business, with activities mainly including funding investing in liquid assets and foreign currency exchange services; and Muangthai Group Holding Business, which includes a group of companies that operates life insurance and life brokerage businesses. At Dec 31 2014, Co. had total assets of Baht2.39 trillion and total deposits of Baht1.63 trillion.
Wilmar International is an investment holding company. Co.'s segments include: merchandising and processing, which include palm and laurics, engaged in merchandising and processing of palm oil and laurics related products and oilseeds and grains, engaged in merchandising and processing of a range of edible oils, oilseeds and grains; consumer products engaged in packaging and sales of consumer pack edible oils, rice, flour and grains; plantation and palm oil mills, engaged in oil palm cultivation and milling; sugar, which includes milling engaged in milling of sugarcane; and others engaged in manufacturing and distribution of fertilizer products and ship-chartering services.
We expect ESG restrictions to benefit coal price in the near term as they will curb new global coal supplies. BANPU’s capital increase plan may hurt its share price given its dilution impact but will strengthen the balance sheet to support its upcoming M&As. We raise our 2021-22 core earnings forecasts by 40-90% to reflect new coal and gas price assumptions but 2022 EPS growth may be negatively affected by dilution impact. Maintain HOLD with a new target price of Bt14.30 (after XR/XW).
GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on protecting the rights and interests of food delivery riders. INDONESIA Update Bumi Serpong Damai (BSDE...
We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.
KEY HIGHLIGHTS Sector Coal Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55) Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15) Key takeaways from site visit. Meituan (3690 HK/HOLD/HK$194.00/Target: HK$209.00) Guidelines on protecting the rights and interests of food delivery riders. TRADERS’ CORNER COSCO Shipping (1919 ...
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