reports
- Bella Lu Yifei
- Colin Lee
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Friday, November 22, 2024
GREATER CHINA Sector Automobile Weekly: PV sales up wow; NDRC indicates support for ICE-cars. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao Glass and Desay SV. IT Hardware Blackwell production ramp accelerating; brace for another year of robust growth. Maintain OVERWEIGHT. Results Baidu Inc (9888 HK/HOLD/HK$83.85/Target: HK$90.00) ...
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
AMATA AMATA CORP
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TRUE TRUE CORP. PUBLIC CO. LTD.
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
MAG MAGMATIC RESOURCES
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
MTC MUANGTHAI CAPITAL PCL
SCGB SUNWAY CONSTRUCTION GROUP BH
CPALL TB CP ALL
UEMS UEM SUNRISE BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
WHA TB WHA CORP PCL
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
EXCL XL AXIATA (EXCELCOMINDO)
02423 XL AXIATA TBK PT
2232 KE HOLDINGS INC.
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
600699 LI AUTO INC
JOYSON ELECTRONICS CORP
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – November 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Kitpon Praipaisarnkit
True Corporation (TRUE TB) - 3Q24: Results Above Our And Consensus Est...
TRUE reported a net loss of Bt810m for 3Q24. The net loss was lower yoy and qoq. Core profit remained strong at Bt2.3b, skyrocketing 295% yoy and 19% qoq due to better core operations. Service revenue increased 5% yoy and was flat qoq, mainly supported by the FBB, digital, and mobile businesses. ARPU’s outlook also improved for the mobile and FBB businesses. Maintain BUY with a higher target price of Bt14.50.
- Kitpon Praipaisarnkit
Thailand Daily - Monday, October 28, 2024
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/HOLD/B136.50/Target: Bt128.00) 3Q24: Earnings beat estimates due to robust gross margin. True Corporation (TRUE TB/BUY/Bt12.10/Target: Bt14.50) 3Q24: Results above our and consensus estimates; expect smaller loss in 4Q24.
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 28, 2024
GREATER CHINA Sector Internet: Key takeaways from marketing trip. Results ENN Energy Holdings (2688 HK/HOLD/HK$57.90/Target: HK$58.40): 3Q24 operational data: Largely in line with guidance; 9M24 retail gas sales up 4.8% yoy. Great Wall Motor (2333 HK/BUY/HK$14.38/Target: HK$23.00): 3Q24: Earnings in line with estimates. Maintain BUY. Target price: HK$23.00. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb23.87/Target: Rmb28.40): 3Q24: Channel adjustment is bearing fruit; expect revenue ...
XGH ENN ENERGY HOLDINGS LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
TRUE TRUE CORP. PUBLIC CO. LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
SIDO INDUSTRI JAMU DAN FARMASI SI
IOI IOI CORP BHD
BBNI BANK NEGARA INDONESIA PERSER
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
DELTA DELTA ELECTRONICS
HUME HUME CEMENT INDUSTRIES BHD
- Chris Hoare
- Kitpon Praipaisarnkit
True Corporation (TRUE TB) - Expect robust core profit in 3Q24.
TRUE's core profit for 3Q24 is projected to soar 295% yoy and 19% qoq, underpinned by better cost control, resulting in higher gross profit margin and lower SG&A-to-sales. Revenue from the mobile business should be flat both yoy and qoq due to fewer prepaid subscribers, as a result of the impact of the flood and rainy season. However, ARPU of both mobile and FBB continues to see a positive trend. Re-initiate coverage with BUY and a target price of Bt13.00.
- Kitpon Praipaisarnkit
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tham Mun Hon
Regional Morning Notes - Tuesday, October 15, 2024
GREATER CHINA Economics Money Supply: Generally below market expectations. Trade: Trade surplus narrows on weaker exports growth. Strategy China Construction And Property: Key beneficiaries of improved local government finances and an enhanced destocking policy. Sector Logistics: The logistics sector may stand to benefit should China successfully bolster its domestic consumption through fiscal stimulus. Upgrade to OVERWEIGHT with JDL as our top pick. Initiate Coverage JD Logistics Inc (2618 HK/B...
- Chris Hoare
TRUE Corp (Buy, TP: THB 18 from THB 15, +60%) Update following NDR; s...
We adjust our model following an encouraging management NDR in NY, Boston and London, the main change being cutting our capex forecasts. We lift our price target to THB 18 (from THB 15). TRUE’s shares have been very strong YTD, but we still think the stock is not fully reflecting the medium-term expansion in FCF likely as synergies are delivered in a benign 2-player market. TRUE remains one of our top picks in Global EM Telco.
- Chris Hoare
- David Lopes
Thai Telcos Q2 24 review: Strong momentum with continued margin uplif...
Thai operators delivered good margins uplift again, and TRUE upgraded guidance. After turning the corner in Q4, Thai mobile growth sustained in the 4% range on prepaid strength. With the outlook now positive , we stay bullish on the two with TRUE staying on as one of our top pick in EM Telcos.
- Chris Hoare
Singtel/AIS Merger of Intouch and Gulf Energy; VTO of AIS. Implicatio...
The merger between Intouch Holdings (where Singtel owns a 24.99% stake) and Gulf Energy was announced today. Following this, a waiver had been obtained to trigger a Voluntary Tender Offer (VTO) instead of a Mandatory Offer for 36.25% of AIS shares. We outline the implications for Singtel and AIS below.
- Chris Hoare
- Chris Hoare
- Chris Hoare
Thai Telcos Q4 23 review: Turning the corner as ARPU grew after more ...
Thai operators witnessed a notable uptick in growth as industry mobile ARPU reverted to growth after more than three years. EBITDA also bounced higher led by TRUE, setting the stage for 9-11% growth in FY24. Guided capex also suggests moderating capex intensity which is key driver of ROIC upside. The outlook is turning more optimistic than before, validated by our recent visit of the two telcos.
- Chris Hoare
Asia Telco Tour Feedback, Improving growth, ROCE and shareholder remun...
We ran our Asia Telco tour last week. This time we met 12 companies in 3 countries (Korea, Japan, Thailand). Telco share prices in all 3 of these countries have been pretty strong recently as telcos continue to benefit from generally positive themes: growth, return on capital and shareholder remuneration are all typically improving.
- Chris Hoare
Thai Telcos Takeaways from Meetings with the Thai Telcos in Bangkok
Our meetings with the two Thai operators (& NBTC) validate our view of a benign mobile dynamic, supported by improving tourism, and sharp capex reductions. Both operators remain focused on profitable growth. TRUE seems very confident on synergy delivery.
- Chris Hoare
ASEAN Telcos Outlook 2024; Continued market repair in Indonesia, Thai...
After a decent 2023, in 2024 we are likely to see further evidence of market repair in Thailand, Malaysia and Indonesia driven by consolidation in both Mobile and Broadband. The economic outlook in the region is generally positive too, helped by post-Covid tailwinds, and China decoupling.
- Chris Hoare
Thai Telcos Q3 23 review: Market continues to repair
Market repair drove faster revenue growth and rising margins for both AIS and TRUE. For mobile, AIS is finally back to positive ARPU YoY growth after fourteen quarters of YoY declines. This suggests to us that the outlook turning more optimistic than before.
- Chris Hoare
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