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Chris Hoare
  • Chris Hoare

TRUE (Buy, TP: THB18, +70%) TRUE Corp – Ongoing long distance domesti...

Shares of TRUE were subdued during these two days after the Supreme Court had dismissed TRUE’s appeal against the Central Administrative Court’s decision to enforce payment related to long-distance domestic call to National Telecom. Our brief thoughts below.

Axiata Group Berhad: Update following rating affirmation

Our credit view of this issuer reflects its diversification across high growth markets, and incorporates its exposure to emerging and frontier market risks.

Paula Ruth
  • Paula Ruth

XL Axiata (EXCL IJ) - EXCL And FREN Agree To Merge (Pre-synergy EV Of ...

EXCL and FREN have agreed to a proposed merger, with a combined pre-synergy enterprise value of Rp104t (around US$6.5b). Telcos’ consolidation typically supports a healthier data pricing environment in the long term. The potential negative sentiment from FREN’s performance (9M24 loss) may have been priced into EXCL’s share price already, in our view, as EXCL’s share price fell 8% to Rp2,380 on 16 May after the nonbinding MoU of the merger was announced. Maintain BUY. Target price: Rp3,200.

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Paula Ruth

Indonesia Daily - Thursday, December 12, 2024

XL Axiata (EXCL IJ/BUY/Rp2,240/Target: Rp3,200): EXCL and FREN agree to merge (pre-synergy EV of Rp104t, or around US$6.5b). TRADERS’ CORNER Jasa Marga (JSMR IJ): Technical BUY Bank Tabungan Negara (BBTN IJ): Technical BUY

Anas Fitri Bin Ahmad ... (+12)
  • Anas Fitri Bin Ahmad
  • Chong Lee Len
  • Julia Pan Mengyao
  • Keith Wee Teck Keong
  • Kenny Yong Hui Lim
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Lester Siew
  • Ming San Soong
  • Paula Ruth
  • Singapore Research Team
  • Thanawat Thangchadakorn

Regional Morning Notes - Thursday, December 12, 2024

GREATER CHINA Sector Internet: 1H25 outlook shaped by implications of fiscal stimuli and US tariffs. Results Huize Holding (HUIZ US/BUY/US$4.09/Target: US$7.00): 3Q24: Turning profitable again due to strong FYP growth. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,240/Target: Rp3,200): EXCL and FREN agree to merge (pre-synergy EV of Rp104t, or around US$6.5b). MALAYSIA Sector Banking: The sector delivered a solid 3Q24 earnings growth of 11% yoy. However, this was largely driven by volatile tradi...

Chris Hoare
  • Chris Hoare

Singtel (Buy, TP: S$4.6, +51%) Feedback from NDR: Positive

We hosted a brief NDR in London with Singtel Group CFO, Arthur Lang, last week. The backdrop to meetings was once again positive given strong performance in H1, upgraded guidance and a positive market response to the new Value Realisation Dividend.

Chong Lee Len ... (+2)
  • Chong Lee Len
  • Jo Yee Ng

Telecommunications - 9M24: In Line; Rollout Of A Second 5G Network In ...

9M24: In Line; Rollout Of A Second 5G Network In 2025 9M24 results came in broadly within expectations, with sector earnings growing 4% yoy, driven by: a) 2% yoy service revenue growth, with Maxis achieving 4% yoy growth; b) strong underlying demand for home broadband; and c) good cost discipline. Key events to look out for in 1H25 include: a) fixed line competition; b) U Mobile potential 5G consortium; c) government’s exit from DNB, and d) CelcomDigi’s synergistic savings in 2025. Maintain MARK...

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Singapore Daily: Tuesday, December 10, 2024

KEY HIGHLIGHTS Strategy Market Strategy For 1H25  Opportunities abound despite muted earnings growth in 2025.  TRADERS' CORNER First Resources (FR SP): Trading BUY                                                                                SATS (SATS SP): Trading SELL

Adrian Loh Tzum Yung ... (+10)
  • Adrian Loh Tzum Yung
  • Chong Lee Len
  • Damon Shen
  • Desmond Chong Chee Wai
  • Jieqi Liu
  • Johnny Yum
  • Singapore Research Team
  • Stevanus Juanda
  • Tham Mun Hon
  • Wei Xiang Ku

Regional Morning Notes - Tuesday, December 10, 2024

GREATER CHINA Economics Inflation: PPI deflation moderates; weaker-than-expected CPI inflation. Sector Property: Latest Politburo meeting vows stronger fiscal and monetary stimulus as well as unconventional counter-cyclical adjustments for 2025. INDONESIA Strategy Key Takeaways From Regional Strategy Conference: Our top picks are ASII, BMRI, BBNI, BBTN, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. MALAYSIA Sector Telecommunications: 9M24 earnings grew 4...

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Market Strategy For 1H25 - Opportunities Abound Despite Muted Earnings...

For 1H25, we believe that a number of stocks within our universe should deliver strong returns in the near to medium term, backed by sustainable dividend yields despite our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks in 2025. We forecast a 2025 year-end target of 4,115 for the STI, implying a 10% upside from current levels. Our top picks are BAL, CD, KEP, MINT, OCBC, SCI, ST, STE, VMS and YZJSGD. For the small/mid caps, we like CENT, CSE, MPM, SSG and VALUE.

Adrian Loh Tzum Yung ... (+2)
  • Adrian Loh Tzum Yung
  • Singapore Research Team

Market Strategy - Opportunities Abound Despite Muted Earnings Growth I...

Our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks for 2025 belies the fact that there are a number of stocks within our universe that should deliver strong returns in the near to medium term, backed by sustainable dividend yields. We forecast a 2025 year-end target of 4,115 for the STI, implying 10% upside from current levels, with the index’s current valuation looking inexpensive at 2025F PE and P/B of 11.5x and 1.2x respectively.

Johnny Yum
  • Johnny Yum

Strategy - Alpha Picks: Underperformed In Nov 24 Due To CTRA’s 20% Dro...

Thanks to the 20.1% decline of CTRA, our portfolio underperformed in Nov 24. Our selection delivered an average 7.3% decline compared to JCI’s 6.1% decline. Excluding CTRA’s weak return, our portfolio actually delivered a 5.8% decline. Only ASII delivered a flat return (0%). Losers are: CTRA (-20.1%), BBRI (-11.5%), BBTN (-8.5%), BMRI (-8.2%), JSMR (-8.2%), NCKL (-7.2%), BBNI (-5.3%), CMRY (-1.8%) and EXCL (-1.3%). Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII.

Hendri Effendi ... (+3)
  • Hendri Effendi
  • Johnny Yum
  • Stevanus Juanda

Indonesia Daily - Tuesday, December 3, 2024

Strategy: Alpha Picks: Underperformed In Nov 24 Due To CTRA’s 20% Drop: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. TRADERS’ CORNER Perusahaan Gas Negara (PGAS IJ): Technical BUY Merdeka Copper Gold (MDKA IJ): Technical BUY

Arsit Pamaranont ... (+17)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Damon Shen
  • Desmond Chong Chee Wai
  • Gigi Cheuk
  • Greater China Research Team
  • Jieqi Liu
  • Johnny Yum
  • Jonathan Koh
  • Kate Luang
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Llelleythan Tan Tan
  • Malaysia Research Team
  • Tanaporn Visaruthaphong
  • Thailand Research Team
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Tuesday, December 03, 2024

GREATER CHINA Strategy Alpha Picks: December Conviction Calls Add Desay, Meituan, Mengniu, Tencent, and Trip.com to our BUY list. Take profit from CATL. Update CR Mixc Lifestyle (1209 HK/BUY/HK$29.20/Target: HK$32.15) Takeaways from reverse roadshow in Shenzhen. China Resources Land (1109 HK/BUY/HK$23.25/Target:HK$32.40) Takeaways from reverse roadshow in Shenzhen. Small/Mid Cap Highlights Regina Miracle (2199 HK/Not Rated/HK$2....

BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
N2IU MAPLETREE COMMERCIAL TRUST
IVL INDORAMA VENTURES PUBLIC CO. LTD.
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
2199 REGINA MIRACLE INTERNATIONAL
RGB RGB INTERNATIONAL BHD
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA (EXCELCOMINDO)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
BRMI BOAT ROCKER MEDIA INC.

Singapore Telecommunications Ltd: 1 director

A director at Singapore Telecommunications Ltd bought 20,000 shares at 3.010SGD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...

Chris Hoare
  • Chris Hoare

Thai Telcos Q3 24 review: Likely to beat full year guidance as market...

Despite Q3 being a seasonally weaker period, the industry delivered a better service revenue and EBITDA performance. Mobile improved on better prepaid numbers from AIS. Given how strong YTD numbers have been, it is very likely both will beat guidance. We stay bullish on the two with TRUE staying on as one of our top pick in EM Telcos.

Bella Lu Yifei ... (+20)
  • 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) ...

Paula Ruth
  • Paula Ruth

XL Axiata (EXCL IJ) - 3Q24: EBITDA Up 6% yoy; Becomes Second-Largest P...

We maintain BUY on EXCL with a new target price of Rp3,200 due to several factors: a) Indonesia’s fibre penetration is underpenetrated compared with the average in Southeast Asian countries, b) EXCL recently became the second-largest player in Indonesia’s FBB market, c) strong NPAT growth of 25% yoy in 2025, and d) EXCL trades at a relatively undemanding valuation (below -0.75SD of EV/EBITDA). EXCL’s 9M24 EBITDA reached Rp 13.3t, in line with our and consensus expectations.

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Paula Ruth

Indonesia Daily - Friday, November 22, 2024

XL Axiata (EXCL IJ/BUY/Rp2,210/Target: Rp3,200): 3Q24: EBITDA up 6% yoy; becomes second-largest player in Indonesia’s fixed broadband market. TRADERS’ CORNER Telkom Indonesia (TLKM IJ): Technical BUY United Tractors (UNTR IJ): Technical BUY

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