reports
- Chris Hoare
Malaysian Telcos Q4 24 review: Soft Q4; guidance suggests recovery on...
4Q24 service revenue trend remained soft off prepaid weakness, partly offset by Fibre and Enterprise momentum which enabled Maxis to grow faster than CelcomDigi. Industry EBITDA was weaker off a higher comparable base, but guidance suggests a recovery in 2025 in particular for CelcomDigi.
Maxis Bhd: 1 director
A director at Maxis Bhd bought 310,500 shares at 3.175MYR and the significance rating of the trade was 70/100. 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 sho...
- Chong Lee Len
Telecommunications - 2024: Earnings Within Expectations; Higher-than-e...
2024: Earnings Within Expectations; Higher-than-expected Dividends 2024 earnings rose 9% yoy on Axiata’s better-than-expected earnings. In addition, TIME continued to deliver a high single-digit earnings growth and special dividend. Amid balance sheet optimisation and robust cash flow, TIME, TM and Maxis declared higher dividends in 2024. Key events in 1H25 include the rollout of the 5G network by U Mobile and resolution of DNB’s shareholding. Maintain MARKET WEIGHT. Our top picks are Axiata, Ce...
- Chong Lee Len
- Claire Wang Kelai
- Llelleythan Tan Tan
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, March 10, 2025
GREATER CHINA Economics Inflation Deflationary pressures intensify as CPI turns negative. Trade A weaker start for 2025. INDONESIA Small/Mid Cap Highlights WIR Asia (WIRG IJ/NOT RATED/Rp116) Digital reality tech company with AI features; 9M24 NPAT up 18% yoy. MALAYSIA Sector T...
AMATA AMATA CORP
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
T TELEKOM MALAYSIA BHD
MTC MUANGTHAI CAPITAL PCL
SPOST SINGAPORE POST LTD
TDC TIME DOTCOM BHD
TIDLOR NGERN TID LOR PCL
688536 3PEAK INCORPORATED
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
WIRG IJ WIR ASIA
- Chong Lee Len
Maxis (MAXIS MK) - 4Q24: Results In Line With Expectations, Dividend H...
4Q24: Results In Line With Expectations, Dividend Higher Than Expected Maxis reported a 4Q24 net profit of RM321m (-11% yoy; -12% qoq). This brings 2024 net profit to RM1,396m, a healthy growth of 3% yoy on the back of strong postpaid and enterprise performance and good cost control. The results are in line with house and street estimates. Positively, its good cashflow management has prompted Maxis to declare a 5 sen final DPS, which brings total DPS for 2024 to 17.0sen (2023: 16 sen). Maintain ...
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Singapore Research Team
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, February 19, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$90.20/Target: HK$93.00): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025. Hysan Development (14 HK/BUY/HK$12.58/Target: HK$14.19): 2024: Positive growth in rental income supported stable DPS. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,440): Expect continuation of all-time high marketing sales in 2025 (+10% yoy). MALAYSIA Results Hartalega Holdings (HART MK/BUY/RM2.61/Target: RM3.14): 3QFY25:...
- Chong Lee Len
CelcomDigi (CDB MK) - 4Q24: A Year of Integration
4Q24: A Year of Integration CelcomDigi booked 4Q24 net profit of RM157m (-64% yoy; -64% qoq). Stripping out accelerated depreciation and asset impairment, 4Q24 core net profit came in at RM405m (-20% yoy; -7% qoq) on the back of higher opex. This brings 2024 net profit to RM1,749m (-18% yoy), below our estimates but in line with the street’s. 2024’s total dividend of 14.3 sen/share is close to a 100% dividend payout of core net profit. Maintain BUY with a marginally lower target price of RM4.30,...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Stevanus Juanda
- Sunny Chen
Regional Morning Meeting Notes: Friday, February 14, 2025
GREATER CHINA Sector Automobile Weekly: PV sales stay low, BYD to equip all EVs with DiPilot ADAS. Upgrade BYD to BUY. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Update AAC Technologies (2018 HK/HOLD/HK$46.55/ Target: HK$48.00) 2024 profit alert – earnings set to beat expectations. Maintain HOLD. The United Laboratories International (3933 HK/HOLD/HK$12.42/Target: H...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
AIY IFAST
UNVR PT UNILEVER INDONESIA TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
DLG DIALOG GROUP BHD
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)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Chong Lee Len
- Jo Yee Ng
Telecommunications - 9M24: In Line; Rollout Of A Second 5G Network In ...
9M24: In Line; Rollout Of A Second 5G Network In 2025 9M24 results came in broadly within expectations, with sector earnings growing 4% yoy, driven by: a) 2% yoy service revenue growth, with Maxis achieving 4% yoy growth; b) strong underlying demand for home broadband; and c) good cost discipline. Key events to look out for in 1H25 include: a) fixed line competition; b) U Mobile potential 5G consortium; c) government’s exit from DNB, and d) CelcomDigi’s synergistic savings in 2025. Maintain MARK...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Singapore Research Team
- Stevanus Juanda
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Tuesday, December 10, 2024
GREATER CHINA Economics Inflation: PPI deflation moderates; weaker-than-expected CPI inflation. Sector Property: Latest Politburo meeting vows stronger fiscal and monetary stimulus as well as unconventional counter-cyclical adjustments for 2025. INDONESIA Strategy Key Takeaways From Regional Strategy Conference: Our top picks are ASII, BMRI, BBNI, BBTN, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. MALAYSIA Sector Telecommunications: 9M24 earnings grew 4...
- Chong Lee Len
CelcomDigi (CDB MK) - 3Q24: In Line; Higher Merger Synergies In Coming...
3Q24: In Line; Higher Merger Synergies In Coming Quarters CelcomDigi reported a 3Q24 net profit of RM437m (+4% qoq; -27% yoy) with growth momentum in postpaid, fibre and enterprise. This brings 9M24 net profit to RM1,344m, in line with our expectations. Positively, we expect higher cost synergy savings going into 4Q24 as management lifts the gross synergy target to RM1.1-1.2b for 2024. Maintain BUY. Target price: RM4.50. The stock trades at 8x 2025F EV/EBITDA, -0.5SD below its five-year mean, an...
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Tuesday, November 19, 2024
GREATER CHINA Results Xiaomi Corp (1810 HK/BUY/HK$28.80/Target: HK$33.50) 3Q24: Beat across the board; expect sustained growth across all key segments. Maintain BUY and raise target price to HK$33.50. INDONESIA Update Indo Tambangraya Megah (ITMG IJ/SELL/Rp26,850/Target: Rp25,100) Expect profit to decline by 12% yoy in 2025, fuelled by lower ASP. MALAYSIA Results CelcomDigi (CDB MK/BUY/RM3.37/Target: RM4.50) 9M24: In line; stock offers 5% yiel...
- Chris Hoare
CelcomDigi (Buy, TP: RM6, +80%) Q3 24 Quick Take: Lowered service rev...
Service revenue trend remained muted on SIM consolidation and a conscious effort to flush out rotational churners in Prepaid, resulting in a downward revision in service revenue guidance to “flat to slight decrease” from “low single digit increase” prior.
- Chong Lee Len
Maxis (MAXIS MK) - 3Q24: Strong Results; EBITDA Guidance Maintained
3Q24: Strong Results; EBITDA Guidance Maintained Maxis reported strong 3Q24 results, with net profit surging 28% yoy. This was due to higher service revenue and a one-off manpower rationalisation cost in 3Q23. Maxis declared a third interim DPS of 4 sen/share (86% payout) and maintained its EBITDA guidance of a low single-digit growth for 2024. The upcoming 4Q24 results are expected to be sequentially weaker given higher device costs and subsidies with the launch of iPhone 16. Maintain BUY with ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Monday, November 11, 2024
GREATER CHINA Economics Inflation: Deflationary pressure persists, particularly for upstream pricing. Results ECARX (ECX US/BUY/US$1.84/Target: US$3.40): 3Q24: Revenue beat despite price competition. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp438/Target: Rp480): Unclear outlook for 2025; regulatory risk to key brand products. Downgrade to HOLD. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.32/Target: RM2.60): 3Q24: Delivers on earnings as it is on the cusp of ...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
TCAP THANACHART CAPITAL PCL
SATS SP SATS LTD.
MAXIS MAXIS BHD
WPRTS WESTPORTS HOLDINGS BHD
WHA TB WHA CORP PCL
ECX ECARX HOLDINGS INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, November 04, 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
5162 VSTECS
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AD2 AIR CHINA LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
T TELEKOM MALAYSIA BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ECW ECO WORLD DEVELOPMENT GROUP
TXG 10X GENOMICS INC CLASS A
RGB RGB INTERNATIONAL BHD
TDC TIME DOTCOM BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CDB CELCOMDIGI BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Chong Lee Len
- Jo Yee Ng
Telecommunications - A Surprise Award Of Second 5G Network To U Mobile
A Surprise Award Of Second 5G Network To U Mobile The second 5G network award to U Mobile comes as a surprise and we expect this to have an overhang on Maxis and CelcomDigi as both heavyweights weigh their options moving forward. We note that U Mobile has invited CelcomDigi and TM to participate in the rollout of its second network. Potential winners are telco contractors such as edotco, OCK, EdgePoint Towers and Naza Communications. Maintain MARKET WEIGHT. The sector currently trades at 6.2x 12...
- Chong Lee Len
- Jo Yee Ng
Telecommunications - 2Q24: In Line; Transition To Dual Wholesale Netwo...
2Q24: In Line; Transition To Dual Wholesale Network For 5G By Year-end 2Q24 results came in within expectations, with sector earnings contracting 5% yoy and 2% qoq. The quarter was characterised by: a) 2% yoy service revenue growth, with Maxis achieving 5% yoy growth; and b) strong underlying demand for home broadband amid price competition. Following the results, we project sector earnings to grow 3%. Maintain MARKET WEIGHT. Our top picks are CelcomDigi, Maxis and TIME dotCom. We expect the sec...
- Chong Lee Len
- Jo Yee Ng
Maxis (MAXIS MK) - 2Q24: Another Strong Quarter; Lifts EBITDA Guidance
2Q24: Another Strong Quarter; Lifts EBITDA Guidance Maxis registered a sequentially higher net profit in 2Q24 on the back of cost discipline. This was partly offset by seasonally lower device sales. 2Q24 normalised EBITDA margin expanded to 40.4% (+0.3ppt qoq) on the back of higher postpaid, fibre and enterprise revenues, as well as cost discipline. Maxis declared a second interim DPS of 4 sen/share (88% payout) as management lifts 2024 EBITDA guidance. Maintain BUY with a DCF-based target price...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
Regional Morning Notes - Thursday, August 22, 2024
GREATER CHINA Results Crystal International (2232 HK/BUY/HK$3.54/Target: HK$4.92): 1H24: Stronger 2H24, expect restocking into 1H25. CSPC Pharmaceutical Group (1093 HK/SELL/HK$5.68/Target: HK$5.00): 1H24: Results miss; major products face considerable price pressure. Downgrade to SELL. Geely Auto (175 HK/BUY/HK$7.88/Target: HK$13.00): 1H24: Core earnings up 108% yoy, in line with estimates. Maintain BUY. Target price: HK$13.00. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$228.60/Target: HK$30...
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
SATS SP SATS LTD.
01810 XIAOMI CORP. CLASS B
MAXIS MAXIS BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 CSPC PHARMACEUTICAL GROUP LTD
CK CH. KARNCHANG PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
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