reports
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 29, 2024
GREATER CHINA Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) 1H24: Below expectations; exploring opportunities in overseas markets. CR Mixc (1209 HK/BUY/HK$23.25/Target: HK$33.70) 1H24: Results in line with surprise from special dividend. Haidilao International Holding (6862 HK/BUY/HK$12.34/Target: HK$19.60) 1H24: Core net profit up 13% yoy. Accelerated store opening pace in 2H24; dividend payout expected to remain at reasonable leve...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
INDF PT INDOFOOD SUKSES MAKMUR TBK
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
1155 MALAYAN BANKING BHD.
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
3605 ACES ELECTRONIC CO. LTD.
6888 AXIATA GROUP BHD.
002352 S.F. HOLDING CO. LTD. CLASS A
ROTI NIPPON INDOSARI CORPINDO
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
IJM IJM CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
01801 INNOVENT BIOLOGICS INC.
MPM MARCO POLO MARINE LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
FFB FARM FRESH BHD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
- Stevanus Juanda
Consumer – Consumer Companies Strong Thanks To Lower Raw Material Cost...
Consumer companies’ 2Q24 core NPAT rose 19.8% yoy. Indofood Group performed well, with core NPAT of ICBP and INDF rising 31.5% and 41.2% yoy. Consumer companies’ margins expanded thanks to a decline in wheat and skim milk powder prices. Retailers’ margins were stable, with 2Q24 NPAT declining 17.2% yoy. Boycotts on multinational companies are likely to continue. The 2H24 outlook should be similar to that of 1H24, with a bleak 2025 outlook. Maintain MARKET WEIGHT. Our picks: ACES and CMRY.
- Maskun Ramli
- Stevanus Juanda
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Thailand Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 15, 2024
GREATER CHINA Results Nexteer (1316 HK/SELL/HK$2.89/Target: HK$1.50) 1H24: Earnings miss estimates on revenue. Maintain SELL. Cut target price from HK$2.20 to HK$1.50. Tencent Holdings (700 HK/BUY/HK$373.80/Target: HK$490.00) 2Q24: Solid margin expansion; reaccelerated online games revenue growth. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb21.38/Target: Rmb30.00) AI business continues to accelerate, GB200 scheduled to ship i...
G13 GENTING SINGAPORE
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
MAG. MAG SILVER CORP.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C09 CITY DEVELOPMENTS LIMITED
INDF PT INDOFOOD SUKSES MAKMUR TBK
7148 DUOPHARMA BIOTECH
5162 VSTECS
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
GENT GENTING BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
RGB RGB INTERNATIONAL BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CK CH. KARNCHANG PUBLIC CO LTD
CLI CAPITALAND INVESTMENT LTD
Z29 029 GROUP SE
GENTMK GENTING BERHAD
VST VSTECS BHD
3BBIF 3BB INTERNET INFRASTRUCTURE FUND
- Stevanus Juanda
Indofood Sukses Makmur (INDF IJ) - Expects 11.5% Core NPAT Growth In 2...
INDF could deliver a potential 11.5% core NPAT growth in 2024 on the back of: a) 10.6% core NPAT growth at ICBP, b) 1.7% NPAT growth at IFAR, c) 5.7% EBIT growth at Bogasari, and d) 18.4% yoy growth for distribution EBIT. Due to a fluctuation in forex, we expect the reported net income to decline 18.3% yoy as INDF is likely to be impacted by forex depreciation. INDF now trades at -1SD PE, which is attractive. Maintain BUY with a target price of Rp11,000.
- Maskun Ramli
- Stevanus Juanda
- Johnny Yum
- Stevanus Juanda
Strategy - The Beginning Of The Rate Cut Cycle
UOB Global Economics & Markets Research expects the US Fed to cut interest rates starting in 3Q24, with a 50bp reduction in 2H24. BI is expected to hold its benchmark rate steady. This could widen the gap between the US Fed rate and the BI’s 7-day repo rate and cause funds to flow back into Indonesian bonds, strengthening the rupiah. Higher GDP growth could also translate to funds flowing back to Indonesian equities. Our top picks are BBCA, BBNI, BMRI, BBTN, BSDE, CTRA, BUKA, CMRY, ACES and JSMR...
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
ICBP INDOFOOD CBP SUKSES MAKMUR T
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 15, 2024
INDONESIA Update Indofood Sukses Makmur (INDF IJ/BUY/Rp6,175/Target: Rp9,600): Steady growth at attractive valuation. Maintain BUY. MALAYSIA Sector Gloves: Tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. Results Heineken Malaysia (HEIM MK/BUY/RM23.68/Target: RM29.20): 1Q24: Within expectations. Earnings saw a seasonal boom following the CNY celebrations. Maintain BUY with a higher target pr...
- Stevanus Juanda
Indofood Sukses Makmur (INDF IJ) - Steady Growth At Attractive Valuati...
INDF could deliver a potential 9.1% core NPAT growth in 2024 on the back of: a) 9.1% core NPAT growth at ICBP, b) 15.7% core NPAT growth at IFAR; and c) flat EBIT growth at Bogasari. Short-term risk could come from forex, but ASP increase should pass on the impact of core NPAT. Forex could impact debt outstanding by Rp472b for every 1% depreciation of the rupiah. INDF is trading below -1SD PE which is attractive. Maintain BUY with a lower target price of Rp9,600.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Indofood Sukses Makmur (INDF IJ) - 4Q23: Ahead Of Consensus Expectatio...
INDF reported 4Q23 core NPAT of Rp2,716b, up 5.9% yoy and 12.9% qoq. Due to lower raw material costs, gross margin expanded 584bp yoy and 354bp qoq. Net margin increased 122bp yoy and 111 bp qoq. Bogasari’s EBIT margin grew 294bp in 4Q23 while those of agribusiness and distribution rose 466bp and 437bp respectively. INDF trades at 5.5x 2024F PE, below -1SD PE. Maintain BUY with a target price of Rp11,000.
- Stevanus Juanda
Indofood Sukses Makmur (INDF IJ) - 4Q23: Ahead Of Consensus Expectatio...
INDF reported 4Q23 core NPAT of Rp2,716b, up 5.9% yoy and 12.9% qoq. Due to lower raw material costs, gross margin expanded 584bp yoy and 354bp qoq. Net margin increased 122bp yoy and 111 bp qoq. Bogasari’s EBIT margin grew 294bp in 4Q23 while those of agribusiness and distribution rose 466bp and 437bp respectively. INDF trades at 5.5x 2024F PE, below -1SD PE. Maintain BUY with a target price of Rp11,000.
- Limartha Adhiputra
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Monday, April 1, 2024
Indofood Sukses Makmur (INDF IJ/BUY/Rp6,375/Target: Rp11,000) : 4Q23: Ahead of consensus expectation. Merdeka Copper Gold (MDKA IJ/HOLD/Rp2,280/Target: Rp2,500) : 4Q23: Bottom line still weak but outlook remains positive; results below expectations. TRADERS’ CORNER Telkom Indonesia (TLKM IJ): Technical BUY Japfa Comfeed Indonesia (JPFA IJ): Technical BUY
- Bella Lu Yifei
- Damon Shen
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Wednesday, August 16, 2023
GREATER CHINA Economics Economic Activity: July data mostly below expectations, further monetary easing is needed. Sector Property: Fundamentals of property sector further weaken, greater downward pressure on property prices. Results Guangzhou Tinci Materials Technology (002709 CH/SELL/Rmb35.91/Target: Rmb20.00): 2Q23: Electrolyte price drop drags margins; cut target price to Rmb20.00. Maintain SELL. Weimob (2013 HK/HOLD/HK$3.83/Target: HK$4.10): 1H23: Strong beat fuelled by improved macro backd...
INDF PT INDOFOOD SUKSES MAKMUR TBK
ERW ERAWAN GROUP
F34 WILMAR INTERNATIONAL LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
HANA HANA MICROELECTRONICS PCL
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
SATS SP SATS LTD.
HEIM HEINEKEN MALAYSIA BHD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
CPN-R CENTRAL PATTANA PCL NVDR
2013 WEIMOB INC
SE US SEA LIMITED
- Stevanus Juanda
Indofood Sukses Makmur (INDF IJ) - 2Q23: Driven By ICBP’s Strong Perfo...
INDF reported 2Q23 core NPAT of Rp1,762b, rising 23.5% yoy. The reported core NPAT is in line with our and consensus’ 2023 core NPAT forecast. We expect ICBP’s strong performance to continue into 2H23, as well as a potential recovery at IFAR on a hoh basis. Bogasari’s performance in 2023 should be flat or decline slightly. We expect 2023 core NPAT to rise 15.9% yoy. INDF is trading at an attractive -1.5x 2024F PE. Maintain BUY with a target price of Rp10,000.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Indofood Sukses Makmur (INDF IJ) - 1Q23: Slightly Ahead of Consensus E...
INDF reported 1Q23 core NPAT of Rp2,900b, rising 12.7% yoy. The reported core NPAT is in line with our 2023 core NPAT forecast but slightly ahead of consensus. Looking forward, we foresee strong growth from ICBP but weak performance from IFAR. Bogasari’s performance in 2023 should be flattish or decline slightly. Despite 2023 core NPAT rising by 4.7% yoy, INDF is trading at an attractive -1.5x SD PE. Maintain BUY with a target price of Rp9,000.
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, May 10, 2023
GREATER CHINA Economics Trade: Growth not falling off a cliff. Shariah Gems Conference Highlights Baoshan Iron & Steel (600019 CH/BUY/Rmb7.04/Target: Rmb7.10): Product differentiation driving outperformance; fostering new growth driver from overseas expansion. INDONESIA Results Indofood Sukses Makmur (INDF IJ/BUY/Rp6,825/Target: Rp9,000): 1Q23: Slightly ahead of consensus expectations; trading at -1.5SD to 2023F PE. MALAYSIA Results Carlsberg Brewery Malaysia (CAB MK/BUY/RM21.52/Target: RM28.0...
- Maskun Ramli
- Stevanus Juanda
- MarketLine Department
Nissin Foods Holdings Co., Ltd. - Mergers & Acquisitions (M&A), Partne...
Summary Marketline's Nissin Foods Holdings Co., Ltd. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Nissin Foods Holdings Co., Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships...
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