reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Ken Lee
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Notes - Tuesday, September 17, 2024
GREATER CHINA Commissioned Report ECARX (ECX US/BUY/US$1.75/Target: US$3.40): Making smart electric cars excellent. Initiate coverage with BUY. Target price: US$3.40. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900): Acquisition of ServeCo might increase EXCL’s revenue by 8% in 2025. MALAYSIA Sector Gloves: Further tariff hike announced by US authority on China’s medical-grade gloves beginning 2025-26 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. SINGAPORE...
- Paula Ruth
XL Axiata (EXCL IJ) - Acquisition Of ServeCo Might Increase EXCL’s Rev...
We maintain BUY on EXCL with a target price of Rp2,900 due to the following factors: a) EXCL’s plan to acquire ServeCo (LINK’s B2C business) may increase EXCL’s 2025 revenue by 8% and EBITDA by 7%, b) this potential transaction might help to slightly lower 2025 EV/EBITDA (slightly more attractive) to 3.8x, a bit cheaper than -1SD; and c) EXCL has a 10% yoy net profit growth projected for 2025.
- Maskun Ramli
- Paula Ruth
- Paula Ruth
XL Axiata (EXCL IJ) - Fixed Broadband ARPU Might Increase 10% After Ac...
We maintain BUY on EXCL with a target price of Rp2,900 as EXCL’s plan to acquire ServeCo (LINK’s B2C business) will be beneficial: a) the number of EXCL’s FBB subscribers and ARPU might increase 279% and 10% respectively, b) EXCL’s position in the FBB industry could improve to no.2 in the market, and c) ServeCo booked a positive bottom line of Rp383b in 6M24.
- Maskun Ramli
- Paula Ruth
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, September 12, 2024
GREATER CHINA Sector Hong Kong Property Results wrap-up for Hong Kong developers: Navigating the cycle. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,270/Target: Rp2,900) Fixed broadband ARPU might increase by 10% post-acquisition of ServeCo. MALAYSIA Sector Utilities A strong 2Q24 with companies coming in broadly within expe...
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
2883 CHINA OILFIELD SERVICES LIMITED CLASS H
00016 SUN HUNG KAI PROPERTIES LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
5347 TENAGA NASIONAL BHD
01113 CK ASSET HOLDINGS LIMITED
MLK MALAKOFF CORP BHD
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
EXCL XL AXIATA TBK PT
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - September 2022
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...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
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
TTKOM TURK TELEKOMUNIKASYON A.S.
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.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
ADRO PT ADARO ENERGY TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
INRI INARI AMERTRON BHD
FEHT FAR EAST HOSPITALITY TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
ESSO ESSO THAILAND PCL
HUME HUME CEMENT INDUSTRIES BHD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
KEX KERRY EXPRESS THAILAND PCL
- Johnny Yum
Strategy - Alpha Picks: Trailing JCI’s Strong Showing In Aug 24
The JCI rallied strongly in Aug 24, rising 10.7%. 5.0% of the return was due to the rupiah appreciation. The strong rally caused our portfolio to underperform despite our portfolio delivering a 7.6% increase. Over the past 10 years, the return of the JCI in September averaged -1.62%. Considering the 10.7% return of the JCI in Aug 24, it might be wise to be slightly defensive in Sep 24. Thus, add ICBP and TOWR. Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
TOWR PT SARANA MENARA NUSANTARA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Johnny Yum
- Maskun Ramli
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
TOWR PT SARANA MENARA NUSANTARA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Chris Hoare
Indonesian Telcos Q2 24 review: Continued margin expansion from XL an...
Indonesian telcos returned to a more sustainable pace of revenue growth, with EBITDA ahead of topline for XL and Indosat again. As a result, Indosat recorded its highest ever EBITDA margin whilst XL’s margin remained well ahead of guidance. For Telkomsel, enterprise accelerated with strong Indihome net additions but was marred by continued mobile revenue share dilution (although easing) as peers grabbed shares in ex-Java.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Paula Ruth
Telecommunications – 2Q24: 11% yoy Growth In Core Profit
The combined EBITDA of TLKM, ISAT and EXCL grew 5% yoy in 2Q24. ARPU of ISAT and EXCL rose 5% yoy and 6% yoy respectively, while the ARPU of TLKM’s subsidiary for the cellular business (Telkomsel) declined 10% yoy. During 2Q24, ISAT gained a little market share (based on EBITDA) among the top three telcos, partly because it managed to expand its EBITDA margin slightly (2Q24: 49% vs 1Q24: 47%). Maintain OVERWEIGHT with EXCL as our top pick.
- Hendri Effendi
- Paula Ruth
- 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,...
- Paula Ruth
XL Axiata (EXCL IJ) - 2Q24: 11% Yoy Growth In EBITDA
EXCL booked EBITDA of Rp4.5t in 1H24, in line to our and consensus estimates. 2Q24 EBITDA jumped by double digits (11%) yoy. 1H24 NPAT of Rp1t was above our and consensus estimates. Its cellular segment’s prepaid ARPU rose 8% yoy and 2% qoq, while the number of prepaid subscribers increased slightly by 1% yoy and 2% qoq. Whenever a subscriber moves to its digital channel (owned app), ARPU from this subscriber could potentially increase by 15%. Maintain BUY. Target price: Rp2,900.
- Maskun Ramli
- Paula Ruth
- Paula Ruth
Indosat (ISAT IJ) - 2Q24: Net Profit Up 47% yoy; EBITDA Margin Gradual...
ISAT booked 1H24 EBITDA of Rp13.4t (+18% yoy), in line with our and consensus fullyear estimates. Meanwhile, 1H24 NPAT jumped 43% yoy to Rp2.7t, above our estimate, but in line with consensus’. 2Q24 ARPU was up 1% qoq to Rp38,000, back to positive trajectory from the previous decline of 3% yoy in 1Q24. For the non-mobile business, the company plans to launch GPU-As-A-Service in Aug 24. Maintain BUY with a slightly higher target price of Rp12,400.
- Maskun Ramli
- Paula Ruth
- Stevanus Juanda
Indonesia Daily - Tuesday, August 6, 2024
Ace Hardware Indonesia (ACES IJ/BUY/Rp725/Target: Rp1,200): 2Q24: NPAT up 20.9% yoy; above consenus expectations. Indosat (ISAT IJ/BUY/Rp10,200/Target: Rp12,400): 2Q24: Net profit up 47% yoy; EBITDA margin gradually expands. TRADERS’ CORNER Bank Central Asia (BBCA IJ): Technical BUY Telkom Indonesia (TLKM IJ): Technical BUY
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Llelleythan Tan Tan
- Malaysia Research Team
- Paula Ruth
- Stevanus Juanda
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, August 06, 2024
GREATER CHINA Update Xiaomi Corp (1810 HK/BUY/HK$15.86/Target: HK$23.10): 2Q24 results preview: Expect resilient results; downward pressure on margins. INDONESIA Results Ace Hardware Indonesia (ACES IJ/BUY/Rp725/Target: Rp1,200): 2Q24: NPAT up 20.9% yoy; above consenus expectations. Indosat (ISAT IJ/BUY/Rp10,200/Target: Rp12,400): 2Q24: Net profit up 47% yoy; EBITDA margin gradually expands. MALAYSIA Strategy Addressing The Triple Concerns: The FBMKLCI’s shocking 4.6% plunge yesterday provides...
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