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
Unilever Indonesia (UNVR IJ) - 2Q24: Weakness And Market Share Loss Du...
UNVR reported 2Q24 NPAT of Rp1,018b (-24.8% yoy) and 1H24 NPAT of Rp2,467b (- 10.6% yoy). The company mentioned that the boycotts related to Gaza have impacted its performance in 2Q24. It admits that it is losing market share to its local competitors. Advertising expenses will remain high at 8-9% of sales to defend market share. We expect 2024 NPAT to decline 10.3% yoy. Maintain HOLD with a target price of Rp2,700.
- Maskun Ramli
- Stevanus Juanda
- Bella Lu Yifei
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Roy Chen Chengzhi
- Stevanus Juanda
Regional Morning Meeting Notes: Monday, July 29, 2024
GREATER CHINA Results Contemporary Amperex Technology (300750 CH/BUY/Rmb189.35 /Target: Rmb250.00) 2Q24: Earnings in line while revenue misses. Maintain BUY. Update Weichai Power (2338 HK/BUY/HK$13.16/Target: HK$16.00) Upgrade from HOLD to BUY on strong stimulus policy. Raise target price from HK$12.50 to HK$16.00. INDONESIA Results Unilever Indonesia (UNVR IJ/HOLD/Rp2,490/Target: Rp2,700) 2Q24: Weakness and market share loss due to reoccurring boycot...
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Monday, June 24, 2024
GREATER CHINA Update Huize Holding Limited (HUIZ US/BUY/US$1.02/Target: US$2.00): Stepping into ASEAN market. INDONESIA Update Unilever Indonesia (UNVR IJ/HOLD/Rp2,990/Target: Rp3,200): Takeaways from public expose – Five strategic initiatives. MALAYSIA Results MyNews Holdings (MNHB MK/SELL/RM0.65/Target: RM0.52): 2QFY24: Results largely within expectations. But the recent steep run in its valuations has more than priced in MyNews’ recovery. Downgrade to SELL. Scientex (SCI MK/BUY/RM4.23/Targe...
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - Takeaways From Public Expose – 5 Strate...
UNVR sees upside for Indonesia’s current FMCG per capita spending as China’s and Brazil’s per capita spending levels are 2 and 3 times higher. UNVR also outlined five strategic initiatives in 2025: a) strengthen and unlock the core portfolio; b) offer full portfolio to consumers via premiumisation and value products; c) build execution ability; d) forge transformation capability; and e) ensure sustainability by recycling and packaging design. Maintain HOLD with target price of Rp3,200 (7.0% upsi...
- 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
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023: Satisfactory results; weak economic conditions may cloud 2024 growth visibility. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb245.58/Target: Rmb321.00) 2023: Results in line; accelerating nationwide expansion. Update Xiaomi Corp (1810 HK/BUY/HK$16.60/Target: HK$21.00) Stronger confidence in EV business after Investor Day and factory visit. INDONESIA Results Unilev...
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
TOP THAI OIL PUBLIC CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
UNVR PT UNILEVER INDONESIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
AP AP THAILAND
TCAP THANACHART CAPITAL PCL
01810 XIAOMI CORP. CLASS B
VITRO VITROX CORP BHD
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 1Q24: Post-boycott Recovery With 1Q24 S...
UNVR’s 1Q24 NPAT rose 3.1% yoy to Rp1,449b, in line with expectations. In 1Q24, UNVR experienced a sales recovery after the boycott in 4Q23, with a 24.4% qoq sales growth in 1Q24. UNVR mentioned that the ice cream business spinoff will develop on a global level. 1Q24 sales declined by 5%, driven by a 4.9% price reduction, but gross margin expanded by 61bp yoy. We expect 2024 NPAT to rise by a mediocre 5.4% yoy. Maintain HOLD with a target price of Rp3,200.
- Maskun Ramli
- Stevanus Juanda
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Jonathan Koh
- Kasemsun Koonnara
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, February 13, 2024
INDONESIA Results Unilever Indonesia (UNVR IJ/HOLD/Rp2,920/Target: Rp3,200): 4Q23: Boycott significantly impacts performance. Downgrade to HOLD. MALAYSIA Sector Automobile: Greening the roads: Positive progress towards green mobility ambitions. Update Gas Malaysia (GMB MK/HOLD/RM3.31/Target: RM3.07): Stock offers lush dividend yield of 7% as the company faces intensifying gas retail competition. SINGAPORE Results Manulife US REIT (MUST SP/BUY/US$0.059/Target: US$0.155): 2H23: Pulling multipl...
- Stevanus Juanda
Unilever Indonesia (UNVR IJ) - 4Q23: Boycott Significantly Impacts Per...
Due to a boycott relating to the Gaza war, UNVR suffered a 16.3% yoy and 20.6% qoq decline in 4Q23 sales. The sharp decline in sales caused a 65.9% yoy and 78.5% qoq fall in 4Q23 NPAT. UNVR experienced a 26% drop in Nov 23 monthly sales. UNVR reached out to Moslem communities and by Jan 24, monthly sales had recovered to 94% of the level before the boycott. We view that 1Q24 could recover strongly on a qoq basis but remain soft on a yoy basis. Downgrade to HOLD with a target price of Rp3,200.
- Maskun Ramli
- Stevanus Juanda
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.