Report
UOB
Chaiwat Arsirawichai ...
  • Jacquelyn Yow Hui Li
  • Jo Yee Ng
  • Kong Ho Meng
  • Leow Huey Chuen
  • Tanadech Rungsrithananon
  • Tanaporn Visaruthaphong
  • Xiu Li Yap
  • Zhifeng Shen

Regional Morning Notes - Thursday, July 22, 2021

GREATER CHINA
Update
Xinyi Solar (968 HK/HOLD/HK$15.12/Target: HK$15.00): Long-term solar glass demand unscathed.

INDONESIA
Sector
Plantation: Change CPO assumption to RM3,300/tonne and RM2,800/tonne for 2021 and 2022 respectively. Adjust PE valuation to factor in ESG concerns.

MALAYSIA
Results
Axis REIT (AXRB MK/HOLD/RM1.93/Target: RM2.08): 2Q21: Core net profit in line with our expectations, attributed to increase in occupancy and contributions from newly-acquired assets.
Update
Petronas Dagangan (PETD MK/HOLD/RM18.74/Target: RM20.40): We remain neutral given the higher cash flow risk from subsidy receivables, but see upside from the reopening of the economy and PETD’s ESG efforts. Accumulate on weakness.

SINGAPORE
Update
Wilmar International (WIL SP/BUY/S$4.46/Target: S$6.40): 1H21 results preview: Expect core net profit to grow marginally yoy. 2Q21 likely to be weaker yoy due to weaker crushing margin and 90% of YKA contribution only.

THAILAND
Update
Banpu (BANPU TB/HOLD/Bt13.30/Target: Bt14.30): ESG: Positive outlook in the near term?
Kasikornbank (KBANK TB/BUY/Bt105.00/Target: Bt162.00): Undemanding valuation and growth momentum intact.
Underlyings
Axis Real Estate Investment

Kasikornbank PCL

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.

Petronas Dagangan Bhd

Wilmar International Limited

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.

Xinyi Solar Holdings Ltd

Provider
UOB
UOB

Analysts
Chaiwat Arsirawichai

Jacquelyn Yow Hui Li

Jo Yee Ng

Kong Ho Meng

Leow Huey Chuen

Tanadech Rungsrithananon

Tanaporn Visaruthaphong

Xiu Li Yap

Zhifeng Shen

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