GREATER CHINA Sector Property - Hong Kong Limited Downside Risks To Property Price in Near Term; Watch For Policy Support For Hong Kong Tourism. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900) 2024 net profit could grow 45% yoy, partly driven by network improvement. MALAYSIA Sector Oil & Gas Petrona...
Summary Savory & Deli Foods in Indonesia industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Key Highlights - The savory and deli foods market consists of the retail sale of cured meats, fermented meats, pates, pies & savory appetizers, pre-packed sand...
We expect CPF to report a core profit of Bt767m for 4Q21, up from 3Q21’s Bt4.2b loss, driven by an improvement in the domestic farm business due to high livestock prices. For 2022, there are three growth drivers: a) strong domestic business, b) the end of the downward trend in Vietnam’s swine prices, and c) higher income from associates. We raise 2021-22 core profit by 8.6% and expect an earnings growth of 127% yoy in 2022. Maintain BUY with a higher target price of Bt31.00.We expect CPF to repo...
KEY HIGHLIGHTS Initiate Coverage ONEE (Thailand) (ONEE TB/BUY/Bt11.10/Target: Bt12.60) Fully-integrated and diverse content creator. Results Bangkok Bank (BBL TB/BUY/Bt132.00/Target: Bt159.00) 4Q21: Strong yoy improvement. Update Charoen Pokphand Foods (CPF TB/BUY/Bt25.25/Target: Bt31.00) 2022 will be an exciting year for CPF.
Due to the domestic swine price spikes, the authorities will start expanding the discount pork scheme and asking for cooperation from modern trade players to cap pork prices. However, we believe these policies will not have much impact on swine prices given the current demand recovery trend and the supply shortage situation. Maintain BUY. Target price: Bt29.00.
CHAROEN POKPHAND INDO. (ID), a company active in the Farming & Fishing industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date November 30, 2021, the closi...
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....
In 2020, we expect broiler and DOC prices to stand at Rp16,000/kg and Rp4,500/chick respectively on the back of aggressive culling activity and demand recovery in 2H20. We cut net profit forecasts of JPFA, MAIN, and CPIN by 81-98% yoy on the back of lower poultry price assumption for 2020. However, after factoring in the earnings reduction, current valuation is still cheap. MAIN and JPFA are trading near -2SD 2020F P/B. Our top picks are JPFA (Target: Rp1,100) and MAIN (Target: Rp800).
According to BPS and the Ministry of Agriculture, there is an excess of DOC FS production in Mar 20. The Indonesian government has mandated less aggressive culling exercises from March until the beginning of Apr 20 (27.5m eggs in March vs 60m eggs in February) due to the Lebaran festival. We estimate that every 5% increase in soybean meal should reduce net income by 5.7-14 %. Maintain OVERWEIGHT. Top picks: JPFA and MAIN.
The Indonesian government has mandated more aggressive culling exercises for Feb 20 (60m eggs in February vs 39m eggs in January). Based on our channel checks, DOC and broiler prices in Java for January had declined to Rp3,400/chick and Rp15,600/kg (down 33.3% mom and 12.8% mom). However, prices started to recover in Feb 20. Average DOC and broiler prices in Java in February (as of 15 February) had risen to Rp4,400/chick and Rp17,900/kg. Maintain OVERWEIGHT. Top picks: JPFA and MAIN.
We view the government’s recent sixth round of culling when poultry prices were still quite high was triggered by the risk of price declines. We expect the government to take more anticipatory action in 2020 so as to maintain poultry prices. Every 5% increase in our broiler price assumption could increase the EPS of poultry companies by 11-25.9% and vice versa. Also, every 5% increase in our DOC price assumption could increase EPS of poultry companies by 0.6-14.9% and vice versa. Upgrade to OV...
GREATER CHINA Update Weimob (2013 HK/BUY/HK$3.64/Target: HK$6.20): Seeking growth in new initiatives. INDONESIA Results Charoen Pokphand Indonesia (CPIN IJ/SELL/Rp7,200/Target: Rp5,900): 9M19: Net profit declines 25.9% yoy, below expectations; downgrade to SELL. MALAYSIA Sector Manufacturing: Packaging companies such as Scientex and Daibochi are regarded pioneers of monolamination packaging in Malaysia and poised to reap various benefits. Results Nestle Malaysia (NESZ MK/HOLD/RM145.70/Target: RM...
CPIN reported 9M19 net profit of Rp2,566b, down 25.9% yoy. With 9M earnings in the past five years accounting for average of 79.6% of full-year profit, we deem 9M19 net profit as below our (68.7%) and the street's (73.8%) full-year expectations. At current price, the market is pricing in net income of Rp5,936b, or +1.4SD to our 2020 forecast, which is expensive even after factoring in the likely improvements in DOC and broiler prices in 4Q19. Downgrade to SELL with a lower target price of Rp5,90...
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