reports
- Chaiwat Arsirawichai
- Chong Lee Len
- Clement Ho Jia Xing
- Hazmy Hazin
- Jie Ying Chloe Tan
- Selvi Ocktaviani
- Shaun Tan
- Tanaporn Visaruthaphong
- Thansin Klinthanom
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, January 25, 2022
GREATER CHINA Sector Property: Hong Kong developers may see opportunities in mainland China. INDONESIA Sector Construction: New capital city project kicks off, potential 20-40% yoy increase in new contracts in 2022. MALAYSIA Update TIME dotCom (TDC MK/BUY/RM4.25/Target: RM4.80): Resilient earnings outlook backed by robust fibre broadband demand and prominence of data centre contribution. Maintain BUY on weakness. Small-Mid Cap Highlights Malaysia Smelting Corporation (SMELT MK/BUY/RM3.47/Targe...
WSKT PT WASKITA KARYA (PERSERO) TBK CLASS B
00016 SUN HUNG KAI PROPERTIES LIMITED
CC3 STARHUB LTD
ADHI ADHI KARYA PERSERO
00004 WHARF (HOLDINGS) LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
WIKA WIJAYA KARYA PERSERO
01113 CK ASSET HOLDINGS LIMITED
PTPP PP PERSERO TBK PT
683 KERRY PROPERTIES LTD
TDC TIME DOTCOM BHD
FRKN FRENCKEN GROUP LTD
SMELT MALAYSIA SMELTING CORP BHD
- Shaun Tan
- Ziv Ang Sze Champ
Hong Kong Property: Hong Kong developers may see opportunities in main...
Home prices continued to soften amid the resurgence of COVID-19 cases and as Lunar New Year draws closer. Despite weekend property viewing activities slumping to a oneyear low, the secondary market’s transaction volume remained stable. We believe the Hong Kong property market could stay in limbo amid the fifth wave of COVID-19 infections and suggest looking at developers which could benefit from policy easing in mainland China. Maintain MARKET WEIGHT.
- Joyce Chan Pui Lai
- Shaun Tan
- Ziv Ang Sze Champ
- Shaun Tan
- Ziv Ang Sze Champ
Hong Kong Property : Social distancing measures tightened again; Lacki...
Hong Kong has announced a tightening of local social distancing measures effective 7 Jan 22 as it is expecting a fifth COVID-19 wave. Although the housing market showed a strong performance in 2021, we see a lack of catalysts going forward especially with hopes of a border reopening soon dashed. We still prefer retail landlords, and our top pick is Link REIT. For developers, we prefer diversified developer CKA. Maintain MARKET WEIGHT.
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
00004 WHARF (HOLDINGS) LTD.
01113 CK ASSET HOLDINGS LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
778 FORTUNE REIT
683 KERRY PROPERTIES LTD
14 HYSAN DEVELOPMENT CO LTD
2778 CHAMPION REIT
- Ivan Ip
- Shaun Tan
- Ziv Ang Sze Champ
- Carol Dou Xiao Qin
- Chong Lee Len
- Jie Ying Chloe Tan
- Jonathan Koh
- Kwanchai Atiphophai
- Philip Wong
- Shaun Tan
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, December 07, 2021
GREATER CHINA Sector Healthcare: 2021 NRDL brings market expansion opportunities for listed innovative drugs. REITs & Landlords: Border reopening to spur retail rental growth; new office supply to weigh on office rents. INDONESIA Results Bukalapak.com (BUKA IJ/BUY/Rp456/Target: Rp790): 3Q21: In line with consensus expectation. Reduce target price to Rp790. MALAYSIA Sector Consumer: Confidence is gradually being restored as reflected by foot traffic to places of retail. Improving confidence sho...
- Shaun Tan
- Ziv Ang Sze Champ
Hong Kong REITs & Landlords : Border reopening to spur retail rental g...
Recent news gave rise to renewed hopes of the reopening of the border with Mainland China before the Lunar New Year with a quota of 5,000/day. With this and the resilient local retail sales in recent months, retail rents could see a decisive rebound. Meanwhile, the employment outlook in Hong Kong has picked up meaningfully, but new office supply is likely to keep office rents from rebounding. Maintain OVERWEIGHT with Link REIT and Hysan as our top picks.
- Carol Dou Xiao Qin
- Joyce Chan Pui Lai
- Shaun Tan
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, December 7, 2021
KEY HIGHLIGHTS Sector Healthcare 2021 NRDL brings market expansion opportunities for listed innovative drugs. REITs & Landlords Border reopening to spur retail rental growth; new office supply to weigh on office rents. TRADERS’ CORNER Guangzhou R&F Properties (2777 HK): Trading Sell Range: HK$3.86-3.87 ZA Online (6060 HK): Trading Sell Range: HK$24.40-24.45
- Adrian Loh Tzum Yung
- Jack Goh Tooan Orng
- Keith Wee Teck Keong
- Peerawat Dentananan
- Shaun Tan
- Stevanus Juanda
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, November 30, 2021
GREATER CHINA Sector Property: Cautious on new uncertainties. INDONESIA Strategy Omicron Presents An Opportunity For Year-end Rally: Our top 10 picks are WIKA, PTPP, MAPI, ERAA, UNVR, ROTI, BBNI, BBTN, JSMR and KLBF. MALAYSIA Results Hong Leong Bank (HLBK MK/BUY/RM18.20/Target: RM22.30): 1QFY22: The group delivered a solid all-round performance supported by strong NIM expansion and robust growth from associate contribution coupled with good cost discipline. Malaysia Airports Holdings (MAHB MK/...
- Shaun Tan
- Ziv Ang Sze Champ
Hong Kong Property : Cautious on new uncertainties.
Home prices may continue to moderate, although transaction volumes in Nov 21 remained stable. Ytd home transaction volume has hit a nine-year high, while transaction value has hit a historical high. Hong Kong developers may benefit from mainland developers selling out projects at discounts. Nevertheless, we remain cautious on new uncertainties from the new COVID-19 variant of concern. Maintain MARKET WEIGHT.
- Joyce Chan Pui Lai
- Shaun Tan
- Ziv Ang Sze Champ
- Adrian Loh Tzum Yung
- Carolyn Ching
- Chaiwat Arsirawichai
- Chong Lee Len
- Chun Sung Oong
- Jacquelyn Yow Hui Li
- Jie Ying Chloe Tan
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kowit Pongwinyoo
- Kwanchai Atiphophai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Peerawat Dentananan
- Philip Wong
- Selvi Ocktaviani
- Shaun Tan
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, November 11, 2021
GREATER CHINA Economics Inflation: Broad-based inflationary pressure stokes policy dilemma. Money Supply: Credit growth shows hints of policy support. Results Link REIT (823 HK/BUY/HK$70.40/Target: HK$85.10): 1HFY22: In line with expectations; M&A momentum to support growth trend. Tencent Holdings (700 HK/BUY/HK$483.60/Target: HK$557.00): 3Q21: Commendable results despite challenging environment. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp3,030/Target: Rp3,900): 3Q21: EBITDA in line with expect...
BATS BRITISH AMERICAN TOBACCO P.L.C.
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
EXCL PT XL AXIATA TBK
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
VALUE VALUE8 N.V.
00700 TENCENT HOLDINGS LTD.
MTC MUANGTHAI CAPITAL PCL
KCE KCE ELECTRONICS PUBLIC CO. LTD.
PROP PROPNEX LTD
- Shaun Tan
- Ziv Ang Sze Champ
Link REIT (823 HK): 1HFY22: In Line With Expectations; M&A Momentum To...
Link’s 1HFY22 results were in line with expectations as it declared an interim DPU of HK$1.596, up 12.7%. Hong Kong retail malls saw continued improvement in rents as occupancy rate hit a historic high. Meanwhile, mainland retail malls saw minimal impact from COVID-19 outbreaks and electricity outages, with 18% growth in rental income. M&A momentum picks up as Link announced the HK$5.8b acquisitions of two Hong Kong car park/godown buildings. Maintain BUY.
- Carolyn Ching
- Chun Sung Oong
- Julia Pan Mengyao
- Shaun Tan
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, November 11, 2021
KEY HIGHLIGHTS Economics Inflation Broad-based inflationary pressure stokes policy dilemma. Money Supply Credit growth shows hints of policy support. Results Link REIT (823 HK/BUY/HK$70.40/Target: HK$85.10) 1HFY22: In line with expectations; M&A momentum to support growth trend. Tencent Holdings (700 HK/BUY/HK$483.60/Target: HK$557.00) 3Q21: Commendable results despite challenging environment.
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum
- Philip Wong
- Shaun Tan
- Singapore Research Team
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, November 03, 2021
GREATER CHINA Sector Condiment: Soy sauce, oyster sauce and everything nice. Property: Home market is cooling although sentiment is turning positive after policy address. INDONESIA Strategy Alpha Picks: Outperforms Three Months In A Row: Our selections are UNVR, SIDO, JSMR, SMRA, BMRI, ERAA, TLKM, KLBF and ROTI. MALAYSIA Results Hartalega Holdings (HART MK/HOLD/RM5.75/Target: RM5.95): 2QFY22: Within expectations as volume sales and ASPs decline. The latter had continued to dip sharply but appe...
- Shaun Tan
- Ziv Ang Sze Champ
Hong Kong Property : Home market is cooling although sentiment is turn...
Home prices are cooling, down 2.7% from the historical high, although still up 5.6% ytd. Similarly, transaction volumes cooled and declined 21% in Oct 21. Nevertheless, market sentiment appears to be positive after the policy address, especially for submarkets in the Northern Metropolis. We turn relatively cautious on
- Jo Yee Ng
- Joyce Chan Pui Lai
- Shaun Tan
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, November 3, 2021
KEY HIGHLIGHTS Sector Condiment Soy sauce, oyster sauce and everything nice. Property Home market is cooling although sentiment is turning positive after policy address. TRADERS’ CORNER AviChina (2357 HK): Trading Buy Range: HK$5.33-5.34 Hengan International (1044 HK): Trading Sell Range: HK$39.70-39.75
- Benyamin Mikael
- Chaiwat Arsirawichai
- Jo Yee Ng
- Jonathan Koh
- Kong Ho Meng
- Kowit Pongwinyoo
- Muhammad Afif Zulkaplly
- Sandra Huang Jieqiong
- Shaun Tan
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, October 28, 2021
GREATER CHINA Initiate Coverage Hysan Development (14 HK/BUY/HK$26.40/Target: HK$32.00): Attractive yield with upside from border reopening; long-term growth secured. Results China Longyuan Power (916 HK/BUY/HK$18.50/Target: HK$23.00): 3Q21: A soft quarter; wind curtailment rate improved. Goldwind Science & Technology (2208 HK/BUY/HK$17.44/Target: HK$20.30): 3Q21: Overall gross profit margin above expectations. Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb149.80/Target: Rmb185.00): 3Q2...
- Shaun Tan
- Ziv Ang Sze Champ
Hysan Development (14 HK): Attractive yield with upside from border re...
In our view, Hysan will be a key beneficiary of the larger rebound in discretionary retail trades, with the key categories it is focused on outperforming on growth. We estimate its upcoming luxury residential project in Tai Po will unlock HK$4.8b in attributable sales, equivalent to 18% of market cap. Recent investments provide visibility on rental growth with a 44% boost in IP GFA, solidifying Hysan’s long-term growth story. Initiate coverage on Hysan with a BUY and a target price of HK$32.00.
- Jo Yee Ng
- Joyce Chan Pui Lai
- Sandra Huang Jieqiong
- Shaun Tan
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, October 28, 2021
KEY HIGHLIGHTS Initiate Coverage Hysan Development (14 HK/BUY/HK$26.40/Target: HK$32.00) Attractive yield with upside from border reopening; long-term growth secured. Results China Longyuan Power (916 HK/BUY/HK$18.50/Target: HK$23.00) 3Q21: A soft quarter; wind curtailment rate improved. Goldwind Science & Technology (2208 HK/BUY/HK$17.44/Target: HK$20.30) 3Q21: Overall gross profit margin above expectations. Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb149.80/Target: Rmb185.00) 3Q...
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