reports
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
In a separate note published last week we introduced the NSR GEM-Top 8. However, many of the stocks in that list are not liquid and so, given the tailwinds we now see in the Telco industry we introduce a second list – the GEM Telco & Towers Liquid Compounders; large cap, well-managed telcos in attractive markets at cheap valuations that are likely to generate market-beating returns over time. These are the best large cap investments in the Global EM Telco & Towers space we think.
- Chris Hoare
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - Still Anticipate Impressive Result...
ADVANC's core profit for 4Q24 is projected to rise 26% yoy and 5% qoq to Bt8.9b, in line with revenue and gross margin trends. Yoy revenue growth should be supported by the FBB, enterprise, and mobile businesses and qoq revenue growth should be driven by the handset subsidy business. EBITDA margin should also grow continuously yoy and qoq. We fine-tune 2024-25 earnings. Maintain BUY with a higher target price of Bt330.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Johnny Yum
- Jonathan Koh
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, January 06, 2025
GREATER CHINA Sector Shipping And Ports: Expect 2025 to be a volatile year, with several geopolitical and industrial events posing key uncertainties. Maintain MARKET WEIGHT. BUY CSP, CMP and OOIL. INDONESIA Strategy 2024 JCI Return Analysis: Our top picks are ASII, BMRI, BBNI, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. MALAYSIA Strategy 1H25 Strategy: The FBMKLCI should again deliver energising returns in 2025, charged up mainly by domestic liquidity ...
- Soomit Datta
- Chris Hoare
- Chris Hoare
- Soomit Datta
- Chris Hoare
- Chris Hoare
- 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
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - 3Q24: Results In Line; Expect Stro...
ADVANC's net profit for 3Q24 came in at Bt8.8b, in line with our and market forecasts. Net profit increased yoy due to higher revenue and margin growth. Meanwhile, earnings was flat qoq, impacted by higher SG&A-to-sales. For its operations, mobile ARPU increased yoy, but was flat qoq due to the seasonal impact. EBITDA margin was stronger yoy due to to higher core service revenue from TTTBB’s contribution. We maintain BUY with a target price of Bt310.00
- Kitpon Praipaisarnkit
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Soomit Datta
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