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Bella Lu Yifei ... (+20)
  • Bella Lu Yifei
  • Colin Lee
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Kate Luang
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Llelleythan Tan Tan
  • Ming San Soong
  • Nurul Nazira Binti Abdullah
  • Paula Ruth
  • Shirley Wang Xueyi
  • Stella Guo Yuting

Regional Morning Meeting Notes: Friday, November 22, 2024

GREATER CHINA Sector Automobile Weekly: PV sales up wow; NDRC indicates support for ICE-cars. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao Glass and Desay SV. IT Hardware Blackwell production ramp accelerating; brace for another year of robust growth. Maintain OVERWEIGHT. Results Baidu Inc (9888 HK/HOLD/HK$83.85/Target: HK$90.00) ...

Chris Hoare
  • Chris Hoare

Japanese Telcos Q2 FY24 review: Stable growth with better profitabili...

Service revenue slowed for the incumbents but stayed in the low-single digit band, with Softbank still ahead followed by NTT. Mobile divergence continues to play out with SB leading the pack and is likely to remain so in our view. Industry EBITDA improved as NTT inflected to growth and led to a strong EBIT beat this quarter.

Anas Fitri Bin Ahmad ... (+8)
  • Anas Fitri Bin Ahmad
  • Jack Goh Tooan Orng
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Lester Siew
  • Ming San Soong
  • Posmarito Pakpahan

Regional Morning Meeting Notes: Thursday, November 21, 2024

GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$52.55/Target: HK$67.00) 3Q24: Results in line; lukewarm revenue growth expected in 4Q24. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp10,075/Target: Rp12,000) Solid performance across the board in 10M24. MALAYSIA Results Hap Seng Plantations (HAPL MK/BUY/RM2.07/Target: RM2.25) 9M24: Within expectations; expect stronger contribution in 4Q24. My EG Services (MYEG MK/BUY/RM0.88/Ta...

Adrian Loh Tzum Yung ... (+12)
  • Adrian Loh Tzum Yung
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Desmond Chong Chee Wai
  • John Cheong Ming Chern
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Ken Lee
  • Kong Ho Meng
  • Ming San Soong
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Wednesday, November 20, 2024

GREATER CHINA Results Kingsoft Corp (3888 HK/BUY/HK$29.20/Target: HK$40.00) 3Q24: Revenue and earnings beat; positive outlook for online games growth. Tongcheng Travel Holdings (780 HK/BUY/HK$17.70/Target: HK$20.00) 3Q24: Earnings beat; poised for better margin outlook in 2025. Upgrade to BUY. Trip.com (9961 HK/BUY/HK$505.00/Target: HK$640.00) 3Q24: Solid earnings beat; stepped up investment for interntational market share expansion. XPeng Inc...

Benjaphol Suthwanish ... (+15)
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Colin Lee
  • Jack Goh Tooan Orng
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Lester Siew
  • Ming San Soong
  • Roy Chen Chengzhi
  • Stevanus Juanda
  • Sunny Chen
  • Tanaporn Visaruthaphong
  • Tham Mun Hon

Regional Morning Meeting Notes: Monday, November 18, 2024

GREATER CHINA Economics Economic Activity Mainly stable except for weakness in real estate. Results Alibaba Group (9988 HK/BUY/HK$87.20/Target: HK$130.00) 2QFY25: Seeking high quality growth and gradual monetisation. CSPC Pharmaceutical Group (1093 HK/HOLD/HK$5.13/Target: HK$5.50) 9M24: Disappointing results; targets positive revenue growth in 2025. JD Logistics, Inc (2618 HK/BUY/HK$14.16/Target: HK$22...

Pelham Smithers
  • Pelham Smithers

PSA Internet / eCommerce: Rakuten (4755 JT) FY24 Q3 Results

Pelham Smithers reviews the FY24 Q3 performance of Rakuten which saw the firm move into the black, boosted by a +53% YoY increase in the Fintech business. The key question is whether the stock is likely to hit EV/adj OP of 15~16x within three years?

Si Yong Ng ... (+2)
  • Si Yong Ng
  • Trung Nguyen

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Samvardhana Motherson, Fosun International, Rakuten Group

Chris Hoare
  • Chris Hoare

Rakuten (Reduce, ¥400, -58%) Q3 24 Quick Take: Mobile traction fading...

Rakuten reported mixed results as revenue and EBIT were slightly ahead of expectations, but net profit recorded a large miss. The company has redefined Mobile EBITDA to include ecosystem benefits which seems disingenuous to us when it is apparent it is unable to achieve breakeven within by the end of this year.

Heidi Mo Jinghui ... (+4)
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Jonathan Koh
  • Llelleythan Tan Tan

Singapore Daily: Wednesday, November 13, 2024

KEY HIGHLIGHTS Results Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.57/Target: S$0.77) 1QFY25: Resiliency from Singapore; progressively backfilling Building 3 in Milan. Riverstone Holdings (RSTON SP/BUY/S$0.90/Target: S$1.16) 3Q24: Results in line; healthy outlook ahead with capacity expansion. SEA (SE US/BUY/US$107.65/Target: US$138.70)  3Q24: Robust quarter as Shopee returns to profitability. MONTHLY TECHNICAL - INDICES OUTLOOK     FTSE Straits Times Index (STI IND): Bullish price trend...

Hybridan Small Cap Feast - 12 November 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 31 October 2024: Winking Studios: the AAA Art Outsourcing and Game De...

Pelham Smithers
  • Pelham Smithers

PSA Techonolgy / Semiconductors: Kioxia IPO Back On

With the Kioxia IPO back on, Pelham Smithers reviews the NAND market and the implications for this long-awaited listing to see the light of day.

Adrian Loh Tzum Yung ... (+5)
  • Adrian Loh Tzum Yung
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Jonathan Koh
  • Roy Chen Chengzhi

Singapore Daily: Monday, November 11, 2024

KEY HIGHLIGHTS Sector Banking          3Q24 round-up: The race to work the balance sheet harder. Results Oversea-Chinese Banking Corp (OCBC SP/BUY/S$16.06/Target: S$21.00) 3Q24: The tide on capital management has turned. SATS (SATS SP/BUY/S$3.85/Target: S$4.30)      1HFY25: Core earnings beat; stay invested for long-term growth potential. United Overseas Bank (UOB SP/NOT RATED/S$35.69)                       3Q24: Uplift in CET-1 CAR reinforces urgency for capital management. Venture Corporation...

Arsit Pamaranont ... (+15)
  • Arsit Pamaranont
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Desmond Chong Chee Wai
  • Jack Goh Tooan Orng
  • Johnny Yum
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Ken Lee
  • Kong Ho Meng
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Tham Mun Hon

Regional Morning Notes: Friday, November 08, 2024

GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...

Lindsay Whipp
  • Lindsay Whipp

PSA ERP Software / IT Services: NTT Data (9613 JT) FY24 Q2 Results

Analyst Lindsay Whipp takes us through the blowout quarter from NTT Data and reviews the outlook for the full year.

Chris Hoare
  • Chris Hoare

NTT (Buy, TP: ¥240, +59%) Q2 FY24 Quick Take: Decent beat on topline ...

NTT outperformed expectations for revenue and EBIT by 1.6% and 4.8% respectively, backed by another strong quarter for Global Solutions and easing decline in its Fixed Line business.

Adrian Loh Tzum Yung ... (+17)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Damon Shen
  • Jieqi Liu
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Keith Wee Teck Keong
  • Kenny Yong Hui Lim
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Llelleythan Tan Tan
  • Ming San Soong
  • Philip Wong
  • Roy Chen Chengzhi
  • Stevanus Juanda
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Thursday, November 07, 2024

GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...

Arsit Pamaranont ... (+11)
  • Arsit Pamaranont
  • Chong Lee Len
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kate Luang
  • Llelleythan Tan Tan
  • Nurul Nazira Binti Abdullah
  • Philip Wong
  • Stevanus Juanda

Regional Morning Meeting Notes: Wednesday, November 06, 2024

GREATER CHINA Strategy Small-Mid Cap Monthly Stronger order visibility into 2025, reiterate BUY on Crystal International and raise target price to HK$5.12. INDONESIA Results Indofood Sukses Makmur (INDF IJ/BUY/Rp7,875/Target: Rp12,000) 3Q24: Ahead of consensus expectation – driven by IFAR. Indofood CBP (ICBP IJ/BUY/Rp12,450/Target: Rp15,000) 3Q24: Strong volume growth; core NPAT in line wit...

Chris Hoare
  • Chris Hoare

LY Corp (Buy, TP: ¥585, +38%) Q2 FY24 Quick Take: Upgraded profitabili...

Q2 numbers reflected improving profitability at PayPay and sustained growth in Media’s Account Ad revenue. Across the board, EBITDA margins were better YoY including Commerce.

Adrian Loh Tzum Yung ... (+12)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Colin Lee
  • Damon Shen
  • Jack Goh Tooan Orng
  • Jieqi Liu
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Ming San Soong
  • Stevanus Juanda
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Tuesday, November 05, 2024

GREATER CHINA Strategy Hong Kong Developers And Landlords Top developer leads strong sales rebound in Oct 24; landlords continue to face challenges from GBA integration. Sector Internet - China Encouraging monetisation visibility from adtech and LLM upgrades. Update Xiaomi Corp (1810 HK/BUY/HK$27.30/Target: HK$31.70) 3Q24 results preview: Robust growth in IoT se...

Bella Lu Yifei ... (+19)
  • 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...

TWOU 2U INC.
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
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