reports
- Philip Wong
Alpha IVF Group (ALPHA MK) - 3QFY24: Expected Sequential Recovery As E...
3QFY24: Expected Sequential Recovery As Earnings Meet Expectations Performance improved sequentially due to fewer doctors being on long leave. It is even more impressive given that the quarter is a seasonal low. Ultimately, earnings are within our expectations. The quarters ahead should grow from strength to strength, starting with Alhaya. We like Alpha IVF for its industry-leading success rates, growth off a low base, and superior margins relative to its peers. Maintain BUY. Target price: RM0.4...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Kasemsun Koonnara
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Wednesday, April 17, 2024
GREATER CHINA Economics Economic Activity: 1Q24 surprises with 5.3% yoy growth. Sector Hong Kong Property: Expect modest pull-back of primary sales in 2Q24; we prefer retail landlords over developers. Top pick: Wharf REIC. INDONESIA Sector Consumer: Cocoa price spikes accompanied by increases in sugar and coffee prices. MALAYSIA Initiate Coverage Sime Darby (SIME MK/BUY/RM2.76/Target: RM3.13): A conglomerate giant speeding to the top. Results Alpha IVF (ALPHA MK/BUY/RM0.34/Target: RM0.40): 3QF...
- Philip Wong
Alpha IVF Group (ALPHA MK) - Fertilising Alpha Growth
Fertilising Alpha Growth A distinguished fertility group, Alpha IVF is poised to extend its established footprint into neighbouring countries. Strategic expansion into underserved markets and segments, alongside favourable industry trends, fuels our projected three-year earnings growth at an impressive three-year CAGR of 19.0% (FY23-36). Its margins surpass those of its peers, showcasing Alpha IVF’s leading capabilities and execution. Initiate coverage with BUY and target price of RM0.40.
- 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...
- Philip Wong
Alpha IVF Group (ALPHA MK) - Fertilising Alpha Growth
Fertilising Alpha Growth A distinguished fertility group, Alpha IVF is poised to extend its established footprint into neighbouring countries. Strategic expansion into underserved markets and segments, alongside favourable industry trends, fuels our projected three-year earnings growth at an impressive three-year CAGR of 19.0% (FY23-36F). Its margins surpass those of its peers, showcasing Alpha IVF’s leading capabilities and execution. Initiate coverage with BUY and target price of RM0.40.
- Philip Wong
Mr DIY Group (M) (MRDIY MK) - Decent Near-term Outlook
Decent Near-term Outlook Mr DIY recently launched the 55th big box version of its Mr DIY store. The store format offers significantly higher SSSG relative to its other formats. Apart from internal initiatives to drive SSSG, industry retail sales appear to have hit a purple patch in 1Q24. We continue to like Mr DIY for its highly attractive earnings growth outlook and bargain valuations. Maintain BUY. Target price: RM2.10.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Limartha Adhiputra
- Philip Wong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 05, 2024
GREATER CHINA Strategy Alpha Picks: April Conviction Calls Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. Sector Automobile Weekly: Prefer high value-added automotive part companies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.09/Target: HK$2.81) SGM result: Chairman removed; Colin Currie appoi...
- Philip Wong
MyNews Holdings (MNHB MK) - 1QFY24: Turning Profitable But Could Slow ...
1QFY24: Turning Profitable But Could Slow In 2QFY24 MyNews’ sequential improvement in store revenue alongside the industry has turned it profitable. Earnings came in above our expectations, but below consensus’. Higher sales lifted sales mix, improving gross margins and almost lifting its FPC out of losses. While this quarter has been encouraging, we throw caution to the wind as there could be sequential softness. We upgrade to HOLD given the slight retracement, and adjust target price to RM0.48...
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 26, 2024
GREATER CHINA Results ENN Energy Holdings (2688 HK/HOLD/HK$61.45/Target: HK$69.21): 2023: In line; challenging path ahead. Downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$5.60/Target: HK$8.20): 2023: Results in line; store opening and SSSG to decelerate in 2024. Q Technology Group (1478 HK/HOLD/ HK$3.03/Target: HK$3.30): 2023: Earnings miss due to non core items, but the worst is over. Sinopharm Group (1099 HK/BUY/HK$20.40/Target: HK$25.00): 2023: Results in line; expecting s...
XGH ENN ENERGY HOLDINGS LIMITED
5218 SAPURA ENERGY BHD
X2S SINOPHARM GROUP CO. LTD. CLASS H
01478 Q TECHNOLOGY (GROUP) CO. LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SSG SHENG SIONG GROUP LTD
GMB GAS MALAYSIA BHD
MNHB MYNEWS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Philip Wong
Consumer - Overhang Casts Shadow Over Sector With Multi-year Low In Va...
Overhang Casts Shadow Over Sector With Multi-year Low In Valuations Interest in the sector remains muted despite a decent results season. There appears to be a wait-and-see approach on the subsidy rationalisation implementation and subsequent spillover effect before interest is piqued. The multi-year low in sector valuations reflects this sentiment. A relatively strong US Dollar further clouds sector margin recovery. Maintain MARKET WEIGHT. Our top picks are Fraser & Neave Holdings (F&N), Mr DIY...
- Damon Shen
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Limartha Adhiputra
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Wednesday, March 13, 2024
GREATER CHINA Strategy China And Hong Kong Property: Monitoring the recovery of secondary market in T1 cities; Hong Kong developers carefully pricing amid ample supply. Results Miniso (MNSO US/NOT RATED/US$17.92): 4Q23: Results beat; raise 2024 revenue guidance. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.15/Target: HK$2.81): 2023 Results in line with profit alert, potential change of Chairman remains investors’ key concern. INDONESIA Results Triputra Agro Persada (TAPG IJ/...
- Philip Wong
Duopharma Biotech (DBB MK) - Onward And Upward With Public Sector Sale...
Onward And Upward With Public Sector Sales Driving Recovery Public sector sales should improve with contracts based on updated forex assumptions and improved insulin supply. CHC sales is also poised for a better showing following a sharp moderation in its vitamin C sales last year, although at normalised organic rates. 2024 represents a new slate with significantly diminishing headwinds to both growth and margins. Given that the worst is over and Duopharma is trading at palatable valuations, we ...
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Limartha Adhiputra
- Philip Wong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, March 08, 2024
GREATER CHINA Economics Trade: Better exports on improving global manufacturing new orders. Sector Automobile: Weekly: PEV insurance registrations rebound 19% in the week ending 3 Mar 24. Maintain UNDERWEIGHT. Top SELLs: XPeng. Top BUY: CATL, Tuopu and Desay SV. Initiate Coverage ASMPT (522 HK/BUY/ HK$95.95/Target: HK$115.00): Advanced packaging giant emerging as a major AI play. Results Wharf Real Estate Investment Co. (1997 HK/BUY/HK$26.20/Target: HK$31.20): 2023: Effective debt reduction; vis...
- Philip Wong
QL Resources (QLG MK) - 3QFY24: Beyond Expectations With MPM And CVS S...
3QFY24: Beyond Expectations With MPM And CVS Segments Shining Results beyond expectations. QL Resources’ (QL) 3QFY24 core net profit came in at RM123.6m (0.8% qoq, 27.2% yoy). This brought 9MFY24 core net profit to RM339.1m (+24.0% yoy). Cumulative earnings surpassed expectations, accounting for 86% and 83% of our and consensus forecasts respectively. The positive deviation arose from enhanced contributions across its marine product manufacturing (MPM) and convenience store (CVS) segments.
- Philip Wong
IHH Healthcare (IHH MK) - 4Q23: Quiet End To The Year
4Q23: Quiet End To The Year Within our expectations. IHH Healthcare (IHH) posted a 4Q23 core profit of RM266m (-24.8% qoq, -22.0% yoy). This brought 2023 core profit to RM1,279m (-7.4% yoy). One-offs amounted to RM1,673m, largely attributed to gain on disposal of subsidiaries (RM992m), RM704m of net monetary gain from hyperinflationary economies (Acibadem) and deferred tax credits (RM256m). Core profit is within our but below consensus expectations, with earnings accounting for 99% and 77% of fu...
- Philip Wong
Farm Fresh (FFB MK) - 3QFY24: Margins Recover Back To Pre-COVID-19 Lev...
3QFY24: Margins Recover Back To Pre-COVID-19 Levels 3QFY24 earnings see a jump from improved margins but miss consensus expectations. Farm Fresh saw a 3QFY24 core net profit of RM20.4m (67% qoq, 21% yoy). This brought 9MFY24 core earnings to RM38.7m (-21.2% yoy). Cumulative earnings are in line with our expectations but below consensus’, accounting for 70% and 60% of our and consensus’ full-year earnings estimates respectively. 4QFY24 coincides with the Ramadhan fasting month and therefore we an...
- Philip Wong
Nestle (M) (NESZ MK) - 4Q23: Earnings Grow Off Lower Tax Expenses
4Q23: Earnings Grow Off Lower Tax Expenses Within our but below consensus expectations. Nestle Malaysia's (Nestle) 4Q23 core net profit of RM148m (10.8% qoq, 11.5% yoy) brought 2023 core profit to RM659.9m (+6.4% yoy). This is within our expectations but below consensus’, with earnings accounting for 97% and 94% of our and consensus’ full-year forecasts respectively. Despite muted sales growth and an impairment, improved gross margins and a lower tax expense lifted 4Q23 earnings on a yoy basis. ...
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 3QFY24: Robust Loans Growth Stifled...
3QFY24: Robust Loans Growth Stifled By Negative JAWS 3QFY24 earnings in line. Alliance Bank Malaysia (Alliance Bank) reported 3QFY24 net profit of RM176.9m (-0.1% yoy, -4.6% qoq), bringing 9MFY24 earnings to RM512.7m (-6.4% yoy). 9MFY23 earnings represent 77% of our full-year forecast, and we deem the results in line as we expect net credit cost to trend upwards in 4QFY24. 9MFY24 earnings shrunk 6.4% yoy amid higher loans growth (+10.1% yoy) as it was offset by lower NIM (-3bp) and negative oper...
- Philip Wong
Mr D.I.Y. Group (MRDIY MK) - 4Q23: Solid Earnings Delivery
4Q23: Solid Earnings Delivery Mr DIY met expectations with a solid earnings delivery. Store growth and firmer margins more than offset SSSG slipping. The latter has been made far worse out than it has been with the one-off high base effect in 2022. Mr DIY is among the best placed to ride through consumer headwinds given its low-cost leadership of staple offerings. We continue to like Mr DIY for its execution, attractive earnings growth and bargain valuations. Maintain BUY and target price of RM2...
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, February 26, 2024
GREATER CHINA Update The United Laboratories International (3933 HK/BUY/HK$8.17/Target: HK$10.00): 2023 earnings expected to beat consensus forecasts. INDONESIA Results Astra Agro Lestari (AALI IJ/SELL/Rp6,850 /Target: Rp5,715): 4Q23: Results below expectations. Downgrade to SELL. MALAYSIA Results Greatech Technology (GREATEC MK/BUY/RM4.90/Target: RM6.20): 2023: Within expectations. Orderbook is at an elevated quantum of RM1.04b; aiming to spearhead more projects in 2024. IOI Corporation (IO...
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