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Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Bulgaria Outlook 2025

OUTLOOK 2025 – 6 VALUE STOCKS FOR YOUR PORTFOLIO  Bulgaria's economy showed resilience despite the world and domestic challenges. In the first three quarters of 2024, the country posted steady annual GDP growth of 1.9% in Q1, 2.3% in Q2 and 2.6% in Q3 (non-seasonally adjusted data). The main drivers behind the growth were the individual and government consumption, which accelerated their contribution throughout the three quarters.  Inflation has been on a downward trend, aligning with global ...

Anas Fitri Bin Ahmad ... (+12)
  • Anas Fitri Bin Ahmad
  • Benjaphol Suthwanish
  • Jo Yee Ng
  • Jonathan Koh
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Ziv Ang Sze Champ

Regional Morning Meeting Notes: Wednesday, January 15, 2025

GREATER CHINA Economics Money Supply Positive signs despite weak credit demand. Sector Baijiu Industry remains under pressure; conservative tone toward 2025; channel healthiness and price stability the key focuses. Downgrade the baijiu sector to UNDERWEIGHT. Metals and Mining ...

Arsit Pamaranont ... (+12)
  • Arsit Pamaranont
  • Damon Shen
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jieqi Liu
  • Julia Pan Mengyao
  • Kong Ho Meng
  • Llelleythan Tan Tan
  • Ming San Soong
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Tham Mun Hon

Regional Morning Meeting Notes: Tuesday, January 14, 2025

GREATER CHINA Economics Trade Export Growth Rebounded; Rush Order Ahead Of Tariffs? Sector Education Key growth themes in 2025 upon policy clarity and AI integration progress. Property Sales pull back mom before Chinese New Year; updates of 2024 op...

Anas Fitri Bin Ahmad ... (+10)
  • Anas Fitri Bin Ahmad
  • Benyamin Mikael
  • Colin Lee
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Thailand Research Team
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Monday, January 13, 2025

GREATER CHINA Sector IT Hardware Solid 2024 Shipment Data; recovery in 2025 remains intact. Maintain OVERWEIGHT . INDONESIA Small/Mid Caps Highlights Bukit Asam (PTBA IJ/NOT RATED/Rp2,690) Strong production outlook towards 2029. MALAYSIA Sector Banking Malaysian banks are likely to take a cautious and gradual approach to capital managemen...

Martin Hall
  • Martin Hall

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5...

Hybridan Team
  • Hybridan Team

Small Cap Feast

Abingdon Health 8.00p £15.49m (ABDX.L) The international lateral flow contract research and contract development and manufacturing organisation (CDMO), reports winning a £0.5m 12-month contract. Starting in March 2025, its recently acquired subsidiary, CS (Lifesciences) Ltd, will work with a major global diagnostics client on quality management systems and regulatory approvals. The CS subsidiary is a consultancy specialising in compliance requirement in international in vitro diagnostics and m...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 8 January 2025

The Bulgarian market weakened and only few outstanding names like Shelly Group (SLYG, EUR 34.00, -2.58%), the freshly renamed Wiser Technology (WISR, BGN 5.00, -4.76%) and Doverie (DUH, BGN 7.70, -1.28%) concentrated the investors’ focus and provided significant liquidity to the market. The negative bias was reinforced by low-volume price actions with Agria (AGH, BGN 19.50, -3.47%) and First Investment Bank (FIB, BGN 4.20, -2.33%) on poor buy order side within the benchmark, while BG Agro (BGAG,...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Weekly bulletin - 30 December 2024 - 3 January 2025

The Bulgarian stocks marked a mixed start of the year, as during the two trading days, local benchmark SOFIX lost 0.4% to settle at 889.27. The broader BGBX40 (171.79, +0.0%) and BGTR30 (865.04, +0.2%) kept to a tighter range. The weekly top performer within our selected companies were Industrial Capital Holding (HIKA, BGN 2.68, +5.5%) and Alcomet (ALCM, BGN 6.75, +5.5%), while two of the SOFIX members – Eurohold Bulgaria (EUBG, BGN 1.92, -3,5%) and Doverie United Holding (DUH, BGN 7,80, -2,0%)...

Hybridan Team
  • Hybridan Team

Small Cap Feast

Arrow Exploration - Arrow Announces Exploration Well AB-1 Results Engage XR Holdings - Pre-Close Trading Update Equipmake Holdings - Update on Strategic Review and Formal Sale Process Genflow Biosciences - 2024 Highlights Guardian Metal Rsrc. - 750,000 Placing with Institutional Investor MyCelx Tech. Corp. - Year-end Update Smarttech247 Group - Update re. results for the year ended 31 July 2024 SRT Marine Systems - Phase 2 System Contract Notice to Proceed Received Technology Minerals - Leading ...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 6 January 2025

The Bulgarian market was in retreat mode on Friday, following sell-off of the heavy member Shelly Group (SLYG, EUR 34.00, -2.58%) as well as Telematic Interactive (TIB, BGN 22.20, -2.63%) and BG Agro (BGAG, BGN 1.06, -8.62%). SOFIX (889.27) plunged 1.68% during the session, reflecting low-volume trade with Eurohold (EUBG, BGN 1.92, 0.00%) on the bid side, but late-hour trade covered the decrease and the benchmark booked 0.25% loss. The activity was broadly based with volumes close to 15-days ave...

Andy Hanson ... (+10)
  • Andy Hanson
  • Bob Liao
  • Brendan Long
  • Carl Smith
  • Daniel Slater
  • David Seers
  • John Cummins
  • Rachel Birkett
  • Robin Byde
  • Robin Savage

Zeus Top Picks for 2025

Welcome to Zeus’ Top Picks 2025. Every year since 2021 Zeus analysts have selected their highest conviction UK SMID cap stocks over a one-year investment horizon. In 2024 Zeus analysts selected nine stocks across various sectors, focusing predominantly on the UK AIM market. These stocks provided an average total return of 16.3%, beating the AIM All Share benchmark by 18.7ppts*.

Malaysia Research Team ... (+2)
  • Malaysia Research Team
  • Vincent Khoo Boo Aik

Strategy - Alpha Picks: Still Ample Domestic Catalysts

Alpha Picks: Still Ample Domestic Catalysts Our Alpha Picks outperformed the FBMKLCI in Dec 24 (+4.9% vs +3.0%), partly due to window dressing picks. While the broad equity market may still be sidelined until US trade policies are clearly deployed, there are still ample trading opportunities arising from domestic catalysts such as Iskandar 2.0, renewable energy, blockchain, M&A and winners in the upcoming reporting season. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RHB Bank, RGB, SP Setia, ...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 3 January 2025

The Bulgarian equity market experienced some volatility on the first session of the year. The major indexes initially moved lower, pressed by poor trading activity in names related with some rebalancing at the end of the year, like Elana Agrocredit (EAC, BGN 1.08, -2.70%) and Eurohold (EUBG, BGN 1.92, -3.52%), but finally with the positive price actions in the tech sector – Shelly (SLYG, EUR 34.90, +3.87%) and Sirma (SGH, BGN 0.965, +2.12%) and the significant support from Alcomet (ALCM, BGN 7.0...

Adrian Loh Tzum Yung ... (+9)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Desmond Chong Chee Wai
  • Greater China Research Team
  • Johnny Yum
  • Jonathan Koh
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Thailand Research Team

Regional Morning Meeting Notes: Friday, January 03, 2025

GREATER CHINA Strategy Alpha Picks: January Conviction Calls Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024 Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Update VS Industry (VSI MK/BUY/RM1.16/Target: RM1.50) Despite a 17% recovery in its share price since its low in m...

Singapore Research Team
  • Singapore Research Team

Alpha Picks: Outperforming In 2024

Another month of solid share price performance by banks saw the STI gain 1.3%, which was 2.3ppt better than our Alpha Picks portfolio on an equal-weighted basis. On a price weighted basis, we outperformed the STI by 0.7ppt for Dec 24 and an even punchier 14.4ppt for 2024. Our Alpha Picks portfolio has now outperformed the STI in 12 out of the past 15 months.

Jonathan Koh ... (+8)
  • Jonathan Koh
  • Philip Wong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Singapore Research Team
  • Stella Guo Yuting
  • Tham Mun Hon
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Thursday, January 02, 2025

GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...

BDMS BANGKOK DUSIT MEDICAL SERVICES
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
Research Team
  • Research Team

WOOD Flash – Alkaloid AD Skopje/ Hellenic Bank/ ONE United Properties/...

We discontinue our coverage of the following stocks, with immediate effect: Alkaloid AD Skopje Hellenic Bank ONE United Properties Photon Energy Sirma Group Holding Sopharma AD Telecom Egypt We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.

Jon Levinson
  • Jon Levinson

Research in Brief

Global Connectivity 0.6p £2.1m (AQSE:GCON)* The focus is on investing into communication services and technologies that enhance rural connectivity. The November 2024 Trading update reported holding a 9.5% stake in RBSHL's (Rural Broadband Solutions Holdings) which partially owns Voneus Limited.  The value of GCON’s holding equated to £11.7m.  In December 2024, GCON reported there will be a 32.5m reduction in the number of its 361.9m shares in issue by the end of the year and there could be a fu...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 20 December 2024

The Bulgarian market had another strong showing on Thursday, where SOFIX (879.19) recorded new 16-years high with 1.94% gain. The sharp positive actions of Eurohold (EUBG, BGN 1.85, +9.47%) and First Investment Bank (FIB, BGN 4.06, +4.10%) reflected less on the broad indexes, BGBX40 (170.33, +1.22%) and BGTR30 (856.82, +0.61%), while the real estate sector underperformed and BGREIT (214.21) declined by 0.22%. The volumes improved compared to previous days mainly on block trades with Bulgarian St...

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 19 December 2024

The major indexes traded slightly higher on Wednesday, reflecting carryover upside momentum to build on recent gains. Buying efforts continued to move Eurohold (EUBG, BGN 1.69) ahead by fresh 2.42% increase, which in combination with Bulgarian Stock Exchange’s (BSE, BGN 7.95, +1.27%) and First Investment Bank’s (FIB, BGN 3.90, +0.52%) advance led the indexes to positive territory with SOFIX (862.47, +0.29%) on top. The daily volumes improved significantly as close to 32m warrants of Eurohold (EU...

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