reports
- Chong Lee Len
Telecommunications - 1Q25 Results Largely In Line; Mobile Competition ...
1Q25 Results Largely In Line; Mobile Competition Remains Intense 1Q25 sector earnings rose 5% qoq but fell 3% yoy driven by stable postpaid revenue, robust enterprise revenue and good cost control. Prepaid earnings were adversely impacted by intense unlimited data offerings. Broadly, earnings came in within expectations except for Axiata. After the results, we trim sector earnings by 7%. Maintain MARKET WEIGHT; catalysts include Axiata’s monetisation of EDOTCO and CelcomDigi’s synergistic saving...
- Chong Lee Len
CelcomDigi (CDB MK) - 1Q25: Within Expectations; Focus On Integration ...
1Q25: Within Expectations; Focus On Integration Efforts For The Year CelcomDigi’s 1Q25 net profit rose 141% qoq and 5% yoy to RM388m. This included costs related to changes in the operating model, inventory and equipment asset adjustments in 1Q25 and accelerated depreciation in 4Q24. Stripping these out, 1Q25 core net profit came in at RM430m (+6% qoq; -10% yoy), in line with expectations. The group maintains its 2025 guidance of low-to-mid single-digit EBIT growth. BUY on weakness with a DCF-ba...
- Bella Lu Yifei
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, May 23, 2025
GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
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
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
SWB SUNWAY 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
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Chris Hoare
- Chong Lee Len
Maxis (MAXIS MK) - 1Q25: Strong Results On Good Cost Discipline And En...
1Q25: Strong Results On Good Cost Discipline And Enterprise Segment Growth 1Q25 net profit rose 16% qoq to RM371m (+5% yoy), making up 25% of house and street estimates. The sequential growth was driven by cost discipline, enterprise business growth and lower finance charges. Postpaid revenue was stable yoy on the back of continuous pre-to-postpaid migration. Prepaid competition remained intense into the quarter. Maxis declared its first interim net DPS of 4 sen/share (84% payout). BUY on weakne...
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, May 19, 2025
GREATER CHINA Update Foxconn Industrial Internet (601138 CH/BUY/Rmb19.22/Target: Rmb25.30) 2Q25 guidance in line; GB200/GB300 smooth production ramp as the key driver for 2025-26. Maintain BUY. INDONESIA Strategy JCI rallies from global tailwinds Market rebound gains momentum amid global tailwinds and rate cut hopes. MALAYSIA Results Maxis (MAXIS MK/BUY/RM3.76/Target: RM4.20) 1Q25: Strong set of results; earnings d...
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
PLANB PLAN B MEDIA
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
MAXIS MAXIS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, May 14, 2025
GREATER CHINA Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00): 1Q25: Strong earnings beat; intact 2025 outlook; vague visibility on food delivery. JD Logistics, Inc (2618 HK/BUY/HK$12.24/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. Tencent Music Entertainment Group (1698 HK/BUY/HK$54.50/Target: HK$68.00): 1Q25: Solid earnings beat; encouraging margin outlook in 2025. INDONESIA Update Trimegah Bangun Persada (NCKL IJ/BUY/Rp670/Tar...
558 UMS HOLDINGS LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SE SEA ADS
MAXIS MAXIS BHD
SIE SIA ENGINEERING CO LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
FEH FOOD EMPIRE HOLDINGS LTD
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Chong Lee Len
Maxis (MAXIS MK) - Cost Discipline And Core Business Focus To Drive Ea...
Cost Discipline And Core Business Focus To Drive Earnings We expect Maxis to book a sequentially stronger 1Q25 core net profit of RM330m- 350m. Key drivers include: a) continuation of pre-to-postpaid customer migration, b) bundling of home fibre and other connectivity products to lower the churn rate, and c) stronger growth in the enterprise segment. Margins are expected to be partly dampened by a higher 5G access fee in 2025. Maxis trades at 9x 2025F EV/EBITDA and offers a 4.7% dividend yield. ...
- Chong Lee Len
Telecommunications - A Defensive Bet; Rational Competition In The Near...
A Defensive Bet; Rational Competition In The Near Term In a risk-off environment, the sector has outperformed the FBMKLCI by 8% ytd. Our recent channel checks suggest competition is rational and telcos are likely to focus on profitability and cash flow. We expect an above-market dividend yield of 5% while sector earnings are expected to grow 4% and 6% in 2025 and 2026 respectively. Maintain MARKET WEIGHT as we watch for pockets of catalysts including monetisation of edotco by Axiata and CelcomDi...
- 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...
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