reports
Wilmar International Limited: 1 director
A director at Wilmar International Limited bought 757,700 shares at 3.080SGD and the significance rating of the trade was 67/100. 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 tw...
- Chong Lee Len
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Wednesday, November 06, 2024
KEY HIGHLIGHTS Results CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.02/Target: S$2.59): 3Q24: Increasing dominance of Singapore’s retail scene. NetLink NBN Trust (NETLINK SP/BUY/S$0.91/Target: S$0.98): 2QFY25: A slight miss as margins compress. Update Wilmar International (WIL SP/HOLD/S$3.13/Target: S$3.00): 4Q24 qoq recovery anticipated, albeit lower yoy. Uncertainties loom with upcoming elections and weak consumer spending recovery in China. TRADERS’ CORNER Propnex (PROP SP): Tra...
- Arsit Pamaranont
- Chong Lee Len
- Gigi Cheuk
- Heidi Mo Jinghui
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Philip Wong
- Stevanus Juanda
Regional Morning Meeting Notes: Wednesday, November 06, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Stronger order visibility into 2025, reiterate BUY on Crystal International and raise target price to HK$5.12. INDONESIA Results Indofood Sukses Makmur (INDF IJ/BUY/Rp7,875/Target: Rp12,000) 3Q24: Ahead of consensus expectation – driven by IFAR. Indofood CBP (ICBP IJ/BUY/Rp12,450/Target: Rp15,000) 3Q24: Strong volume growth; core NPAT in line wit...
IRPC IRPC PUBLIC CO. LTD.
F34 WILMAR INTERNATIONAL LIMITED
VST HOLDINGS LTD.
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
NETLINK NETLINK NBN TRUST
FNH FRASER & NEAVE HOLDINGS BHD
MSGB MAH SING GROUP BHD
ECW INDOFOOD CBP SUKSES MAKMUR T
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
TXG SUNWAY BHD
UEMS 10X GENOMICS INC CLASS A
321 UEM SUNRISE BHD
CICT TEXWINCA HOLDINGS LTD
MCH CAPITALAND INTEGRATED COMMERCIAL TRUST
123F MATRIX CONCEPTS HOLDINGS BHD
ITC 123FAHRSCHULE SE
2232 I-TAIL CORPORATION PUBLIC COMPANY LIMITED
EPIC CRYSTAL INTERNATIONAL GROUP LTD
IOIPG 1CM INC
LAGENDA IOI PROPERTIES GROUP BHD
LAGENDA PROPERTIES BHD
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - Recovery Is On, But Uncertainty Ahead
Management's briefing updates are in line with our expectation. 4Q24 core profit is likely to be higher than 3Q24’s, but lower yoy. During YKA’s briefing, management observed a sales recovery trend in 3Q24 and expects this to continue in 4Q24. Further, Wilmar may see a one-off gain from the sale of its 6.5% stake in Adani Wilmar. However, we note that election uncertainty in the US and weak consumer spending in China remain. Maintain HOLD. Target price: S$3.00.
- Jonathan Koh
Singapore Daily: Friday, November 01, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Solid Beat For Oct 24 Our Alpha Picks portfolio beat the STI by 1.1ppt in Oct 24, rising 0.4% mom on an equal-weighted basis. Add MPM and remove SATS, FRKN and CLI for Nov 24. Sector REITs S-REITs monthly update (Oct 24). Results Mapletree Industrial Trust (MINT SP/BUY/S$2.40/Target: S$3.05) 2QFY25: Generating positive reversions and stable occupancies. Wilmar Intern...
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
03319 A-LIVING SMART CITY SERVICES CO. LTD. CLASS H
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
CVL CIVMEC
TSVT 2SEVENTY BIO INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
- Colin Lee
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Thailand Research Team
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, November 01, 2024
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...
ISAT INDOSAT
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01299 AIA GROUP LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
MAPI MITRA ADIPERKASA
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
ROTH BRITISH AMERICAN TOBACCO BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
2747 ESTUN AUTOMATION
01876 BUDWEISER BREWING CO. APAC LTD.
HMN ASCOTT RESIDENCE TRUST
BRIS BANK BRISYARIAH TBK
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - 3Q24: Results Below Expectations
Wilmar’s 3Q24 results trended way below our and market expectations. Revenue grew both qoq and yoy on higher sales volume across all segments, except for tropical oils. However, profits fell qoq due to compressed margins across most business segments. The yoy decline was due to weaker performance from China operations and the sugar segment, which both delivered strong 3Q23 results. Maintain HOLD with an 8% lower target price of S$3.00 (S$3.25 previously).
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Singapore Daily: Friday, October 18, 2024 [Update: WIL SP]
KEY HIGHLIGHTS Update Wilmar International (WIL SP/HOLD/S$3.31/Target: S$3.25) 3Q24 results preview: Expect core net profit of US$315m-325m (3Q23: US$323m). Flat to marginal growth anticipated on lower sugar contributions and muted segment margins. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Bullish price trend to be continued once resistance is penetrated
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Llelleythan Tan Tan
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Friday, October 18, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales rebound as the impact of holiday diminishes; 3Q24 results preview. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Minth, Tuopu and Desay SV. IT Hardware: AI investment remains robust, non-AI recovery sluggish but starting to see positive signals. Maintain OVERWEIGHT. Update CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb29.28/Target: Rmb37.00): Proposes acquisition of CSPC Baike for Rmb7.6b. INDONESIA Update Bank Neo Commerce (BBYB IJ/BUY/R...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - 3Q24 Results Preview: Weak Growth Expe...
Wilmar will release its 3Q24 executive financial summary on 30 Oct 24. We expect it to report a core net profit of US$315m-325m for 3Q24 (3Q23: US$323m; 2Q24: US$278m). 3Q is usually the strongest quarter for Wilmar but weaker sugar contributions and muted margins across most segments could result in flat to marginal qoq and yoy growth for 3Q24. After 3Q24, improving margins point to an earnings recovery, but 2024 earnings may track below expectations. Maintain HOLD. Target price: S$3.25.
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy - The Great Wall Of China Stimulus Packages
Clearly concerned about the direction of its economy, the Chinese government released a raft of stimulus measures last week that seemingly changed investor sentiment towards the Hong Kong and China markets overnight. While structural challenges remain, we highlight 14 stocks that have meaningful revenue exposure to China should these stimulus measures prove to be a game-changer. Our top picks for 2H24 remain CLI, GENS, KEP, MINT, OCBC, SCI, STE, VMS and YZJSGD.
C09 CITY DEVELOPMENTS LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MLT MAPLETREE LOGISTICS TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RSTON RIVERSTONE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HMN ASCOTT RESIDENCE TRUST
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
- Adrian Loh Tzum Yung
- Singapore Research Team
C09 CITY DEVELOPMENTS LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MLT MAPLETREE LOGISTICS TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RSTON RIVERSTONE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
HMN ASCOTT RESIDENCE TRUST
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
AES AES CORPORATION
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- 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
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - More Positive Outlook For 2H24 Followi...
From Wilmar’s briefing, management held a more positive tone than its outlook statement. While cautiously optimistic, Wilmar sees minimal impact from the China cooking oil scandal. Sales volumes and margins across food products and feed & industrial products segments are expected to improve. Though sugar milling operations face disruptions, an agreement may be on the horizon. We believe YKA’s performance is on track for recovery. Maintain HOLD. Target price: S$3.25.
- Chong Lee Len
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily - Friday, August 16, 2024
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/HOLD/S$1.42/Target: S$1.56): 2Q24: Strong quarter; in line, boosted by A2B and UK business. Singapore Telecommunications (ST SP/BUY/S$3.02/Target: S$3.58): 1QFY25: Strong results as margins expand; on track to exceed FY25 guidance. United Hampshire US REIT (UHU SP/BUY/US$0.43/Target: US$0.62): 1H24: New leases provide higher occupancy and rental uplift. Update Singapore Airlines (SIA SP/SELL/S$6.12/Target: S$5.71): Jul 24 operational da...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Wilmar International (WIL SP) - 1H24: Results In Line With Expectation...
Wilmar’s 1H24 core net profit was within expectations, with better performance from food products and feed & industrial products. YKA reported a 14% yoy growth in earnings, while stronger sales volumes were recorded across all sub-segments but sugar milling operations. The 35% yoy PBT growth from the three major segments was largely offset by the slump in contributions from JVs and associates. Maintain HOLD. Target price: S$3.25.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Wednesday, August 14, 2024
KEY HIGHLIGHTS Results CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.10/Target: S$2.29): 1H24: Stable occupancies; smooth execution for AEIs. SEA (SE US/BUY/US$74.85/Target: US$88.21): 2Q24: Strong quarter, improving outlook and better profit profile. UMS Holdings (UMSH SP/SELL/S$1.07/Target:S$0.90): 2Q24: Earnings below expectations due to forex; slow ramp-up of new customer. Wilmar International (WIL SP/HOLD/S$3.01/Target: S$3.25): 1H24: Results in line with expectations. Higher ...
- Chong Lee Len
- Heidi Mo Jinghui
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Tuesday, August 6, 2024
KEY HIGHLIGHTS Results Frasers Logistics & Commercial Trust (FLT SP/BUY/S$1.00/Target: S$1.40) 3QFY24: Strong positive rental reversion from Australia. NetLink NBN Trust (NETLINK SP/BUY/S$0.835/Target: S$0.98) 1QFY25: Soft results in line; strong connections growth. Update Wilmar International (WIL SP/HOLD/S$3.09/Target: S$3.25) 2Q24 results preview: Flattish quarter ahead amid margin dip. TRADERS' CORNER Olam Group (OLG SP): Trading SELL ...
- 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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