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) ...
GREATER CHINA Results Tencent Holdings (700 HK/BUY/HK$403.80/Target: HK$570.00): 3Q24: Solid earnings beat; mini shop and potential blockbuster as key catalysts. INDONESIA Results Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp835/Target: Rp1,200): 3Q24: NPAT up 13.7% yoy; slightly above consensus expectations. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.44/Target: RM0.70): 1H24: Positively surprises on project cost claims. Marine segment still weakened by competi...
For 1HFY25, Singtel reported a higher underlying net profit of S$1.2b (+6.1% yoy), driven by higher contributions from Optus and NCS, coupled with better cost discipline from the group’s cost-out programme. The group has identified about S$6b of capital recycling which we reckon would likely come from paring down its stakes in its regional associates and non-core fixed assets. In view of a decent dividend yield of 5.2% and an improving outlook, we maintain BUY with the same target price of S$3.5...
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...
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.
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.
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$23.00. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb23.87/Target: Rmb28.40): 3Q24: Channel adjustment is bearing fruit; expect revenue ...
TRUE's core profit for 3Q24 is projected to soar 295% yoy and 19% qoq, underpinned by better cost control, resulting in higher gross profit margin and lower SG&A-to-sales. Revenue from the mobile business should be flat both yoy and qoq due to fewer prepaid subscribers, as a result of the impact of the flood and rainy season. However, ARPU of both mobile and FBB continues to see a positive trend. Re-initiate coverage with BUY and a target price of Bt13.00.
GREATER CHINA Economics Money Supply: Generally below market expectations. Trade: Trade surplus narrows on weaker exports growth. Strategy China Construction And Property: Key beneficiaries of improved local government finances and an enhanced destocking policy. Sector Logistics: The logistics sector may stand to benefit should China successfully bolster its domestic consumption through fiscal stimulus. Upgrade to OVERWEIGHT with JDL as our top pick. Initiate Coverage JD Logistics Inc (2618 HK/B...
We adjust our model following an encouraging management NDR in NY, Boston and London, the main change being cutting our capex forecasts. We lift our price target to THB 18 (from THB 15). TRUE’s shares have been very strong YTD, but we still think the stock is not fully reflecting the medium-term expansion in FCF likely as synergies are delivered in a benign 2-player market. TRUE remains one of our top picks in Global EM Telco.
Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
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.
KEY HIGHLIGHTS Strategy Alpha Picks: Strong beat; add STM and remove CENT, MPM and FEHT from our portfolio. Our Alpha Picks portfolio rose 0.8% mom in Aug 24 on an equal-weighted basis, beating the STI by 1.2ppt. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY AEM Holdings (AEM SP): Trading BUY
Our Alpha Picks portfolio had a solid month in August, rising 0.8% mom on an equal-weighted basis, beating the STI by 1.2ppt. The outperformance was driven by CENT, MINT and FEHT, while MPM, VMS and CVL underperformed. Our Alpha Picks portfolio has now outperformed the STI in seven out of the past eight months. For Sep 24, we add STM while removing CENT, MPM and FEHT.
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