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Anas Fitri Bin Ahmad ... (+17)
  • Anas Fitri Bin Ahmad
  • Bella Lu Yifei
  • Claire Wang Kelai
  • Ejann Hiew
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Ken Lee
  • Kenny Yong Hui Lim
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Wei Xiang Ku
  • Willinoy Sitorus
  • Ziv Ang Sze Champ

Regional Morning Notes - Monday, April 28, 2025

GREATER CHINA Sector Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25 results review for BYD, GWM and GAC. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer: Politburo meeting: Emphasising income improvement and service consumption; prefer consumer companies with strong cost control and domestic focus. Results BYD Company (1211 HK/BUY/HK$397.00/Target: HK$510.00): 1Q25: Earnings double yoy, in line. Maintain BUY. Target price: HK$510.00. EVE Energy (300014 HK/BU...

Wei Xiang Ku
  • Wei Xiang Ku

CTOS Digital (CTOS MK) - 1Q25: Below Expectations; Cost Pressure In Ne...

1Q25: Below Expectations; Cost Pressure In Near Term CTOS’ 1Q25 core net profit came in at RM18.5m (-13% yoy, -43% qoq), accounting for 15% of our and consensus expectations. While 1Q is seasonally weaker, we view the results as below expectations due to higher-than-expected operational cost. Although management reiterated its 2025 internal earnings target of RM118m-123m, we revise our 2025/26 forecasts lower by 12%/6% respectively, adopting a more cautious stance. Downgrade to HOLD with a lower...

Wei Xiang Ku
  • Wei Xiang Ku

CTOS Digital (CTOS MK) - FY24: Within Expectations; Attractive Risk-re...

FY24: Within Expectations; Attractive Risk-reward Profile CTOS’ 4Q24 core net profit came in at RM32.1m (+14% yoy, +14% qoq), driven by stronger associate contribution, in line with our and consensus expectations. While management has revised its 2025 internal earnings target to RM118m-123m (from RM125m-130m), we still see a favourable risk-reward profile at this stage due to the recent share price retracement. We downgrade 2025 earnings by 6%, in line with the guidance. Maintain BUY with a lowe...

Anas Fitri Bin Ahmad ... (+15)
  • Anas Fitri Bin Ahmad
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Damon Shen
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Johnny Yum
  • Kampon Akaravarinchai
  • Kitpon Praipaisarnkit
  • Llelleythan Tan Tan
  • Philip Wong
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Wei Xiang Ku

Regional Morning Meeting Notes: Tuesday, February 25, 2025

GREATER CHINA Sector Property Channel checks and observations of Shenzhen and Shanghai primary markets. INDONESIA Strategy Danantara – Who Could Benefit Beneficiaries: PGEO, ANTM, TINS, BMRI, BBNI, BBRI and TLKM. We have an end-25 target of 7,500 for the JCI. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.14/Target: RM2.60) 4Q24: Delivers on earnings...

Wei Xiang Ku
  • Wei Xiang Ku

CTOS Digital (CTOS MK) - 3Q24: Within Expectation; Favourable Risk-Rew...

3Q24: Within Expectation; Favourable Risk-Reward Profile While CTOS’ 9M24 core net profit only made up 67% of our full-year estimate, we deem the results within expectations, as we anticipate a sequentially stronger 4Q24 driven by stronger KA and associate contributions. While management has revised its 2025 internal target to RM125m-130m (from RM150m-160m), we see a favourable risk-reward profile at this stage. We downgrade 2025 earnings by 15% in line with the guidance. Upgrade to BUY with a h...

Adrian Loh Tzum Yung ... (+11)
  • Adrian Loh Tzum Yung
  • Anas Fitri Bin Ahmad
  • Arsit Pamaranont
  • Damon Shen
  • Jieqi Liu
  • John Cheong Ming Chern
  • Kampon Akaravarinchai
  • Malaysia Research Team
  • Roy Chen Chengzhi
  • Stevanus Juanda
  • Wei Xiang Ku

Regional Morning Notes - Tuesday, November 12, 2024

GREATER CHINA Sector Property: Channel checks and observations of Shanghai primary market. INDONESIA Update Astra International (ASII IJ/BUY/Rp4,970/Target: Rp6,000): Should be able to cope with intense competition. MALAYSIA Sector Plantation: MPOB’s Oct 24 data showed a slow inventory rebuild due to higher exports and declining production. Results CTOS Digital (CTOS MK/BUY/RM1.14/Target: RM1.51): 3Q24: Results within expectations. While management has revised its internal guidance for 2025, w...

Jack Goh Tooan Orng ... (+2)
  • Jack Goh Tooan Orng
  • Wei Xiang Ku

CTOS Digital (CTOS MK) - 2Q24: Results Impacted By Project Delays; 202...

2Q24: Results Impacted By Project Delays; 2024 Earnings Downgraded CTOS’ 2Q24 core net profit of RM26.0m came in below our expectations, mainly reflecting the deferment of several key accounts’ projects, lower contribution from associate JurisTech, and the impact of festive seasons. Management has revised down the internal earnings target due to higher sales and marketing costs and lower associate income in 2H24. Downgrade 2024 earnings by 11%. Maintain HOLD with a lower target price of RM1.36.

Adrian Loh Tzum Yung ... (+24)
  • Adrian Loh Tzum Yung
  • Bella Lu Yifei
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Greater China Research Team
  • Jack Goh Tooan Orng
  • Jo Yee Ng
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Kate Luang
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Thailand Research Team
  • Thanawat Thangchadakorn
  • Wei Xiang Ku

Regional Morning Meeting Notes: Friday, August 02, 2024

GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...

MAJOR MAJOR CINEPLEX GROUP PCL
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TWOU 2U INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
AW9U FIRST REAL ESTATE INVESTMENT TRUST
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
PENT PENTAMASTER CORP BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
01801 INNOVENT BIOLOGICS INC.
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

CTOS Digital (CTOS MK) - 1Q24: A Slow Start Dragged By Seasonality And...

1Q24: A Slow Start Dragged By Seasonality And Delayed Projects CTOS’ 1Q24 core net profit of RM21.3m arrived below our expectations, mainly reflecting the deferment of several key accounts’ projects, a lower contribution from associate JurisTech, and the impact of the festive seasons. Nevertheless, management alluded that this earnings shortfall will be reversed in subsequent quarters, and remains confident on delivering a 20-25% yoy net profit growth in 2024. Downgrade to HOLD following the rec...

Benjaphol Suthwanish ... (+13)
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Damon Shen
  • Jack Goh Tooan Orng
  • Jieqi Liu
  • Jo Yee Ng
  • Jonathan Koh
  • Kasemsun Koonnara
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Sunny Chen
  • Tanaporn Visaruthaphong

Regional Morning Notes - Wednesday, May 08, 2024

GREATER CHINA Sector Healthcare: From surviving to thriving. Hong Kong Property: Expect normalised primary transactions and continued weakness of retail sales in May; watch for possible policy support. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$83.35/Target: HK$99.60): Optimistic on order growth in 2024; margin expansion a key driver. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,445/Target: Rp1,500): 1Q24: Excellent SG&A management results in double-digit NPAT growth. Mitra...

Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

CTOS Digital (CTOS MK) - Hysteria Over Litigations Unwarranted

Hysteria Over Litigations Unwarranted Following the recent unfavourable ruling in a legal dispute, CTOS’ share price plunged as much as 27% on concerns that the group may no longer be able to formulate credit scores. Nevertheless, management reassured investors that this will not impede the group’s daily operations, and they have solid grounds to win an appeal against the High Court’s ruling. Upgrade to BUY following the recent share price action, with an unchanged target price of RM1.52.

Bella Lu Yifei ... (+11)
  • Bella Lu Yifei
  • Jack Goh Tooan Orng
  • Jonathan Koh
  • Julia Pan Mengyao
  • Keith Wee Teck Keong
  • Ken Lee
  • Kenny Yong Hui Lim
  • Kitpon Praipaisarnkit
  • Limartha Adhiputra
  • Ming San Soong
  • Stevanus Juanda

Regional Morning Notes - Friday, March 15, 2024

GREATER CHINA Sector Automobile: Weekly: PEV market share hits record of 48% on price slashes. Maintain UNDERWEIGHT. Top SELL: XPeng. Top BUYs: CATL, Tuopu and Desay SV. Results AIA Group (1299 HK/BUY/ HK$62.25/Target: HK$101.00): 2023: Delivering strong VONB growth. KE Holdings Inc (2423 HK/HOLD/HK$37.95/Target: HK$39.00): 4Q23: Strong top-line beat; expecting lukewarm recovery in 1Q24. Downgrade to HOLD. INDONESIA ASEAN Gems Conference Highlights Ace Hardware Indonesia (ACES IJ/BUY/Rp840/Targ...

Adrian Loh Tzum Yung ... (+16)
  • Adrian Loh Tzum Yung
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Greater China Research Team
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Ken Lee
  • Llelleythan Tan Tan
  • Paula Ruth
  • Philip Wong
  • Posmarito Pakpahan
  • Singapore Research Team
  • Sunny Chen
  • Tanaporn Visaruthaphong

Regional Morning Notes - Friday, February 02, 2024

GREATER CHINA Strategy Alpha Picks: February Conviction Calls We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. Sector Automobile: Weekly: EV sales remain lukewarm in the fourth week of 2024. Top SELLs: BYD, XPeng and Li Auto. Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb273.19/Target: Rmb360.00): Acquires 21.12% stake in APT Medical; embracing tremendous business opportu...

Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

CTOS Digital (CTOS MK) - 4Q23: Largely In line; Awaiting Better Cataly...

4Q23: Largely In line; Awaiting Better Catalysts CTOS’ 4Q23 core net profit of RM28.3m is largely in line, fuelled by a yoy improvement in its Malaysia operations as momentum ramps up across all three business segments, coupled with stronger associate contributions. While we expect CTOS to continue charting earnings growth driven by better services penetration, customer base expansion and synergies with associates, we retain our view that these have been fairly priced into its current share pric...

Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

CTOS Digital (CTOS MK) - 3Q23: Results Within Expectations; Growth Ade...

3Q23: Results Within Expectations; Growth Adequately Priced In CTOS’ 3Q23 core net profit of RM29.2m was largely in line, fueled by yoy improving Malaysia operations as momentum ramps up across all three business segments, and stronger associate contribution. While we anticipate CTOS to continue charting earnings growth driven by better services penetration, customer base expansion and synergies with associates, we maintain our view that these have been fairly priced in. Maintain HOLD. Target pr...

Bella Lu Yifei ... (+18)
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Greater China Research Team
  • Jack Goh Tooan Orng
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Jun Sian Tan
  • Ken Lee
  • Limartha Adhiputra
  • Malaysia Research Team
  • Nurul Nazira Binti Abdullah
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Ziv Ang Sze Champ

Regional Morning Notes - Monday, October 30, 2023

GREATER CHINA Sector Aviation: Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90): 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. Goldwind Science & Technology (2208 HK/HOLD/HK$3.76/Target: HK$4.00): 3Q23: Below expectations; 3Q23 WTG sales growth slows to +6.0% yoy. Great Wall Motor (2333 HK/BUY/HK$10.82/Target: HK$13.50): 3Q23: Earnings tripl...

Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

CTOS Digital (CTOS MK) - Continuing Business Expansion Blitz

Continuing Business Expansion Blitz CTOS continues to strengthen its presence in the ASEAN credit bureau industry with the group’s recent acquisitions of two leading alternative data firms. The two firms have strong exposure in credit and telco scoring within Indonesia and the Philippines respectively. We think these synergistic acquisitions will allow CTOS to spice up its regional ecosystem and capture more market share. We raised our 2024-25 earnings by 2-3%. Maintain HOLD with a higher target...

Greater China Research Team ... (+7)
  • Greater China Research Team
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • John Cheong Ming Chern
  • Kochakorn Sutaruksanon
  • Limartha Adhiputra
  • Malaysia Research Team

Regional Morning Notes - Thursday, September 14, 2023

GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$301.20/Target: HK$380.00): August headline ADT sluggish. INDONESIA Small/Mid Cap Highlights Wilton Makmur Indonesia (SQMI IJ/NOT RATED/Rp52): A gold producer with turnaround potential as it starts producing bullion. MALAYSIA Sector Building Materials: 2Q23 results within expectations. HUME provides near-term earnings visibility with rising cement prices and easing coal prices. Update CTOS Digital (CTOS MK/HOLD/RM1.42/Target: ...

Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

CTOS Digital (CTOS MK) - 2Q23: Results In Line; Earnings Growth Reason...

2Q23: Results In Line; Earnings Growth Reasonably Priced In 2Q23 core net profit of RM25.5m was within expectations, reflecting stronger Malaysia operations yoy as momentum ramps up across all three business segments, coupled with a better associate contribution. While we anticipate CTOS to continue charting earnings growth driven by better services penetration, customer base expansion and synergies with associates, we maintain our view that these have been fairly priced in in its current share ...

Adrian Loh Tzum Yung ... (+13)
  • Adrian Loh Tzum Yung
  • Ariel Poh Yun Li
  • Desmond Chong Chee Wai
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jacquelyn Yow Hui Li
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Ken Lee
  • Kong Ho Meng
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Stevanus Juanda

Regional Morning Notes - Friday, July 28, 2023

GREATER CHINA Initiation Coverage China Server: AI investment series: Diving into opportunities in the server industry. Sector Automobile: Weekly: Passenger EV sales up 59% yoy/21% wow over 17-23 July, in line. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. INDONESIA Results Astra Agro Lestari (AALI IJ/BUY/Rp8,000.00/Target: Rp9,785.00): 2Q23: Lower qoq and yoy but still within our expectations. Sido Muncul (SIDO IJ/HOLD/Rp650/Target: Rp680): 2Q23: Profit warning issued for the rest of ...

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