reports
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, August 16, 2024
GREATER CHINA Economics Economic Activity Another month of lacklustre growth. Sector Automobile Weekly: PEV market share tops record 53% on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Desay SV. Top SELLs: XPeng and Nexteer. Results Alibaba Group (9988 HK/BUY/HK$76.40/Target: HK$95.00) 1QFY25: Solid cloud re...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
ERW ERAWAN GROUP
7148 DUOPHARMA BIOTECH
F34 WILMAR INTERNATIONAL LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. 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
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
DLG DIALOG GROUP BHD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
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)
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Philip Wong
Duopharma Biotech (DBB MK) - 2Q24: Government Sales Kick In
2Q24: Government Sales Kick In Sales largely rebounded as government deliverables kicked in following Duopharma’s newly-awarded contracts. While margins declined, earnings grew sequentially and largely met expectations. The sustained sequential growth could be an inflection point for improved sentiment over Duopharma. We continue to like Duopharma for its defensive earnings and bargain valuations. Maintain BUY with a target price of RM1.39.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Thailand Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 15, 2024
GREATER CHINA Results Nexteer (1316 HK/SELL/HK$2.89/Target: HK$1.50) 1H24: Earnings miss estimates on revenue. Maintain SELL. Cut target price from HK$2.20 to HK$1.50. Tencent Holdings (700 HK/BUY/HK$373.80/Target: HK$490.00) 2Q24: Solid margin expansion; reaccelerated online games revenue growth. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb21.38/Target: Rmb30.00) AI business continues to accelerate, GB200 scheduled to ship i...
G13 GENTING SINGAPORE
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
MAG. MAG SILVER CORP.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C09 CITY DEVELOPMENTS LIMITED
INDF PT INDOFOOD SUKSES MAKMUR TBK
7148 DUOPHARMA BIOTECH
5162 VSTECS
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
GENT GENTING BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
RGB RGB INTERNATIONAL BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CK CH. KARNCHANG PUBLIC CO LTD
CLI CAPITALAND INVESTMENT LTD
Z29 029 GROUP SE
GENTMK GENTING BERHAD
VST VSTECS BHD
3BBIF 3BB INTERNET INFRASTRUCTURE FUND
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Opportunities In A US Dovish Environment
Opportunities In A US Dovish Environment The US Fed’s widely-expected policy rate cut in Sep 24, the first of an expected series of cuts through to 2025, will indirectly provide a moderate lift to Malaysian equities. We identify three categories of beneficiaries: a) winners of an appreciating ringgit against the greenback (primarily importers), b) companies with high US dollar debt, and c) high dividend yielders. Overall, the key BUY-rated strong ringgit beneficiaries are Duopharma, F&N and GENM...
- Philip Wong
Healthcare - Defensive Position Is Unappealing For Now
Defensive Position Is Unappealing For Now Maintain MARKET WEIGHT on the healthcare sector. Despite tepid inpatient volume growth, hospitals' positive operating leverage is expected to boost earnings by 12.4% and 10.9% in 2024-25 respectively, though current valuations are lofty at 32.5x PE. Alpha IVF, with its impressive regional expansion, and Duopharma, poised for recovery after a challenging 2023, present more alluring prospects. However, amid a risk-on environment, we TACTICALLY UNDERWEIGHT ...
- Philip Wong
Duopharma Biotech (DBB MK) - Growth Rests On Public Sector Sales
Growth Rests On Public Sector Sales Duopharma should see improved contributions from both its public and private sector sales. Awarded government contracts and improved insulin supply should underpin Duopharma’s primary growth engine for 2025. Private sector sales should recover but prospects are not as clear cut. We continue to like Duopharma for its attractive valuations amid its decent earnings recovery. Maintain BUY. Target price: RM1.39.
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Johnny Yum
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Philip Wong
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, June 10, 2024
INDONESIA Strategy Rally in 2H24 Likely Our top picks. Banking – BBCA, BBNI, BMRI, BBTN; property – BSDE, CTRA; technology – BUKA; consumer – CMRY; retail – ACES; infrastructure – JSMR. MALAYSIA Update Duopharma Biotech (DBB MK/BUY/RM1.25/Target: RM1.39) Public sector should anchor 2025 earnings as private sector sales outlook appears muted. Maintain BUY with a target price of RM1.39. Westports Holdings (WPRTS MK/HOLD...
7148 DUOPHARMA BIOTECH
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
VST HOLDINGS LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BSDE PT BUMI SERPONG DAMAI TBK
HANA HANA MICROELECTRONICS PCL
5162 VSTECS
ACES PT ACE HARDWARE INDONESIA TBK
WPRTS WESTPORTS HOLDINGS BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
MASS 908 DEVICES
BUKA BUKALAPAK.COM PT TBK
TSVT 2SEVENTY BIO INC
SVI SVI PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
VST VSTECS BHD
- Philip Wong
Duopharma Biotech (DBB MK) - 1Q24: Slow Start To A Recovery Year
1Q24: Slow Start To A Recovery Year Sales were sluggish due to a myriad of factors but should improve over the upcoming quarters. Margins were weighed by higher input cost and its new production facility. As a result, earnings disappointed expectations. Nevertheless, 2024 represents a new slate with significantly diminishing headwinds to both growth and margins. Maintain BUY but with a lower target price of RM1.39.
- Philip Wong
Duopharma Biotech (DBB MK) - Onward And Upward With Public Sector Sale...
Onward And Upward With Public Sector Sales Driving Recovery Public sector sales should improve with contracts based on updated forex assumptions and improved insulin supply. CHC sales is also poised for a better showing following a sharp moderation in its vitamin C sales last year, although at normalised organic rates. 2024 represents a new slate with significantly diminishing headwinds to both growth and margins. Given that the worst is over and Duopharma is trading at palatable valuations, we ...
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Limartha Adhiputra
- Philip Wong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, March 08, 2024
GREATER CHINA Economics Trade: Better exports on improving global manufacturing new orders. Sector Automobile: Weekly: PEV insurance registrations rebound 19% in the week ending 3 Mar 24. Maintain UNDERWEIGHT. Top SELLs: XPeng. Top BUY: CATL, Tuopu and Desay SV. Initiate Coverage ASMPT (522 HK/BUY/ HK$95.95/Target: HK$115.00): Advanced packaging giant emerging as a major AI play. Results Wharf Real Estate Investment Co. (1997 HK/BUY/HK$26.20/Target: HK$31.20): 2023: Effective debt reduction; vis...
- Philip Wong
Duopharma Biotech (DBB MK) - 4Q23: Quiet End To A Forgettable Year
4Q23: Quiet End To A Forgettable Year Sales performed admirably, growing off a high base. Margins however were weighed by a recurrent host of factors, and were further softened by unfavourable forex. However, earnings came in within our expectation, aided by tax income. Positively, 2024 represents a new slate with significantly diminishing headwinds to both growth and margins. Given that the worst is over and Duopharma is trading at palatable valuations, we maintain BUY and target price of RM1.5...
- Philip Wong
Duopharma Biotech (DBB MK) - Positive Developments
Positive Developments Recent developments − such as securing government contracts on improved terms, concession renewal alleviating counterparty concerns and the recent COVID-19 wave which could benefit its consumer healthcare sales − appear favourable to Duopharma. The upcoming seasonally soft quarter could see a sequential earnings improvement, but this may be due to a boost by a guided reinvestment tax allowance. Maintain BUY and target price of RM1.50.
- Benjaphol Suthwanish
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Kate Luang
- Limartha Adhiputra
- Philip Wong
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, February 06, 2024
GREATER CHINA Sector Renewable Energy: Solar: Solar+wind power capacity to surpass coal in 2024; EU mulls protective measures for solar manufacturers. Update Giordano International (709 HK/BUY/HK$2.04/Target: HK$3.70): Requisition for removal of chairman and change of executive director. INDONESIA Update Semen Indonesia (SMGR IJ/BUY/Rp6,275/Target: Rp7,600): Strengthening position as market leader; potential 4.3% dividend yield. MALAYSIA Update Duopharma Biotech (DBB MK/BUY/RM1.26/Target: RM...
- Philip Wong
Duopharma Biotech (DBB MK) - 3Q23: Soft Results Yet Again
3Q23: Soft Results Yet Again Sales continued to be weighed by consumer healthcare sales moderating from a high base but at a diminished rate. Coupled with lower product mix and reorganisation of production facilities and elevated opex, dampened margins weighed further on earnings, which fell below expectations. We believe downside appears limited at this juncture with earnings softness largely expected and priced in. Maintain BUY but with a lower target price of RM1.50.
- Philip Wong
Healthcare - Lacking Compelling Catalysts
Lacking Compelling Catalysts We expect increased allocation to the MoH in Budget 2024 albeit at a tempered rate given other pressing priorities. Over the longer term, structural reforms as outlined by the HWP should significantly integrate both the private and public sectors, but it should not detrimentally affect the former’s financial prospects. Sector earnings should recover in 2024 but there is a lack of compelling catalysts. Maintain MARKET WEIGHT. Top pick: KPJ Healthcare.
- Philip Wong
Duopharma Biotech (DBB MK) - Perfect Storm More Than Priced In
Perfect Storm More Than Priced In Duopharma is likely to face challenging headwinds for the remainder of 2023. A perfect storm stemming from a multitude of factors is likely to pare sales. Similarly, margins are due to be muted as well with high input cost, product mix and commencement of a new facility. That said, its valuations have plunged and appear to have more than priced in the earnings normalisation and downside risk. Maintain BUY and target price of RM1.71.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Kwanchai Atiphophai
- Malaysia Research Team
- Philip Wong
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Notes - Friday, September 15, 2023
GREATER CHINA Sector Automobile: Weekly: Passenger EV retail sales up 40% yoy/9% mom, beating estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Healthcare: Easing pressure from anti-corruption campaign, long-term growth outlook remains intact. Update Link REIT (823 HK/BUY/HK$37.30/Target: HK$50.70): Key DPU drivers remain intact; yield at historical high. INDONESIA Initiate Coverage Cisarua Mountain Dairy (CMRY IJ/BUY/Rp3,890/Target: Rp4,800): Product innovations and sales force...
- Philip Wong
Duopharma Biotech (DBB MK) - 2Q23: Displaced By A Perfect Storm
2Q23: Displaced By A Perfect Storm Sales were sluggish due to consumer healthcare sales moderating from a high base. Meanwhile, public sector sales saw an unusual but temporary softness as well. Coupled with lower product mix and reorganisation of production facilities, dampened margins weighed further on earnings, which disappointed expectations. Despite the disappointment, valuations have more than priced in 2023’s earnings softness. Maintain BUY but with a lower target price of RM1.71.
- Philip Wong
Healthcare - Quiet On The Defensive Front Despite Attractive Growth an...
Quiet On The Defensive Front Despite Attractive Growth and Valuations The sector offers attractive earnings growth and bargain valuations but lacks compelling catalysts. This underpins our MARKET WEIGHT call on the sector. We like KPJ as our top pick for the sector for its efforts to divest its long-standing loss-making regional operations coupled with mainstay operations turning for the better. Emerging competition within the hospital space is shielded by company-specific moats and influx of be...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kong Ho Meng
- Leow Huey Chuen
- Philip Wong
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 23, 2023
REGIONAL Sector Plantation: Industry enfeebled by sick trees; accumulate on weakness. GREATER CHINA Sector Commodities: Weekly: Gold dips below US$2,000; wavering recovery dragging down commodity prices. Results Galaxy Entertainment Group (27 HK/BUY/HK$52.10/Target: HK$58.60): 1Q23: Results in line; expect permanent cost savings of >10%. Upgrade to BUY. Kuaishou Technology (1024 HK/BUY/HK$53.50/Target: HK$90.00): 1Q23: Strong beat; positive earnings turnaround earlier than expected. Update Kang...
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