Abdul Hadi Bin Abdul Manaf ...
  • Benyamin Mikael
  • John Cheong Ming Chern
  • Jonathan Koh
  • Joohijit Kaur Jaztar Singh
  • Julia Pan Mengyao
  • Kader Farhan Bin Kader Ridzwan
  • Ken Lee
  • Kwanchai Atiphophai
  • Loke Pei Hao
  • Malaysia Research Team
  • Sarat Ruangtaweep Ruangtaweep
  • Siwakorn Mitsantisuk
  • Tanadech Rungsrithananon
  • Zhifeng Shen

Regional Morning Notes - Thursday, April 23, 2020

BYD Company (1211 HK/HOLD/HK$42.40/Target: HK$42.00): 4Q19: Core net loss spiked 133% qoq on EV subsidy cuts, in line with expectations.
Kweichow Moutai (600519 CH/BUY/Rmb1,244.50/Target: Rmb1,399): 2019: Continuous optimisation in product mix and channels.
Update (JD US/BUY/US$43.24/Target: US$50.00): Impact of cooperation between PDD and Gome on

Small/Mid Cap Highlights
Cikarang Listrindo (POWR IJ/NOT RATED/Rp670): High dividend payouts in the past.

Property: Property outlook will remain sluggish amid economic uncertainty in the near term. No apparent re-rating catalyst at this juncture. Maintain MARKET WEIGHT.
REITs: Factoring in additional earnings cut for the extended MCO; 1Q20 results should remain fairly intact.

Keppel REIT (KREIT SP/BUY/S$0.99/Target: S$1.30): 1Q20: Sincere commitment to provide stable DPU.
Parkway Life REIT (PREIT SP/BUY/S$3.33/Target: S$3.78): 1Q20: Buffer set aside for rainy days; sound financial management.
Small/Mid Cap Highlights
Jumbo Group (JUMBO SP/HOLD/S$0.245/Target: S$0.23): Severely hit by COVID-19 outbreak.

Initiate Coverage
WHA Corporation (WHA TB/BUY/Bt2.62/Target: Bt3.15): Bumpy road ahead.
Krung Thai Bank (KTB TB/HOLD/Bt10.90/Target: Bt11.90): 1Q20: Weaker earnings; lacklustre growth ahead.
Delta Electronics (DELTA TB/SELL/Bt40.00/Target: Bt33.00): 1Q20 results preview: Weak demand outlook; downgrade to SELL.
Krungthai Card (KTC TB/SELL/Bt32.25/Target: Bt28.00): Weaker 2020-21 earnings outlook due to impact of COVID-19 pandemic; downgrade to SELL.
Boyd Gaming Corp.

Boyd Gaming is a gaming company. The company owns gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. The company's segments include: Las Vegas Locals, which includes casinos that primarily serve the resident population of the Las Vegas metropolitan area; Downtown Las Vegas, which focuses on gaming enthusiasts from Hawaii and tour and travel agents in Hawaii; and Midwest and South, which includes land-based casinos, dockside riverboat casinos, racinos and barge-based casinos that operate in the Midwest and southern U.S. The company also operates a travel agency and a captive insurance company that underwrites travel-related insurance.


BYD COMPANY LIMITED is a China-based company principally engaged in the manufacture and sales of transportation equipment. The Company is also engaged in the manufacture and sales of electronic parts and components and electronic devices for daily use. The Company's products include rechargeable batteries and photovoltaic products, mobile phone parts and assembly, and automobiles and related products. The Company mainly conducts its businesses in China, the United States and Europe.

Cikarang Listrindo

PT Cikarang Listrindo Tbk is an Indonesia-based company primarily engaged in electricity generation and distribution in Indonesia. The Company owns and operates natural gas-fired combined-cycle power plants, which are located in Cikarang, Indonesia. It supplies electricity to the neighboring industrial estates in the Cikarang area and PT Perusahaan Listrik Negara (PLN), a state-owned electric utility company. Its subsidiaries include Listrindo Capital BV and Signal Capital BV.

Delta Electronics (Thailand)

Delta Electronics (Thailand) Public Co. is a producer of power supplies and electronic components comprising cooling fans, electromagnetic interference filters and solenoids. Its businesses are mainly involved in power management solutions. The current power management product line covers various types of power supplies including power systems for information technology, telecommunications, industrial applications, office automation, medical industries and power supplies for server, networking and DC-DC converter and adapter. Co.'s business also includes renewable energies such as solar power, wind power including electrical and hybrid electrical vehicles. ADS (N Shares)

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.

Keppel REIT

Krung Thai Bank PCL NVDR

Krungthai Card PCL

Kweichow Moutai (A) (SC SH)

Kweichow Moutai is engaged in the manufacture and sale of "Guizhou Moutai" series distilled spirits; manufacture and sale of beverages, food and packaging materials; development of anti-counterfeiting technologies; and research and development of relevant IT products. Through its subsidiaries, Co. is also engaged in the wholesale of agricultural vice-local products, building materials, decoration materials, metal materials, machineries, electronic products, telecommunication products, hardware, rubber products, general merchandises and furniture. Co.'s products include millesimes liquor, gift liquor, common liquor and other liquor series.

Parkwaylife Real Estate

Wattle Health Australia

Wattle Health Australia is engaged in developing, sourcing, and marketing of Australian made nutritional dairy products, extending distribution networks both domestically and internationally and securing supply by becoming a vertically integrated nutritional dairy company.



Abdul Hadi Bin Abdul Manaf

Benyamin Mikael

John Cheong Ming Chern

Jonathan Koh

Joohijit Kaur Jaztar Singh

Julia Pan Mengyao

Kader Farhan Bin Kader Ridzwan

Ken Lee

Kwanchai Atiphophai

Loke Pei Hao

Malaysia Research Team

Sarat Ruangtaweep Ruangtaweep

Siwakorn Mitsantisuk

Tanadech Rungsrithananon

Zhifeng Shen

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