A director at Xl Axiata Tbk PT sold 3,125,400 shares at 2,288.969IDR and the significance rating of the trade was 87/100. 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 years ...
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
2Q24: In Line; Transition To Dual Wholesale Network For 5G By Year-end 2Q24 results came in within expectations, with sector earnings contracting 5% yoy and 2% qoq. The quarter was characterised by: a) 2% yoy service revenue growth, with Maxis achieving 5% yoy growth; and b) strong underlying demand for home broadband amid price competition. Following the results, we project sector earnings to grow 3%. Maintain MARKET WEIGHT. Our top picks are CelcomDigi, Maxis and TIME dotCom. We expect the sec...
KEY HIGHLIGHTS Strategy Alpha Picks: Strong beat; add STM and remove CENT, MPM and FEHT from our portfolio. Our Alpha Picks portfolio rose 0.8% mom in Aug 24 on an equal-weighted basis, beating the STI by 1.2ppt. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY AEM Holdings (AEM SP): Trading BUY
Our Alpha Picks portfolio had a solid month in August, rising 0.8% mom on an equal-weighted basis, beating the STI by 1.2ppt. The outperformance was driven by CENT, MINT and FEHT, while MPM, VMS and CVL underperformed. Our Alpha Picks portfolio has now outperformed the STI in seven out of the past eight months. For Sep 24, we add STM while removing CENT, MPM and FEHT.
Singtel held its Investor Day today. Overall tone was more positive relative to last year as the core is beginning to bear fruits from its cost-out initiatives in addition to the clear capex and shareholder remuneration pathway as echoed by its ST28 strategy. The stock remains one of our top picks despite the recent rally as we continue to see good value.
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
2Q24: Another Strong Quarter; Lifts EBITDA Guidance Maxis registered a sequentially higher net profit in 2Q24 on the back of cost discipline. This was partly offset by seasonally lower device sales. 2Q24 normalised EBITDA margin expanded to 40.4% (+0.3ppt qoq) on the back of higher postpaid, fibre and enterprise revenues, as well as cost discipline. Maxis declared a second interim DPS of 4 sen/share (88% payout) as management lifts 2024 EBITDA guidance. Maintain BUY with a DCF-based target price...
GREATER CHINA Results Crystal International (2232 HK/BUY/HK$3.54/Target: HK$4.92): 1H24: Stronger 2H24, expect restocking into 1H25. CSPC Pharmaceutical Group (1093 HK/SELL/HK$5.68/Target: HK$5.00): 1H24: Results miss; major products face considerable price pressure. Downgrade to SELL. Geely Auto (175 HK/BUY/HK$7.88/Target: HK$13.00): 1H24: Core earnings up 108% yoy, in line with estimates. Maintain BUY. Target price: HK$13.00. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$228.60/Target: HK$30...
Following strong Q1 figures, and ahead of their investor day, we look at the near-term outlook for the shares. When the company first announced the Value Realisation Dividend, our initial response was to be underwhelmed. We now realise this was too hasty. We have changed our mind, and this note runs through why. We see Singtel rising fairly quickly to S$3.75 to S$4. Recommendation remains Buy, pt S$4.6.
GREATER CHINA Economics Economic Activity Another month of lacklustre growth. Sector Automobile Weekly: PEV market share tops record 53% on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Desay SV. Top SELLs: XPeng and Nexteer. Results Alibaba Group (9988 HK/BUY/HK$76.40/Target: HK$95.00) 1QFY25: Solid cloud re...
Singtel reported higher 1QFY25 underlying net profit (+5.6% yoy), driven by better margins from the core businesses and ongoing cost optimisation efforts. Optus outperformed from price uplifts while Singtel Singapore posted better margins from cost-cutting initiatives. NCS booked higher order wins while the digital infraco segment was weighed down by investment costs. Backed by a decent dividend yield of 5.5% and an improving outlook, we maintain BUY with the same target price of S$3.58.
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/HOLD/S$1.42/Target: S$1.56): 2Q24: Strong quarter; in line, boosted by A2B and UK business. Singapore Telecommunications (ST SP/BUY/S$3.02/Target: S$3.58): 1QFY25: Strong results as margins expand; on track to exceed FY25 guidance. United Hampshire US REIT (UHU SP/BUY/US$0.43/Target: US$0.62): 1H24: New leases provide higher occupancy and rental uplift. Update Singapore Airlines (SIA SP/SELL/S$6.12/Target: S$5.71): Jul 24 operational da...
Singtel started its financial year on a strong footing as core mobile remained steady while profitability improved for both core (Singapore and Australia) and NCS. Headline operating profits (+27%) were also ahead of the upper end of high-single to low double digit FY25 guidance.
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Raising The M&A And Monetisation Bets: Our Alpha Picks marginally beat the KLCI. Jul 24 picks: Ekovest, Gamu...
The 2Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 2Q24 adj. EBITDA performance was strong at VodafoneZiggo, stable at Virgin Media O2 and Sunrise, while it was weak at Telenet. We would currently prefer to own Sunrise and Ziggo. Given similar credit profiles and the same (partial) owner, Liberty Global, we expect limited spread dispersion across the group. The main challenge to this view is our idea that we expect that Lib...
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...
For Jul 24, our Alpha Picks portfolio rose 4.7% mom on an equal-weighted basis, beating the STI by 1.0ppt. The strong outperformance was driven by CVL, CSE and ST, while FRKN, SCI and GENS underperformed. Our Alpha Picks portfolio has now outperformed the STI in six out of the past seven months. For Aug 24, we add SPOST while removing SIAEC from our Alpha Picks portfolio.
KEY HIGHLIGHTS Update Singapore Telecommunications (ST SP/BUY/S$3.02/Target: S$3.58): Early progress in driving shareholder value and its growth engines. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading BUY Riverstone Holdings (RSTON SP): Trading BUY
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