reports
- Chris Hoare
- Chris Hoare
South African Telcos Solid H1 but expect prepaid weakness; CY25 H1 re...
Despite a small slowdown in MSR trends, the SA market saw further improvements in total revenue growth, EBITDA and OpFCF margins in H1. Telkom continued to gain revenue share in mobile, driven by prepaid while Vodacom continued to gain share in fixed. Trends on the SA market have been improving since two years ago, helped by the reduction in loadshedding and an improvement in the macro environment.
- Chris Hoare
Sub-Saharan African Telecoms Another good performance; Q2 25 review
The Sub-Saharan African (SSA) operators performed well again in Q2 with service revenue trends accelerating further, and stable OpFCF margins. MTN was the outperformer in terms of both local currency and $ top line performance in Q2, Airtel performed well too. Nigeria has contributed meaningfully this quarter, with local currency growth there accelerating to above 60%. The full effect of the price increase in Nigeria has helped and we expect another strong performance
- Chris Hoare
Nigerian Telcos Q2 25 review: Very strong; Upgrade MTN and AAF price ...
Local currency growth accelerated to above 60% in Q2 (from 40% in Q1), driven by a full quarter impact from the 50% price increase approval, and the improving macro. EBITDA performance in Q2 was very strong for both players and especially for MTN.
- Chris Hoare
Chinese Telcos Q2 25 review: Improving margin, lower capex
Service revenue growth stayed modest with China Telecom improving while peers slowed. EBITDA margins are expanding which drove mid-single digit earnings growth. YTD capex is down 16% YoY ahead of the 9% fall guided for full year. China Telecom will be added to the Hang Seng Index from next week. For investors unable to access this space, we recommend to monitor the developments in China as we see it as a leading indicator for EM telcos more broadly.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 27, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb13.83/Target: Rmb16.70) 1H25: Satisfactory results; seeking growth by improving service capability and operating efficiency. China Tourism Group Duty Free (601888 CH/HOLD/Rmb71.41/Target: Rmb75.30) 2Q25: Net profit down 32% yoy and 66% qoq; fair valuation. Downgrade to HOLD. Haidilao International Holding (6862 HK/BUY/HK$14.47/Target: HK$17.00) 1H25: Revenue in line but net profit misses; generous dividend payout likely to b...
1295 PUBLIC BANK BHD
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
MPM MARCO POLO MARINE LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
02423 KE HOLDINGS INC.
IOIPG IOI PROPERTIES GROUP BHD
600699 JOYSON ELECTRONICS CORP
- Chris Hoare
- Chris Hoare
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - 2Q25: Results In Line With Our And...
ADVANC's 2Q25 net profit came in at Bt11.0b, rising 28% yoy and 4% qoq, mainly on strong revenue, robust gross margin and low SG&A-to-sales. Revenue totalled Bt56.0b (+9% yoy, flat qoq), largely thanks to core service revenue. The ARPU trend in both mobile and FBB was also impressive and showed continuous growth. In 2H25, we believe the strong earnings will continue. Maintain BUY with a target price of Bt340.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily - Thursday, August 07, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt296.00/Target: Bt340.00) 2Q25: Results in line with our and consensus estimates. IRPC (IRPC TB/BUY/Bt1.02/Target: Bt1.20) 2Q25 Results: Losses were expected; better outlook in 3Q25. SVI (SVI TB/HOLD/Bt6.10/Target: Bt6.00) 2Q25: Earnings were weak and below our and market expectations Update CH Karnchang (...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - Expected To Continue Reporting Rob...
ADVANC's 2Q25 net profit is projected to rise 29% yoy and 5% qoq to Bt11.0b, mainly on strong revenue, robust gross margin, and low SG&A-to-sales. We estimate 2Q25 revenue at Bt57.9b (+13% yoy, +3% qoq), supported by core service revenue, especially from the FBB business. EBITDA margin should be flat qoq due to high net operating expenses. Looking ahead, we believe the strong earnings will continue in 2H25. Maintain BUY with a target price of Bt340.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Monday, July 07, 2025
KEY HIGHLIGHTS Update Advanced Info Service (ADVANC TB/BUY/Bt279.00/Target: Bt340.00) Expected to continue reporting robust earnings in 2Q25. PTT Exploration & Production (PTTEP TB/BUY/Bt110.00/Target: Bt155.00) 2Q25 earnings to be pressured by high unit costs but yield remains attractive.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Kitpon Praipaisarnkit
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, July 7, 2025
GREATER CHINA Sector Logistics: Recent logistics sector data remains healthy; expect solid 2Q25 sector financial performance. Maintain OVERWEIGHT, with JDL remaining as our top pick. INDONESIA Sector Banking: Loan growth slows, all eyes on fiscal spending acceleration. MALAYSIA Update Sunway Construction (SCGB MK/HOLD/RM5.99/Target: RM5.55): Outlook remains optimistic with robust orderbook replenishment and multiple catalysts, but fairly priced in after ytd share price rally. Maintain HOLD. S...
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, July 02, 2025
GREATER CHINA Economics PMI Modest recovery with construction rebound. Sector Macau Gaming Jun 25 GGR beat consensus by 9%; GGR has regained momentum in recent months. INDONESIA Small/Mid Cap Highlights MAP Aktif Adiperkasa (MAPA IJ/NOT RATED/Rp700) Expanding active lifestyle retail business; 1Q25 NPAT up 21% yoy. MAL...
BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
BJC BERLI JUCKER PUBLIC CO. LTD.
ERW ERAWAN GROUP
BN2 VALUETRONICS HOLDINGS
IVL INDORAMA VENTURES PUBLIC CO. LTD.
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
INRI INARI AMERTRON BHD
MLK MALAKOFF CORP BHD
GAM GAMUDA BHD
MTC MUANGTHAI CAPITAL PCL
MYEG MY EG SERVICES BHD
IJM IJM CORP BHD
CPALL TB CP ALL
ECW ECO WORLD DEVELOPMENT GROUP
GMB GAS MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
DBB DUOPHARMA BIOTECH BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
SCGP SCG PACKAGING PCL
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
HUME HUME CEMENT INDUSTRIES BHD
PEKAT PEKAT GROUP BHD
TIDLOR TIDLOR HOLDINGS PCL
MAPA IJ MAP AKTIF ADIPERKASA (MAPA IJ)
- Alden Gabriel Lam
- Benyamin Mikael
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Philip Wong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, July 01, 2025
INDONESIA Small/Mid Cap Highlight Energi Mega Persada (ENRG IJ/NOT RATED/Rp328) A clear turning point. MALAYSIA Sector Banking Loans growth improved to 5.3% from 5.1% in May 25. The absence of strong earnings catalysts has prompted us to maintain MARKET WEIGHT. Results Sapura Energy (SAPE MK/BUY/RM0.05/Target: RM0.07) 1QFY26: Core losses are in line on poorer rig utilisation and lu...
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
AMATA AMATA CORP
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
5218 SAPURA ENERGY BHD
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ECOSHOP MK ECO-SHOP MARKETING BHD
- Chris Hoare
Chinese Telcos Q1 25 review: Better profitability despite slower topl...
Service revenue trends slowed in Q1 amid macro headwinds, but EBITDA returned to growth. This continued to drive earnings and therefore dividend growth. With capex continuing to fall in absolute terms, the Chinese telcos continue to look cheap. For investors unable to access this space, we recommend to monitor the developments in China as we see it as a leading indicator for EM telcos more broadly.
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