reports
- John Cheong Ming Chern
Singapore Daily - Wednesday, April 23, 2025
KEY HIGHLIGHTS Results Nanofilm Technologies International (NANO SP/SELL/S$0.54/Target:S$0.46): 1Q25: Revenue in line but gross margin misses expectations. TRADERS’ CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading SELL First Resources (FR SP): Trading BUY
- John Cheong Ming Chern
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 28, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$71.65/Target: HK$109.60) 1H24: Results beat. Fila's guidance slightly lowered; new brands performed well. China Overseas Property Holdings (2669 HK/BUY/HK$4.63/Target: HK$7.20) 1H24: Results meet expectations; higher dividend payout ratio. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$18.22/Target: HK$27.00) 2Q24: Margins deteriorate; automation demand outlook remains sluggish. Shenzhen Inovance (300124 CH/BU...
AS7 ANTA SPORTS PRODUCTS LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
4197 SIME DARBY BHD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
VALUE VALUE8 N.V.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
INRI INARI AMERTRON BHD
RHBBANK RHB BANK BHD
TXG 10X GENOMICS INC CLASS A
UMSH UMS HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
AZTECH NANOFILM TECHNOLOGIES INTERNATIONAL
MZH HANSOH PHARMACEUTICAL GROUP
3692 AEM HOLDINGS LTD
AEM 123FAHRSCHULE SE
123F AZTECH GLOBAL LTD
8AZ 029 GROUP SE
Z29 CTRIP.COM INTERNATIONAL
- John Cheong Ming Chern
- Adrian Loh Tzum Yung
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Singapore Research Team
Singapore Daily - Thursday, August 15, 2024
KEY HIGHLIGHTS Sector Property Developers: 1H24: A slight miss for CLI; worse-than-expected for CDL. Results AEM Holdings (AEM SP/SELL/S$1.46/Target:S$1.04): 1H24: Earnings and guidance way below estimates; reduce target price by 38%. First Resources (FR SP/BUY /S$1.39/Target: S$1.65): 1H24: Within expectations. Two positive points are: a) positive production growth vs contraction by most of peers, b) downstream turns profitable. Genting Singapore (GENS SP/BUY/S$0.82/Target: S$1.18): 2Q24: W...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Wednesday, April 24, 2024
KEY HIGHLIGHTS Results Aztech Global (AZTECH SP/BUY/S$0.935/Target: S$1.25): 1Q24: Earnings in line with expectations; robust orderbook drives optimism. Keppel REIT (KREIT SP/BUY/S$0.85/Target: S$1.20): 1Q24: Broad-based growth from Singapore and Australia. Nanofilm Technologies International (NANO SP/SELL/S$0.64/Target: S$0.56): 1Q24: Revenue in line but still loss-making; maintain SELL on rich valuation. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Venture Corp (VMS SP): Tradi...
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Leow Huey Chuen
- Stevanus Juanda
Regional Morning Notes - Wednesday, February 28, 2024
GREATER CHINA Sector Banking: It is the best of times, it is the worst of times. INDONESIA Results Matahari Department Store (LPPF IJ/SELL/Rp1,840/Target: Rp1,400): 4Q23: Below expectations with a cautious view on 2024. Downgrade to SELL. MALAYSIA Results Heineken Malaysia (HEIM MK/BUY/RM22.34/Target: RM28.50): 4Q23: Within expectations. Earnings fell yoy as weaker sentiment impacted sales volume. MISC (MISC MK/BUY/RM7.50/Target: RM9.05): 2023: Profit beat forecasts despite rising vessel cos...
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
5347 TENAGA NASIONAL BHD
HANA HANA MICROELECTRONICS PCL
MISC MISC BHD
RHBBANK RHB BANK BHD
BAL BUMITAMA AGRI LTD
HEIM HEINEKEN MALAYSIA BHD
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
QHPF QUALITY HOUSES LEASEHOLD PROPERTY
BTG BETAGRO PUBLIC COMPANY LIMITED
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Leow Huey Chuen
Singapore Daily - Wednesday, February 28, 2024
KEY HIGHLIGHTS Results Bumitama Agri (BAL SP/BUY/S$0.65/Target: S$0.700): 2H23: Results within expectations. Good earnings likely to translate into good dividend as well. Expecting to declare at least 3.5 cents/share before AGM in April. Nanofilm Technologies International (NANO SP/SELL/S$0.82/Target:S$0.60): 2023: Weak results on lower demand; maintain SELL due to uncertain outlook. TRADERS’ CORNER Oversea-Chinese Banking Corp (OCBC SP): Trading BUY ISDN Holdings (ISDN SP): Trading BUY
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, November 09, 2023
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$39.40/Target: HK$58.00): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23. LINK REIT (823 HK/BUY/HK$38.40/Target: HK$50.70): 1HFY24: Results in line; ready for unit buyback. INDONESIA Sector Banking: Acceleration in government spending to support earnings in 4Q23. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.49/Target: RM0.65): 3Q23: Another lumpy provision recognised, but inevitably means MMHE...
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
TOP THAI OIL PUBLIC CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
C6L SINGAPORE AIRLINES LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
HLBANK HONG LEONG BANK BHD
BEKE KE HOLDINGS INC
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
STM SEATRIUM LTD
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Nanofilm Technologies International (NANO SP/SELL/S$0.93/Target:S$0.66): 9M23: Revenue in line but expect weakness to continue in 4Q23; downgrade to SELL. Prime US REIT (PRIME SP/BUY/US$0.162/Target: US$0.53): 3Q23: Closing in on several leasing discussions. Singapore Airlines (SIA SP/HOLD/S$6.28/Target: S$6.80): 2QFY24: Results beat expectations; full-year profit likely to hit a new record. Upgrade to HOLD. StarHub (STH SP/BUY/S$1.05/Target: S$1.37): 3Q23: Strong resu...
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Keith Wee Teck Keong
- Leow Huey Chuen
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, August 14, 2023
GREATER CHINA Economics Money Supply: Slower credit growth puts reflation trade at risk. Results Li Ning (2331 HK/BUY/HK$43.35/Target: HK$54.20): 1H23: Results missed; a tough 2H23 ahead. INDONESIA Results Astra International (ASII IJ/BUY/Rp6,750/Target: Rp7,600): 2Q23: Strong results in auto & financial services drive 17% core NPAT growth. MALAYSIA Strategy State Elections: Our risk-on strategy is intact with the unity government maintaining a comfortable majority in its three states. Expect ...
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Roy Chen Chengzhi
Singapore Daily - Monday, August 14, 2023
KEY HIGHLIGHTS Sector REITs: 3QFY23: FLT (in line); 2Q23: SASSR (in line). Results Bumitama Agri (BAL SP/BUY/S$0.560/Target: S$0.650): 1H23: Results beat our and consensus expectations, thanks to its higher-than-peers CPO ASP and higher CPO output. CapitaLand Investment (CLI SP/BUY/S$3.18/Target: S$4.25): 1H23: Still waiting on sustained recovery in China. First Resources (FR SP/HOLD/S$1.54/Target: S$1.65): 1H23: Above expectations. Expect better 2H23 on higher production and downstream impr...
- John Cheong Ming Chern
Technology – Singapore: Expect Earnings Weakness From Industry Headwin...
We expect earnings weakness for tech manufacturing stocks in 2Q23, due to weaker global demand for electronic goods and inventory destocking. Pure semiconductor names (AEM, UMS) should deliver weaker earnings due to a slowdown in the semiconductor cycle. On the other hand, stocks with a diverse customer base will not be spared from the general economic slowdown (Venture, Frencken). Aztech is the only BUY under our coverage. We have a SELL rating on AEM and Nanofilm.
- John Cheong Ming Chern
- John Cheong Ming Chern
- Llelleythan Tan Tan
Singapore Daily - Tuesday, July 11, 2023
KEY HIGHLIGHTS Update Nanofilm Technologies International (NANO SP/SELL/S$1.34/Target:S$1.11): Negative profit guidance due to challenging environment; downgrade to SELL. Singapore Post (SPOST SP/HOLD/S$0.46/Target: S$0.46): Nationalisation of the postal segment unlikely. TRADERS’ CORNER Seatrium (STM SP): Trading BUY Riverstone Holdings (RSTON SP): Trading BUY
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Leow Huey Chuen
- Llelleythan Tan Tan
- Stevanus Juanda
- Tham Mun Hon
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, July 11, 2023
GREATER CHINA Economics Inflation: Disinflation continues but a turnaround likely in near future. Strategy Small-Mid Cap Biweekly: Eyeing stimulus for home furnishing consumption; beneficiaries are ZBOM Home Collection Co and Man Wah Holdings. Sector Commodities: Weekly: Economic data surprises on the downside; production restrictions to ease inventory pressure. INDONESIA Strategy Feedback On Inflation-linked Investment Opportunities: Our top picks: Banking − BBNI, BBTN, BTPS; consumer − MYOR, ...
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
Singapore Daily - Friday, April 21, 2023
KEY HIGHLIGHTS Results Nanofilm Technologies International (NANO SP/HOLD/S$1.50/Target:S$1.61): 1Q23: Revenue missed expectations; cautious outlook with a brighter 2H23. Update Keppel Corp (KEP SP/BUY/S$6.27/Target: S$9.09): Starting a new chapter with a solid quarter. The announcement of a new interim asset monetisation target is a near-term share price catalyst. Maintain BUY. TRADERS’ CORNER Singapore Telecommunications (ST SP): Trading Buy Aztech Global (AZTECH SP): Trading Buy
NANOFILM TECHNOLOGIES INTERNATIONAL sees an upgrade to Positive due to...
The general evaluation of NANOFILM TECHNOLOGIES INTERNATIONAL (SG), a company active in the Commodity Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date July 9, 2021, the closing pric...
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