A director at Sappe Public Company Limited bought 18,300 shares at 37.754THB and the significance rating of the trade was 55/100. 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 tw...
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....
KEY HIGHLIGHTS Sector Hotel 1Q21 results wrap-up and 2021 sector outlook. Results Bangkok Chain Hospital (BCH TB/BUY/Bt18.40/Target: Bt21.00) 1Q21: Impressive results to continue, supported by COVID-19-related services and good cost control measures. Charoen Pokphand Foods (CPF TB/BUY/Bt29.00/Target: Bt35.00) 1Q21: Strong earnings. Chularat Hospital (CHG TB/BUY/Bt3.30/Target: Bt3.26) 1Q21: Modest growth achieved as pandemic gave rise to opportunities. MCOT Plc (MCOT TB/HOLD/Bt5.20/Target: Bt...
REGIONAL Sector Plantation: POC 2021: All speakers expect weaker prices in 2H21. The most bearish CPO price forecast is RM2,700/tonne, while most expect moderate weakness at RM3,000-3,300. GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$111.90/Target: HK$164.00): 2020: Raise guidance on more visible outlook. Ever Sunshine Lifestyle Services (1995 HK/BUY/HK$17.16/Target: HK$22.30): 2020: In line with expectations; growth on track. Haidilao International (6862 HK/BUY/HK$53.40/Target: HK$68.30):...
KEY HIGHLIGHTS Initiate Coverage BTS Group Holdings (BTS TB/BUY/Bt9.40/Target: Bt10.40) Modest impact from second wave of COVID-19; pick-up expected. Update SAPPE (SAPPE TB/BUY/Bt30.75/Target: Bt35.00) Positive earnings outlook for 2021-22. Upgrade to BUY.
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt13.80/Target: Bt17.50) 4Q20: Despite earnings being lower than estimates, they grew 15% yoy. Bangkok Expressway and Metro (BEM TB/BUY/Bt7.95/Target: Bt11.00) Page x 4Q20: Earnings increased in line. The absence of amortisation expenses outweighed negative impact from the COVID-19 pandemic. Banpu (BANPU TB/HOLD/Bt11.50/Target: Bt10.90) Short-term gain but long-term pain. Upgrade to HOLD. Charoen Pokphand Foods (CPF TB/HOLD/Bt28.75/Ta...
GREATER CHINA Sector Gas: Steady demand recovery in winter; prefer China Gas on valuation. Update Cathay Pacific Airways (293 HK/BUY/HK$7.36/Target: HK$8.60): Stay invested; CX is adequately capitalised for a recovery in 2021-22. INDONESIA Results Jasa Marga Persero (JSMR IJ/BUY/Rp4,520/Target: Rp5,100): 3Q20: Earnings rebound on easing of large-scale social restrictions. MALAYSIA Results AirAsia (AAGB MK/SELL/RM0.71/Target: RM$0.53): 3Q20: Losses accelerate; cash call likely within two months...
KEY HIGHLIGHTS Update Hana Microelectronics (HANA TB/BUY/Bt38.00/Target: Bt56.00) Still in growth trajectory. SAPPE (SAPPE TB/BUY/Bt21.80/Target: Bt28.00) Positive earnings outlook from 4Q20. Srisawad Corporation (SAWAD TB/HOLD/Bt55.25/Target: Bt50.00) Neutral view on the new JV.
GREATER CHINA Sector Automobile: Weekly: Auto sales grew 12.5% yoy in Oct 20; beating estimates. Top picks: BYD, CATL and Minth. Education: Positive guidelines on proposal for promoting private school development. Healthcare: Internet healthcare: The new giants in the healthcare industry. Internet: Fintech: Potential impact of policy tightening on fintech companies. Results Ausnutria Dairy Corporation (1717 HK/BUY/HK$11.00/Target: HK$15.00): 3Q20: Margins hurt by COVID-19 issues. Tencent Holding...
KEY HIGHLIGHTS Results CP ALL (CPALL TB/BUY/Bt62.75/Target: Bt73.00) 3Q20: Results below our expectation but in line with consensus. Bangkok Expressway and Metro (BEM TB/BUY/Bt9.15/Target: Bt11.50) 3Q20: Earnings continued to improve qoq; yoy earnings growth expected in 2021. Electricity Generating (EGCO TB/BUY/Bt198.00/Target: Bt290.00) 3Q20: Healthy performance. Esso Thailand (ESSO TB/SELL/Bt7.00/Target: Bt5.20) 3Q20: A slow recovery. Mega Lifesciences (MEGA TB/BUY/Bt31.75/Target: Bt...
REGIONAL Sector Gaming: GENHK results briefing reinforces our belief that GENHK would successfully raise capital from the investment community, thereby diffusing concerns of bailout-related RPT within the group. GREATER CHINA Sector Aviation: 1H20: Losses within estimates; 2H20 recovery hinges on domestic pricing power. Results Midea (000333 CH/BUY/Rmb70.54/Target: Rmb78.00): 1H20: Sees a gradual recovery. INDONESIA Update Ciputra Development (CTRA IJ/BUY/Rp745/Target: Rp1,000): EPS could grow...
2Q20 earnings was Bt83m, down 39% yoy as a result of the COVID-19 pandemic. However, 2Q20 earnings were flat qoq due to low earnings base in 1Q20. 2Q20 sales dipped 24% yoy and 15% qoq while domestic sales declined 15% yoy, less than international sales’ 29% yoy drop. 3Q20 earnings should improve qoq, driven by wider gross margin and sales recovery. Maintain BUY. Target price: Bt24.00.
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt13.40/Target: Bt20.42) 2Q20: Decline in earnings within expectation. Bangkok Chain Hospital (BCH TB/BUY/Bt15.30/Target: Bt18.50) 2Q20: With management’s good strategy, earnings growth is expected to continue in 2H20 and well into 2021. BTS Group Holdings Public Company (BTS TB/HOLD/Bt10.90/Target: Bt12.20) 1QFY21: Earnings beat expectations on the back of mass transit business. Chularat Hospital Public Company Limited (CHG ...
REGIONAL Sector Plantation: Guest speaker Mr Desai has confirmed that India would need to start buying palm oil as it would have very low inventory once demand picks up after the lockdown is lifted. GREATER CHINA Sector Machinery: May 20: Excavator sales up 68% yoy, strong domestic demand well sustained. Update JD.com (JD US/BUY/US$56.52/Target: US$66.00): Secondary listing in Hong Kong. INDONESIA Results Wijaya Karya Beton (WTON IJ/BUY/Rp294/Target: Rp340): 1Q20: Net income up 3% yoy despite...
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