reports
- Chris Hoare
- 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
EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage...
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 Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - September 2022
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...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
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
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
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
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
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
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
BSDE PT BUMI SERPONG DAMAI 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
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
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
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
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
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- 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.
- Singapore Research Team
Singapore Daily: Tuesday, September 03, 2024
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
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
G13 GENTING SINGAPORE LIMITED
MLT MAPLETREE LOGISTICS TRUST
SPOST SINGAPORE POST LTD
TXG 10X GENOMICS INC CLASS A
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
STM SEATRIUM LTD
CVL CIVMEC LIMITED
- Singapore Research Team
Strategy - Alpha Picks: Strong Beat; Add STM But Remove CENT, MPM And ...
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.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
G13 GENTING SINGAPORE LIMITED
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
STM SEATRIUM LTD
CVL CIVMEC LIMITED
- Chris Hoare
Singtel (Buy, TP: S$4.6, +52%) Highlights from Investor Day 2024; pos...
Singtel held its Investor Day today. Overall tone was more positive relative to last year as the core is beginning to bear fruits from its cost-out initiatives in addition to the clear capex and shareholder remuneration pathway as echoed by its ST28 strategy. The stock remains one of our top picks despite the recent rally as we continue to see good value.
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
AES AES CORPORATION
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
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.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
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
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Chris Hoare
- Chris Hoare
Singtel (Buy, TP: S$4.6, +55%) VRD getting priced in; rally likely to...
Following strong Q1 figures, and ahead of their investor day, we look at the near-term outlook for the shares. When the company first announced the Value Realisation Dividend, our initial response was to be underwhelmed. We now realise this was too hasty. We have changed our mind, and this note runs through why. We see Singtel rising fairly quickly to S$3.75 to S$4. Recommendation remains Buy, pt S$4.6.
- Chris Hoare
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, August 16, 2024
GREATER CHINA Economics Economic Activity Another month of lacklustre growth. Sector Automobile Weekly: PEV market share tops record 53% on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Desay SV. Top SELLs: XPeng and Nexteer. Results Alibaba Group (9988 HK/BUY/HK$76.40/Target: HK$95.00) 1QFY25: Solid cloud re...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
ERW ERAWAN GROUP
7148 DUOPHARMA BIOTECH
F34 WILMAR INTERNATIONAL LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. 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
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
DLG DIALOG GROUP BHD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - 1QFY25: Strong Results As Margi...
Singtel reported higher 1QFY25 underlying net profit (+5.6% yoy), driven by better margins from the core businesses and ongoing cost optimisation efforts. Optus outperformed from price uplifts while Singtel Singapore posted better margins from cost-cutting initiatives. NCS booked higher order wins while the digital infraco segment was weighed down by investment costs. Backed by a decent dividend yield of 5.5% and an improving outlook, we maintain BUY with the same target price of S$3.58.
- Chong Lee Len
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Friday, August 16, 2024
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/HOLD/S$1.42/Target: S$1.56): 2Q24: Strong quarter; in line, boosted by A2B and UK business. Singapore Telecommunications (ST SP/BUY/S$3.02/Target: S$3.58): 1QFY25: Strong results as margins expand; on track to exceed FY25 guidance. United Hampshire US REIT (UHU SP/BUY/US$0.43/Target: US$0.62): 1H24: New leases provide higher occupancy and rental uplift. Update Singapore Airlines (SIA SP/SELL/S$6.12/Target: S$5.71): Jul 24 operational da...
- Chris Hoare
Singtel (Buy, TP: S$4.6, +54%) Q1 FY25 Quick Take: Improving core pro...
Singtel started its financial year on a strong footing as core mobile remained steady while profitability improved for both core (Singapore and Australia) and NCS. Headline operating profits (+27%) were also ahead of the upper end of high-single to low double digit FY25 guidance.
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