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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) ...

Anas Fitri Bin Ahmad ... (+16)
  • Anas Fitri Bin Ahmad
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kitpon Praipaisarnkit
  • Kong Ho Meng
  • Llelleythan Tan Tan
  • Malaysia Research Team
  • Ming San Soong
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Wei Xiang Ku

Regional Morning Notes - Thursday, November 14, 2024

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...

Chong Lee Len ... (+2)
  • Chong Lee Len
  • Llelleythan Tan Tan

Singapore Telecommunications (ST SP) - 1HFY25: Results In Line As Busi...

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...

Chris Hoare
  • Chris Hoare

Singtel (Buy, TP: S$4.6, +44%) Q2 FY25 Quick Take: Topline beat on Opt...

Singtel printed a strong set of underlying Q2 numbers as underlying revenue inflected to growth, EBIT up mid-teens again and importantly net profit accelerated.

Chris Hoare
  • Chris Hoare

Singtel (Buy, TP: S$4.6, +42%) Optus paid A$12m fine related to netwo...

Optus has paid A$12m (S$10.6m) to the Australian Communications and Media Authority (ACMA) in relation to an emergency call breach during last November's network outage.

Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks – November 2024

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...

MAJOR MAJOR CINEPLEX GROUP PCL
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
Kitpon Praipaisarnkit
  • Kitpon Praipaisarnkit

True Corporation (TRUE TB) - 3Q24: Results Above Our And Consensus Est...

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.

Kitpon Praipaisarnkit
  • Kitpon Praipaisarnkit

Thailand Daily - Monday, October 28, 2024

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.

Anas Fitri Bin Ahmad ... (+13)
  • Anas Fitri Bin Ahmad
  • Bella Lu Yifei
  • Jonathan Koh
  • Julia Pan Mengyao
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Ming San Soong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Wei Xiang Ku
  • Ziv Ang Sze Champ

Regional Morning Notes - Monday, October 28, 2024

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 ...

Chris Hoare
  • Chris Hoare

Airtel Africa (Buy, TP: £2, +82%) Q2 25: Solid operationally, near-te...

Airtel Africa has reported a better set of Q2 results with both Group revenue and EBITDA trends inflecting this quarter.

Chris Hoare
  • Chris Hoare

EM Telcos Q2 24: Enterprise softer but remains a secular trend

Following our work on the structural growth of EM Enterprise revenues, we highlight Q2 enterprise numbers to see how the story is trending.

Kitpon Praipaisarnkit
  • 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
  • Kitpon Praipaisarnkit

Thailand Daily - Tuesday, October 15, 2024

KEY HIGHLIGHTS Initiate Coverage True Corporation (TRUE TB/BUY/Bt11.20/Target: Bt13.00) Expect robust core profit in 3Q24.

Benyamin Mikael ... (+9)
  • 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
  • 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
  • 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 ... (+8)
  • 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...

MAJOR MAJOR CINEPLEX GROUP PCL
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 ... (+2)
  • 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 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

Singapore Research Team
  • 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.

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