A director at Sri Trang Agro-Industry Public Company Limited bought 510,000 shares at 17.533THB and the significance rating of the trade was 50/100. 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 directo...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
GREATER CHINA Sector Automobile: Weekly: Auto sales growth slowed to 8.6% in April on high base. Maintain MARKET WEIGHT. Top picks: Zhongsheng and Yongda. Beer: Key takeaways from conference call with beer expert. Results Alibaba Group (BABA US/BUY/US$219.90/Target: US$313.00): 4QFY21: Fair endgame to FY2021; another year of investment ahead. SINGAPORE Results ComfortDelGro Corporation (CD SP/BUY/S$1.63/Target: S$1.95): 1Q21: Seeking to unlock value in Australia. Food Empire (FEH SP/BUY/S$0.86/...
GREATER CHINA Sector Consumer: Bi-weekly (4 Feb-17 Feb) update. Update Beijing Capital International Airport (694 HK/HOLD/HK$5.62/Target: HK$5.35): Fee waivers likely to be extended into 2021; new retail contract is less favourable. INDONESIA Update Perusahaan Gas Negara (PGAS IJ/BUY/Rp1,505/Target: Rp2,000): 2020 results preview: EBITDA potentially down by 7% yoy on 10% yoy lower ASP. MALAYSIA Results Kuala Lumpur Kepong (KLK MK/BUY/RM22.76/Target: RM26.00): 1QFY21: Strongest quarter since 20...
KEY HIGHLIGHTS Results Muangthai Capital (MTC TB/HOLD/Bt66.50/Target: Bt66.00) 4Q20: Results in line; upgrade earnings outlook on new business. PTT Oil & Retail Business (OR TB/SELL/Bt29.50/Target: Bt22.00) 4Q20: Core profit slumps 90% qoq and yoy on weak marketing margin. Downgrade to SELL. Update KCE Electronics (KCE TB/BUY/Bt59.75/Target: Bt67.00) Expect drastic rise in PCB demand; Upgrade to BUY. Sri Trang Agro-Industry (STA TB/HOLD/Bt33.00/Target: Bt37.50) Earnings to reach a historical...
GREATER CHINA Sector Aviation: Airlines and logistics firms among key beneficiaries of COVID-19 vaccine distribution. Results JD.com (JD US/BUY/US$92.08/Target: US$105.00): 3Q20: Solid earnings beat; committed to investing in logistics for grocery categories. Update Baosteel (600019 CH/BUY/Rmb6.54/Target: Rmb8.62): Demand supports earnings recovery; upgrade to BUY. INDONESIA Update Merdeka Copper Gold (MDKA IJ/SELL/Rp1,860/Target: Rp1,400): Bloomberg consensus cut 2021 gold price forecast by 10...
KEY HIGHLIGHTS Results Diamond Building Products (DRT TB/HOLD/Bt6.05/Target: Bt5.50) 3Q20: Posts lower yoy earnings. However, cost savings, a better economy and a stronger focus on sales channels will allow DRT to see moderate earnings growth next year. Sino-Thai Engineering & Construction (STEC TB/BUY/Bt12.10/Target: Bt14.00) 3Q20: Earnings continued to decline on lower sales despite stabilising margins. Thai Vegetable Oil (TVO TB/BUY/Bt33.00/Target: Bt39.00) 3Q20: Net profit declines 6%...
GREATER CHINA Results AAC Technologies (2018 HK/SELL/HK$44.90/Target: HK$39.10): 3Q20: Results below expectations again. Update Guangzhou Automobile Group (2238 HK/BUY/HK$8.50/Target: HK$12.50): Upgrade to BUY on prospective turnaround at Trumpchi and GACNE in 2021, and potential spin-off of GACNE. INDONESIA Update Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp14,400/Target: Rp18,300): Still trading at -1SD of 5-year EV/tonne with 2021F EPS growth of 16%. MALAYSIA Results SP Setia (SPSB MK/BUY/RM...
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt14.70/Target: Bt18.00) 3Q20: Net profit up slightly; expect cash-based patient revenue to grow from 4Q20. Central Plaza Hotel (CENTEL TB/BUY/Bt23.70/Target: Bt26.50) 3Q20: Earnings miss on non-recurring items and new accounting standard Charoen Pokphand Foods (CPF TB/HOLD/Bt27.75/Target: Bt29.50) 3Q20: Net profit up yoy and qoq; downgrade to HOLD as 2021 earnings would be less exciting. CH Karnchang PCL (CK TB/BUY/Bt17.60/Target...
GREATER CHINA Update Minth Group (425 HK/BUY/HK$33.95/Target: HK$45.00): Management optimistic on 2021 revenue outlook, especially for China market. INDONESIA Update Kalbe Farma (KLBF IJ/BUY/Rp1,565/Target: Rp1,830): KLBF introduces a test and potential drugs to tackle COVID-19 cases. MALAYSIA Results Axis REIT (AXRB MK/HOLD/RM2.11/Target: RM2.05): 3Q20: Earnings growth attributed to newly-acquired assets. SINGAPORE Results CapitaLand Commercial Trust (CCT SP/HOLD/S$1.65/Target: S$1.63): 3Q2...
KEY HIGHLIGHTS Update Home Product Center (HMPRO TB/BUY/Bt13.40/Target: Bt15.00) 3Q20 results preview: Expect net profit to jump qoq; upgrade to BUY. Indorama Ventures (IVL TB/BUY/Bt23.20/Target: Bt32.00) 3Q20 results preview: A weaker quarter on unexpected events. Kasikornbank (KBANK TB/BUY/Bt75.75/Target: Bt89.00) Compelling valuation and easing provisioning ahead. Upgrade to BUY. Siam Commercial Bank (SCB TB/HOLD/Bt65.00/Target: Bt70.00) Credit costs remain high again...
We think 2H20 net profit would double that in 1H20, driven by the glove business. Earnings would continue to make a record high in 3Q20 and peak in 4Q20 for the year. 2021-22 earnings would remain strong but more normalised. Maintain BUY. Target price: Bt45.50.
GREATER CHINA Sector Machinery: 1H20 results preview: Robust results and favourable 2H20 in sight. Results Kingsoft Corp (3888 HK/BUY/HK$39.65/Target: HK$53.00): 2Q20: Top-line surges on blockbuster game, WPS outlook brighter. Maintain BUY. Nexteer (1316 HK/BUY/HK$5.25/Target: HK$7.50): 1H20: Results in line; recovery expected from 2H20. Sany Heavy Equipment International Holdings (631 HK/BUY/HK$4.15/Target: HK$5.50): 1H20: Results in line; improvements across the board on track. Shenzhen Inovan...
KEY HIGHLIGHTS Results Srisawad Corp (SAWAD TB/HOLD/Bt46.00/Target: Bt49.00) 2Q20: Results in line; upgrade to HOLD. Update Bangkok Dusit Medical Services (BDMS TB/BUY/Bt20.60/Target: Bt26.00) Poor outlook this year is anticipated. We look forward to BDMS’ strong earnings growth next year. The Erawan Group (ERW TB/HOLD/Bt3.30/Target: Bt3.70) The worst is over but still at risk; upgrade to HOLD. PTT (PTT TB/BUY/Bt38.00/Target: Bt48.00) Set for an earnings turna...
STA reported 2Q20 earnings of Bt1,094m, surging 305% yoy and 28% qoq thanks to solid gross margin. 2H20 earnings would surge hoh mainly from huge earnings of its glove business. We revise up our 2020 earnings projection by 6% as 2Q20 earnings beat our expectation while we trim our 2021-2022 earnings projection by 1% each as we have a more cautious view on the glove business. Maintain BUY. Target price: Bt42.00.
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