reports
- 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
- 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
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Leow Huey Chuen
- Roy Chen Chengzhi
- Stevanus Juanda
Regional Morning Notes - Tuesday, April 16, 2024
GREATER CHINA Sector Aviation: Airlines’ Mar 24 operation data was slightly weaker than we expected. Maintain MARKET WEIGHT with Air China being our top pick. Property: Property transactions pull back in April; rising risks of Vanke worsen sentiment. Update China Overseas Property Holdings (2669 HK/BUY/HK$4.05/Target: HK$5.60): Clarifying growth targets for 2024-26. INDONESIA Update Ace Hardware Indonesia (ACES IJ/BUY/Rp950/Target: Rp1,200): Potential 23.7% and 20.1% NPAT growth in 2024 and 202...
- Jonathan Koh
- Jonathan Koh
Singapore Banking - 1Q24 Results Preview: Softer NIM But Resilient Ass...
The steep decline in 3M HIBOR could shave off 4-6bp from NIM in 1Q24 as Hong Kong dollar-denominated loans accounted for 11% and 13% of total loans respectively for DBS and OCBC. Singapore banks are expected to deliver steady net profits of S$2,486m for DBS (-3% yoy but +10% qoq) and S$1,824m for OCBC (-3% yoy but +12% qoq) in 1Q24, supported by resilient asset quality. Maintain OVERWEIGHT. Our top picks are DBS (BUY/Target: S$43.25) followed by OCBC (BUY/Target: S$18.15).
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, April 12, 2024
ASEAN Sector Banks: ASEAN Banks: Quarterly update. GREATER CHINA Economics Inflation: CPI inflation moderates as CNY effects fade. Sector Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer: Focus on four key theses for the sector. Property: 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. MALAYSIA Update Dialo...
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
ASEAN Banks – ASEAN Banks: Quarterly Update
OVERWEIGHT on Indonesia banks as they offer the highest earnings growth in 2024/25 and benefit from the recent rally in commodity prices. We like Singapore banks for their attractive dividend yields. Our top BUYs are DBS (Target: S$43.25), CIMB (Target: RM7.33), SCB X (Target: Bt130) and BMRI (Target: Rp7,900). We also like OCBC (Target: S$18.15), RHB (Target: RM6.18) and BBNI (Target: Rp6,300) as attractive yield plays.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
- Adrian Loh Tzum Yung
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
Singapore Daily: Friday, April 12, 2024
KEY HIGHLIGHTS Sector Banks ASEAN Banks: Quarterly update. Small/Mid Cap Highlight Mermaid Maritime (MMT SP/NOT RATED/S$0.137) Positioned for growth with orderbook expansion and higher margins. TRADERS’ CORNER AEM Holdings (AEM SP): Trading BUY Thai Beverage (THBEV SP): Trading BUY
- Jonathan Koh
- Carol Dou Xiao Qin
- Jonathan Koh
- Kampon Akaravarinchai
- Philip Wong
- Sunny Chen
Regional Morning Notes - Tuesday, April 09, 2024
GREATER CHINA Update Sino Biopharmaceutical (1177 HK/BUY/HK$2.83/Target: HK$3.80): Enters into strategic partnership with Boehringer Ingelheim. MALAYSIA Initiate Coverage Alpha IVF (ALPHA MK/BUY/RM0.33/Target: RM0.40): Initiate coverage on Alpha IVF with a BUY call. Alpha IVF offers industry-leading success rates, which are expected to be replicated across its exciting regional expansion. SINGAPORE Sector Banking: Higher for slightly longer. THAILAND Update CP ALL (CPALL TB/BUY/Bt56.00/Target...
- Jonathan Koh
Singapore Banking - Higher For Slightly Longer
We anticipate two rate cuts in 2H24 as opposed to three stipulated by the Fed’s dot plot. Domestic interest rates in Singapore are likely to remain elevated for slightly longer but will start receding in 4Q24, in tandem with rate cuts in the US. Maintain OVERWEIGHT. We raised our 2025 earnings forecasts for DBS by 6% and OCBC by 5%. DBS and OCBC provide 2025 dividend yields of 6.8% and 6.5% respectively. BUY DBS (Target: S$43.25), followed by OCBC (Target: S$18.15).
- Jonathan Koh
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.