reports
- Jack Goh Tooan Orng
Gloves - A New, Different Beginning
A New, Different Beginning While the Malaysian gloves sector charted an impressive turnaround in 2024 after the COVID-19 lows as expected, risk-reward appears less appealing currently as valuations are trading close to the historical mean based on 2025’s full earnings recovery. Despite more optimism emerging following better operating matrixes and several rounds of catch-up upgrades by consensus, we believe that these have been fairly reflected in the recent share price movement. Downgrade to MA...
Hartalega Holdings Berhad: 1 director
A director at Hartalega Holdings Berhad sold 1,140,000 shares at 3.900MYR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
- 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
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - 2QFY25: Basking In The Afterglow Of Ref...
2QFY25: Basking In The Afterglow Of Refinement Harta continued to chart impressive sales volume and ASP growth in 2QFY25, despite facing headwinds such as unprecedented forex losses and higher ramp-up costs. Removing exceptional items, core earnings fell into the red at RM29m in losses (1QFY25: RM37.2m profit). That said, the market will likely look beyond these near-term noises and focus on improvement in core profitability in 2HFY25. Maintain BUY with an unchanged target price of RM3.66.
- Jack Goh Tooan Orng
Gloves - US Raises China Gloves Tariffs In Protectionism, Trade Rivalr...
US Raises China Gloves Tariffs In Protectionism, Trade Rivalries A further precipitous tariff hike and earlier implementation timeline announced by the US authority on China’s medical-grade gloves are poised to revitalise investors’ sentiment on the Malaysian glove sector. With the sector’s post-pandemic recovery eclipsing earnings amid demand moderation, domestic glovemakers should progressively reclaim market share from China, sustaining concrete ASP trajectories and margin upticks. Maintain O...
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - 1QFY25: Pushing Forward Against The Tid...
1QFY25: Pushing Forward Against The Tide Harta continues to deliver improving sales volume and ASP in 1QFY25, despite facing headwinds such as delayed shipments and higher input costs. Excluding exceptional items, core net profit surged meaningfully qoq to RM37.2m (4QFY24: RM1.9m). We largely retain our view that FY25 prospects remain bright on a sequential orderbook uptick, sustainable ASP trend, efficiency refinement and tailwinds from escalating USChina trade tensions. Maintain BUY with a low...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, August 07, 2024
GREATER CHINA Sector Internet: Strategic revamp to revitalise e-commerce GMV growth. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.10/Target: HK$28.30): 1H24: Underlying net profit up 2% on positive retail rental growth and lower funding cost; awaiting cyclical factors to improve. INDONESIA Results United Tractors (UNTR IJ/SELL/Rp24,150/Target: Rp20,000): 2Q24: Continued weakness; in line with consensus estimates. MALAYSIA Sector Utilities: Government likely to award short-term PP...
5168 HARTALEGA HOLDINGS BHD.
UNTR PT UNITED TRACTORS TBK
IRPC IRPC PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
U96 SEMBCORP INDUSTRIES LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
MTC MUANGTHAI CAPITAL PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
- Jack Goh Tooan Orng
Gloves - Blooming In Spring
Blooming In Spring The Malaysian glove sector is officially out of the woods with anticipation of sequential earnings growth coming into fruition throughout 2024. We have also observed a feasible trend of improving operating statistics from the past few quarters. With this and the US’ precipitous tariff hike on China’s medical-grade gloves beginning 2026, we re-affirm our optimism that potential valuation re-rating may continue to catalyse the sector’s positive share price trajectories. Maintain...
- Bella Lu Yifei
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, June 14
GREATER CHINA Sector Automobile Weekly: EV sales pull back last week. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Joyson Electronics. Top SELLs: XPeng. Internet Strategic revamp to foster re-accelerating growth and shareholders’ return. INDONESIA Update Bank Tabungan Negara (BBTN IJ/BUY/Rp1,240/Target: Rp1,700) ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5168 HARTALEGA HOLDINGS BHD.
3K1 KINGSOFT CORP. LTD.
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS 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
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
MINT MAPLETREE INDUSTRIAL TRUST
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
EPIC 1CM INC
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
600699 NINGBO JOYSON ELECTRONIC CORP
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - 4QFY24: Defining Moments
4QFY24: Defining Moments Harta’s 4QFY24 results reflect sales volume expansion and marginally higher ASP, but margins were compressed due to delayed cost pass-through. Removing exceptional items, core net profit fell 25% qoq to RM1.8m. Nevertheless, FY25 prospects remain bright on a demand uptick from a customer’s restocking cycle, consistent ASP hikes, and efficiency refinement. The recent deterioration of US-China trade tensions also adds to the positive equation. Downgrade to HOLD with unchan...
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Ming San Soong
- Nurul Nazira Binti Abdullah
Regional Morning Notes: Thursday, May 23, 2024
GREATER CHINA Sector Automobile Weekly: PEV sales drop wow due to high comparison base. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELLs: Li Auto and XPeng. Results Kuaishou (1024 HK/BUY/HK$58.15/Target: HK$85.00) 1Q24: Solid earnings beat; softer 2Q24; HK$16b share repurchase plan. Pinduoduo (PDD US/BUY/US$145.45/Target: US$200.00) 1Q24: Robust earnings beat; stro...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5168 HARTALEGA HOLDINGS BHD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
5681 PETRONAS DAGANGAN BHD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
M3I MINTH GROUP LIMITED
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
KCE KCE ELECTRONICS PUBLIC CO. LTD.
SSG SHENG SIONG GROUP LTD
CPALL TB CP ALL
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
CEB CAPE EMS BERHAD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
- Desmond Chong Chee Wai
Strategy - Selective Exporters With Exposure To Related Strategic Sect...
Selective Exporters With Exposure To Related Strategic Sectors To Benefit Further From The Latest Round Of Tariff Hikes We believe the latest round of tariff hikes directed by the US president Joe Biden will lend further strength to selective Malaysian exporters given Malaysia’s geographical neutrality. A statement released by The White House stated that following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and Americ...
- Jack Goh Tooan Orng
Gloves - Plot Twist From Escalating US-China Trade Tension
Plot Twist From Escalating US-China Trade Tension The precipitous tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment on the Malaysian glove sector. While the sector’s recovery plot continues to thicken beyond postpandemic eclipsing earnings and demand moderation, we anticipate domestic glovemakers to progressively reclaim market share from China, sustaining concrete ASP trajectories and future margin upticks. Mainta...
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - Turning Tides
Turning Tides After three years of industry consolidation, early signs of a demand recovery from distributors’ accelerating restocking cycle, inception of regional producers’ ASP upcycle, and potential deterioration of US-China trade tension point to a brighter outlook for Harta. Against the backdrop of these tailwinds, we recalibrated our valuation multiples upwards. Harta remains as our sector pick for its industry-wide top-notch production efficiency. Upgrade to BUY with a higher target price...
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum
- Johnny Yum Chung Man
- Kate Luang
- Kenny Yong Hui Lim
- Kong Ho Meng
- Limartha Adhiputra
- Malaysia Research Team
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, April 03, 2024
GREATER CHINA Strategy Small-Mid Cap Biweekly Eyeing re-rating for refrigerant suppliers as AC dealers front-load for peak sales in 2Q24. Results China Construction Bank (939 HK/BUY/HK$4.85/Target: HK$6.00) 2023: Results in line; expect revenue headwinds to persist in 2024. COSCO SHIPPING Holdings (1919 HK/BUY/HK$8.44/Target: HK$10.60) 2023: Results in line; expect an upbeat 1H24 performance. Maintain BUY. Kweichow Moutai (600519 CH/BUY/Rmb1,713.99/Target: Rmb2,488.00) 2023: Earnings up ...
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - 3QFY24: Lacklustre Results, Impacted By...
3QFY24: Lacklustre Results, Impacted By Red Sea Incident Harta’s 3QFY24 results were dragged by sales volume contraction and lower ASP. After excluding the exceptional items, core net profit dropped 91% qoq to merely RM2.4m. Although the acceleration in distributors’ inventory replenishement is an early sign of demand recovery, the industry landscape remains challenging at this juncture. We anticipate better earnings in 4QFY24, premised on margin expansion, shipment of delayed orders and improvi...
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Limartha Adhiputra
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, February 07, 2024
GREATER CHINA Sector Hong Kong Property: CCL Index stabilises in Jan 24; channel checks on implementation of easing measures on non-PR buyers. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,420): Growing elegantly with solid marketing sales. United Tractors (UNTR IJ/SELL/Rp22,800/Target: Rp20,000): Small downward adjustment to Pama’s fees could impact 2024 NPAT. MALAYSIA Results British American Tobacco (ROTH MK/BUY/RM9.08/Target: RM10.40): 4Q23: Results met expectation...
- Jack Goh Tooan Orng
Gloves - Overhyped Market Expectations Pose Short-term Downside Risk
Overhyped Market Expectations Pose Short-term Downside Risk As expected, the sector’s recovery plot continues to thicken after delivering resilient earnings growth in 3Q23. While more optimism is emerging following better operating matrixes and consensus’ rounds of catch-up upgrades, we deem these to be fairly reflected in the recent aggressive share price movement. Risk-reward appears unappealing currently as valuations are trading close to historical means based on 2025’s full earnings recover...
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - 2QFY24: Emphasising On Efficiency
2QFY24: Emphasising On Efficiency Harta’s 2QFY24 results were boosted by margin and sales volume expansion, outweighing lower ASP. Removing exceptional items, core net profit leaped qoq to RM27.2m. Despite the challenging industry landscape currently, early signs of a demand recovery have been noted from distributors’ accelerating inventory replenishment. We anticipate better earnings in 2HFY24, premised on margin expansion and improving efficiency. Maintain BUY. Target price: RM2.51.
- Arsit Pamaranont
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jun Sian Tan
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Paula Ruth
- Philip Wong
- Tham Mun Hon
Regional Morning Notes - Wednesday, November 08, 2023
GREATER CHINA Economics Trade: Disappointing October exports likely a prelude to further weakness. Sector Property: Land markets remain weak, Shenzhen expresses firm support for Vanke. Update Prudential (2378 HK/BUY/HK$84.90/Target: HK$150.00): Strong NBP growth momentum sustained in 3Q23. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp344/Target: Rp440): Expect 9% yoy net profit growth in 2024 from improvement in stores’ productivity. Upgrade to BUY. MALAYSIA Results Fraser & Neave Holdin...
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