reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
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
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Astra Agro Lestari (AALI IJ) - 1Q24: Within Expectations
AALI’s 1Q24 earnings came in within expectations. 1Q24 operating profit grew significantly on lower production costs. Earnings dropped due to higher financing cost and weak downstream margin. Note that AALI’s mill utilisation rate fell significantly to 50% in 1Q24 due to cost management with lower third-party purchases. Maintain SELL as we are concerned about its flat FFB production growth, lower mill utilisation rate and weak downstream margin.
- Jacquelyn Yow Hui Li
- Johnny Yum
- Leow Huey Chuen
- Limartha Adhiputra
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Friday, May 3, 2024
Strategy: Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. Astra Agro Lestari (AALI IJ/SELL/Rp6,425/Target: Rp5,715): 1Q24: Within expectations. Maintain SELL as we are concerned with its flat FFB production growth, lower mill utilisation rate and weak downstream margin. Bank Mandiri (BMRI IJ/BUY/Rp6,325/Target: Rp7,300): 1Q24: Net profit up 1.1% yoy, slightly below expectations. Maintain BUY with a lower target price. Trime...
AALI ASTRA AGRO LESTARI
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
BMRI PT BANK MANDIRI (PERSERO) TBK
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – Tight Palm Oil Supply To Support CPO Prices In 1...
CPO prices are expected to trade in the range of RM3,800-4,200/tonne for 2024, higher in 1H24 (tight vegoil supply) but seeing some softness in 3Q24 with more vegoil supply coming into the market. The impact from El Nino would be minimal on Malaysia’s production and mild on Indonesia’s production. Demand would still remain sluggish and the market only expects huge imports when CPO prices are lower. Maintain OVERWEIGHT; prefer efficient upstream players with good production growth.
AALI ASTRA AGRO LESTARI
F34 WILMAR INTERNATIONAL LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Limartha Adhiputra
- Maskun Ramli
Indonesia Daily - Tuesday, March 5, 2024
Regional Plantation: We cherry-pick efficient companies with good production growth to leverage good CPO prices to mitigate any unforeseen CPO price volatility. Adaro Energy Indonesia (ADRO IJ/HOLD/Rp2,540/Target: Rp2,400): 4Q23: Core NPAT beats estimates, up 7.1% qoq but down 37.3% yoy. TRADERS’ CORNER Bukit Asam (PTBA IJ): Technical BUY Perusahaan Gas Negara (PGAS IJ): Technical BUY
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, February 26, 2024
GREATER CHINA Update The United Laboratories International (3933 HK/BUY/HK$8.17/Target: HK$10.00): 2023 earnings expected to beat consensus forecasts. INDONESIA Results Astra Agro Lestari (AALI IJ/SELL/Rp6,850 /Target: Rp5,715): 4Q23: Results below expectations. Downgrade to SELL. MALAYSIA Results Greatech Technology (GREATEC MK/BUY/RM4.90/Target: RM6.20): 2023: Within expectations. Orderbook is at an elevated quantum of RM1.04b; aiming to spearhead more projects in 2024. IOI Corporation (IO...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Astra Agro Lestari (AALI IJ) - 4Q23: Below Expectations
AALI’s 4Q23 core net profit came in below our expectations, mainly dragged by the higher purchase cost of external FFB and lower downstream operations. We expect 2024 earnings to be higher yoy, lifted by higher CPO ASP. However, we remain cautious on the flat FFB production growth for 2024, higher external FFB purchase price and weak downstream margin. Downgrade to SELL with a lower target price of Rp5,715.
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Maskun Ramli
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Posmarito Pakpahan
Singapore Daily - Monday, January 15, 2024
KEY HIGHLIGHTS Sector ASEAN Banks: ASEAN Banks: quarterly update. Regional Plantation: Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading BUY Top Glove Corp (TOPG SP): Trading BUY
AALI ASTRA AGRO LESTARI
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
F34 WILMAR INTERNATIONAL LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – CPO Prices Set for Gradual Uptrend Amid Supply T...
The potential supply deficit could support elevated CPO prices in 2024, with marginal production growth in Malaysia offsetting weaknesses in Indonesia and other countries. Global vegoil supply faces constraints due to: a) Indonesia increasing domestic use, b) heightened biofuel usage in key oilseed-producing countries, and c) reduced oilseed crushing. Maintain OVERWEIGHT, and focus on Malaysian plantation companies and companies that have better-than-peers production growth.
AALI ASTRA AGRO LESTARI
F34 WILMAR INTERNATIONAL LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Posmarito Pakpahan
- Stevanus Juanda
Indonesia Daily - Monday, January 15, 2024
Banks - Regional: ASEAN Banks: quarterly update. Plantation - Regional: Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. Ace Hardware Indonesia (ACES IJ/BUY/Rp810/Target: Rp1,200): Market yet to account for net margin expansion. TRADERS’ CORNER United Tractors (UNTR IJ): Technical BUY ESSA Industries Indonesia (ESSA IJ): Technical BUY
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ACES PT ACE HARDWARE INDONESIA TBK
LSIP PP LONDON SUMATRA INDONES PT
TAPG TRIPUTRA AGRO PERSADA PT
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Tuesday, October 31, 2023
Astra Agro Lestari (AALI IJ/BUY/Rp7,000/Target: Rp8,995): 3Q23: Results slightly below our expectations. Bukalapak.com (BUKA IJ/BUY/Rp198/Target: Rp265): 3Q23: Adjusted EBITDA continues to improve. Cisarua Mountain Dairy (CMRY IJ/BUY/Rp3,710/Target: Rp4,800): 3Q23: Dairy margin pressure subsides with 40% growth in consumer food. TRADERS’ CORNER Ciputra Development (CTRA IJ): Technical BUY HM Sampoerna (HMSP IJ): Technical BUY
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 31, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Pet food exports on track for recovery; beneficiary: Yantai China Pet Food. Results BYD Company (1211 HK/BUY/HK$246.20/Target: HK$630.00): 3Q23: Earnings up 82% yoy and 53% qoq, in line. Maintain BUY. Target price: HK$630.00. China Construction Bank (939 HK/BUY/HK$4.48/Target: HK$6.00): 3Q23: Results in line; earnings up 2.6% on lower credit costs. China Merchants Bank Co. (3968 HK/BUY/HK$30.30/Target: HK$45.00): 3Q23: Results miss; longer wait need...
2308 DELTA ELECTRONICS INC.
AALI ASTRA AGRO LESTARI
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
1099 SINOPHARM GROUP CO LTD
CDREIT CDL HOSPITALITY TRUSTS
709 GIORDANO INTERNATIONAL LTD
TDC TIME DOTCOM BHD
BUKA BUKALAPAK.COM PT TBK
830 CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Plantation – Harvesting Opportunities
Indonesia’s domestic CPO prices have been more stable than Malaysia’s, which is attributed to tighter supplies in Indonesia. Production outlook remains weak with the weather getting hotter and drier, which has led to a rising number of hotspots. We may see higher biodiesel blending domestically as diesel prices are getting more expensive. Maintain OVERWEIGHT on expectations of a strong earnings recovery in 3Q23 and CPO prices trending up with tighter supplies going into 2024. Top pick: TAPG IJ.
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Maskun Ramli
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Regional Plantation – Thomas Mielke: Palm Oil To Be The Price Leader I...
Key highlights from Mr. Thomas Mielke update session: a) current vegoil prices are not reflecting the prospective global production deficit in 2023/24, b) palm oil will be the price leader in 2024, and c) soymeal prices could be under pressure on higher crush volume while meal demand is relatively weak. CPO prices will appreciate by at least US$100/tonne within the next 4-6 months from the current level of US$860/tonne. Maintain OVERWEIGHT
AALI ASTRA AGRO LESTARI
F34 WILMAR INTERNATIONAL LIMITED
SOP SARAWAK OIL PALMS BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SDPL SIME DARBY PLANTATION BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
TAPG TRIPUTRA AGRO PERSADA PT
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Maskun Ramli
- Paula Ruth
Indonesia Daily - Wednesday, September 13, 2023
Regional Plantation: Highlight from Thomas Mielke sessions: CPO will be the price leader in 2024, current price is undervalued, and the price will appreciate within the next 4-6 months. Avia Avian (AVIA IJ/NOT RATED/Rp585): Weak demand from low-to-mid income segment hinders growth. TRADERS’ CORNER Surya Esa Perkasa (ESSA IJ): Technical BUY Erajaya Swasembada (ERAA IJ): Technical BUY
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Stevanus Juanda
Regional Morning Notes - Friday, July 28, 2023
GREATER CHINA Initiation Coverage China Server: AI investment series: Diving into opportunities in the server industry. Sector Automobile: Weekly: Passenger EV sales up 59% yoy/21% wow over 17-23 July, in line. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. INDONESIA Results Astra Agro Lestari (AALI IJ/BUY/Rp8,000.00/Target: Rp9,785.00): 2Q23: Lower qoq and yoy but still within our expectations. Sido Muncul (SIDO IJ/HOLD/Rp650/Target: Rp680): 2Q23: Profit warning issued for the rest of ...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
7153 KOSSAN RUBBER INDUSTRIES BHD.
BN4 KEPPEL CORPORATION LIMITED
VITRO VITROX CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
WPRTS WESTPORTS HOLDINGS BHD
RFMD RAFFLES MEDICAL GROUP LTD
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Astra Agro Lestari (AALI IJ) - 2Q23: Worst Quarter Is Over
Despite AALI’s 2Q23 core net profit being lower qoq and yoy, the results are still within our expectations as we already expected 2Q23 to yield the lowest quarterly earnings for AALI. We expect 2H23 to come in significantly higher hoh on the back of higher CPO ASP and lower cost of production. We reckon that AALI’s high earnings sensitivity to CPO prices would benefit its earnings and share price performance. Maintain BUY with a target price of Rp9,785.
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Friday, July 28, 2023
Astra Agro Lestari (AALI IJ/BUY/Rp8,000/Target: Rp9,785): 2Q23: Lower qoq and yoy but still within our expectations. Sido Muncul (SIDO IJ/HOLD/Rp650/Target: Rp680): 2Q23: Profit warning issued for the rest of 2023. Downgrade to HOLD. TRADERS’ CORNER AKR Corporindo (AKRA IJ): Technical BUY XL Axiata (EXCL IJ): Technical BUY
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