reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Dragon Boat Festival: Consumer services, experiential ...
During the Dragon Boat Festival holiday, consumer services, experiential spending (eg tourism) and lower-tier cities continued to lead the growth. For China’s consumer sector, we keep Anta, CTGDF, Haidilao, Haier and Shenzhou as our most preferred stocks. At the same time, we add Miniso but remove CR Beer and Midea from the stock picks. Maintain OVERWEIGHT on China’s consumer sector.
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
123F 123FAHRSCHULE SE
9896 MINISO GROUP HOLDING LTD
EPIC 1CM INC
Z29 029 GROUP SE
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Kasemsun Koonnara
- Limartha Adhiputra
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, June 12, 2024
GREATER CHINA Sector Consumer Dragon Boat Festival: Consumer services, experiential spending, and lower-tier cities lead growth. INDONESIA Update Vale Indonesia (INCO IJ/HOLD/Rp4,300/Target: Rp4,300) Issuance of new shares to complete the divestment process. MALAYSIA Sector Telecommunications 1Q24 earnings up 14% yoy on the back ...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
6012 MAXIS BHD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
INCO VALE INDONESIA
6888 AXIATA GROUP BHD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
T TELEKOM MALAYSIA BHD
BAUTO BERMAZ AUTO BHD
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
ME 23ANDME HLDG CO
CK CH. KARNCHANG PUBLIC CO LTD
CDB CELCOMDIGI BHD
TIMECOM 029 GROUP SE
- Chong Lee Len
- Damon Shen
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Leow Huey Chuen
- Paula Ruth
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, June 4, 2024
GREATER CHINA Sector Property - Hong Kong Limited Downside Risks To Property Price in Near Term; Watch For Policy Support For Hong Kong Tourism. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900) 2024 net profit could grow 45% yoy, partly driven by network improvement. MALAYSIA Sector Oil & Gas Petrona...
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
1023 CIMB GROUP HOLDINGS BHD
CPIN PT CHAROEN POKPHAND INDONESIA TBK
5681 PETRONAS DAGANGAN BHD.
5218 SAPURA ENERGY BHD
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
5347 TENAGA NASIONAL BHD
AW9U FIRST REAL ESTATE INVESTMENT TRUST
O5RU AIMS APAC REIT
SK6U SPH REIT
5243 VELESTO ENERGY
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
UZMA UZMA BHD
MISC MISC BHD
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
DLUM DELEUM BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
DHLT DAIWA HOUSE LOGISTICS TRUST
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
1737144D TB BETAGRO GROUP
- Ceilica Su Rui
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, June 03, 2024
GREATER CHINA Economics PMI May 24 PMI back to contraction. Sector Macau Gaming May 24 GGR up 9% mom. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024 Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO, and JSMR. SINGAPORE Strategy Alpha Picks: Strong performance. Add CENT, CVL, SIA...
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00027 GALAXY ENTERTAINMENT GROUP LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
599A SANDS CHINA LTD.
ACES PT ACE HARDWARE INDONESIA TBK
CENT CENTRAL GARDEN & PET COMPANY
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
FEHT FAR EAST HOSPITALITY TRUST
SIE SIA ENGINEERING CO LTD
SIDO INDUSTRI JAMU DAN FARMASI SI
TXG 10X GENOMICS INC CLASS A
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
WST WEST PHARMACEUTICAL SERVICES INC.
WBA WALGREENS BOOTS ALLIANCE INC
TWI TITAN INTERNATIONAL INC.
SSYS STRATASYS LTD.
PII POLARIS INC.
NDSN NORDSON CORPORATION
MYE MYERS INDUSTRIES INC.
MIDD MIDDLEBY CORPORATION
LEA LEAR CORPORATION
J7Z JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
DOX AMDOCS LIMITED
CLX CLOROX COMPANY
AGCO AGCO CORPORATION
MG/CN MAGNA INTERNATIONAL INC.
CAH CARDINAL HEALTH INC.
IONS IONIS PHARMACEUTICALS INC.
LEG LEGGETT & PLATT INCORPORATED
MAT MATTEL INC.
PARR PAR PACIFIC HOLDINGS INC
SAM BOSTON BEER COMPANY INC. CLASS A
TAP MOLSON COORS BEVERAGE COMPANY CLASS B
THO THOR INDUSTRIES INC.
THS TREEHOUSE FOODS INC.
CSCO CISCO SYSTEMS INC.
WGO WINNEBAGO INDUSTRIES INC.
BMY BRISTOL-MYERS SQUIBB CO. CEDEAR
SUZBY SUZANO SA
TXG 10X GENOMICS INC CLASS A
LI LI AUTO INC. SPONSORED ADR CLASS A
CRC CALIFORNIA RESOURCES
VRDN VIRIDIAN THERAPEUTICS INC
OI O I GLASS INC COM
OKLO OKLO INC CL A
SJM JM SMUCKER CO COM
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Ming San Soong
- Nurul Nazira Binti Abdullah
Regional Morning Notes: Thursday, May 23, 2024
GREATER CHINA Sector Automobile Weekly: PEV sales drop wow due to high comparison base. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELLs: Li Auto and XPeng. Results Kuaishou (1024 HK/BUY/HK$58.15/Target: HK$85.00) 1Q24: Solid earnings beat; softer 2Q24; HK$16b share repurchase plan. Pinduoduo (PDD US/BUY/US$145.45/Target: US$200.00) 1Q24: Robust earnings beat; stro...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5168 HARTALEGA HOLDINGS BHD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
5681 PETRONAS DAGANGAN BHD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
M3I MINTH GROUP LIMITED
HANA HANA MICROELECTRONICS PCL
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
KCE KCE ELECTRONICS PUBLIC CO. LTD.
SSG SHENG SIONG GROUP LTD
CPALL TB CP ALL
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
338 WEICHAI POWER
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)
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
CEB CAPE EMS BERHAD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 May 2024
The Bulgarian equity market finished strong on Tuesday, leaving the major indexes at fresh 15-years high. SOFIX (871.29) saw a 0.96% gain, continuing its recent performance, while BGTR30 (867.48) and BGBX40 (172.93) surged by 0.82% and 0.59%, respectively. The financial sector finished as a leader once again as evidenced by the positive bias in market breath, mainly reflecting the reaction of the retail on the released news of First Investment Bank (FIB, BGN 4.84, +9.01%) before the session from...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Jun Sian Tan
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, May 21, 2024
GREATER CHINA Initiate Coverage Joyson Electronics Corp (600699 CH/BUY/Rmb16.71/Target: Rmb26.00) Riding on the vehicle electrification and intelligentisation trends. Initiate coverage with BUY. Target price: Rmb26.00. Results Li Auto (2015 HK/SELL/HK$99.90/Target: HK$70.00) 1Q24: Results miss estimates with unexpected operating loss. Cut target price from HK$85.00 to HK$70.00. Maintain SELL. INDONESIA Update United Tractors (UNTR IJ/SELL/Rp22,850/Target: Rp20,...
FCT FRASERS CENTREPOINT TRUST
UNTR PT UNITED TRACTORS TBK
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
1295 PUBLIC BANK BHD
TS0U OUE COMMERCIAL REAL ESTATE INVESTMENT TRUST
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
AW9U FIRST REAL ESTATE INVESTMENT TRUST
HANA HANA MICROELECTRONICS PCL
O5RU AIMS APAC REIT
SK6U SPH REIT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
SGREIT STARHILL GLOBAL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SCGB SUNWAY CONSTRUCTION GROUP BH
FHT MAPLETREE INDUSTRIAL TRUST
KLK FRASERS HOSPITALITY TRUST
SASSR KUALA LUMPUR KEPONG BHD
CNNU SASSEUR REAL ESTATE INVESTMENT TRUST
TXG CROMWELL EUROPEAN REIT
CICT 10X GENOMICS INC CLASS A
LREIT SP CAPITALAND INTEGRATED COMMERCIAL TRUST
TIDLOR LENDLEASE GLOBAL COMMERCIAL REIT
CLCT NGERN TID LOR PCL
FLT CAPITALAND CHINA TRUST
ME FRASERS LOGISTICS & COMMERCIAL TRUST
DCREIT 23ANDME HLDG CO
MPACT DIGITAL CORE REIT
CLAS MAPLETREE PAN ASIA COMMERCIAL TRUST
CLAR CAPITALAND ASCOTT TRUST
EREIT CAPITALAND ASCENDAS REIT
Z29 ESR-LOGOS REIT
02015 029 GROUP SE
600699 LI AUTO INC
JOYSON ELECTRONICS CORP
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Limartha Adhiputra
- Llelleythan Tan Tan
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, May 20, 2024
GREATER CHINA Economics Economic Activity April data reflects uneven progress. Sector Property The central government announced a solid policy combo to revive buyers’ sentiment, marking a positive action to mitigate the property industry’s risks. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp24,075/Target: Rp21,500) 1...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily: Tuesday, May 7, 2024
KEY HIGHLIGHTS Sector Offshore Marine Bullish view remains despite recent volatility in the Middle East. Update StarHub (STH SP/BUY/S$1.18/Target: S$1.41) Favourable tailwinds as DARE+ initiatives bear fruit, with investments peaking in 2024. Wilmar International (WIL SP/HOLD/S$3.22/Target: S$3.35) 2Q24 earnings to be higher qoq and yoy. Investors can consider buying on weakness. TRADERS' CORNER Keppel DC REIT (KDCREIT SP):...
- Singapore Research Team
Strategy - Alpha Picks: A Softer Month; Add FEHT, MPACT, GENS; Remove ...
For Apr 24, our Alpha Picks portfolio rose 0.4% mom on an equal-weighted basis, underperforming the STI slightly by 1.7ppt. It was a mixed performance from our portfolio with the top performers being MPM, BAL and CD while FRKN, LREIT and ST underperformed. Our Alpha Picks portfolio has outperformed the STI in three out of the past four months. For May 24, we add FEHT, MPACT, GENS; remove BAL, LREIT and CLAS.
G13 GENTING SINGAPORE
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
FEHT FAR EAST HOSPITALITY TRUST
TXG 10X GENOMICS INC CLASS A
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Soomit Datta
AMX(Buy, TP: $24, +24%) Televisa (Neutral, $3.5, +11%) Megacable (Neut...
The market continued to eek out broadband growth in Q1, with Megacable leading the charge. We applaud management’s execution here and the double digit revenue and EBITDA growth, though this now seems embedded in expectations; we think it’s time to close out Megacable stock gains (30% YTD), trading on a 5.5% EFCF yield for 2025. Our target remains MXN55, though we have taken out the probability of cable-cable deal synergies, offset by upgrades following Q1s.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Focus on four key theses for the sector.
In this report, we have summarised what we read from consumer companies’ 2023 results, the 2024 outlook and recent updates. We think companies: a) with overseas expansion or turnaround prospects, b) that have upside potential of improving operating efficiency, c) that will benefit from near-term catalysts (eg event-driven), and d) have increasing dividend payout will outperform. Anta, CR Beer, CTGDF, Galaxy, Haidilao, Haier, Midea and Shenzhou are our most preferred stocks. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Johnny Yum
- Stevanus Juanda
Indonesia Daily - Wednesday, April 3, 2024
Alpha Picks: Outperformance In Mar 24 and 1Q24 : Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. Mitra Adiperkasa (MAPI IJ/BUY/Rp1,895/Target: Rp2,100) : 4Q23: Core NPAT below expectations due to high tax rate. TRADERS’ CORNER Aneka Tambang (ANTM IJ): Technical BUY Harum Energy (HRUM IJ): Technical BUY
CTRA CIPUTRA DEVELOPMENT
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
MAPI MITRA ADIPERKASA
ACES PT ACE HARDWARE INDONESIA TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
TXG 10X GENOMICS INC CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
- Keith Wee Teck Keong
Banking - Risk To Reward Remains Well Balanced
Loans growth edged upwards to 5.8% in Feb 24 (Jan 24: 5.7%) on the recovery in both the HH and business segments and household loans. We anticipate a 5.5-6.0% system loans growth for 2024, implying a 1.18x loans to GDP growth multiple which is in line with its 10-year mean. We find the sector’s risk to reward well-balanced (mean valuation) in the absence of strong catalysts. The sector’s 2024 earnings growth is expected to lag the broader equity market. Maintain MARKET WEIGHT with CIMB being our...
1295 PUBLIC BANK BHD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
Hybridan Small Cap Feast - 18 Mar 24
18th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object...
- Sid Rajeev
- Pelham Smithers
PSA Market Strategy: How Japan Transformed from a Bear Market to a Bul...
In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.
NVDA NVIDIA CORPORATION
LLY ELI LILLY AND COMPANY
FB FACEBOOK INC. CLASS A
9433 KDDI CORPORATION
6954 FANUC CORPORATION
8001 ITOCHU CORPORATION
6752 PANASONIC CORPORATION
6971 KYOCERA CORPORATION
8031 MITSUI & CO. LTD
4183 MITSUI CHEMICALS INC.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
5401 NIPPON STEEL CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
7270 SUBARU CORP
XOM EXXON MOBIL CORPORATION
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
BRK.A BERKSHIRE HATH-A
APPL APPLE INC - APPL - US
9810 NIPPON STEEL TRADING CORP
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