EA increased its sales target to 3,700 for 2024, while we remain cautious due to market penetration challenges. The company is seeking new growth opportunities following its five-year investment plan worth Bt35b, which is focused on expanding its EV ecosystem. While 1Q24 earnings will likely drop yoy and qoq due to decreased subsidy revenue, we expect substantial improvement from 2Q24 onwards, driven by EV truck deliveries. Maintain BUY. Target price: Bt70.00.
GREATER CHINA Sector IT Hardware: AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00): 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. SINGAPORE Update Marco Polo Marine (MPM SP/BUY/S$0.067/Target:S$0.086): Virtual call takeaways: Thriving on upswing in offshore industry. THAILAND Update Energy Absolute (EA TB/BUY/Bt35.25/Target: Bt70.00): Looking for new growth opportunities fro...
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
A director at Energy Absolute Public Company Limited bought 1,000,000 shares at 34.740THB and the significance rating of the trade was 69/100. 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 ove...
Earnings in 4Q23 were quite weak. Stock under our coverage reported aggregate net profit of Bt678.997m in 2023 (vs our estimate of Bt730.176m), declining 9.5% yoy. The poor earnings were pressured by energy, petrochemical and consumer staples (food), while positive earnings were seen in retail and healthcare. Given the strong international tourists arrival driven by Chinese tourists, we see the services sector (tourism and healthcare) maintaining its momentum.
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
EA's core profit was Bt951m in 4Q23, down 52% yoy and 35% qoq due to the delay in EV deliveries. However, its 2023 core earnings increased by 20% yoy to Bt6.7b, but still below our forecast by 8%. The EV and battery business shows promising revenue growth. The company could benefit from industry incentives and its share valuation looks undemanding. Maintain BUY. Target price: Bt70.00.
KEY HIGHLIGHTS Results BEC World PCL (BEC TB/HOLD/Bt4.64/Target: Bt5.30) 4Q23: Earnings in line with our estimate but above consensus’. CP ALL (CPALL TB/BUY/Bt57.25/Target: Bt79.00) 4Q23: Better-than-expected earnings; resilient earnings growth outlook in 2024. Energy Absolute (EA TB/BUY/Bt39.50/Target: Bt70.00) 4Q23: Results below estimates, 2023 core earnings up 20% yoy. Indorama Ventures (IVL TB/HOLD/Bt23.90/Target: Bt22.50) 4Q23: A big disappointment; more challenges ahead. Downgrade to...
GREATER CHINA Sector IT Hardware: Updates on MWC 2024 and read-through on FII from NVIDIA’s results. Maintain OVERWEIGHT. Results Li Auto (2015 HK/SELL/HK$139.90/Target: HK$100.00): 4Q23: Earnings beat estimates on changes of accounting assumptions. Maintain SELL. Target price: HK$100.00. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp25,800/Target: Rp21,000): 4Q23: NPAT edges down 4.4% qoq following lower ASP, below expectations. MALAYSIA Results AMMB Holdings (AMM MK/HOLD/RM4.31/...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
What's new: New Oriental’s reported 2QFY24 results beat consensus and our expectations. Guidance could be conservative as overall business remains resilient. Margins could trend better amid better utilization rate, lower fixed cost, and continued cost control measures. We increase our PT from USD65 to USD80 (2.4x FY24E EV/Rev) due to better FY24 outlook. We maintain our Neutral rating. Analysts: Jin Yoon
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
GREATER CHINA Results Ali Health (241 HK/BUY/HK$4.62/Target: HK$6.00): 1HFY24: Bottom line beat estimates; acquiring marketing business to enhance capabilities of cloud-based pharmacy. INDONESIA Sector Telecommunications: ISAT might have more fixed broadband subscribers than EXCL in 4Q23 thanks to inorganic growth; maintain OVERWEIGHT. MALAYSIA Results Axiata (AXIATA MK/HOLD/RM2.30/Target: RM2.50): 3Q23: Below expectations; cut 2023-24 net profit by 15%. Mah Sing Group (MSGB MK/BUY/RM0.84/Targ...
EA’s revenue is expected to continue growing in 2024. EV trucks would become a key driver following the delivery of buses to TSB in full. We are still optimistic about the battery & EV segment’s revenue growth, which is expected to offset decreases in subsidies from the renewable power business by 2025. Transparency concerns would gradually unwind in 2024. Maintain BUY. Target price: Bt73.00.
EA posted a core profit of about Bt1.5b in 2Q23 (+7% yoy, -29% qoq). The yoy growth was underpinned by EV deliveries and better performance in renewable power plants. Meanwhile, earnings dropped qoq due to delayed EV deliveries and lower gross margins. We saw an improvement in OCF, which is expected to continue. Maintain BUY. Target price: Bt81.00.
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt7.70/Target: Bt8.00) 3Q23: Net profit rebounds qoq. BEC World PCL (BEC TB/HOLD/Bt5.80/Target: Bt5.50) 3Q23: Earnings far below estimates; dim outlook to persist going forward. Central Plaza Hotel (CENTEL TB/BUY/Bt45.00/Target: Bt52.00) 3Q23: Another disappointing set of results, but should have bottomed out. COM7 (COM7 TB/BUY/Bt26.00/Target: Bt32.50) 3Q23: Lower-than-expected 3Q23 results. Expect yoy improvement in 4Q23. CP ALL (CPALL TB/B...
GREATER CHINA Sector Healthcare: A brighter outlook in 2024. INDONESIA Results Indofood CBP (ICBP IJ/BUY/Rp10,575/Target: Rp14,800): 3Q23: In line with expectations. THAILAND Results COM7 (COM7 TB/BUY/Bt26.00/Target: Bt32.50): 3Q23: Lower-than-expected 3Q23 results; expect yoy improvement in 4Q23. CP ALL (CPALL TB/BUY/Bt55.75/Target: Bt76.00): 3Q23: Strong earnings improvement. Energy Absolute (EA TB/BUY/Bt44.25/Target: Bt81.00): 3Q23: Core profit increased yoy but decreased qoq; OCF saw an im...
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