reports
- Jonathan Koh
Frasers Centrepoint Trust (FCT SP) - 1HFY24: Resilient Growth In Consu...
FCT’s suburban malls saw an influx of shopper traffic and tenant sales increased 4.3% yoy in 2QFY24, which exceeded pre-pandemic levels by 20%. Positive rental reversion picked up to 7.5% in 1HFY24 (FY23: 4.7%). NEX would be enhanced by: a) decanting existing car park space for conversion into 60,000sf of commercial space, and b) rightsizing the tenant mix to reduce the reliance on anchor tenants. FCT provides a defensive FY25 distribution yield of 5.5%. Maintain BUY. Target price: S$2.71.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Friday, April 26, 2024
KEY HIGHLIGHTS Results Frasers Centrepoint Trust (FCT SP/BUY/S$2.17/Target: S$2.71): 1HFY24: Resilient growth in consumption at suburban malls. Update Keppel (KEP SP/BUY/S$6.86/Target: S$8.89): Steady as she goes. TRADERS’ CORNER iFAST Corp (IFAST SP): Trading SELL AEM Holdings (AEM SP): Trading SELL
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023: Satisfactory results; weak economic conditions may cloud 2024 growth visibility. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb245.58/Target: Rmb321.00) 2023: Results in line; accelerating nationwide expansion. Update Xiaomi Corp (1810 HK/BUY/HK$16.60/Target: HK$21.00) Stronger confidence in EV business after Investor Day and factory visit. INDONESIA Results Unilev...
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
TOP THAI OIL PUBLIC CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
UNVR PT UNILEVER INDONESIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
AP AP THAILAND
TCAP THANACHART CAPITAL PCL
01810 XIAOMI CORP. CLASS B
VITRO VITROX CORP BHD
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Embracing Port Congestion And Containe...
Embracing Port Congestion And Container Industry Consolidation Port congestion may re-emerge as a key earnings risk in 2024, as an aftereffect of the Red Sea and Panama Canal crises. With no spare capacity at least in the medium term, we believe WPRTS will continually reassess its position, amid changing M&A trends that are propelling leading shipping liners to co-invest with strategic ports to become global terminal operators (GTO). Noting that its share price is aligned with the global peer av...
- Jonathan Koh
CapitaLand Ascott Trust : Benefitting From Proliferation Of Large-scal...
Portfolio RevPAU increased 6% yoy to S$135 in 1Q24, in line with pre-pandemic levels. There is more upside as portfolio occupancy was 73% and remains below pre-pandemic levels of 88%. Taylor Swift’s The Eras Tour boosted contributions from Singapore and Australia in 1Q24. The Eras Tour will be held in the UK (June and August) and France (May and June). Olympic Games is a catalyst for France in 3Q24. CLAS provides 2024 distribution yield of 6.7%. Maintain BUY. Target price: S$1.40.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 25
GREATER CHINA Sector Automobile Weekly: EV sales rebound for two weeks in a row, but price war intensifies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea. Results ASMPT (522 HK/BUY/HK$102.30/Target: HK$120.00) 1Q24: Solid results, more positive updates to advanced packaging business. EVE Energy (300014 HK/SELL/ Rmb34.27/Target: Rmb20.00) ...
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Thursday, April 25, 2024
KEY HIGHLIGHTS Update CapitaLand Ascott Trust (CLAS SP/BUY/S$0.905/Target: S$1.40): Benefitting from proliferation of large-scale events. SEA (SE US/BUY/US$62.01/Target: US$78.39): Higher marketplace commission and reduction in subsidies indicate better competition landscape. TRADERS’ CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Yoma Strategic (YOMA SP): Trading BUY
- Jonathan Koh
Keppel REIT : 1Q24: Broad-based Growth From Singapore And Australia
KREIT had a resilient performance with Singapore and Australia generating positive rental reversions of 10.1% and 16.4% respectively in 1Q24. Management has raised guidance for rental reversion from mid to high single-digit for 2024. 255 George Street is expected to provide a yield of above 6% and accretion of 1.4% on pro forma FY23 DPU. KREIT’s valuation is attractive with 2024 distribution yield of 7.1% (CICT: 5.7% and Suntec: 6.3%) and P/NAV at 0.66x. Maintain BUY. Target price: of S$1.2...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Wednesday, April 24, 2024
KEY HIGHLIGHTS Results Aztech Global (AZTECH SP/BUY/S$0.935/Target: S$1.25): 1Q24: Earnings in line with expectations; robust orderbook drives optimism. Keppel REIT (KREIT SP/BUY/S$0.85/Target: S$1.20): 1Q24: Broad-based growth from Singapore and Australia. Nanofilm Technologies International (NANO SP/SELL/S$0.64/Target: S$0.56): 1Q24: Revenue in line but still loss-making; maintain SELL on rich valuation. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Venture Corp (VMS SP): Tradi...
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, April 24, 2024
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
002230 IFLYTEK CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
BBCA PT BANK CENTRAL ASIA TBK
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SCI SCI E&C
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
AZTECH AZTECH GLOBAL LTD
- Kong Ho Meng
Sapura Energy (SAPE MK) - Deal To Sell SapuraOMV Expected, But Not Suf...
Deal To Sell SapuraOMV Expected, But Not Sufficient For Rerating The long-awaited sale of SapuraOMV has materialised. The deal proceeds (cash of US$530m) of its crown jewel assets are aligned with our scenario and valuation assumption. As markets expected this sale, we do not think this is sufficient to pull SAPE out of the woods, as monitoring the group’s ex-SapuraOMV EBITDA generation is more important and still contains major downside risk. Hence, we advise a wait-andsee approach. Retain SELL...
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Tuesday, April 23, 2024
GREATER CHINA Update Jiumaojiu International Holdings (9922 HK/BUY/HK$4.57/Target: HK$5.30): SSS declines in 1Q24; strategic readjustment to fit value-for-money experience. Li Ning (2331 HK/HOLD/HK$17.50/Target: HK$19.20): 1Q24 sell-through growth in line; expect sell-through growth to pick up starting from 2H24. INDONESIA Strategy Potential Impact Of The Middle East Conflict: Our top picks: Banking – BBNI, BBTN; property − BSDE, CTRA; technology – BUKA; consumer − MYOR, CMRY; retail – ACES; in...
5218 SAPURA ENERGY BHD
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SMELT MALAYSIA SMELTING CORP BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, April 22, 2024
GREATER CHINA Sector Online Travel Agencies: Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50): 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00): 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00): 1Q24: Earnings mi...
KKP KIATNAKIN BANK
F34 WILMAR INTERNATIONAL LIMITED
ITMG INDO TAMBANGRAYA MEGAH
AJBU KEPPEL DC REIT
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
6888 AXIATA GROUP BHD.
KTB-R KRUNG THAI BANK PCL NVDR
PMAH PRESS METAL ALUMINIUM HOLDIN
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
TTB TMBTHANACHART BANK PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300244 DIAN DIAGNOSTICS GROUP CO
- Jonathan Koh
Keppel DC REIT (KDCREIT SP) - 1Q24: Opportunistic Divestment That Stre...
1Q24 results are largely in line with expectations. KDCREIT clocked positive rental reversion at mid-to-high single digits for its colocation data centres, and its portfolio occupancy was maintained at 98.3%. Loss allowance for uncollected income from the Guangdong data centres was partially offset by the settlement sum received from DXC. KDCREIT is working with Bluesea Development on a recovery road map and leasing pipeline for Guangdong DC 1, DC 2 and DC 3. Maintain BUY. Target price: S$2.15.
- Jonathan Koh
CapitaLand Integrated Commercial Trust (CICT SP) - 1Q24: Secures ECB A...
Singapore provides resilient growth with CICT’s retail and office leases registering positive rental reversion of 7.2% and 14.1% respectively in 1Q24. Retention rate was high at 88.1% for retail and 84.2% for office. CICT has embarked on AEI works for IMM Building in Singapore. It has secured ECB as the new anchor tenant at Gallileo in Frankfurt, Germany for a period of 10 years. CICT provides a resilient 2024 distribution yield of 5.7%. Maintain BUY. Target price: S$2.34.
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily: Monday, April 22, 2024
KEY HIGHLIGHTS Results CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$1.88/Target: S$2.34) 1Q24: Secures ECB as new anchor tenant at Gallileo. Keppel DC REIT (KDCREIT SP/BUY/S$1.76/Target: S$2.13) 1Q24: Opportunistic divestment that strengthens balance sheet. Update Wilmar International (WIL SP/HOLD/S$3.37/Target: S$3.35) 1Q24 results preview: Expect core net profit of US$390m-420m (1Q23: US$382m). Better performance from consumer packs and plantation to be offset by weakness in m...
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Kate Luang
- Kenny Yong Hui Lim
- Limartha Adhiputra
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, April 18, 2024
GREATER CHINA Sector Insurance: Value buy or value trap? Initiate Coverage Crystal International (2232 HK/BUY/HK$3.39/Target: HK$4.42): Well-positioned for market share gains from sportswear brand customers. Update Anta Sports (2020 HK/BUY/HK$81.60/Target: HK$109.60): Satisfactory 1Q24 sales performances; high-quality growth remains intact. JD.com (9618 HK/BUY/HK$98.85/Target: HK$127.00): 1Q24 results preview: Focusing on three core strategies to revitalise user growth. INDONESIA Sector Mining:...
- Jonathan Koh
Keppel Pacific Oak US REIT (KORE SP) - 1Q24: Resilient Portfolio Provi...
KORE’s 1Q24 was resilient, with stable NPI of US$21.0m and portfolio occupancy of 90.1%. Leasing momentum is strong with an early renewal by Ball Aerospace (second-largest tenant) and expansion by Spectrum (fifth-largest tenant). The suspension of distribution provides funding for necessary capex and helps keep KORE’s leverage below 45% to ensure continued support from banks for refinancing. KORE trades at 2026 distribution yield of 30.7% and P/NAV of 0.20x (80% discount to NAV). Maintain BUY. T...
- Jonathan Koh
- Ceilica Su Rui
- Tham Mun Hon
Chian Economic Activity: 1Q24 surprises with 5.3% yoy growth.
China’s 1Q24 real GDP growth came in at 5.3% yoy, beating market expectations of 4.8% yoy. A 6.1% yoy rise in industrial activities was the main driver, while the larger decline in GDP deflator also helped. However, retail sales and factory output were still below expectations in March, coming in at 3.1% yoy and 4.5% yoy respectively. 1Q24 FAI growth accelerated to 4.5% yoy, but property was a major drag. Overall, we see pockets of strength, but further policy support is still necessary to entre...
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