We reiterate our long-term positive view that PTTEP will post positive sales volume growth of 3% CAGR during 2023-27 on the back of better contributions from its Erawan G1/61 gas field and major projects including the world’s second-largest LNG Mozambique, as well as the SK410B project, a world-class, large-scale project in 2027. PTTEP, OR and SPRC remain our sector top picks. Maintain BUY. Target price: Bt195.00.
Feature article: A glass half-empty view of markets - The 20s harder than the last decade This month’s feature article is written by Steve Clapham, who gives his view on the outlook for markets. He sets out one side of the current debate in markets. Steve is admirably experienced to express an opinion. Steve is the founder of Behind the Balance Sheet, an investor training consultancy. He qualified as a chartered accountant before moving into investment banking as an analyst in the 1980s. In ...
KEY HIGHLIGHTS Results ENN Energy Holdings (2688 HK/BUY/HK$120.70/Target: HK$145.00) 1H22: In line; gross margin narrowed by 5.3ppt. Ping An Healthcare and Technology Company (1833 HK/BUY/HK$19.76/Target: HK$27.00) 1H22: Revenue down 25.9% yoy; making smooth progress in strategy upgrade. Shanghai Henlius Biotech (2696 HK/HOLD/HK$15.86/Target: HK$17.00) 1H22: Revenue up 103.4% yoy; raise 2022 revenue growth target to 85% yoy. Xiaomi Corp (1810 HK/BUY/HK$11.66/Target: HK$13.00) 2Q22: In line; ...
After many false starts, the 5G spectrum auction in South Africa has finally started this week. The first stage (reserved for the four smallest players) completed on Tuesday (at low prices, as it was structured to) and we are waiting for the results of the main auction which started yesterday. This auction has been long awaited by the South African telcos and is key given i) telcos have been spectrum constrained for many years, and ii) data volume growth has structurally accelerated post pandemi...
We expect PAGD to report a slight revenue increase of about 5% yoy in 2021, with its medical services business seeing a temporary slowdown in revenue growth. PAGD expects revenue growth to regain momentum from 2H22. Its updated strategy fosters medium- to long-term growth. Meanwhile, we believe the weak stock prices may have largely factored in the policy concerns. Upgrade to BUY with a target price of HK$36.00.
GREATER CHINA Update JD.com (9618 HK/BUY/HK$270.20/Target: HK$395.00); Resilient growth in a challenging environment. Jiumaojiu International (9922 HK/BUY/HK$14.02/Target: HK$25.60); Targets to open 150 Tai Er restaurants in 2022. Meituan (3690 HK/HOLD/HK$206.60/Target: HK$190.00); Waiting patiently amid resurgence of pandemic. INDONESIA Update Jasa Marga (JSMR IJ/BUY/Rp3,810/Target: Rp5,200); Better traffic and growth with undemanding valuation. MALAYSIA Sector Aviation; With renewed COVID-19...
While still facing a wall of worries, Chinese equities are expected to recover in 2022 on easing COVID-19 fears, peaking of regulatory risks and supportive macro policies. We see a potential upside of 17.9% for the MSCI China index by 2Q22 and expect EV, IT hardware, renewable energy and consumption-related names to outperform. Potential thawing of Sino-US relationship would also be positive for exporters, apparel, auto parts, electronics and appliances.
What's new: The first week of bidding in the 3.45GHz auction has wrapped. In the second round today, a large bidder seems to have dropped out, lowering aggregate demand from 183MHz to 159MHz in a single round (with demand then edging down to 158MHz in the final round).
Car buyers are switching from new cars to used cars, given the tight supplies of new vehicles amid the global chip shortage. Some auto dealers are even offering to buy back used luxury cars aged less than two years at the original prices. We believe the higher car prices will offset auto dealers’ sales losses resulting from the chip shortage. Maintain MARKET WEIGHT. Top picks: BYD, CATL, Zhongsheng and Yongda. Upgrade Geely and Weichai from HOLD to BUY on valuations.
The national GPO tender on orthopaedic joint products was completed with an average price cut of over 80%, which is milder than our and the market’s previous estimates of over 90%. The conclusion of the joint GPO removes the overhang for joint producers, and allows most domestic companies to expand market share in China. Policy risks remain a key concern of the healthcare sector. Maintain UNDERWEIGHT.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Consolidated revenues up 14.1% to MAD 7,602.6m; Continuation of the development strategy with a global investment of MAD 400.4m at the end of September 2019; Net debt down 4.6% to MAD 2,070.4m at the end of September 2019 compared to the end of September 2018
Des revenus consolidés en appréciation de 14,1% à M MAD 7 602,6 ; Poursuite de la stratégie de développement avec une enveloppe d’investissements globale de M MAD 400,4 à fin septembre 2019 ; Une dette nette en baisse de 4,6% à M MAD 2 070,4 à fin septembre 2019 par rapport à fin septembre 2018.
Label'Vie's H1 '19 revenue growth exceeded our expectations. The Atacadão store format expanded the Group's retail market share in Morocco which supported the growth. However, the Atacadão store format is a lower margin business. Thus, we revised our GP margin forecast downward for FY ‘19f and we decelerated our forecast margin expansion thereafter. Despite the downward revision, we view LBV as a high-quality business producing excess returns to capital.
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