reports
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, April 30, 2024
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$34.95/Target: HK$44.00) 1Q24: Earnings miss on muted fee income and higher cost-to-income ratio. China Resources Building Materials Tech (1313 HK/BUY/HK$1.34/Target: HK$1.83) 1Q24: Mixed bag of results; regaining cement market share. Foxconn Industrial Internet (601138 CH/BUY/Rmb24.52/Target: Rmb29.10) 1Q24: Margins miss likely due to product mix, AI business remains robust. Haier Smart Home (6690 HK/BUY/HK$27.10/Target: ...
600690 HAIER SMART HOME CO. LTD. CLASS A
2308 DELTA ELECTRONICS INC.
F34 WILMAR INTERNATIONAL LIMITED
01299 AIA GROUP LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ROTI NIPPON INDOSARI CORPINDO
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SIDO INDUSTRI JAMU DAN FARMASI SI
333 MIDEA GROUP
NESZ NESTLE (MALAYSIA) BERHAD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
OR PTT OIL & RETAIL BUSINESS PCL
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
524412 AAREY DRUGS & PHARMACEUTICALS LTD
IOIPG IOI PROPERTIES GROUP BHD
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - Striking A Deal In Regional Aus...
Singtel announced an 11-year A$1.6b network sharing deal with TPG in regional Australia, receiving around A$900m of incremental cashflows over 11 years. However, we expect minimal near-term earnings impact for Singtel. The group also announced S$3.1b of non-cash impairment provisions, which will result in a net loss for 2HFY24. This was largely due to a significant S$2b impairment on Optus, dragged by the enterprise segment. Maintain BUY with the same target price of S$2.99.
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily - Tuesday, April 30, 2024
KEY HIGHLIGHTS Results Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.26/Target: S$1.89): 4QFY24: Turning around towards an upward trajectory. Wilmar International (WIL SP/HOLD/S$3.34/Target: S$3.35): 1Q24: Results below our expectations due to weaker-than-expected margins from feed & industrial products despite higher sales volume. Update Singapore Telecommunications (ST SP/BUY/S$2.35/Target: S$2.99): Striking a deal in regional Australia. TRADERS’ CORNER Jardine Cycle & Carriage (JCN...
- Chris Hoare
SingTel (Buy, TP: S$ 4.4, +87%) Network sharing with TPG and a S$3.1b...
SingTel announced two separate pieces of news today: 1) Optus' network sharing agreement with TPG, and 2) S$3.1bn of non-cash write down related to Optus and its Australian Enterprise businesses. As news flow was overshadowed by the latter, shares were down 3% today.
- Chris Hoare
SK Telecom (Buy, TP: KRW 116,000, +120%) New shareholder return polic...
SK Telecom has issued its new shareholder return policy for the next three years (2024-2026), at least 50% of adjusted consolidated net profit in the form of dividends and share repurchases. The headline figure is somewhat underwhelming, but is now a minimum rather than a cap and could be the first of more initiatives to come as a result of the "Value-up" programme in Korea. Our thoughts below.
- Chris Hoare
SingTel (Buy, TP: S$ 4.4, +83%) SingTel’s market cap now fully covere...
With Bharti in sight of US$100bn market cap and SingTel languishing after the abortive sale of a stake in Optus, SingTel’s stake in Bharti is now worth the same as SingTel’s entire market cap. This also means that SingTel’s SOP discount is at all-time highs of 50%. In this note we look at how management could address this through buybacks, and what the accretion impact of selling stakes in Bharti to buy back SingTel shares would be.
- Chris Hoare
Rakuten (Reduce, TP: ¥400, -47%) Not on track to hit breakeven targets
Rakuten has seen stronger customer growth recently. In this note, we analyse whether Rakuten is on track to hit its target 8-10m customers and ¥2,500-3,000 ARPU by year end, and what this means for Rakuten’s target EBITDA breakeven by Dec 2024.
- Chong Lee Len
- Wei Xiang Ku
Axiata Group (AXIATA MK) - Sri Lanka Consolidation: Dialog And Airtel ...
Sri Lanka Consolidation: Dialog And Airtel Lanka Dialog proposed to acquire Airtel Lanka via a share swap. This will give Dialog a 64% subscriber market share in Sri Lanka and 30% additional spectrum allocation. Merger synergies over a decade are estimated to lift Dialog’s valuation by 1.5x. Axiata’s stake in Dialog will be diluted from 82% yo 74% and 2025 net profit reduced by 7%. In the longer run, consolidation in Sri Lanka is expected to yield a price advantage and cost discipline. Maintain ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, April 22, 2024
GREATER CHINA Sector Online Travel Agencies: Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50): 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00): 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00): 1Q24: Earnings mi...
KKP KIATNAKIN BANK
F34 WILMAR INTERNATIONAL LIMITED
ITMG INDO TAMBANGRAYA MEGAH
AJBU KEPPEL DC REIT
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
6888 AXIATA GROUP BHD.
KTB-R KRUNG THAI BANK PCL NVDR
PMAH PRESS METAL ALUMINIUM HOLDIN
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
TTB TMBTHANACHART BANK PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300244 DIAN DIAGNOSTICS GROUP CO
- 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
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - April 2024
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
TFG THAIFOODS GROUP
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
01299 AIA GROUP LIMITED
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SE SEA ADS
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
IOI IOI CORP BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
3692 HANSOH PHARMACEUTICAL GROUP
BUKA BUKALAPAK.COM PT TBK
PDD PINDUODUO PDD US
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY SUNWAY BHD
ESSO ESSO THAILAND PCL
HUME HUME CEMENT INDUSTRIES BHD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Chong Lee Len
- Wei Xiang Ku
Axiata Group (AXIATA MK) - Axiata Unit To Dispose Of Myanmar Interests...
Axiata Unit To Dispose Of Myanmar Interests For US$150m Axiata Group (Axiata) announced a proposal to divest of its stake in EDOTCO Myanmar Limited for US$150m (or RM713m), signalling its exit from the Myanmar market. Its 63%-owned subsidiary, edotco Investments (Labuan) Ltd, has entered a share purchase agreement to divest its 87.5% stake in EDOTCO Investments Singapore Pte Ltd, the holding company for EDOTCO Group Sdn Bhd’s Myanmar investments. This move aligns with Axiata’s strategy to streng...
- Singapore Research Team
Strategy - Alpha Picks: A Robust End To 1Q24. Add CSE And LREIT; Remo...
Our Alpha Picks portfolio rose 6.0% mom on an equal-weighted basis, outperforming the STI by a material 3.4ppt. The outperformance was driven by broad-based strength across most of our portfolio with the best showing coming from Riverstone, Yangzijiang Shipbuilding and Singtel. In 1Q24, our Alpha Picks portfolio surged by 13.7% qoq, surpassing the STI by a hefty 14.2ppt qoq. For Apr 24, we add CSE and LREIT while removing MINT, CVL and FEH.
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
BAL BUMITAMA AGRI LTD
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
RRRP3 3R PETROLEUM OLEO E GAS
CLAS CAPITALAND ASCOTT TRUST
Z29 029 GROUP SE
- 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
- 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.
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Jun Sian Tan
- Kasemsun Koonnara
- Limartha Adhiputra
- Llelleythan Tan Tan
- Sunny Chen
Regional Morning Notes - Thursday, March 14, 2024
GREATER CHINA Sector Healthcare: Government’s draft plan seeks to promote a more supportive drug innovation ecosystem. Results Foxconn Industrial Internet (601138 CH/BUY/Rmb24.35/Target: Rmb29.10): 4Q23: Top-line beat but margins miss; raise estimates on the AI business. INDONESIA ASEAN Gems Conference Highlights Jasa Marga (JSMR IJ/BUY/Rp5,250/Target: Rp7,300): Tariff adjustments at 12 toll road sections to drive 19.3% core NPAT growth in 2024. MALAYSIA Results Bermaz Auto (BAUTO MK/BUY/RM2...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - Illuminating Value In Optus
Responding to The Australian Financial Review article on the potential sale of Optus for A$16b, Singtel stated that there is no impending deal at this juncture. That said, management is regularly reviewing its underlying assets. We believe this news helped illuminate value of its underlying asset as Singtel’s current market capitalisation reflects little value of its Singapore consumer business and Optus asset. Operationally, Optus’ operating trend is on an uptrend. Maintain BUY. Target price: S...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Daily - Thursday, March 14, 2024
KEY HIGHLIGHTS Update Singapore Telecommunications (ST SP/BUY/S$2.48/Target: S$2.99): Optus: While management focuses on network reach and a search for CEO, news on stake sales has helped to illuminate value on the inherent asset. TRADERS’ CORNER Singapore Telecommunications (ST SP): Trading BUY City Developments (CIT SP): Trading SELL
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