reports
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 1H25: Cash-Fuelled Resilience With Two Explorat...
RH Petrogas’ 1H25 revenue fell 19% yoy on lower oil prices and reduced liftings, but cost control helped the company to beat our earnings estimates on a run-rate basis. Free cash flow surged to US$15m, implying an annualised 28% FCF yield, supported by a net cash balance that makes up 54% of its market capitalisation. The upcoming exploration drilling in September and October, if successful, could be potential share price catalysts. Maintain BUY. Target price lowered slightly to S$0.245.
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 1Q25: Strong Cost Control, Rising Free Cash Flo...
RHP reported a strong set of 1Q25 results that were above expectations. The strong results were due to higher-than-expected realised oil prices as well as strong cost control, which were able to offset an unexpected decline in oil production. In our view the company’s key share price catalysts are its two exploration wells planned for 3Q and 4Q25. We highlight RHP’s inexpensive 2024E PE and EV/EBTIDA of 9.4x and 2.2x respectively. Maintain BUY. Target price: S$0.254.
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 2024: Cost Control The Highlight With Two Wells...
Although RHP’s production declined on a yoy basis, as did oil prices, its strong cost control (-16% yoy) resulted in the company reporting a more than fourfold increase in PATMI to US$14.6m and above our expectation. Come Jul 25, the company will drill two exploration wells at its Basin block with potential for 39mmboe of recoverable reserves. Maintain BUY. Target price raised to S$0.254.
- Adrian Loh Tzum Yung
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Wednesday, August 21, 2024
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$44.40/Target: HK$70.00): 2Q24: Solid earnings beat; strategic focus on AIGC monetisation. Poly Property Services (6049 HK/BUY/HK$25.25 /Target: HK$37.30): 1H24: Earnings in line on improved operational efficiency; expansion and cash generation capabilities weakened. Tongcheng Travel Holdings (780 HK/HOLD/HK$13.12/Target: HK$14.00): 2Q24: Results in line; shifting focus to margin improvement amid soft macro environment. Downgrade to HOLD. ...
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 1H24: Strong Results Due To Solid Cost Control ...
Due to steady yoy oil production, strong cost control (-17% yoy) and higher oil prices, RHP reported a threefold increase in PATMI to US$7.3m, in line with our expectations. During 4Q24, the company’s Basin PSC will see decent activity with the drilling of one well at the Arar Block, and the start of production from its new Piarawi well. Maintain BUY. Target price lowered slightly to S$0.231.
- Adrian Loh Tzum Yung
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, May 14, 2024
GREATER CHINA Strategy China and Hong Kong Property: More patience needed for China’s destocking policy; Hong Kong retail landlords facing both challenges and opportunities. INDONESIA Sector Banking: 1Q24 results wrap-up: NIM revision due to higher CoF. MALAYSIA Results Carlsberg Brewery Malaysia (CAB MK/BUY/RM19.44/Target: RM25.10): 1Q24: Within expectations. While earnings were seasonally strong, Singapore was affected by the loss of Asahi. Maintain BUY with a higher target price of RM25.10....
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
T13 RH PETROGAS
558 UMS HOLDINGS LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TCAP THANACHART CAPITAL PCL
SIE SIA ENGINEERING CO LTD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
CPN-R CENTRAL PATTANA PCL NVDR
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 1Q24: A Lot To Like – Higher Oil Production And...
RHP reported a strong set of 1Q24 results that were above expectations. Net profit rose 18% yoy on the back of slightly higher oil production, better realised oil prices and very commendable cost control. Planning for the company’s two exploration wells for 2H24 remains on track. We highlight RHP’s inexpensive 2024E PE and EV/EBTIDA of 6.3x and 2.5x respectively. Maintain BUY. Target price: S$0.242.
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - An In-Line Outcome For Its Drilling Programme –...
Although RHP’s 2023/24 drilling programme yielded only one successful well out of four, this was in line with historical global exploration success rates. Excluding exploration write-offs, the company’s 2023 net profit would have beaten our forecast. RHP remains an exploration play with two wells targeting nearly 10mmboe of reserves to be drilled in 2H24. Maintain BUY. Target price: S$0.242.
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, March 25, 2024
GREATER CHINA Results Longfor (960 HK/BUY/HK$10.18/Target: HK$12.71): 2023: Better earnings mix and debt structure; continues to optimise development model in 2024. Meituan (3690 HK/HOLD/HK$88.25/Target: HK$80.00): 4Q23: In line; margins pressured by lacklustre AOV and competition in in-store business. Orient Overseas (International) (316 HK/HOLD/HK$99.70/Target: HK$107.70): 2023: Results missed on margin pressure; share price more fairly valued after a sharp 16.7% decline post results. Upgrade ...
AMATA AMATA CORP
T13 LONGFOR GROUP HOLDINGS LTD.
RLF ORIENT OVERSEAS (INTERNATIONAL) LIMITED
ORI1 FIRST REAL ESTATE INVESTMENT TRUST
AW9U VSTECS
5162 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2318 MEITUAN CLASS B
03690 YINSON HOLDINGS BHD
YNS RH PETROGAS
RHP SUN HUNG KAI & CO LTD
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2023
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
SMGR PT CISARUA MOUNTAIN DAIRY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Singapore Research Team
Strategy - Alpha Picks: Add VALUE And VMS; Remove THBEV And CSE
Global markets rallied in Nov 23 as encouraging economic data, cooling inflation and dovish comments from the US Fed raised hopes of an end to the rate-hike cycle. This enabled our Alpha Picks portfolio, which rose 1.5% mom in Nov 23, to beat the STI by 1.3ppt on an equal-weighted basis. For Dec 23, we add VALUE and VMS, while removing THBEV and CSE.
V03 SEMBCORP INDUSTRIES LTD.
U96 VALUETRONICS HOLDINGS
BN2 COMFORTDELGRO CORPORATION LIMITED
C52 SINGAPORE TELECOMMUNICATIONS LIMITED
Z74 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 FAR EAST HOSPITALITY TRUST
FEHT SIA ENGINEERING CO LTD
SIE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT FOOD EMPIRE HOLDINGS LTD
FEH FRENCKEN GROUP LTD
FRKN MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP CIVMEC
CVL SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2023
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: We add a mix of defensives and turnaround stocks − COSCO Shipping, CR Mixc, Great Wall Motor, Innovent, Link REIT and NetEase − to our BUY list. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: Focusing On Domestic Winners: Our Alpha Picks underperformed the FBMKLCI in Oct 23. Nov 23 picks: BUY BURSA, EKOVEST, GENM, ...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 THAI BEVERAGE PUBLIC CO. LTD.
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SE NIPPON INDOSARI CORPINDO
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
9988 FOOD EMPIRE HOLDINGS LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9999 HK CIVMEC
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
CMRY BANK NEGARA INDONESIA PERSER
ADOOY PT CISARUA MOUNTAIN DAIRY TBK
SMGR PT ADARO ENERGY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY BHD
- Singapore Research Team
Strategy - Alpha Picks: Add SIE, ST, FEH, FEHT, FRKN; Remove SEA, KEP ...
Poor investor sentiment in Oct 23 drove our Alpha Picks portfolio into negative territory; however, it nevertheless beat the STI by 0.1ppt on a market cap-weighted basis. As a result, our portfolio has outperformed the STI 18 out of past 20 months. For Nov 23, we add SIE, ST, FEH, FEHT AND FRKN, while removing SEA, KEP and CLAS.
T13 SEMBCORP INDUSTRIES LTD.
U96 COMFORTDELGRO CORPORATION LIMITED
C52 SINGAPORE TELECOMMUNICATIONS LIMITED
Z74 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 THAI BEVERAGE PUBLIC CO. LTD.
Y92 FAR EAST HOSPITALITY TRUST
FEHT SIA ENGINEERING CO LTD
SIE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT FOOD EMPIRE HOLDINGS LTD
FEH FRENCKEN GROUP LTD
FRKN MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP CIVMEC
CVL SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - October 2023
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: We expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP. INDONESIA Strategy Alpha Picks: Potential Bull Market in 4Q23: Our picks: BBNI, SMGR, NCKL, MAPI, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: A Handful Of Events To Capitalise On: Our Alpha Picks modestly outperformed the FBMKLCI in Sep 23. Oct 23 picks: BUY BURSA, HAPL, HUME, MAHB a...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
ADRO KEPPEL CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SE NIPPON INDOSARI CORPINDO
PTTEP-R SEA ADS
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
GENM CP ALL
MAHB GENTING MALAYSIA BHD
2013 MALAYSIA AIRPORTS HLDGS BHD
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
MPM ALIBABA (9988 HK)
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9868 NGERN TID LOR PCL
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Singapore Research Team
Singapore Daily - Monday, October 02, 2023
KEY HIGHLIGHTS Strategy Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN and YZJ: Our Alpha Picks portfolio outperformed for Sep 23, beating the STI by 4.7ppt. SEA Ltd, Bumitama and ComfortDelgro were the key outperformers. TRADERS’ CORNER Singapore Telecommunications (ST SP): Trading BUY Frencken Group (FRKN SP): Trading BUY
T13 RH PETROGAS
U96 SEMBCORP INDUSTRIES LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
MPM MARCO POLO MARINE LTD
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
STM SEATRIUM LTD
- Singapore Research Team
Strategy - Alpha Picks: Adding MPM And RHP, Removing DELFI, LHN And YZ...
Our Alpha Picks portfolio overcame weak investor sentiment in Sep 23, beating the STI by 4.7ppt on a market cap-weighted basis and 0.4ppt on an equal-weighted basis, outperforming the STI in 17 out of the past 19 months. For Oct 23, we add MPM as we forecast higher utilisation rates, and RHP for near-term drilling upside potential. We remove DELFI and LHN due to a lack of near-term catalysts, and YZJ as we expect a quiet period for new orders.
T13 SEMBCORP INDUSTRIES LTD.
U96 COMFORTDELGRO CORPORATION LIMITED
C52 OVERSEA-CHINESE BANKING CORPORATION LIMITED
O39 THAI BEVERAGE PUBLIC CO. LTD.
Y92 KEPPEL CORPORATION LIMITED
BN4 SEA ADS
SE BUMITAMA AGRI LTD
BAL MAPLETREE INDUSTRIAL TRUST
MINT MARCO POLO MARINE LTD
MPM RH PETROGAS
RHP SEA LIMITED
SE US CIVMEC
CVL CAPITALAND ASCOTT TRUST
CLAS SEATRIUM LTD
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 1H23: Poor Results; But Exploration Upside Is K...
Although RHP’s 1H23 results fell short of our expectations due to higher production costs, it is drillbit news from the company’s four wells over the course of the next few months that could add S$0.13/share to our valuation. Operationally, the highlight for 1H23 was RHP’s ability to grow its production by 4% yoy. Maintain BUY. Target price lowered slightly to S$0.238.
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Malaysia Research Team
- Ming San Soong
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, August 24, 2023
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.63/Target: HK$8.00): 1H23: Results in line; robust pipeline to restore double-digit revenue growth in 2024. Innovent Biologics (1801 HK/BUY/HK$30.75/Target: HK$43.00): 1H23: Results beat; proven commercial and R&D capabilities bode well for sustainable long-term growth. Jiumaojiu International Holdings (9922 HK/BUY/HK$12.50/Target: HK$18.00): 1H23: Results in line; sequential sales improvement in 2H23. Kingsoft Corp (3888 HK/BUY/H...
T13 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
SXC KINGSOFT CORP. LTD.
3K1 MINTH GROUP LIMITED
M3I INNOVENT BIOLOGICS INC
1801 BERJAYA SPORTS TOTO BHD
BST SUNWAY CONSTRUCTION GROUP BH
SCGB SIME DARBY PLANTATION BHD
SDPL XTEP INTERNATIONAL HOLDINGS
1368 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
9922 RH PETROGAS
RHP TONGCHENG TRAVEL HOLDINGS LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Strategy - To Indonesia Via Singapore
Indonesia’s economic performance has been strong on a ytd basis with the rupiah outperforming its regional peers, thus resulting in the JCI outperforming its peers in US dollar terms. We highlight various sectors and stocks listed on the SGX that could benefit from this strength with our top picks being Delfi, Marco Polo Marine and Raffles Medical.
E5H GOLDEN AGRI-RESOURCES LTD
C07 JARDINE CYCLE & CARRIAGE LIMITED
T13 RH PETROGAS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BAL BUMITAMA AGRI LTD
RFMD RAFFLES MEDICAL GROUP LTD
JAP JAPFA LTD
MPM MARCO POLO MARINE LTD
SAMU SP SAMUDERA SHIPPING LINE LTD
DELFI DELFI LTD
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