reports
- 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
Matahari Department Store (LPPF IJ) - 2Q24: Above Expectation, But Wea...
LPPF reported another weak quarter in 2Q24 with NPAT of Rp300.1, down 48.5% yoy. 1H24 NPAT totalled Rp626.1b, down 8.4% yoy. SSSG came in at -25% yoy for 2Q24 and - 2.8% for 1H24. LPPF has noticed weakness in its Jakarta stores, which in our view could be due to competition from speciality stores. LPPF has closed seven out of the 10 stores planned for closure this year, and the remaining three will be closed in 2H24. Maintain SELL. Target price: Rp1,100.
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Meeting Notes: Tuesday, July 30, 2024
GREATER CHINA Sector Hong Kong Property Developers’ low-price strategy proved effective; northbound traveling marginally weakened in Jul 24. Internet Pipeline of high-quality games as key catalyst amid strong seasonality. INDONESIA Results AKR Corporindo (AKRA IJ/HOLD/Rp1,530/Target: Rp1,700) 2Q24: Net profit down 31% qoq, below ...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
00014 HYSAN DEVELOPMENT CO. LTD.
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SUN SUNTECH SA
PREIT PARKWAYLIFE REAL ESTATE
RFMD RAFFLES MEDICAL GROUP LTD
09999 NETEASE INC
OR PTT OIL & RETAIL BUSINESS PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Maskun Ramli
- Posmarito Pakpahan
- Stevanus Juanda
Indonesia Daily - Tuesday, July 30, 2024
AKR Corporindo (AKRA IJ/HOLD/Rp1,530/Target: Rp1,700): 2Q24: Net profit down 31% qoq, below expectations. Downgrade to HOLD. Matahari Department Store (LPPF IJ/SELL/Rp1,455/Target: Rp1,100): 2Q24: Above expectations, but weak performance with NPAT down 48.5% yoy. TRADERS’ CORNER Gajah Tunggal (GJTL IJ): Technical BUY Summarecon Agung (SMRA IJ): Technical BUY
- 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
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Leow Huey Chuen
- Stevanus Juanda
Regional Morning Notes - Wednesday, February 28, 2024
GREATER CHINA Sector Banking: It is the best of times, it is the worst of times. INDONESIA Results Matahari Department Store (LPPF IJ/SELL/Rp1,840/Target: Rp1,400): 4Q23: Below expectations with a cautious view on 2024. Downgrade to SELL. MALAYSIA Results Heineken Malaysia (HEIM MK/BUY/RM22.34/Target: RM28.50): 4Q23: Within expectations. Earnings fell yoy as weaker sentiment impacted sales volume. MISC (MISC MK/BUY/RM7.50/Target: RM9.05): 2023: Profit beat forecasts despite rising vessel cos...
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
5347 TENAGA NASIONAL BHD
HANA HANA MICROELECTRONICS PCL
MISC MISC BHD
RHBBANK RHB BANK BHD
BAL BUMITAMA AGRI LTD
HEIM HEINEKEN MALAYSIA BHD
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
QHPF QUALITY HOUSES LEASEHOLD PROPERTY
BTG BETAGRO PUBLIC COMPANY LIMITED
- Stevanus Juanda
Matahari Department Store (LPPF IJ) - 4Q23: Below Expectations With A ...
LPPF reported a weak 4Q23 with NPAT of Rp45b, down 86.4% yoy. Discounts were given to clear non-performing inventories. In 2024, LPPF will manage a tight inventory and carry out more dynamic and timely trading of its inventory. It has taken a more cautious stand on the 2024 Lebaran season. 29 stores out of 154 are put on the watchlist with 10 likely to close in 2024 and only 4-6 new stores in 2024. DPS has been reduced from Rp500 per share to Rp200. Downgrade to SELL. Target price: Rp1,400.
- Maskun Ramli
- Stevanus Juanda
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 30, 2023
GREATER CHINA Sector Aviation: Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90): 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. Goldwind Science & Technology (2208 HK/HOLD/HK$3.76/Target: HK$4.00): 3Q23: Below expectations; 3Q23 WTG sales growth slows to +6.0% yoy. Great Wall Motor (2333 HK/BUY/HK$10.82/Target: HK$13.50): 3Q23: Earnings tripl...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
INCO VALE INDONESIA
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLT MAPLETREE LOGISTICS TRUST
168 TSINGTAO BREWERY CO LTD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
MINT MAPLETREE INDUSTRIAL TRUST
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
916 CHINA LONGYUAN POWER GROUP-H
EKO EKOVEST BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Stevanus Juanda
Matahari Department Store (LPPF IJ) - 3Q23: A Loss Of Rp53.4b – Below ...
LPPF reported a weak 3Q23 with a loss of Rp53.4b, compared with a Rp135.7b profit in 3Q22. The loss is caused by inventory discount clearance and weak operating expense management in 3Q23. 9M23 NPAT came in at Rp630.5b, down 40.2% yoy, below both UOCKH’s and the street’s expectations. EBITDA guidance is reduced to Rp1.4t while it maintains a minimum 50% dividend payout ratio. LPPF targets four Matahari and two Muku new store openings in 2024. Maintain HOLD with target price of Rp2,100.
- Limartha Adhiputra
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Monday, October 30, 2023
Matahari Department Store (LPPF IJ/HOLD/Rp2,160/Target: Rp2,100): 3Q23: A loss of Rp53.4b – below expectations. Vale Indonesia (INCO IJ/BUY/Rp5,125/Target: Rp6,000): 3Q23: NPAT fell 25.3% qoq due to lower ASP; within expectations. Upgrade to BUY. TRADERS’ CORNER Pertamina Geothermal Energy (PGEO IJ): Technical BUY Indosat (ISAT IJ): Technical BUY
- Arsit Pamaranont
- Jack Goh Tooan Orng
- Jonathan Koh
- Keith Wee Teck Keong
- Kwanchai Atiphophai
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Notes - Monday, October 09, 2023
ASEAN Sector Banks: ASEAN Banks: Quarterly update. INDONESIA Update Matahari Department Store (LPPF IJ/HOLD/Rp2,400/Target: Rp2,700): 3Q23 sales still soft with potential recovery in 4Q23. MALAYSIA Results Top Glove (TOPG MK/HOLD/RM0.755/Target: RM0.820): 4QFY23: Losses narrowed within expectations, after stripping away one-off impairment. Maintain HOLD with lower target price of RM0.82. SINGAPORE Update Keppel REIT (KREIT SP/BUY/S$0.83/Target: S$1.06): Stability from Singapore and recovery f...
- Stevanus Juanda
Matahari Department Store (LPPF IJ) - 3Q23 Sales Still Soft With Poten...
LPPF stated that sales remained slow in 3Q23 and will recover only in mid-4Q23, ahead of the Christmas season. Suko continued to record a strong performance and will be rolled out in 12 additional stores, up from the current 20 stores for this year. There are 38 new stores in the pipeline and nearly all of LPPF’s stores are profitable. LPPF continues to manage its opex and negotiate for favourable rates. Maintain HOLD with a target price of Rp2,700.
- Maskun Ramli
- Stevanus Juanda
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Malaysia Research Team
- Paula Ruth
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Monday, July 31, 2023
GREATER CHINA Strategy The Reflation Trade: NAFR's support for increased credit for consumption and investment is significant; it is time to consider the reflation trade. Sector Property: High interest rates remain a major risk; recovery of tourism spending partially offset by strong outbound travel of Hong Kong residents. INDONESIA Results Matahari Department Store (LPPF IJ/HOLD/Rp3,270/Target: Rp3,400): 2Q23: Weak Lebaran sales could work against valuation. Downgrade to HOLD. Mitra Adiperkasa...
544 CSE GLOBAL LTD.
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
C6L SINGAPORE AIRLINES LTD.
MAPI MITRA ADIPERKASA
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
MINT MAPLETREE INDUSTRIAL TRUST
SCC-R SIAM CEMENT (NVDR)
OR PTT OIL & RETAIL BUSINESS PCL
EXCL XL AXIATA TBK PT
STM SEATRIUM LTD
- Stevanus Juanda
Matahari Department Store (LPPF IJ) - 2Q23: Weak Lebaran Sales Could W...
LPPF reported a weak Lebaran sales with 2Q23 core NPAT coming in at Rp587b, declining 17.1% yoy but rising 502.5% qoq. With the Lebaran season historically generating >50% of LPPF’s full-year profit, the reported 1H23 NPAT is below expectations. LPPF continues to maintain its 27% CAGR on long-term EBITDA growth from 2021 to 2026, but we have forecasted 17.1% CAGR instead. With the miss in Lebaran sales, LPPF’s valuation could remain under pressure for the next 6-12 months. Downgrade to HOLD. Tar...
- Maskun Ramli
- Paula Ruth
- Stevanus Juanda
Indonesia Daily - Monday, July 31, 2023
Matahari Department Store (LPPF IJ/HOLD/Rp3,270/Target: Rp3,400): 2Q23: Weak Lebaran sales could work against valuation. Downgrade to HOLD. Mitra Adiperkasa (MAPI IJ/BUY/Rp2,020/Target: Rp2,500): 2Q23: Strong growth continues; core NPAT up 26.7% yoy and 77.4% qoq. XL Axiata (EXCL IJ/BUY/Rp2,250/Target: Rp2,500): 2Q23: Double-digit growth in revenue (12% yoy) and EBITDA (14% yoy). TRADERS’ CORNER Jasa Marga (JSMR IJ): Technical BUY Indocement Tunggal Prakarsa (INTP IJ): Technical BUY
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