ADVANC's core profit for 3Q24 is projected to rise 5% yoy but remain flat qoq at Bt8.5b, in line with revenue and gross margin trends. Yoy revenue growth should be supported by the FBB, enterprise, and mobile businesses. However, revenue is expected to remain flat qoq due to seasonal factors affecting ARPU, including a decrease in tourist numbers and lower spending on prepaid packages. We are reinitiating coverage with a BUY recommendation and a new target price of Bt310.00.
KEY HIGHLIGHTS Update Advanced Info Service (ADVANC TB/BUY/Bt267.00/Target: Bt310.00) Expect earnings to improve yoy but decline slightly qoq due to seasonality. PTT Exploration & Production (PTTEP TB/BUY/Bt136.50/Target: Bt160.00) 3Q24 net profit expected to decline due to higher unit cost.
GREATER CHINA Sector Metals And Mining Gold: Rally takes a breather; downside cushioned by escalating geopolitical tensions. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp850/Target: Rp930) 2Q24: Revenue from non-tower business jumps 30% yoy. Downgrade to HOLD. MALAYSIA Strategy Budget 2025 Preview: Building Sustainable Growth While Budget 2025 is seen as market-neutral, it is suppor...
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Raising The M&A And Monetisation Bets: Our Alpha Picks marginally beat the KLCI. Jul 24 picks: Ekovest, Gamu...
GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...
GREATER CHINA Sector Automobile Weekly: PEV sales down 4% yoy but up 8% wow during 8-14 July, in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELL: XPeng. INDONESIA Update Telkom Indonesia (TLKM IJ/BUY/Rp3,250/Target: Rp4,200) 2024 fixed broadband revenue to see moderate growth of 8% yoy; maintain BUY. MALAYSIA Results Alpha IVF (ALPHA MK/BUY/RM0.32/Target: RM0.40) ...
GREATER CHINA Economics Economic Activity 2Q24 growth below expectations. Strategy China And Hong Kong Property Sharper property price decline in 1H24 weighing on margins of Chinese developers; upcoming interest rate cut to support value of Hong Kong retail landlords. Update Kingmed Diagnostics (603882 CH/BUY/Rmb38.10/Target: Rmb35.00) 1H24 and 2024 results under pressu...
GREATER CHINA Strategy Alpha Picks: July Conviction Call: Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24: Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Opting For More Adventurous Choices: Our Alpha Picks beat the KLCI again. Jul 24 picks: BURSA, Ekovest, Gamuda, Lagenda, Mah Sing, MYEG, Pekat...
GREATER CHINA Economics PMI Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming Jun 24 GGR down 12% mom, missing expectations. INDONESIA Results Vale In...
GREATER CHINA Strategy Alpha Picks: June Conviction Call: Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024: Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Choices For A “Summer Lull”: Our Alpha Picks trounce the KLCI again. May 24 picks: BAUTO, BURSA, Gamuda, GENM, Lagenda, Mah Sing, MYEG, PMETAL, RGB, and VSI. SINGAPORE Strategy Alpha Picks...
GREATER CHINA Sector Property - Hong Kong Limited Downside Risks To Property Price in Near Term; Watch For Policy Support For Hong Kong Tourism. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900) 2024 net profit could grow 45% yoy, partly driven by network improvement. MALAYSIA Sector Oil & Gas Petrona...
GREATER CHINA Sector Automobile Weekly: PEV sales drop wow due to high comparison base. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELLs: Li Auto and XPeng. Results Kuaishou (1024 HK/BUY/HK$58.15/Target: HK$85.00) 1Q24: Solid earnings beat; softer 2Q24; HK$16b share repurchase plan. Pinduoduo (PDD US/BUY/US$145.45/Target: US$200.00) 1Q24: Robust earnings beat; stro...
GREATER CHINA Strategy Alpha Picks: May Conviction Call: Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
Our Alpha Picks outperformed compared the market (+0.9% vs -0.7%) in Apr 24. In Apr 24, the global market focused on earnings results. The SET index slightly decreased by 0.7% in Apr 24. For May 24, our picks are ADVANC, BSRC, BTG, CPALL, CPF, ERW, MAJOR, TFG, TIDLOR and TU.
GREATER CHINA Sector Macau Gaming Apr 24 GGR down 5% mom; downgrade to MARKET WEIGHT. Results China Construction Bank (939 HK/BUY/HK$5.10/Target: HK$6.00) 1Q24: Results in line with better NIM performance. LONGi Green Energy Technology (601012 CH/SELL/Rmb18.20/Target: Rmb14.38) 2023/1Q24: Below expectations; inventory write-down wipes out earnings. Downgrade to SELL. PICC Property and Casualty (2328 HK/BUY/HK$9.71/Target: HK$11.70) 1Q24: Earnings miss on higher COR and lower investment income...
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...
We ran our Asia Telco tour last week. This time we met 12 companies in 3 countries (Korea, Japan, Thailand). Telco share prices in all 3 of these countries have been pretty strong recently as telcos continue to benefit from generally positive themes: growth, return on capital and shareholder remuneration are all typically improving.
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...
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