A director at Indosat Tbk Pt bought 921,900 shares at 2,165.599IDR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
Our aggressive stance in Oct 24 did not work out, due to softness in bank stocks and weakness in some of our picks. Our portfolio declined by an average of 1.9% compared with the JCI’s 0.6% rise. Winners: ASII (+1.0%), CMRY (+0.9%), CTRA (+0.8%). Losers: SIDO (-8.3%), BMRI (-3.2%), BBTN (-3.1%), BBRI (-3.0%), EXCL (-1.7%), JSMR (-1.6%) and BBNI (-0.9%). We add NCKL and drop SIDO. Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII.
Strategy: Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. Bank Mandiri (BMRI IJ/BUY/Rp6,650/Target: Rp8,120): 3Q24: Net profit up 11.7% qoq on strong loan growth and lower CoC. Upgrade to BUY. Kalbe Farma (KLBF IJ/BUY/Rp1,565/Target: Rp1,800): 3Q24: Core NPAT rises 24% yoy; in line with expectations. Upgrade to BUY. Telkom Indonesia (TLKM IJ/BUY/Rp2,780/Target: Rp4,200): 3Q24: IndiHome, as fixed broadband market leader, gro...
GREATER CHINA Strategy Alpha Picks: November Conviction Calls Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
GREATER CHINA Economics PMI: Broad-based improvement in PMI. Results Budweiser APAC (1876 HK/BUY/HK$8.11/Target: HK$14.60): 3Q24: Premiumisation slows down in China; in-home channel to be a focus. BYD Electronic (285 HK/BUY/HK$33.50/Target: HK$40.90): 3Q24: Solid set of results; 4Q24/2025 growth may accelerate further. Maintain BUY. China Longyuan Power (916 HK/HOLD/HK$6.91/Target: HK$6.50): 3Q24: In line; 3Q24 wind power generation up 6.2% yoy. COSCO SHIPPING Holdings (1919 HK/HOLD/HK$11.54/Tar...
We maintain BUY on ISAT with a target price of Rp3,100 on the back of the following: a) the GPUaaS market could grow 29% CAGR in 2024-29, b) Lintasarta’s (ISAT’s subsidiary) capability to offer GPUaaS (in collaboration with NVIDIA), c) revenue contribution of the non-mobile segment may increase to 25% in 2028, d) the number of ISAT’s home broadband (HiFi) subscribers could grow by 20% yoy in 2025, and e) core earnings growth of 33% yoy in 2024 as well as better seasonality in 4Q24.
GREATER CHINA Update JD.com (9618 HK/BUY/HK$160.40/Target: HK$197.00): 3Q24 results preview: Promising outlook; benefitting from trade-in programme. INDONESIA Update Indosat (ISAT IJ/BUY/Rp2,490/Target: Rp3,100): Core earnings could jump 33% yoy in 2024; launches GPU Service for AI Computing. Maintain BUY. MALAYSIA Update Deleum (DLUM MK/HOLD/RM1.55/Target: RM1.70): Most of the share price outperformance is linked to P&M’s re-rating; we still see minor trading upside for upcoming MCM contracts...
Our defensive stance in Sep 24 worked out, and our portfolio delivered an average 1.7% appreciation compared with the JCI’s 1.9% decline. The top three winners were CMRY, ICBP and BBTN. Our portfolio underperformed in 3Q24 but outperformed in 9M24. With an expectation of a buoyant market from October till December, we decide to be more aggressive in our portfolio picks. We drop ICBP and TOWR and add ASII. Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR.
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: Adding CATL, Geely and Plover Bay to our BUY list. INDONESIA Strategy Alpha Picks: Defensive Stance Worked In Sep 24: Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: A Variety of Event Drivers: Our Alpha Picks outperforms as hoped. Oct 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Sime Darby, VSI and Yinson. SINGAPORE Strategy Alpha Picks: Outperforming ...
We maintain OVERWEIGHT on the telecommunications sector in view of several factors: a) telcos’ 2024/25 mobile data revenue could grow 8%/7% yoy, b) digital channels (penetration ranging from 29% to 55%) could help improve ARPU, c) telcos’ EBITDA growth could reach 8% yoy in 2024 and 4% yoy in 2025, and d) attractive valuation with many telcos trading at -1SD EV/EBITDA. Our top pick is EXCL (BUY/Target: Rp2,900).
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...
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.
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.
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.