Report
UOB
Arandi Ariantara ...
  • Ivy Xu Da
  • Jayson Kong
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kong Ho Meng
  • Kwanchai Atiphophai
  • Lee Yuk Kei
  • Loke Pei Hao
  • Peerawat Dentananan
  • Robin Yuen
  • Tham Mun Hon
  • Vanness Wong Wan
  • Zhifeng Shen

Regional Morning Notes - Monday, April 20, 2020

GREATER CHINA
Economics
Economic Activity: Slight miss in GDP growth; underwhelming recovery in retail sales.
Sector
Consumer: Consumer Bi-weekly Updates (2-17 April).
Update
China Gas (384 HK/BUY/HK$23.25/Target: HK$37.11): FY20 results preview: Majority of COVID-19 impact already factored in.
Stella International Holdings (1836 HK/BUY/HK$8.46/Target: HK$11.20): 1Q20: Revenue decline not a surprise amid COVID-19 outbreak.

INDONESIA
Sector
Construction: Altman-Z score reveals ADHI as the strongest construction player in turbulent times; maintain MARKET WEIGHT.

MALAYSIA
Update
Bursa Malaysia (BURSA MK/BUY/RM5.88/Target: RM6.60): We upgrade our call to BUY as we believe its ADV is set to surge from a low 2019 base effect. Dividends could also surprise on the upside.
Velesto Energy (VEB MK/HOLD/RM0.16/Target: RM0.15): As Petronas strives to retain local capex, we assume low termination risk, but assume high risk of standby modes and lower rates. Nevertheless, risk reward has been priced in.

SINGAPORE
Sector
REITs: S-REITs Weekly.

THAILAND
Results
Krungthai Card (KTC TB/HOLD/Bt32.75/Target: Bt34.00): 1Q20: Earnings grew on the back of TFRS9. Downgrade to HOLD.
Update
The Erawan Group (ERW TB/SELL/Bt2.98/Target: Bt2.30): 1Q20 Results Preview: To report a loss, with further losses for the rest of the year.
Underlyings
Bursa Malaysia Bhd

China Gas Holdings (P Chip)

China Gas Holdings and its subsidiaries is a gas operator and service provider primarily engaged in the investment, construction and operation of city gas pipeline infrastructure facilities, gas terminals, storage and transportation facilities, and gas logistics systems, transmission of natural gas and liquefied petroleum gas (LPG) to residential, industrial and commercial customers, construction and operation of compressed natural gas/liquefied natural gas refilling stations as well as the development and application of technologies relating to natural gas and LPG in China.

Erawan Group

Krungthai Card PCL

Stella International Holdings

Velesto Energy Bhd

Provider
UOB
UOB

Analysts
Arandi Ariantara

Ivy Xu Da

Jayson Kong

Jonathan Koh

Keith Wee Teck Keong

Kong Ho Meng

Kwanchai Atiphophai

Lee Yuk Kei

Loke Pei Hao

Peerawat Dentananan

Robin Yuen

Tham Mun Hon

Vanness Wong Wan

Zhifeng Shen

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