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.
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.
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...
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.
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
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....
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.
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) ...
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.
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...
Our aggressive stance in Oct 24 did not work out, due to softness in bank stocks and weakness in some of our picks. Our portfolio declined by an average of 1.9% compared with the JCI’s 0.6% rise. Winners: ASII (+1.0%), CMRY (+0.9%), CTRA (+0.8%). Losers: SIDO (-8.3%), BMRI (-3.2%), BBTN (-3.1%), BBRI (-3.0%), EXCL (-1.7%), JSMR (-1.6%) and BBNI (-0.9%). We add NCKL and drop SIDO. Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII.
Strategy: Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. Bank Mandiri (BMRI IJ/BUY/Rp6,650/Target: Rp8,120): 3Q24: Net profit up 11.7% qoq on strong loan growth and lower CoC. Upgrade to BUY. Kalbe Farma (KLBF IJ/BUY/Rp1,565/Target: Rp1,800): 3Q24: Core NPAT rises 24% yoy; in line with expectations. Upgrade to BUY. Telkom Indonesia (TLKM IJ/BUY/Rp2,780/Target: Rp4,200): 3Q24: IndiHome, as fixed broadband market leader, gro...
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. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.