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
Alibaba saw solid consumption momentum in Jan-Feb 24 on its platform and slight moderation in March with its continuous focus on user needs. We expect revenue to grow 6% yoy for 4QFY24, fuelled by better CMR growth. For FY25, Alibaba will continue to focus on user experience and investment in AIDC to foster revenue growth amid a highly competitive environment. Maintain BUY with a lower target price of HK$92.00 (US$92.00).
KEY HIGHLIGHTS Sector IT Hardware AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00) 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. TRADERS’ CORNER Guangzhou Automobile Group (2238 HK): Trading Buy range: HK$3.48-3.58 China Gas Holdings Limited (384 HK): Trading Buy range: HK$7.90-8.00
GREATER CHINA Sector IT Hardware: AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00): 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. SINGAPORE Update Marco Polo Marine (MPM SP/BUY/S$0.067/Target:S$0.086): Virtual call takeaways: Thriving on upswing in offshore industry. THAILAND Update Energy Absolute (EA TB/BUY/Bt35.25/Target: Bt70.00): Looking for new growth opportunities fro...
EQS Newswire / 08/04/2024 / 09:15 CET/CEST Global cloud leader supports long-term AI growth with price reductions of up to 59% on core public cloud products New services and product features are now available to boost generative AI development HANGZHOU, CHINA - - 8 April 2024 – Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today announced its new pricing strategy for the international customers with prices reductions of up to 59% on core public cloud products using the company's international data centers out of Chinese mainland. This is alig...
Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. Maintain MARKET WEIGHT.
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...
Moody's Ratings has affirmed Alibaba Group Holding Limited's A1 issuer and senior unsecured ratings, and maintained the negative outlook. "The rating affirmation reflects the company's established brand name, leading market position in the e-commerce industry, track record of steady cash flow genera...
Moody's Ratings has affirmed Alibaba Group Holding Limited's A1 issuer and senior unsecured ratings, and maintained the negative outlook. "The rating affirmation reflects the company's established brand name, leading market position in the e-commerce industry, track record of steady cash flow gene...
We publish today our comprehensive quarterly bible: 212 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:
Temu achieved strong user engagement growth after sponsoring the Super Bowl in the US in February. We lift our global 2024 GMV forecast for Temu to US$38b from US$34b previously in view of the strong sales growth in Jan-Feb 24 boosted by the Super Bowl. We expect the launch of the new semi-entrusted model in March to further contribute to GMV growth in 2024. To defend against the potential US policy risks, Temu is expected to pivot its focus on Europe, Latin America, and the Middle East.
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$243.60/Target: HK$260.00): Risk-off mode continues. INDONESIA Results Bank Tabungan Negara (BBTN IJ/BUY/Rp1,345/Target: Rp1,700): 4Q23: Net profit up 41% qoq on strong non-interest income and lower CoC. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.48/Target: RM0.60): 2023: Performance missed expectations on absence of cost provision/tax recoveries. We still see value in MMHE, as market c...
KEY HIGHLIGHTS Results Civmec (CVL SP/BUY/S$0.795/Target:S$1.23): 1HFY24: Results in line; positive dividend surprise and robust net cash position. Far East Hospitality Trust (FEHT SP/BUY/S$0.635/Target: S$0.82): 2H23: Fastest growth with lowest risk. Thai Beverage (THBEV SP/BUY/S$0.495/Target:S$0.70): 1QFY24: In line as margins improve. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Consolidation continues but more on bearish bias
THBEV released its 1QFY24 business update whereby overall revenue fell 5.9% yoy, dragged by the beer segment. However, 1QFY24 EBITDA increased 1.9% yoy on more efficient A&P spending along with lower raw material costs. The spirits segment continues to benefit from a better product mix while the beer segment faces a weak macroeconomic outlook. In our view, THVBEV is trading at an attractive -2SD to its mean PE. Maintain BUY with the same SOTP-based target price of S$0.70.
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