reports
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, February 17, 2025
GREATER CHINA Economics Money Supply: Liquidity growth edges lower. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,860/Target: Rp4,500): 15.0% net profit cut in 2025 on higher credit cost and lower loan growth. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM4.23/Target: RM4.40): Expect a strong 4Q24 finish. Share price is close to our fair value; downgrade to HOLD. The stock offers a 6% dividend yield. SINGAPORE Results Civmec (CIVMEC SP/HOLD/S$0.895/Target:S$0.98): 1HFY25: Results belo...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - 1QFY25: Results In Line As Beer And NAB Out...
THBEV released its 1QFY25 business update whereby overall revenue grew 2.4% yoy, driven by the beer and NAB segments. However, 1QFY25 EBITDA decreased slightly by 0.8% yoy, dragged by the spirits segment on lower sales volumes and rising costs. Both the beer and NAB segments posted robust results on strong growth in key markets and ongoing cost efficiencies. In our view, THVBEV is trading at an attractive -1.5SD to its mean PE. Maintain BUY with the same SOTP-based target price of S$0.56.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Monday, February 17, 2025
KEY HIGHLIGHTS Results Civmec (CIVMEC SP/HOLD/S$0.895/Target:S$0.98) 1HFY25: Results below expectations; soft outlook in the near term but positive in the medium term. Parkway Life REIT (PREIT SP/BUY/S$3.87/Target: S$4.85) 2H24: Oasis of calm sheltered from threats of tariffs. SIA Engineering (SIE SP/BUY/S$2.35/Target: S$2.70) 3QFY25: Results in line; maintaining a moderate pace of earnings improvement despite supply chain challenges. Maintain BUY. Thai Beverage (THBEV SP/BUY/...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Bella Lu Yifei
- Colin Lee
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Friday, November 22, 2024
GREATER CHINA Sector Automobile Weekly: PV sales up wow; NDRC indicates support for ICE-cars. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao Glass and Desay SV. IT Hardware Blackwell production ramp accelerating; brace for another year of robust growth. Maintain OVERWEIGHT. Results Baidu Inc (9888 HK/HOLD/HK$83.85/Target: HK$90.00) ...
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
MAG. MAG SILVER CORP.
ASM PACIFIC TECHNOLOGY LIMITED
AMATA AMATA CORP
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TRUE TRUE CORP. PUBLIC CO. LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
MTC MUANGTHAI CAPITAL PCL
SCGB SUNWAY CONSTRUCTION GROUP BH
CPALL TB CP ALL
UEMS UEM SUNRISE BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
WHA TB WHA CORP PCL
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
EXCL XL AXIATA (EXCELCOMINDO)
02423 XL AXIATA TBK PT
2232 KE HOLDINGS INC.
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
600699 LI AUTO INC
JOYSON ELECTRONICS CORP
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - FY24: Stable Performance, Positive FY25 Out...
Driven by growth across most business segments, THBEV posted higher FY24 revenue (+2.2% yoy) but lower PATMI (-0.8% yoy), dragged by higher interest costs and income tax. Margins for the spirits segment fell from higher costs but are set to improve moving forward. The beer segment outperformed on better tourist arrivals and an improving economic climate. In our view, backed by a decent 5% yield, THVBEV is trading at an attractive -1.5SD to its mean PE. Maintain BUY. Target price: S$0.56.
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
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.
AES AES CORPORATION
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Monday, August 12, 2024
KEY HIGHLIGHTS Results CapitaLand Ascendas REIT (CLAR SP/BUY/S$2.65/Target: S$3.44): 1H24: Backfilling vacant space at Changi Business Park. Singapore Exchange (SGX SP/HOLD/S$9.82/Target: S$10.65): FY24: Strong results in line as FICC outperforms. Thai Beverage (THBEV SP/BUY/S$0.50/Target:S$0.56): 9MFY24: Stable performance as beer outperforms. TRADERS’ CORNER Thai Beverage (THBEV SP): Trading BUY Venture Corp (VMS SP): Trading BUY
- Chong Lee Len
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Ringo Tang Chi Yu
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, August 12, 2024
GREATER CHINA Economics Inflation Worrying fall in core CPI inflation. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,665/Target: Rp1,700) 2Q24: Core NPAT rose 20.3% yoy; above expectations. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM3.57/Target: RM3.50) Higher demand capacity to offset lower NG prices in 2024; stock offers attractive dividend ...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - 3QFY24: Stable Performance As Beer Outperfo...
THBEV reported higher 9MFY24 revenue (+0.5% yoy) and EBITDA (+2.2% yoy), driven by higher contributions from most business segments. For 3QFY24, the spirits segment underperformed as volumes fell from slower economic activity while the beer segment outperformed on the back of better tourist arrivals and a warmer climate. Both the NAB and food segments reported strong revenue growths. In our view, THVBEV is trading at an attractive -1.5SD to its mean PE. Maintain BUY with a lower target price of ...
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, July 19, 2024
KEY HIGHLIGHTS Sector Banking: 2Q24 results preview: Stable interest rates and resilient earnings. Update Thai Beverage (THBEV SP/BUY/S$0.50/Target:S$0.60): Cementing its top spot in Southeast Asia. TRADERS’ CORNER Parkway Life Real Estate Investment Trust (PREIT SP): Trading BUY City Developments (CIT SP): Trading BUY
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, July 19, 2024
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$241.40/Target: HK$310.00) A head of steam or a flash in the pan? Inner Mongolia Yili Industrial Group (600887 CH/BUY/Rmb26.21/Target: Rmb30.60) Lower 2024 revenue expectation; expects active channel adjustments to lead to better liquid milk sales in 2H24. Meituan (3690 HK/BUY/HK$119.10/Target: HK$139.00) 2Q24 results preview: ISHT margin to stabili...
ORI ORIGIN PROPERTY
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
4197 SIME DARBY BHD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
BBL-R BANGKOK BANK PCL (NVDR)
03690 MEITUAN CLASS B
BAUTO BERMAZ AUTO BHD
WCTHG WCT HOLDINGS BHD
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - Cementing Its Top Spot in Southeast Asia
THBEV announced a share swap deal that would see the group streamline its businesses to become a pure-play regional F&B player. The proposed swap deal would increase THBEV’s stake in its associate F&N, and is expected to be earnings accretive and create operating and cost synergies with THBEV’s NAB segment. In our view, THVBEV is trading at an attractive -2.0SD to its mean PE and a decent 4.5% FY24 dividend yield. Maintain BUY with a higher SOTP-based target price of S$0.60.
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Monday, June 24, 2024
GREATER CHINA Update Huize Holding Limited (HUIZ US/BUY/US$1.02/Target: US$2.00): Stepping into ASEAN market. INDONESIA Update Unilever Indonesia (UNVR IJ/HOLD/Rp2,990/Target: Rp3,200): Takeaways from public expose – Five strategic initiatives. MALAYSIA Results MyNews Holdings (MNHB MK/SELL/RM0.65/Target: RM0.52): 2QFY24: Results largely within expectations. But the recent steep run in its valuations has more than priced in MyNews’ recovery. Downgrade to SELL. Scientex (SCI MK/BUY/RM4.23/Targe...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - Highlights From 2024 Annual Information Mee...
THBEV aims to implement premiumisation strategies for both its spirits and beer portfolios to drive organic growth while supporting margins. Management also gave updates on the long-awaited BeerCo IPO which is currently still in progress. Vietnam’s impending excise tax hike is unlikely to impact THBEV. In our view, THVBEV is trading at an attractive -1.5SD to its mean PE and a decent 4.6% FY24 dividend yield. We maintain BUY but with a lower SOTP-based target price of S$0.57 (S$0.70 previously).
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily: Wednesday, May 15, 2024
KEY HIGHLIGHTS Sector REITs 1Q24: PREIT (in line) and SASSR (in line). Results Bumitama Agri (BAL SP/BUY/S$0.685/Target: S$0.70) 1Q24: Results within expectation. ComfortDelGro Corporation (CD SP/HOLD/S$1.44/Target: S$1.56) 1Q24: Earnings below expectations; downgrade to HOLD. SEA (SE US/BUY /US$64.46/Target: US$78.39) 1Q24: All segments are doing well. Positive outlook for 202...
- 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...
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