reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 1 April 2025
Huge bid/ask spreads and absence of news fixed SOFIX (903.53, -0.79%) negative on Monday. Shelly Group (SLYG, EUR 37.30, -1.58%), Chimimport (CHIM, BGN 0.725, -2.68%) and Sopharma (SFA, BGN 5.74, -1.37%) retreated with small daily turnover. The gambling company Telematic Interactive Bulgaria (TIB, BGN 22.00, +0.92%) and Doverie United Holding (DUH, BGN 7.98, +0.25%) moved north driven by speculative trades on the last trading date of the month. BGREIT (214.08, -0.09%) also stepped back, reflecti...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 31 March 2025
Positive sentiment on Friday raised SOFIX by 0.80% to 910.69, a level we haven’t seen since 2008. Eurohold (EUBG, BGN 1.94, +2.11%), First Investment Bank (FIB, BGN 4.08, +2.00%) and Shelly Group (SLYG, EUR 37.90, +1.61%) led the daily gainers with moderate daily volume. Negative impact on the main index came from Sirma Group Holding (SGH, BGN 1.10, -0.90%) and Wiser (WISR, BGN 4.90, -0.81%). BGBX40 (173.89, +0.56%) also registered green session on the back of Industrial Capital Holding (HIKA, B...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 March 2025
The Bulgarian equity market had a mixed showing on Thursday with low volatility among active names. Positive price action with Chimimport (CHIM, BGN 0.735, +2.08%), placed SOFIX (903.42, +0.20%) and BGTR30 (879.53, +0.10%) slightly above previous day levels, while logged losses of Korado (KBG, BGN 4.20, -2.78%) and M+S Hydraulic (MSH, BGN 9.30, -3.63%) weighed on BGBX40 (172.93) and the broad index declined by 0.02%. The daily volumes continued to be comparable with the 15-days average within th...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 4Q24
We publish today our comprehensive quarterly bible: 240 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
IFX INFINEON TECHNOLOGIES AG
TXG 10X GENOMICS INC CLASS A
ERIC.B ERICSSON
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
WOLF WOLFSPEED INC
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 March 2025
Huge opposite moves of index members fixed SOFIX almost unchanged at 901.53 (-0.07%) on Thursday. Agria Group Holding (AGH, BGN 21.10, -4.09%), Bulgarian Stock Exchange (BSE, BGN 7.75, -0.64%) and Central Cooperative Bank (CCB, BGN 1.61, -0.62%) slipped without significant daily volume while Elana Agrocredit (EAC, BGN 1.06, -0.93%) suffered from big selling pressure and closed negative. Sirma Group Holding (SGH, BGN 1.10, +2.80%) and Chimimport (CHIM, BGN 0.745, +1.36%) and Bulgarian Real Estate...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 19 March 2025
The wave of buying interest slowly gained speed on Tuesday and settled the major indexes on the positive side. Sirma Group (SGH, 1.07, +7.00%) led the advancers list once again and boosted SOFIX (899.92, +0.25%) close to psychological level of 900 point. Eleven Capital (11C, BGN 15.20, +2.70%) and M+S Hydraulic (MSH, BGN 9.45, +2.72%) supported the broad indexes BGTR30 (871.17, +0.43%) and BGBX40 (172.24, +0.22%). The daily volume improved moderately too as more names participated in the trading...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): 2024: Results in line; conserva...
2024 results were in line. For 2025, Xtep targets positive revenue growth and >10% net profit growth, with potential upside if the consumption environment improves. It plans to transition the core Xtep brand to a DTC model, with 400-500 Xtep branded stores to be involved in 2H25-2026. Saucony is expected to achieve 30-40% sales growth in 2025 and to double the sales in three years. Maintain BUY; cut target price by 2% to HK$8.00.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 10 March - 14 March 2025
The Bulgarian stock market remained volatile over the past week, as the benchmark SOFIX dropped 0.8% and all other major indexes closed down, ranging from -0.5% to -1.4%. The trading activity was weak, as block deals with some unpopular names boosted the volumes (+105.1% YTD) and the turnover (+51.6% YTD) higher than average numbers. The worst performer in our list of selected securities was Telelink Business Services Group (TBS, BGN 9.65, -12.3%), followed by SOFIX members Agria Group (AGH, BGN...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Kampon Akaravarinchai
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Singapore Research Team
- Sunny Chen
Regional Morning Meeting Notes: Friday, March 14, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly Reiterate BUY on JBM Healthcare. Sector Automobile Weekly: PV sales decline wow due to seasonal factors. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay SV. Results Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.72/Target:HK$11.00) 2024: Satisfactory results; expect ...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
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
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
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)
HLA HONG LEONG ASIA LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
TWC TIONG WOON CORPORATION HOLDING
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
532605 JBM AUTO LIMITED
- Heidi Mo Jinghui
- Singapore Research Team
Construction – Singapore: 2024 Results In Line; Promising Sector Outlo...
2024 results are within expectations, with all companies within our coverage universe posting double-digit yoy growth. The sector outlook in 2025 is promising, backed by the rollout of major projects (such as Changi T5 and MBS integrated resort expansion) and continued BTO supply ramp-up. We also expect private contract flows to improve, driven by the robust demand for the residential sector. Maintain OVERWEIGHT. Our top picks for the sector are HLA, PUC, TWC and Centurion.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 12/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 12th March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Delistings: RA International Grou...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 5 March 2025
The Bulgarian market started the shorter working week on a downbeat note following the world economy sentiment. The decliners led the advancers by 2-to-1 margin, which settled the main indexes on negative territory. SOFIX (893.80) underperformed the most by 1.16% as the heavy Shelly Group (SLYG, EUR 36.50, -2.67%), Sopharma (SFA, BGN 5.74, -1.71%) and First Investment Bank (FIB, BGN 3.68, -3.16%) met the selling pressure below the current market levels. Positive consolidated financial data gave ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 4 March 2025
The Bulgarian market had a rough showing on Friday though the initial selling pressure in the early hours was replaced by more optimistic price actions at the end on the session. The major indexes settled mixed as Agria Group (AGH, BGN 20.40, -2.86%) and the heavy member Shelly Group (SLYG, EUR 37.50, -0.53%) weighed on the indexes, while M+S Hydraulic (MSH, BGN 9.35, +2.19%) and Smart Organic (SO, BGN 26.20, +2.34%) recovered the losses on the opposite side. SOFIX (904.25, -0.13%) slipped below...
- John Cheong Ming Chern
- Jonathan Koh
- Lester Siew
- Singapore Research Team
Singapore Daily: Tuesday, March 04, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Adding RSTON, UMSH, SIE, CICT And Removing CVL, VMS, LREIT Our Alpha Picks portfolio underperformed the STI in Feb 25, falling 3.6% mom on a market cap-weighted basis. Adding RSTON, UMSH, SIE and CICT; removing CVL, VMS and LREIT. Sector REITs S-REITs monthly update (Feb 25). Results First Resources (FR SP/BUY/S$1.59/Target: S$1.75) FY24: Results in line with our expectations but exceeded the street’s, with full-year nucleus FFB growth of 6.4% ex...
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
544 CSE GLOBAL LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
2GB 2G ENERGY AG
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PROP PROPNEX LTD
RSTON RIVERSTONE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
TSVT 2SEVENTY BIO INC
123F 123FAHRSCHULE SE
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, February 27, 2025
GREATER CHINA Economics Hong Kong Budget 2025-26 The budget balances fiscal discipline with strategic growth initiatives. Results ASMPT (522 HK/BUY/HK$64.05/Target: HK$80.00) 4Q24: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. Budweiser APAC (1876 HK/BUY/HK$8.66/Target: HK$13.30) 4Q24: Results miss slightly; CEO change and increased shareho...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
- Jonathan Moreland
WWW WOLVERINE WORLD WIDE INC.
PDFS PDF SOLUTIONS INC.
MTDR MATADOR RESOURCES COMPANY
FFIN FIRST FINANCIAL BANKSHARES INC
DGII DIGI INTERNATIONAL INC.
CPS COOPER-STANDARD HOLDINGS INC.
CINF CINCINNATI FINANCIAL CORPORATION
OCSL OAKTREE SPECIALTY LENDING CORPORATION
SNBR SLEEP NUMBER CORPORATION
QNBC QNB CORP.
TXG 10X GENOMICS INC CLASS A
CMTV COMMUNITY BANCORP INC. VT
ECBK ECB BANCORP INC.
MAIA MAIA BIOTECHNOLOGY INC
ISPO INSPIRATO INCORPORATED
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Philip Wong
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, February 26, 2025
REGIONAL Sector Plantation Guest speakers at our Palm Oil Seminar 2025 flag diverging palm production prospects between Malaysia and Indonesia, alongside downside risks to CPO prices. GREATER CHINA Results Trip.com (9961 HK/BUY/HK$462.00/Target: HK$630.00) 4Q24: Earnings beat; continuous efforts in international expansion. INDONESIA Small/Mid Cap Highlights Bumi Resources Minerals (BRMS IJ...
AALI ASTRA AGRO LESTARI
5681 PETRONAS DAGANGAN BHD.
ERW ERAWAN GROUP
F34 WILMAR INTERNATIONAL LIMITED
5218 SAPURA ENERGY BHD
SPALI SUPALAI PCL
3816 MISC BHD
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
SOP SARAWAK OIL PALMS BERHAD
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
DLG DIALOG GROUP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
DLUM DELEUM BERHAD
GENP GENTING PLANTATIONS BHD
TXG 10X GENOMICS INC CLASS A
NESZ NESTLE (MALAYSIA) BERHAD
PROP PROPNEX LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
WHA TB WHA CORP PCL
TAPG TRIPUTRA AGRO PERSADA PT
8AZ AZTECH GLOBAL LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
ITMAX ITMAX SYSTEMS BHD
SDG SD GUTHRIE BHD
BRMS IJ BUMI RESOURCES MINERALS
IOICORP Â IOI CORP BHD
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 February 2025
The opposite moves of index members fixed SOFIX (902.61, +0.05%) almost unchanged. The drops of First Investment Bank (FIB, BGN 3.80, -2.56%), Sopharma (SFA, BGN 5.80, -1.69%) and Chimimport (CHIM, BGN 0.70, -1.41%) fully offset the positive move of Bulgarian Stock Exchange (BSE, BGN 7.70, +2.67%). BGREIT (217.28, +0.21%) closed slightly positive reflecting the north move of Bulgarian Real Estate Fund (BREF, BGN 4.16, +0.97%). Small speculative trades dominated the trading session on Thursday an...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, February 24, 2025
GREATER CHINA Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb257.82/Target: Rmb330.00) Embraces business opportunities provided by digital and intelligent solutions. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp640/Target: Rp820) Expanding fibre optic network length by 20% following the acquisition. Maintain BUY. MALAYSIA Results MISC (MISC MK/BUY/RM7.15/Target: RM8.60) 2024: Results outperform, but marke...
OU8 CENTURION
PTT PTT PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
SATS SP SATS LTD.
MLK MALAKOFF CORP BHD
BST BERJAYA SPORTS TOTO BHD
SPOST SINGAPORE POST LTD
TXG 10X GENOMICS INC CLASS A
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
PROP PROPNEX LTD
RSTON RIVERSTONE HOLDINGS LTD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
RRRP3 3R PETROLEUM OLEO E GAS
ONEE THE ONE ENTERPRISE PCL
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
KOPI MK ORIENTAL KOPI HOLDINGS BHD
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