reports
Moody’s Ratings affirms FTLife’s A3 IFSR; outlook stable
Hong Kong , May 3, 2024 Moody's Ratings (Moody's) has affirmed the A3 insurance financial strength rating (IFSR) of FTLife Insurance Company Limited (FTLife) and maintained the stable outlook. The affirmation of FTLife's A3 IFSR reflects the insurer's growing market share, strong capital position a...
- Jonathan Koh
DBS Group Holdings (DBS SP) - 1Q24: Accelerating Pace Of Returning Sur...
DBS’ 1Q24 net profit of S$2,951m (+15% yoy) was significantly above our expectation. NIM expanded 2bp yoy and 1bp qoq to 2.14% due to repricing of fixed-rate assets at higher interest rates. Net interest income grew 7% yoy. Wealth management fees surged 47% yoy and treasury customer sales reached a new high. Management will continue to review DBS’ capital structure in view of returning more surplus capital to shareholders. Maintain BUY. Target price: S$40.70.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: EV sales pick up; takeaways from 2024 Beijing...
China’s EV sales picked up strongly last week. Except for Li Auto, most EV companies in China witnessed buoyant sales growth during the week. Tesla saw the fastest wow sales growth due to price cuts, while Aito posted the sharpest wow sales growth, given the ramp-up of the new M9 deliveries. This week, we also have our takeaways from Beijing Auto Show. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng. Remove BYD from the top SELL list.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
Robex meldet Finanzergebnisse für 2023
Robex meldet Finanzergebnisse für 2023 QUEBEC CITY, May 03, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. („Robex“ oder das „Unternehmen“) (TSXV: RBX) hat heute seine operativen und finanziellen Ergebnisse für das Jahr 2023 bekanntgegeben. Aurélien Bonneviot, Chief Executive Officer, kommentierte dies wie folgt: „Nampala hat das Jahr 2023 mit einer starken Leistung abgeschlossen, die dazu beigetragen hat, das obere Ende der jährlichen Produktionsprognose zu erreichen. Es ist uns gelungen, die Gesamtbetriebskosten1 in einem inflationären Umfeld durch betriebliche Optimierungsprogramme um ...
- Johnny Yum
Strategy - Alpha Picks: Slight Outperformance In A Bear Market
The JCI declined 3.3% in Apr 24 and our portfolio managed to outperform slightly, delivering a -3.2% return. The biggest gainers were SIDO (+15.2%), EXCL (+6.8%) and ACES (+3.7%). The largest losers were BBTN (-17.6%), MAPI (-16%) and CTRA (-9.8%). We think the JCI is likely to deliver another negative return in May 24. We removed EXCL, MAPI and CTRA, and add TLKM and BSDE. Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA.
Soleno Therapeutics Announces Pricing of Approximately $138 Million Pu...
Soleno Therapeutics Announces Pricing of Approximately $138 Million Public Offering Of Common Stock REDWOOD CITY, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Nasdaq: SLNO), (“Soleno” or the “Company”), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today the pricing of the underwritten public offering of 3,000,000 shares of its common stock at a public offering price of $46.00 per share. The gross proceeds of the public offering are expected to be approximately $138.0 million, before deducting ...
- Greater China Research Team
- Kate Luang
Greater China Small-Mid Cap Monthly: Reiterate BUY on Crystal Internat...
KEY CALLS Crystal International (2232 HK/BUY/HK$4.04/Target: HK$4.42) Creating cross-category synergies through a differentiated co-creation model. Crystal International (Crystal) is a leading garment supplier of global apparel brands, manufacturing a wide range of products spanning lifestyle wear, sportswear, sweaters, intimates and denim apparel. Crystal employs a differentiated co-creation model to reduce project lead time and increase customer stickiness as it works closely with brand cus...
- Greater China Research Team
Greater China Alpha Picks: May Conviction Call
The HSI and MSCI China rose 7.4% and 6.4% mom respectively in April, lifted by news of a stock connect scheme expansion and further easing of restrictions on property purchases in China. With the July Politburo likely to see further supportive policy rollout, we are adding beneficiaries of improving domestic consumption − CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou and Tencent − to our BUY list, and closing out our SELL calls.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Benjaphol Suthwanish
The Erawan Group (ERW TB) - Expect Earnings In 1Q24 To Beat 1Q19 Earni...
We expect ERW to report a net profit of Bt272m (+14% yoy, +27% qoq) in 1Q24 supported by a robust average room rate growth (+10% yoy, +6% qoq). Earnings would surpass the pre-COVID-19 level, contributed by strong international arrivals in the past quarter. We are optimistic on 2Q24 as hotels in Japan have all started their operation prior to the high season. Maintain BUY. Target price: Bt6.50.
- Kampon Akaravarinchai
Thailand Food – More Selective Buy After Share Price Rally
We expect sector earnings to continue to improve throughout the year due to better domestic and Vietnamese swine prices as well as with lower costs. TFG is expected to turn profitable in 1Q24 before its peers do. Given the rally in food companies’ share prices, we recommend more selective buy strategies. Our top picks are TFG and TU. Maintain OVERWEIGHT.
- Kasemsun Koonnara
Thailand Property – Expect Poor Results In 1Q24; Recovery Starting Fr...
We expect the property sector to report poor results in 1Q24, decreasing 31% yoy and 45% qoq, mainly due to a slowdown in the residential market amid multiple headwinds. Although we are concerned about multiple headwinds in the market, we are cautiously optimistic that the worst may be behind us. We expect the sector's earnings to improve from 2Q24 onwards. We recommend a selective BUY and sticking with market leaders. We upgrade the sector to MARKET WEIGHT.
Moody's Ratings says Park's senior unsecured notes offering has no imp...
Moody's Ratings (Moody's) says Park Intermediate Holdings LLC's ("Park") new senior unsecured notes offering will not impact the B1 corporate family rating, B1 senior unsecured ratings or stable outlook at this time. The transaction includes $550 million of new senior notes due 2030. Proceeds from...
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily - Friday, May 03, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: A Softer Month; Add FEHT, MPACT, GENS; Remove BAL, LREIT And CLAS: Our Alpha Picks portfolio rises 0.4% mom in Apr 24, underperforming the STI by 1.7ppt. Results DBS Group Holdings (DBS SP/BUY/S$34.90/Target: S$40.70): 1Q24: Accelerating pace of returning surplus capital to shareholders. TRADERS’ CORNER Yoma Strategic (YOMA SP): Trading BUY Singapore Tech Engineering (STE SP): Trading SELL
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Friday, May 03, 2024
KEY HIGHLIGHTS Sector Property Expect poor results in 1Q24; recovery starting from 2Q24 onwards. Upgrade to MARKET WEIGHT. Food & Beverage More selective buy after share price rally. Update The Erawan Group (ERW TB/BUY/Bt4.82/Target: Bt6.50) Expect earnings in 1Q24 to beat 1Q19 earnings.
- Limartha Adhiputra
Trimegah Bangun Persada (NCKL IJ) - 1Q24: NPAT Continues To Decline 13...
NCKL’s 1Q24 NPAT was Rp1.0t, down 26.8% yoy and 13.3% qoq due to lower nickel ASP. The 1Q24 NPAT was below expectations at only 15.9% of our 2024 NPAT forecast. However, we make no changes to our 2024 NPAT forecast as we expect higher ASP in 2Q24 following the rising LME nickel prices. We expect 2024 and 2025 NPAT to come in at Rp6.3t (+12.1% yoy) and Rp8.2t (+30.8% yoy) respectively. Maintain BUY with a target price of Rp1,100.
- Posmarito Pakpahan
Bank Mandiri (BMRI IJ) - 1Q24: Net Profit Up 1.1% yoy; Slightly Below ...
Despite NIM declining by 30bp yoy and flat non-interest income, 1Q24 net profit was up 1.1% yoy (-20.6% qoq), with ROE remaining high at 19.7%, which was supported by a 19% yoy loan growth and 13bp yoy decline in CoC. Loan yield was stable at 7.7%, but CoF increased 49bp yoy. The wholesale segment’s NPL ratio improved qoq and yoy while retail’s NPL ratio inched up. Maintain BUY with a lower target price of Rp7,300 as we cut our earnings estimates and ROE assumptions.
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Astra Agro Lestari (AALI IJ) - 1Q24: Within Expectations
AALI’s 1Q24 earnings came in within expectations. 1Q24 operating profit grew significantly on lower production costs. Earnings dropped due to higher financing cost and weak downstream margin. Note that AALI’s mill utilisation rate fell significantly to 50% in 1Q24 due to cost management with lower third-party purchases. Maintain SELL as we are concerned about its flat FFB production growth, lower mill utilisation rate and weak downstream margin.
eGain kündigt Webinar zu generativer KI für den Kundenservice mit Erfo...
eGain kündigt Webinar zu generativer KI für den Kundenservice mit Erfolgsgeschichte von führendem Kunden aus dem Versorgungssektor an SUNNYVALE, Kalifornien, May 03, 2024 (GLOBE NEWSWIRE) -- eGain (), die führende KI-Wissensplattform im Bereich Kundenservice, kündigte heute die Veranstaltung eines Online-Seminars über generative KI für den Kundenservice unter Beteiligung eines seiner führenden Kunden aus dem Versorgungssektor an. „Die meisten KI-Projekte scheitern. Einigen Schätzungen zufolge liegt die Misserfolgsquote bei bis zu 80 % – fast doppelt so hoch wie die Misserfolgsquote bei I...
eGain anuncia un seminario web sobre IA Gen para servicios en el que s...
eGain anuncia un seminario web sobre IA Gen para servicios en el que se presentará la historia de éxito de un cliente líder del sector de los servicios públicos SUNNYVALE, California, May 03, 2024 (GLOBE NEWSWIRE) -- eGain (), la plataforma líder de conocimientos de IA para el servicio de atención al cliente, ha anunciado hoy un seminario en línea sobre IA generativa para el servicio de atención al cliente, en el que participará uno de sus principales clientes del ámbito de los servicios públicos. «La mayoría de los proyectos de IA fracasan. Según algunas estimaciones, la tasa de fracaso...
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