KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
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...
A director at Sea Ltd sold 50,000 shares at 51.050USD and the significance rating of the trade was 100/100. 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 clearly showin...
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...
REGIONAL Sector Plantation: We cherry-pick efficient companies with good production growth to leverage good CPO prices to mitigate any unforeseen CPO price volatility. GREATER CHINA Strategy Small-Mid Cap Monthly: Eyeing near-term catalysts for humanoid robot plays. Initiate Coverage SF Holding (002352 CH/BUY/Rmb38.05/Target: Rmb46.00): China’s leading integrated logistics player; riding China’s growing domestic logistics demand while international expansion, its second growth curve, is also ta...
KEY HIGHLIGHTS Sector Regional Plantation: We cherry-pick efficient companies with good production growth to leverage good CPO prices to mitigate any unforeseen CPO price volatility. Results Propnex (PROP SP/BUY/S$0.875/Target: S$1.04): 2023: Weaker-than expected results with dividend payout for 2023 the highlight. Free cash flow generation remains strong. Target price lowered to S$1.04 from S$1.23 previously. SEA (SE US/BUY /US$51.05/Target: US$63.35): 4Q23: Missed expectations but mid-term ...
SEA’s 2023 net profit of US$163m was below our expectations, making up 81% of our full-year estimate. The 4Q23 net loss of US$91.4m was largely due to higher sales and marketing expenses (+132% yoy) for the e-commerce segment, offset by its revenue growth. We expect all segments to record growth in 2024, particularly the e-commerce segment as competition stabilises. Maintain BUY with a lower target price of US$63.35.
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...
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