reports
CIMB Group Holdings Berhad: 2 directors
Two Directors at CIMB Group Holdings Berhad sold 700,000 shares at between 8.117MYR and 8.120MYR. The significance rating of the trade was 100/100. 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 director...
- Keith Wee Teck Keong
Banking - Positive Outlook Priced In – Focus On Laggards
Positive Outlook Priced In – Focus On Laggards The sector delivered 3Q24 earnings growth of 11% yoy, driven by lower provisions and robust trading and forex income. 9M24 earnings growth of 8% aligns with our fullyear assumption of 8%. With the sector trading at +1.0SD to its historical mean P/B and earnings growth lagging the KLCI (set to ease in 2025), much of the favourable macro outlook seems priced in. Maintain a MARKET WEIGHT stance, favouring laggards RHB, Hong Leong Bank and Public Bank f...
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 3Q24: Solid ROE Trajectory Priced In
3Q24: Solid ROE Trajectory Priced In CIMB reported 3Q24 earnings that were broadly in line with expectations. 3Q24 earnings growth was underpinned by lower provisions and strong forex income. However, we think that these positives have been priced in with the stock trading at +1SD above its 10-year historical mean P/B. Maintain HOLD and target price of RM8.12 (1.14x 2025F P/B, 11.5% ROE).
- Bella Lu Yifei
- Chong Lee Len
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Stevanus Juanda
Regional Morning Notes - Friday, November 29, 2024
GREATER CHINA Sector Automobile: Weekly: Suppliers pushing back against BYD’s request for 10% price cut. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao and Desay. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$1.65/Target: HK$2.55): On track for five-year plan. INDONESIA Strategy Focus On Beneficiaries Of Domestic Policies: Our top picks are BBCA, BBNI, BMRI, BBTN, ASII, SMRA, CTRA, GOTO, CMRY, ACES, SIDO and KLBF. We have an end-25 target of 8,200 for the JCI. MALAYSIA Results...
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - Positive Growth Trajectory Priced In
Positive Growth Trajectory Priced In Management remains optimistic about meeting its 11.0-11.5% ROE target, driven by improving asset quality trends, strong non-interest income, more rational deposit competition and disciplined loan pricing supporting NIM recovery. However, we think these positives have been priced in with CIMB trading at +1SD above its 10-year historical mean PBV. Maintain HOLD and target price of RM8.12 (1.14x 2025F P/B, 11.5% ROE).
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, November 07, 2024
GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...
00823 LINK REAL ESTATE INVESTMENT TRUST
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
AMATA AMATA CORP
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIE SIA ENGINEERING CO LTD
SPOST SINGAPORE POST LTD
FNH FRASER & NEAVE HOLDINGS BHD
BANPU TB BANPU
WHA TB WHA CORP PCL
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
9CI CAPITALAND INVESTMENT LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 3Q24: CIMB Niaga Results: Tepid Revenue Growth
3Q24: CIMB Niaga Results: Tepid Revenue Growth CIMB Niaga (93%-owned by CIMB Group) reported 3Q24 earnings of Rp1,726b (flat qoq, +3% yoy), bringing 9M24 earnings to Rp5,133b (+5% yoy). This is in line with estimates, accounting for 75-76% of our and consensus full-year forecasts. 9M24 earnings growth of 5% was underpinned by a 17% reduction in provisions for bad loans. However, softer total income (-1% due to NIM contraction and lower forex and derivative income) constrained faster earnings gro...
- Keith Wee Teck Keong
Banking - Loans Growth Tapers Off
Loans Growth Tapers Off Loan growth slowed to 5.6% in Sep 24 (Aug 24: 6.0%) due to weaker business loans. We maintain our full-year loan growth target of 6.5-7.0%, supported by strong GDP growth, though weaker-than-expected corporate loans could pose a risk. The sector's riskreward remains balanced in the absence of strong earnings, with 2024/25 earnings growth likely to lag the broader market. Maintain a MARKET WEIGHT stance, focusing on sector laggards such as Public Bank, RHB Bank, and Hong L...
- Keith Wee Teck Keong
Banking - Loan Growth Tapers Off
Loan Growth Tapers Off Loan growth slowed to 6.0% in Aug 24 (July: 6.4%) due to weaker business loans. We maintain our full-year loan growth target of 6.5-7.0%, supported by strong GDP growth, though weaker-than-expected corporate loans could pose a risk. The sector's riskreward remains balanced in the absence of strong earnings, with 2024/2025 earnings growth likely to lag the broader market. Maintain a MARKET WEIGHT stance, focusing on sector laggards such as Public Bank, RHB Bank and Hong Leo...
- Keith Wee Teck Keong
Banking - Positive Outlook Priced In; Focus On Quality Laggards
Positive Outlook Priced In; Focus On Quality Laggards The sector posted a muted 2Q24 PPOP growth of 3% yoy (down 2% qoq). With the sector trading at 1.0SD above its historical mean P/B and earnings growth lagging the KLCI, much of the favourable macro-outlook appears to be priced in. Although stock prices are likely to continue trending upwards with sustained foreign inflows, we maintain MARKET WEIGHT and recommend shifting to high-quality laggards with Public Bank and Hong Leong Bank as our pre...
1295 PUBLIC BANK BHD
1155 MALAYAN BANKING BHD.
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
ABANK AFFIN BANK BHD
TGIF 1933 INDUSTRIES
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 2Q24: Solid ROE Trajectory Priced In; Downgrade...
2Q24: Solid ROE Trajectory Priced In; Downgrade To HOLD 2Q24 earnings were broadly in line with expectations. 2Q24 earnings growth was underpinned by lower provisions and non-interest income growth. However, given the stock’s impressive ytd share price performance, outperforming both the KLCI and KLFIN index by 24% and 21% respectively, we downgrade CIMB to HOLD, maintaining our target price at RM8.12 (1.14x 2025 P/B, 11.5% ROE).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jo Yee Ng
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, September 02, 2024
GREATER CHINA Sector Macau Gaming: Aug 24 GGR up 6% mom, beating expectations. Results China Merchants Port (144 HK/BUY/HK$11.70/Target: HK$15.21): 1H24: Core earnings a moderate beat; hopeful for higher dividend payout. Maintain BUY. Guangzhou Automobile Group (2238 HK/SELL/HK$2.50/Target: HK$1.80): 2Q24: Net profit misses on ASP. Cut target price from HK$2.00 to HK$1.80. Maintain SELL. Inner Mongolia Yili Industrial Group (600887 CH/BUY/Rmb22.63/Target: Rmb28.40): 2Q24: Earnings dragged by cha...
1023 CIMB GROUP HOLDINGS BHD
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600547 SHANDONG GOLD MINING CO. LTD. CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
YNS YINSON HOLDINGS BHD
3933 THE UNITED LABORATORIES INTE
MSGB MAH SING GROUP BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Addressing The Triple Concerns
Addressing The Triple Concerns The FBMKLCI’s shocking 4.6% plunge yesterday provides a compelling buying opportunity in the intermediate term, although the nearer-term situation remains fluid. We attribute the panic selldown to the unwinding of the yen carry trade, deep escalation of the Middle East conflict and fears of a US recession. A major uncertain factor is whether the Middle East conflict could blow up. As a fuller market recovery could take weeks to recover, we provide a sense of trough...
- Keith Wee Teck Keong
Banking - Loans Growth Gains Traction
Loans Growth Gains Traction Loans growth edged upwards to 6.5% (May: 5.8%) on a recovery in business loans. We raise our 2024 loans growth assumption to 6.5-7.0% on stronger business loans growth. This implies a 1.46x loans growth to GDP multiple (GDP forecast: 4.6%) which is relatively high vs the 10-year historical range of 0.90-1.70x. As earnings sensitivity to loans growth is rather modest, the impact on earnings forecast is only +0.5%. Maintain MARKET WEIGHT with CIMB being our top pick wit...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, August 01, 2024
GREATER CHINA Economics PMI Stuck in a soft patch. Results New Oriental Education & Technology Group (EDU US/BUY/US$69.25/Target: US$90.00) 4QFY24: Earnings miss; impact from East Buy to carve out after 1QFY25. Xinyi Solar Holdings (968 HK/HOLD/HK$3.71/Target: HK$4.00) 1H24: In line; murky demand outlook ahead. Downgrade to HOLD. Update Prudential (2378 HK/BUY/HK$69.90/Target: HK$12...
OU8 CENTURION
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
ONEE THE ONE ENTERPRISE PCL
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 PERTAMINA GEOTHERMAL ENERGY
PGEO 029 GROUP SE
CVL PT. PERTAMINA GEOTHERMAL ENERGY
CIVMEC LIMITED
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 2Q24: Underpinned By Lower Provisions
2Q24: Underpinned By Lower Provisions CIMB Niaga reported in-line 2Q24 net profit of Rp1,726m (+5% yoy, +3% qoq), bringing 1H24 earnings to Rp3,407m (+5% yoy), representing 48%/49% of consensus and our full-year estimates. 1H24 earnings rose 5% yoy as lower provisions (-36% yoy) was more than sufficient to offset weaker net interest income due to a 10bp NIM compression. 2Q24 earnings rose 5% yoy given the lower loans loss provisions (-37% yoy). Top-line was muted, declining 5% yoy due to NIM com...
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - Growth Trajectory Remains Promising
Growth Trajectory Remains Promising Management remains optimistic that it will be able to meet its 11-11.5% ROE target, driven by improving asset quality trends, strong non-interest income, and more rational deposit competition and disciplined loan pricing that will support NIM recovery. We anticipate an earnings tailwind from strong non-interest income growth momentum. Maintain BUY while raising our target price to RM8.12 (1.14x 2025F P/B, 11.5% ROE) from RM7.60 after rolling forward our valuat...
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Meeting Notes: Tuesday, July 30, 2024
GREATER CHINA Sector Hong Kong Property Developers’ low-price strategy proved effective; northbound traveling marginally weakened in Jul 24. Internet Pipeline of high-quality games as key catalyst amid strong seasonality. INDONESIA Results AKR Corporindo (AKRA IJ/HOLD/Rp1,530/Target: Rp1,700) 2Q24: Net profit down 31% qoq, below ...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
00014 HYSAN DEVELOPMENT CO. LTD.
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SUN SUNTECH SA
PREIT PARKWAYLIFE REAL ESTATE
RFMD RAFFLES MEDICAL GROUP LTD
09999 NETEASE INC
OR PTT OIL & RETAIL BUSINESS PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Singapore Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, July 01, 2024
INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp4,600/Target: Rp5,800) 5M24: Net profit up 8.9% yoy from strong other income. MALAYSIA Sector Banking May 24 loans growth declined to 5.8% from 6.1% in Apr 24. We maintain MARKET WEIGHT due to the absence of strong earnings catalysts. Update Sunway Construction (SCGB MK/BUY/RM3.79/Target: RM4.32) Song Hau 2 Thermal Power Plant proj...
POMO4 MARCOPOLO S/A PREF
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
1155 MALAYAN BANKING BHD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
SIE SIA ENGINEERING CO LTD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
BIMB BANK ISLAM MALAYSIA BHD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
ITMAX ITMAX SYSTEMS BHD
CVL CIVMEC LIMITED
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