reports
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 29, 2024
GREATER CHINA Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) 1H24: Below expectations; exploring opportunities in overseas markets. CR Mixc (1209 HK/BUY/HK$23.25/Target: HK$33.70) 1H24: Results in line with surprise from special dividend. Haidilao International Holding (6862 HK/BUY/HK$12.34/Target: HK$19.60) 1H24: Core net profit up 13% yoy. Accelerated store opening pace in 2H24; dividend payout expected to remain at reasonable leve...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
INDF PT INDOFOOD SUKSES MAKMUR TBK
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
1155 MALAYAN BANKING BHD.
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
3605 ACES ELECTRONIC CO. LTD.
6888 AXIATA GROUP BHD.
002352 S.F. HOLDING CO. LTD. CLASS A
ROTI NIPPON INDOSARI CORPINDO
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
IJM IJM CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
01801 INNOVENT BIOLOGICS INC.
MPM MARCO POLO MARINE LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
FFB FARM FRESH BHD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
- Stevanus Juanda
Consumer – Consumer Companies Strong Thanks To Lower Raw Material Cost...
Consumer companies’ 2Q24 core NPAT rose 19.8% yoy. Indofood Group performed well, with core NPAT of ICBP and INDF rising 31.5% and 41.2% yoy. Consumer companies’ margins expanded thanks to a decline in wheat and skim milk powder prices. Retailers’ margins were stable, with 2Q24 NPAT declining 17.2% yoy. Boycotts on multinational companies are likely to continue. The 2H24 outlook should be similar to that of 1H24, with a bleak 2025 outlook. Maintain MARKET WEIGHT. Our picks: ACES and CMRY.
- Maskun Ramli
- Stevanus Juanda
- Carol Dou Xiao Qin
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 27, 2024
GREATER CHINA Strategy Cross Currents We expect the MSCI China index to range trade for the rest of 2024; we prefer TMT, tech hardware and defensives like banks, communication services and utilities. Results Goldwind Science & Technology (2208 HK/BUY/HK$4.46/Target: HK$5.30) 1H24: In line; shifting focus to offshore WTG and overseas markets. Jiumaojiu International Holdings (9922 HK/BUY/HK$2.49/Target: HK$3.50) 1H24: Result...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
X2S SINOPHARM GROUP CO. LTD. CLASS H
ROTI NIPPON INDOSARI CORPINDO
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
TXG 10X GENOMICS INC CLASS A
TDC TIME DOTCOM BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
TIMECOM 029 GROUP SE
Z29 ACE HARDWARE INDONESIA
- Stevanus Juanda
Consumer – Potential Negative Impact Of Excise Sugar Tax On Sweetened ...
In the 2025 State Budget, the government plans to enact an excise tax on sweetened package drinks. This could impact consumer products such as juices, 3-in-1 coffee, sweetened tea, soda, energy drinks and sweetened condensed milk. Implementation in other countries led to long-term sales volume dropping 17-32%. The plastic tax will not be implemented in 2025; four other countries in Asean have enacted this tax. Downgrade the sector to MARKET WEIGHT. Our picks: ACES and CMRY.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Mayora Indah (MYOR IJ) - 2Q24: Rising Raw Material Costs Affect Gross ...
MYOR recorded 2Q24 NPAT of Rp605.5b, up 23.2% yoy but down 45.5% qoq. Gross margin in 2Q24 collapsed 202bp yoy and 427bp qoq as prices of raw materials increased. 1H24 NPAT came in at Rp1,718b, rising 40.5% yoy, in line with our and the street’s expectation. MYOR is reducing expenses to mitigate the gross margin decline. We believe it is still too early to be bullish. Maintain HOLD. Target price: Rp2,500.
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Malaysia Research Team
- Paula Ruth
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Notes - Monday, August 05, 2024
GREATER CHINA Update LINK REIT (823 HK/BUY/HK$33.55/Target: HK$42.76): Takeaways from visits to Hong Kong and Shenzhen malls near the border. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. Results Mayora Indah (MYOR IJ/HOLD/Rp2,470/Target: Rp2,500): 2Q24: Rising raw material costs impact gross margin. Telkom Indonesia (TLKM IJ/BUY/Rp2,850/Target: Rp4,200): 2Q24: 6% yoy growth in core profit; to improve cost effi...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
MYOR MAYORA INDAH
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
KTB-R KRUNG THAI BANK PCL NVDR
SMELT MALAYSIA SMELTING CORP BHD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, June 05, 2024
GREATER CHINA Strategy Alpha Picks: June Conviction Call Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. Sector Shipping and Ports – China Further strengthened freight rates raising container shipping earnings outlook. Upgrade OOIL to HOLD; Maintain BUY on CSP and CMP, and HOLD on CSH. Update KE Holdings Inc (2423 HK/BUY/HK$45.00/Target: HK$55.00) ...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
7777 3-D MATRIX
MYOR MAYORA INDAH
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
VALUE VALUE8 N.V.
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
MISC MISC BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RGB RGB INTERNATIONAL BHD
CRC CENTRAL RETAIL CORP
1199 COSCO SHIPPING PORTS LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
- Stevanus Juanda
Mayora Indah (MYOR IJ) - Margins Could Be Negatively Affected In 2H24
It might be difficult for MYOR to enact a 12.75% price increase in 2024 to maintain its earnings level. The current cocoa spot price is 180% higher than the 2023 average. The current coffee price is 33% higher than the 2023 average. The current sugar price is 40% lower than the 2023 average. The current polyethylene price is 5.1% higher than the 2023 average. With inventory days at 60 days, MYOR’s margins could be negatively affected in 2H24. Maintain HOLD with a target price of Rp2,300.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Consumer – Consumer Companies Benefit From Margin Expansion; Retail Co...
Consumer companies recorded an average NPAT growth of 14.8% in 1Q24 and retailers recorded an average growth of 151.1% yoy. A recurring theme among consumer companies is that a decline in raw material prices caused margin expansion and profit growth. Retail companies saw triple-digit growth as Lebaran fell in 1Q24 compared to 2Q last year. Maintain OVERWEIGHT. Our picks: ACES and CMRY.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Consumer – Cocoa Price Spikes Accompanied By Increases In Sugar And Co...
The movement of commodity prices indicates a spike in cocoa prices and an about 20% increase in sugar and coffee prices. This could negatively impact MYOR as the commodities together make up 36% of MYOR’s input costs. In 2024, we prefer retailers to consumer companies as retailers could offer higher NPAT growth (17.8% vs 4.5%). We suggest investors focus on names that can deliver high earnings growth. Maintain OVERWEIGHT. Our picks: ACES, CMRY and MAPI. We downgrade MYOR to HOLD.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Consumer – Cocoa Price Spikes Accompanied By Increases In Sugar And Co...
The movement of commodity prices indicates a spike in cocoa prices and an about 20% increase in sugar and coffee prices. This could negatively impact MYOR as the commodities together make up 36% of MYOR’s input costs. In 2024, we prefer retailers to consumer companies as retailers could offer higher NPAT growth (17.8% vs 4.5%). We suggest investors focus on names that can deliver high earnings growth. Maintain OVERWEIGHT. Our picks: ACES, CMRY and MAPI. We downgrade MYOR to HOLD. • Spike in coco...
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - March 2024
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...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
AP4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ADRO RIVERSTONE HOLDINGS
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
M4B NIPPON INDOSARI CORPINDO
SE CHINA MERCHANTS BANK CO. LTD. CLASS H
SEA ADS
INRI COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
PTTEP-R INARI AMERTRON BHD
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SCGB BUMITAMA AGRI LTD
KPJ SUNWAY CONSTRUCTION GROUP BH
SMM KPJ HEALTHCARE BERHAD
3933 SEMBCORP MARINE LTD
MINT THE UNITED LABORATORIES INTE
BURSA MAPLETREE INDUSTRIAL TRUST
MSGB BURSA MALAYSIA BHD
IOI MAH SING GROUP BHD
CPALL TB IOI CORP BHD
ECW CP ALL
GENM ECO WORLD DEVELOPMENT GROUP
MAHB GENTING MALAYSIA BHD
06098 MALAYSIA AIRPORTS HLDGS BHD
01801 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
2013 INNOVENT BIOLOGICS INC.
EKO WEIMOB INC
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
1199 CSPC PHARMACEUTICAL GROUP LTD
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
MRDIY MARCO POLO MARINE LTD
09988 MR DIY GROUP M BHD
09999 ALIBABA GROUP HOLDING LTD.
2696 NETEASE INC
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
TIDLOR PTT OIL & RETAIL BUSINESS PCL
1209 NGERN TID LOR PCL
BUKA CHINA RESOURCES MIXC LIFESTYLE SERVICES
CVL BUKALAPAK.COM PT TBK
01024 CIVMEC
PDD KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
BBTN BAIDU INC
BBNI BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL BANK NEGARA INDONESIA PERSER
GOTO XL AXIATA TBK PT
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
09961 HUME CEMENT INDUSTRIES BHD
BTG CTRIP.COM INTERNATIONAL
BETAGRO PUBLIC COMPANY LIMITED
- Johnny Yum
Strategy - Alpha Picks: Significant Outperformance In Feb 24
Our portfolio significantly outperformed in Feb 24, delivering an average 4.2% return compared with the JCI’s 1.9% appreciation. Out of the eight names in our portfolio, seven beat the JCI and only one underperformed. We take profit on large-cap banks (BMRI and BBNI) and add BBTN. We also add CMRY and SIDO to our portfolio given the potential of a strong performance in 2024. Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA.
- Jacquelyn Yow Hui Li
- Johnny Yum
- Leow Huey Chuen
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Monday, March 4, 2024
Strategy: Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. Nippon Indosari Corpindo (ROTI IJ/HOLD/Rp1,225/Target: Rp1,200): 4Q23: High return rate caused 38.9% yoy decline in NPAT. Downgrade to HOLD. PP London Sumatra (LSIP IJ/HOLD/Rp870.00/Target: Rp930.00): 4Q23: Results below expectations on lower-than-expected FFB production. TRADERS’ CORNER Adaro Energy Indonesia (ADRO IJ): Technical BUY Charoen Pokphand Indonesia...
CTRA CIPUTRA DEVELOPMENT
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
MYOR MAYORA INDAH
MAPI MITRA ADIPERKASA
ROTI NIPPON INDOSARI CORPINDO
SIDO INDUSTRI JAMU DAN FARMASI SI
LSIP PP LONDON SUMATRA INDONES PT
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Johnny Yum
- Stevanus Juanda
Strategy - Policy Matters – Raising Government Debt Level
A key policy of Prabowo Subianto will be to increase the government debt level to 50% of GDP. Government debt is rising but it is low at 38.1% of GDP compared with Thailand’s 61.4% and Malaysia’s 66.9%. The proposed increase to 50% could drive economic growth to further fund development, creating a multiplier effect on the economy. Our top picks: BBNI, BBTN, BSDE, CTRA, BUKA, MYOR, CMRY, ACES, JSMR, and NCKL with 7,800 as the JCI’s end-24 target.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
MYOR MAYORA INDAH
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.