reports
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Malaysia Research Team
- Roy Chen Chengzhi
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 12, 2024
GREATER CHINA Sector Property: Channel checks and observations of Shanghai primary market. INDONESIA Update Astra International (ASII IJ/BUY/Rp4,970/Target: Rp6,000): Should be able to cope with intense competition. MALAYSIA Sector Plantation: MPOB’s Oct 24 data showed a slow inventory rebuild due to higher exports and declining production. Results CTOS Digital (CTOS MK/BUY/RM1.14/Target: RM1.51): 3Q24: Results within expectations. While management has revised its internal guidance for 2025, w...
- John Cheong Ming Chern
UMS Integration (UMSH SP) - 3Q24: Earnings Still Below Expectations Du...
UMS’ 3Q24 earnings of S$10m (-32% yoy/+12% qoq) are below expectations, while its 9M24 earnings of S$29.5m (-33% yoy) only met 69% of our full-year estimate. This was due to weaker global chip demand and a general business slowdown. Interim dividend declined 20% yoy. UMS indicated that its new key customer has requested UMS to ramp up production in the coming months, but it may take some time to achieve meaningful earnings contributions. Upgrade to HOLD. Target price: S$0.95.
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Roy Chen Chengzhi
Singapore Daily: Tuesday, November 12, 2024
KEY HIGHLIGHTS Results Singapore Airlines (SIA SP/SELL/S$6.29/Target: S$5.72) 1HFY25: Earnings miss expectations on slightly higher-than-expected operation costs. UMS Integration (UMSH SP/HOLD/S$1.04/Target:S$0.95) 3Q24: Earnings still below expectations due to slow ramp-up of new customer. Upgrade to HOLD. Update Seatrium (STM SP/BUY/S$1.95/Target: S$2.80) No negative surprises in 3Q with much to look forward to in the next six months. Maintain BUY with a target price of S$2.80. TRADERS' ...
UMS Integration Ltd: 1 director
A director at UMS Integration Ltd bought 600,000 shares at 0.983SGD and the significance rating of the trade was 61/100. 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 c...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 28, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$71.65/Target: HK$109.60) 1H24: Results beat. Fila's guidance slightly lowered; new brands performed well. China Overseas Property Holdings (2669 HK/BUY/HK$4.63/Target: HK$7.20) 1H24: Results meet expectations; higher dividend payout ratio. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$18.22/Target: HK$27.00) 2Q24: Margins deteriorate; automation demand outlook remains sluggish. Shenzhen Inovance (300124 CH/BU...
AS7 ANTA SPORTS PRODUCTS LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
4197 SIME DARBY BHD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
VALUE VALUE8 N.V.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
INRI INARI AMERTRON BHD
RHBBANK RHB BANK BHD
TXG 10X GENOMICS INC CLASS A
UMSH UMS HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
AZTECH NANOFILM TECHNOLOGIES INTERNATIONAL
MZH HANSOH PHARMACEUTICAL GROUP
3692 AEM HOLDINGS LTD
AEM 123FAHRSCHULE SE
123F AZTECH GLOBAL LTD
8AZ 029 GROUP SE
Z29 CTRIP.COM INTERNATIONAL
- John Cheong Ming Chern
- 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 ...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Philip Wong
- Ringo Tang Chi Yu
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, August 14, 2024
GREATER CHINA Economics Money Supply Weak demand for transactional funds and medium- to long-term loans. Results Foxconn Industrial Internet (601138 CH/BUY/Rmb20.78/Target: Rmb30.00) 2Q24: Solid progress in AI business; margin misses due to product mix changes. Sino Biopharmaceutical (1177 HK/BUY/HK$2.95/Target: HK$4.00) 1H24: Results beat; expects double-digit revenue and earnings growth in 2024. INDONESIA Update In...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
AP AP THAILAND
SE SEA ADS
KCE KCE ELECTRONICS PUBLIC CO. LTD.
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
UMSH UMS HOLDINGS LTD
1706769D MR DIY
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MRDIY MR DIY GROUP M BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SE US SEA LIMITED
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, May 14, 2024
GREATER CHINA Strategy China and Hong Kong Property: More patience needed for China’s destocking policy; Hong Kong retail landlords facing both challenges and opportunities. INDONESIA Sector Banking: 1Q24 results wrap-up: NIM revision due to higher CoF. MALAYSIA Results Carlsberg Brewery Malaysia (CAB MK/BUY/RM19.44/Target: RM25.10): 1Q24: Within expectations. While earnings were seasonally strong, Singapore was affected by the loss of Asahi. Maintain BUY with a higher target price of RM25.10....
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
T13 RH PETROGAS
558 UMS HOLDINGS LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TCAP THANACHART CAPITAL PCL
SIE SIA ENGINEERING CO LTD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
CPN-R CENTRAL PATTANA PCL NVDR
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Roy Chen Chengzhi
Singapore Daily - Tuesday, May 14, 2024
KEY HIGHLIGHTS Results RH Petrogas (RHP SP/BUY/S$0.164/Target: S$0.242): 1Q24: Better-than-expected results due to higher production and oil prices, helped by good cost control. Looking forward to two exploration wells in 2H24. SIA Engineering (SIE SP/BUY/S$2.33/Target: S$2.70): FY24: Core net profit in line; expect further earnings recovery in FY25. Maintain BUY. Singapore Technologies Engineering (STE SP/BUY/S$4.03/Target: S$4.50): 1Q24: Strong 1Q24 revenue performance bodes well for the fu...
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Friday, March 01, 2024
KEY HIGHLIGHTS Results AEM Holdings (AEM SP/HOLD/S$2.14/Target:S$1.94): 2023: Revenue meets forecast but 2024 guidance misses expectation; maintain HOLD. First Resources (FR SP/BUY /S$1.42/Target: S$1.65): 2023: 2H results below expectations as downstream losses are greater than expected due to negative margins for both refiner and biodiesel. Better outlook in 2024. Riverstone Holdings (RSTON SP/BUY/S$0.675/Target: S$0.88): 2023: Strong earnings beat, attractive 2024 yield of around 10%. Sin...
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, November 15, 2023
GREATER CHINA Sector Property: New-home sales still weak; PBOC’s decision to offer PSL/Special Loan will be positive for market stabilisation. INDONESIA Sector Healthcare: 3Q23: Strong patient volume growth and improving revenue intensity. MALAYSIA Results Dialog Group (DLG MK/BUY/RM2.10/Target: RM2.85): 1QFY24: Results in line, as upstream business (higher production) and storage income (ie PITSB) more than offset the continued EPCC cost overruns. Small-Mid Cap Highlights NationGate Holdings ...
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily - Wednesday, November 15, 2023
KEY HIGHLIGHTS Results Bumitama Agri (BAL SP/BUY/S$0.605/Target: S$0.70): 3Q23: Results beat our and consensus expectations on higher-than-expected external FFB purchase boosting CPO production and sales volume. ComfortDelGro Corporation (CD SP/BUY/S$1.31/Target: S$1.69): 3Q23: Strong results; riding on strong tailwinds. SEA (SE US/BUY/US$46.03/Target: US$72.25): 3Q23: Results in line; 4Q23 could be better due to seasonality. UMS Holdings (UMSH SP/BUY/S$1.26/Target:S$1.56): 3Q23: Results in ...
- John Cheong Ming Chern
Singapore Daily - Monday, September 18, 2023
KEY HIGHLIGHTS Update UMS Holdings (UMSH SP/BUY/S$1.26/Target:S$1.56): Well-positioned for semiconductor industry recovery and boost from new customer. TRADERS’ CORNER Yangzijiang Financial Holding (YZJFH SP): Trading BUY Aztech Global (AZTECH SP): Trading BUY
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Kasemsun Koonnara
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Monday, September 18, 2023
GREATER CHINA Economics Economic Activity: August data mostly beat expectations, property FAI remains a drag. Sector Aviation: Airlines Aug 23 operation data: Pax load recovery behind our projections; overcapacity issue remains. Maintain UNDERWEIGHT on Chinese airlines. Update Yum China (9987 HK/NOT-RATED/HK$452.00): More positive outlook: Accelerated store openings and a strategy to focus on growth. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,370/Target: Rp1,600): Expect qoq sal...
- John Cheong Ming Chern
Technology – Singapore: Expect Earnings Weakness From Industry Headwin...
We expect earnings weakness for tech manufacturing stocks in 2Q23, due to weaker global demand for electronic goods and inventory destocking. Pure semiconductor names (AEM, UMS) should deliver weaker earnings due to a slowdown in the semiconductor cycle. On the other hand, stocks with a diverse customer base will not be spared from the general economic slowdown (Venture, Frencken). Aztech is the only BUY under our coverage. We have a SELL rating on AEM and Nanofilm.
- John Cheong Ming Chern
- Adrian Loh Tzum Yung
- Chong Lee Len
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, May 12, 2023
KEY HIGHLIGHTS Sector REITs: 3QFY23: LREIT (in line) and 1Q23: SASSR (slightly above). Results Singapore Post (SPOST SP/HOLD/S$0.515/Target: S$0.46): FY23: Results in line with expectations; group strategic review initiated. StarHub (STH SP/BUY/S$1.01/Target: S$1.37): 1Q23: Exceeds expectations; strong start to 2023. UMS Holdings (UMSH SP/HOLD/S$0.97/Target:S$0.97): 1Q23: Results in line with expectation, remain cautious on near-term outlook. Update CapitaLand Investments (CLI SP/BUY/S$3.74/Tar...
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Leow Huey Chuen
Singapore Daily - Thursday, March 2, 2023
KEY HIGHLIGHTS Sector REITs: S-REITs monthly update (Feb 23). Results Bumitama Agri (BAL SP/HOLD/S$0.62/Target: S$0.55): 2022: Below expectations, but still a good set of results with record-high FFB yield despite challenging weather; bumper dividend could be declared. First Resources (FR SP/HOLD/S$1.63/Target: S$1.55): 2022: Record-high net profit with a historically high total dividend of S$0.145/share. Downgrade to HOLD as we reckon share price has factored in the strong results. UMS Holding...
- Arsit Pamaranont
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Stevanus Juanda
- Tham Mun Hon
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
Regional Morning Notes - Thursday, March 02, 2023
GREATER CHINA Economics PMI: Activities gain momentum after festive season. Strategy Alpha Picks: March Conviction Calls: We expect higher volatility in March, adding Zhongsheng Group to our SELL list. New BUY ideas include Anhui Conch, CM Bank, Desay SV, Fenjiu, and Sunny Optical. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp36,975/Target: Rp30,000): 4Q22: NPAT falls 29.3% qoq and ASP declines. Triputra Agro Persada (TAPG IJ/BUY/Rp675 /Target: Rp1,125): 2022: Results within expecta...
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