reports
- Jin Yoon
SE 1Q24 Results: Improving Margin Outlook
What’s new: SE’s reported 1Q24 results were above consensus and our expectations. E-commerce could remain resilient where Shopee adjusted EBITDA is on track to turn positive in 2H24. We up our PT from USD70 to USD75 on improving margin outlook. Our revised PT of USD75 implies 2.5x FY25E EV/Rev. We maintain our BUY rating. Analysts: Jin Yoon
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily: Wednesday, May 15, 2024
KEY HIGHLIGHTS Sector REITs 1Q24: PREIT (in line) and SASSR (in line). Results Bumitama Agri (BAL SP/BUY/S$0.685/Target: S$0.70) 1Q24: Results within expectation. ComfortDelGro Corporation (CD SP/HOLD/S$1.44/Target: S$1.56) 1Q24: Earnings below expectations; downgrade to HOLD. SEA (SE US/BUY /US$64.46/Target: US$78.39) 1Q24: All segments are doing well. Positive outlook for 202...
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 15, 2024
INDONESIA Update Indofood Sukses Makmur (INDF IJ/BUY/Rp6,175/Target: Rp9,600): Steady growth at attractive valuation. Maintain BUY. MALAYSIA Sector Gloves: Tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. Results Heineken Malaysia (HEIM MK/BUY/RM23.68/Target: RM29.20): 1Q24: Within expectations. Earnings saw a seasonal boom following the CNY celebrations. Maintain BUY with a higher target pr...
- Jin Yoon
SE 1Q24 Preview: Estimates Remain Intact
What’s New: We maintain our 1Q estimates as overall business could trend in-line with our expectations. Shopee losses could continue to narrow as market has become more rationalized in the quarter. Garena profitability could also improve partly driven by better performance from Free Fire. Analysts: Jin Yoon
- Jin Yoon
SE 4Q23 Results: Shopee to Breakeven in 2H
What’s new: SE’s reported 4Q23 top-line results were above consensus and largely in line with our expectations. Shopee’s FY24 GMV growth could be in the high-teens range, while adjusted EBITDA could turn positive in 2H24 (either 3Q or 4Q). Free Fire could also grow double digits YoY in both user base and bookings in FY24. We up our PT from USD60 to USD70 on better visibility in both gaming and e-commerce. Our revised PT of USD70 implies 2.6x FY24E EV/Rev. We maintain our BUY rating. Analysts: J...
- Jin Yoon
SE 3Q23 Results: Investments to Continue
What’s new: SE’s reported 3Q23 top-line results were above consensus but below our expectations. Margins were also below expectations partly due to investments related to e-commerce which may continue heading into 4Q. Shopee aims to further gain market share and invest in its content e-commerce including live streaming during the promotional season. We lower our PT from USD70 to USD60 amid uncertainties around the level of investments as the company’s pivot to growth mode remains unchanged despi...
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, November 15, 2023
GREATER CHINA Sector Property: New-home sales still weak; PBOC’s decision to offer PSL/Special Loan will be positive for market stabilisation. INDONESIA Sector Healthcare: 3Q23: Strong patient volume growth and improving revenue intensity. MALAYSIA Results Dialog Group (DLG MK/BUY/RM2.10/Target: RM2.85): 1QFY24: Results in line, as upstream business (higher production) and storage income (ie PITSB) more than offset the continued EPCC cost overruns. Small-Mid Cap Highlights NationGate Holdings ...
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily - Wednesday, November 15, 2023
KEY HIGHLIGHTS Results Bumitama Agri (BAL SP/BUY/S$0.605/Target: S$0.70): 3Q23: Results beat our and consensus expectations on higher-than-expected external FFB purchase boosting CPO production and sales volume. ComfortDelGro Corporation (CD SP/BUY/S$1.31/Target: S$1.69): 3Q23: Strong results; riding on strong tailwinds. SEA (SE US/BUY/US$46.03/Target: US$72.25): 3Q23: Results in line; 4Q23 could be better due to seasonality. UMS Holdings (UMSH SP/BUY/S$1.26/Target:S$1.56): 3Q23: Results in ...
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Tuesday, October 24, 2023
KEY HIGHLIGHTS Results Suntec REIT (SUN SP/HOLD/S$1.12/Target: S$1.12): 3Q23: Weakness in Australia and UK portfolios. Update Sea (SE US/BUY/US$44.61/Target: US$72.25): Reinvestment to impact near-term earnings; positive for the medium term. TRADERS’ CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY iFAST Corp (IFAST SP): Trading SELL
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Kwanchai Atiphophai
- Limartha Adhiputra
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, October 24, 2023
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$285.20/Target: HK$370.00): 3Q23: Earnings beat on investment income; core revenue remains lacklustre. Kweichow Moutai (600519 CH/BUY/Rmb1,643.98/Target: Rmb2,470.00): 3Q23: Lower-than-expected revenue growth; highest earnings visibility. Update CR Land (1109 HK/BUY/HK$29.55/Target: HK$47.48): Takeaways from site visits in Chengdu and Chongqing: A closer look at CR Land’s core growth engine. CR Mixc Lifestyle Services (1209 HK/...
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SPALI SUPALAI PCL
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
4731 SCIENTEX
SUN SUNTECH SA
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
SE US SEA LIMITED
- Singapore Research Team
Strategy - Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN And YZ...
Our Alpha Picks portfolio overcame weak investor sentiment in Sep 23, beating the STI by 4.7ppt on a market cap-weighted basis and 0.4ppt on an equal-weighted basis, outperforming the STI in 17 out of the past 19 months. For Oct 23, we add MPM as we forecast higher utilisation rates, and RHP for near-term drilling upside potential. We remove DELFI and LHN due to a lack of near-term catalysts, and YZJ as we expect a quiet period for new orders.
T13 SEMBCORP INDUSTRIES LTD.
U96 COMFORTDELGRO CORPORATION LIMITED
C52 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 THAI BEVERAGE PUBLIC CO. LTD.
Y92 KEPPEL CORPORATION LIMITED
BN4 SEA ADS
SE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP SEA LIMITED
SE US CIVMEC
CVL CAPITALAND ASCOTT TRUST
CLAS SEATRIUM LTD
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Jun Sian Tan
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Friday, September 29, 2023
GREATER CHINA Sector Automobile: Weekly: China’s PEV sales growth accelerated to 40% during 18-24 Sep 23. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Baijiu: Weak retail growth expectations; be selective. Top pick: Moutai. INDONESIA Sector Telecommunications: Fixed broadband remains attractive despite Starlink’s potential entry. MALAYSIA Results Gamuda (GAM MK/BUY/RM4.31/Target: RM5.64): 4QFY23: Earnings within expectations. Expect better earnings ahead on robust orderbook and progr...
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Singapore Research Team
Strategy - Alpha Picks: Adding MINT While Removing RMFD
On a market cap-weighted basis, the STI outperformed our Alpha Picks by 0.3ppt, which was helped by our industrial stock picks. On a price-weighted and market-cap weighted basis, however, our portfolio significantly underperformed due to Sea Ltd. We note that our Alpha Picks portfolio has nevertheless beaten the STI in 16 out of the past 18 months. For Sep 23, due to favourable tailwinds for its data centre segment, we add MINT while removing RFMD from our Alpha Picks portfolio.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
LHN LHN LTD
- Jin Yoon
SE 2Q23 Results: Pivot to Growth
What’s new: SE’s reported 2Q23 top-line results were below consensus our expectations partly due to the continued drag in digital entertainment. As growth becomes a key KPI for SE, Shopee could ramp up investments which may result in losses for both Shopee and group-level in certain periods. We lower our PT from USD100 to USD70 amid uncertainties in the level of investments as the company pivots to growth mode. Our revised PT of USD70 implies 2.5x FY24E EV/Rev. We maintain our BUY rating. Analy...
- Bella Lu Yifei
- Damon Shen
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Wednesday, August 16, 2023
GREATER CHINA Economics Economic Activity: July data mostly below expectations, further monetary easing is needed. Sector Property: Fundamentals of property sector further weaken, greater downward pressure on property prices. Results Guangzhou Tinci Materials Technology (002709 CH/SELL/Rmb35.91/Target: Rmb20.00): 2Q23: Electrolyte price drop drags margins; cut target price to Rmb20.00. Maintain SELL. Weimob (2013 HK/HOLD/HK$3.83/Target: HK$4.10): 1H23: Strong beat fuelled by improved macro backd...
INDF PT INDOFOOD SUKSES MAKMUR TBK
ERW ERAWAN GROUP
F34 WILMAR INTERNATIONAL LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
HANA HANA MICROELECTRONICS PCL
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
SATS SP SATS LTD.
HEIM HEINEKEN MALAYSIA BHD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
CPN-R CENTRAL PATTANA PCL NVDR
2013 WEIMOB INC
SE US SEA LIMITED
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Wednesday, August 16, 2023
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/BUY/S$1.27/Target: S$1.53): 2Q23: Robust results in line as PATMI hits inflection point. Manulife US REIT (MUST SP/BUY/US$0.089/Target: US$0.22): 1H23: Unit price near capitulation; upgrade to BUY. SATS (SATS SP/BUY/S$2.62/Target: S$2.99): 1QFY24: Core performance in line; focusing on integration and synergy delivery going forward. SEA (SE US/BUY/US$56.90/Target: US$94.34): 2Q23: Results beat our expectations. UMS Holdings (UMSH SP/BUY...
- Singapore Research Team
Strategy - Alpha Picks: Adding CD, SEA, BAL And LHN While Removing SIA...
Starting off strong for 2H23, our Alpha Picks portfolio was yet again positive in Jul 23, making it seven consecutive months in 2023. Driven by our O&G-related picks, our Alpha Picks portfolio beat the STI by 1.6ppt on a market cap-weighted basis. Our Alpha Picks portfolio has now beaten the STI in 16 out of the past 17 months. For Aug 23, we add CD, SEA, BAL and LHN, backed by favourable tailwinds and strong earnings outlook. We have also removed SIAEC, REXI and LREIT from our Alpha Picks portf...
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
RFMD RAFFLES MEDICAL GROUP LTD
SE US SEA LIMITED
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
LHN LHN LTD
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
Singapore Daily - Tuesday, July 25, 2023
KEY HIGHLIGHTS Sector Oil & Gas: The yin and the yang: Long RH Petrogas, short Rex International. Update SEA (SE US/BUY /US$60.16/Target: US$94.34): E-commerce benefitting from better monetisation and leading market share. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Singapore Airlines (SIA SP): Trading BUY
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Limartha Adhiputra
- Philip Wong
- Sunny Chen
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, July 25, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Gold prices denominated in CNY topped out at a year-high level; Beneficiaries: Shandong Gold and Luk Fook. Sector Commodities: Weekly: Awaiting signals from US FOMC and China Politburo meetings. Update Sino Biopharmaceutical (1177 HK/HOLD/HK$3.43/Target: HK$3.70): Expects 1H23 revenue to be flat from 1H22; lowers 2023 revenue growth guidance to single digits. INDONESIA Sector Property: Robust 1H23 pre-sales achievement; shares continue to outperfor...
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