reports
- Jin Yoon
- Jin Yoon
SE 3Q24 Results: Focus Remains on Disciplined Growth Heading into FY25
What’s new: SE’s reported 3Q24 results that were above consensus and our expectations. Shopee FY24 GMV growth guidance remains intact, while Free Fire FY24 bookings could grow over 30% YoY. We up our PT from USD120 to USD130 on improving outlook. Our revised PT of USD130 implies 3.7x FY25E EV/Rev. We maintain our BUY rating. Analysts: Jin Yoon
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, November 13, 2024
GREATER CHINA Small-mid Cap Highlight Modern Dental (3600 HK/NOT RATED/HK$3.68): Leading global provider of dental prosthetics devices. INDONESIA Update Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp7,050/Target: Rp7,800): Expect earnings to recover 8.1% in 2025. Upgrade to BUY. MALAYSIA Results Hartalega Holdings (HART MK/BUY/RM3.32/Target: RM3.66): 2QFY25: Weak headline numbers due to forex losses, but operating matrixes chart strong growth. Maintain BUY with unchanged target price of RM3.66. H...
GFPT GFPT
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
03600 MODERN DENTAL GROUP
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MTC MUANGTHAI CAPITAL PCL
HEIM HEINEKEN MALAYSIA BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
SE US SEA LIMITED
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Wednesday, November 13, 2024
KEY HIGHLIGHTS Results Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.57/Target: S$0.77) 1QFY25: Resiliency from Singapore; progressively backfilling Building 3 in Milan. Riverstone Holdings (RSTON SP/BUY/S$0.90/Target: S$1.16) 3Q24: Results in line; healthy outlook ahead with capacity expansion. SEA (SE US/BUY/US$107.65/Target: US$138.70) 3Q24: Robust quarter as Shopee returns to profitability. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Bullish price trend...
- Jin Yoon
SE 3Q24 Preview: Positive Momentum to Continue in 3Q
What’s New: We up our 3Q estimates as key segments such as gaming, e-commerce and fintech could continue to see positive momentum. Shopee EBITDA could potentially turn positive in 3Q as increase in take rates could partly offset the promotional spending in the quarter. We up our PT from USD85 to USD120 on upward revision in forward estimates. Our updated PT of USD120 implies 3.5x FY25E EV/Revs. We maintain our BUY rating. Analysts: Jin Yoon
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Llelleythan Tan Tan
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
AES AES CORPORATION
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Jin Yoon
SE 2Q24 Results: Improving Outlook
What’s new: SE’s reported 2Q24 results that were above consensus and our expectations. Shopee will reach adjusted EBITDA positive in 3Q24 and Shopee GMV growth could reach mid-20% in FY24. Garena could also reach double digit user and bookings growth in FY24 despite weaker seasonality in 2H. We up our PT from USD75 to USD85 on improving outlook. Our revised PT of USD85 implies 2.5x FY25E EV/Rev. We maintain our BUY rating. Analysts: Jin Yoon
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Wednesday, August 14, 2024
KEY HIGHLIGHTS Results CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.10/Target: S$2.29): 1H24: Stable occupancies; smooth execution for AEIs. SEA (SE US/BUY/US$74.85/Target: US$88.21): 2Q24: Strong quarter, improving outlook and better profit profile. UMS Holdings (UMSH SP/SELL/S$1.07/Target:S$0.90): 2Q24: Earnings below expectations due to forex; slow ramp-up of new customer. Wilmar International (WIL SP/HOLD/S$3.01/Target: S$3.25): 1H24: Results in line with expectations. Higher ...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Philip Wong
- Ringo Tang Chi Yu
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, August 14, 2024
GREATER CHINA Economics Money Supply Weak demand for transactional funds and medium- to long-term loans. Results Foxconn Industrial Internet (601138 CH/BUY/Rmb20.78/Target: Rmb30.00) 2Q24: Solid progress in AI business; margin misses due to product mix changes. Sino Biopharmaceutical (1177 HK/BUY/HK$2.95/Target: HK$4.00) 1H24: Results beat; expects double-digit revenue and earnings growth in 2024. INDONESIA Update In...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
AP AP THAILAND
SE SEA ADS
KCE KCE ELECTRONICS PUBLIC CO. LTD.
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
UMSH UMS HOLDINGS LTD
1706769D MR DIY
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MRDIY MR DIY GROUP M BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SE US SEA LIMITED
Z29 029 GROUP SE
- Jin Yoon
- 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
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