reports
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 1Q25 Results Preview: Expect A Soft Qu...
We expect BCP to report a net profit of Bt2.2b for 1Q25. Excluding extra items, core profit could fall 55% yoy and 14% qoq to Bt1.6b. However, we still like BCP due to the expected earnings recovery from 2Q25 onwards, supported by its restructuring plan to acquire BSRC. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
Thailand Daily - Wednesday, April 30, 2025
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/HOLD/Bt8.25/Target: Bt10.00) 1Q25: Flattish yoy earnings momentum. Update Bangchak Corporation (BCP TB/BUY/Bt35.50/Target: Bt45.00) 1Q25 results preview: Expect a soft quarter, but remain positive on the long-term outlook. Bangchak Sriracha (BSRC TB/BUY/Bt5.35/Target: Bt7.00) 1Q25 results preview: Expect slim core and net profits. SCG Packaging (SCGP TB/HOLD/Bt14.00/Target: Bt13.20) 2Q25 net profit expected to contin...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, April 30, 2025
GREATER CHINA Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00): 1Q25: Earnings miss due to weaker NIM and fee income; tariff risk is limited. Downgrade to HOLD. China Longyuan Power (916 HK/HOLD/HK$6.10/Target: HK$6.60): 1Q25: In line; cautious outlook amid rising curtailment rates and upcoming policy shift. China Merchants Bank (3968 HK/BUY/HK$44.50/Target: HK$49.00): 1Q25: Earnings down 2.1% yoy on weaker trading gains. Estun Automation (002747 CH/SELL/Rmb19.17/Target: Rmb...
BCP THE BANGCHAK PETROLEUM PCL
FCT FRASERS CENTREPOINT TRUST
BRPT PT BARITO PACIFIC TBK
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
333 MIDEA GROUP
2747 ESTUN AUTOMATION
MPM MARCO POLO MARINE LTD
SCGP SCG PACKAGING PCL
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 4Q24: Above Expectations; Earnings Exp...
BCP posted a 4Q24 net profit of Bt17m. Excluding extraordinary items, BCP’s core profit could surge 153% qoq to Bt1.8b, 13% above our estimate. BCP’s 2024 core profit fell 38% yoy to Bt6.1b due to lower GRM in 2024. We believe BCP’s profit will outperform peers’ in 1Q25 due to higher diesel production proportion with lower crude premiums. BCP announced a tender offer for the remaining 18.3% stake in BSRC with completion expected in Nov 25. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Friday, February 21, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt36.50/Target: Bt45.00) 4Q24: Above expectations; earnings projected to outperform peers’ in 2025. Bangchak Sriracha (BSRC TB/BUY/Bt4.94/Target: Bt8.00) 4Q24: Results in line with expectations. GFPT (GFPT TB/BUY/Bt9.15/Target: Bt13.00) 4Q24: Earnings miss expectations; deep discount valuation. True Corporation (TRUE TB/BUY/Bt12.80/Target: Bt14.50) 4Q24: Results below our...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 4Q24 Preview: Expect Healthy Profit An...
We expect BCP to report a net profit of Bt220m for 4Q24. Excluding extra items, core profit could jump 124% qoq to Bt1.6b. We like BCP for its strong earnings outlook in 2025. We foresee opportunities to accumulate the stock. Maintain BUY. Target price: Bt45.00
- Arsit Pamaranont
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Kate Luang
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Sunny Chen
Regional Morning Notes - Friday, February 07, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: Countdown to Plover Bay’s 2024 results: Eyeing final dividend and 2025 outlook. Sector Automobile: Weekly: OEMs post upbeat January sales. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Update Aier Eye Hospital Group (300015 CH/HOLD/Rmb12.71/Target: Rmb13.80): Expecting slower growth amid weaker demand, yet outperforming peers. Downgrade to HOLD. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,290/Target: Rp3,300): 4Q24: NPAT jumps 93%...
S68 SINGAPORE EXCHANGE LTD.
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
7113 TOP GLOVE CORPORATION BHD.
ROTH BRITISH AMERICAN TOBACCO BHD
IOI IOI CORP BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
EXCL XL AXIATA TBK PT
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, December 03, 2024
GREATER CHINA Strategy Alpha Picks: December Conviction Calls Add Desay, Meituan, Mengniu, Tencent, and Trip.com to our BUY list. Take profit from CATL. Update CR Mixc Lifestyle (1209 HK/BUY/HK$29.20/Target: HK$32.15) Takeaways from reverse roadshow in Shenzhen. China Resources Land (1109 HK/BUY/HK$23.25/Target:HK$32.40) Takeaways from reverse roadshow in Shenzhen. Small/Mid Cap Highlights Regina Miracle (2199 HK/Not Rated/HK$2....
MAJOR MAJOR CINEPLEX GROUP PCL
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
N2IU MAPLETREE COMMERCIAL TRUST
IVL INDORAMA VENTURES PUBLIC CO. LTD.
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
2199 REGINA MIRACLE INTERNATIONAL
RGB RGB INTERNATIONAL BHD
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA (EXCELCOMINDO)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
BRMI BOAT ROCKER MEDIA INC.
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 3Q24: Earnings Hurt By Weaker GIM And...
BCP’s 3Q24 net loss was Bt2.1b (3Q23: gains Bt11.1b; 2Q24: gains Bt1.8b) due to an inventory loss of Bt5.1b. Excluding extra items, core profit was Bt711m, down 81% yoy but up 2,122% qoq. Both core profit and net loss were in line with our estimates. We think the 22% ytd decline in the share price offers an opportunity to buy on weakness. BCP now trades at only 4.6x 2025F PE with potential to provide a 5.6% dividend yield for 2025. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, November 08, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt33.00/Target: Bt45.00) 3Q24: Earnings hurt by weaker GIM and inventory loss Bangchak Sriracha (BSRC TB/BUY/Bt7.10/Target: Bt9.00) 3Q24: Results better than expected. Berli Jucker (BJC TB/BUY/Bt23.40/Target: Bt28.00) 3Q24: Earnings in line; expect 4Q24 EBIT to continue to improve yoy. Bumrungrad Hospital (BH TB/BUY/Bt262.00/Target: Bt303.00) 3Q24: Di...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes: Friday, November 08, 2024
GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...
BCP THE BANGCHAK PETROLEUM PCL
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
D05 DBS GROUP HOLDINGS LTD
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
INCO VALE INDONESIA
M3I MINTH GROUP LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
2338 WEICHAI POWER CO. LTD. CLASS H
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
DLG DIALOG GROUP BHD
LPN LPN DEVELOPMENT PCL
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
ADROIJ ADARO ENERGY
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Johnny Yum
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Thailand Research Team
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, September 03, 2024
GREATER CHINA Results China Construction Bank (939 HK/BUY/HK$5.43/Target: HK$6.00): 2Q24: Earnings decline narrowed to 1.4% on strong trading income. China Merchants Bank. (3968 HK/BUY/HK$32.35/Target: HK$42.00): 1H24: Still waiting to thrive. China Tourism Group Duty Free (601888 CH/BUY/Rmb58.93/Target: Rmb83.40): 2Q24: Slight earnings miss; Hainan duty-free business under pressure; airport business recovery underway. Kingmed Diagnostics (603882 CH/BUY/Rmb25.66/Target: Rmb35.00): 1H24: Signific...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 2Q24: Weak 2Q24; Expect Significant Im...
BCP reported a 2Q24 net profit of Bt1.8b (+298% yoy, -25% qoq), in line with our estimate. Excluding inventory and other items, core profit was Bt32m. We believe BCP’s earnings will remain strong in 2H24. We think that the 23% ytd decline in the share price offers an opportunity to buy on weakness. We expect a 6.0% dividend yield for 2024. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 09, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt33.50/Target: Bt45.00) 2Q24: Weak 2Q24; expect significant improvement in 3Q24. Bangchak Sriracha (BSRC TB/BUY/Bt6.80/Target: Bt9.00) 2Q24: Weak results as expected. LPN Development (LPN TB/SELL/Bt2.98/Target: Bt2.40) 2Q24: Results below expectation; unexciting business outlook. Major Cineplex (MAJOR TB/BUY/Bt13.60/Target: Bt18.00) ...
MAJOR MAJOR CINEPLEX GROUP PCL
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
LPN LPN DEVELOPMENT PCL
PTTOR PTT OIL AND RETAIL
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
ONEE THE ONE ENTERPRISE PCL
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jo Yee Ng
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Friday, August 09, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales rebound by 17% yoy on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL and Desay SV. Top SELL: XPeng. Shipping and Ports: Freight rates peaked but forward decline is priced in. Maintain MARKET WEIGHT and upgraded CSH to BUY. Results Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb19.80/Target: Rmb27.00): 2Q24: Results miss expectations; condiment business under pressure. Kweichow Moutai (600519 CH/BUY/Rmb1,430.69/Target: Rmb2,...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Expect Weak Operating Numbers Due To 2...
We expect BCP to post 57% yoy and 86% qoq weaker core profit of Bt480m in 2Q24. Including inventory impact, BCP is likely to post a net profit of around Bt1.9b in 2Q24 (up 304% yoy but down 24% qoq). However, we believe earnings will return to normal in 2H24, backed by a strong utilisation rate after resuming operations at Phra Khanong and the peak season for the renewable business. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
Thailand Daily: Wednesday, July 24, 2024
KEY HIGHLIGHTS Results SCGP (SCGP TB/BUY/Bt28.50/Target: Bt41.00) 2Q24: Core profit within expectations. Update Bangchak Corporation (BCP TB/BUY/Bt41.25/Target: Bt45.00) 2Q24 preview: Expect weak operating numbers due to 27 days of scheduled maintenance. Bangchak Sriracha (BSRC TB/BUY/Bt8.70/Target: Bt10.00) 2Q24 preview: Earnings still in the black.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Paula Ruth
- Sunny Chen
Regional Morning Notes - Wednesday, July 24, 2024
GREATER CHINA Initiate Coverage CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb24.40/Target: Rmb33.00): Transforming into a drug innovator with over 200% earnings CAGR in 2024-26. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp690/Target: Rp810): Expect 52% yoy growth in 2024 fibre optic revenue; exploring non-terrestrial network technology’s potential; maintain BUY. MALAYSIA Update Top Glove (TOPG MK/BUY/RM1.24/Target: RM1.45): Against a backdrop of favourable tailwinds, we hav...
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