reports
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Kasemsun Koonnara
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Wednesday, April 17, 2024
GREATER CHINA Economics Economic Activity: 1Q24 surprises with 5.3% yoy growth. Sector Hong Kong Property: Expect modest pull-back of primary sales in 2Q24; we prefer retail landlords over developers. Top pick: Wharf REIC. INDONESIA Sector Consumer: Cocoa price spikes accompanied by increases in sugar and coffee prices. MALAYSIA Initiate Coverage Sime Darby (SIME MK/BUY/RM2.76/Target: RM3.13): A conglomerate giant speeding to the top. Results Alpha IVF (ALPHA MK/BUY/RM0.34/Target: RM0.40): 3QF...
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Mar 24: Pax Data Slightly Better Than Ex...
SIA’s Mar 24 pax data came in slightly better our expectation, but cargo missed. Overall, earnings impacts from the beat in pax data and the miss in cargo data would largely offset each other by our estimate. We have maintained our 4QFY24 core earnings estimate at S$553m, but shifted a S$1.11b disposal gain related to the Air India-Vistara deal to FY25. Maintain HOLD and target price of S$6.31.
- Roy Chen Chengzhi
Singapore Daily: Wednesday, April 17, 2024
KEY HIGHLIGHTS Update Singapore Airlines (SIA SP/HOLD/S$6.22/Target: S$6.31) Mar 24 operation data: Pax data slightly better than expected, but cargo misses. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Consolidation continues with bearish bias
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Ceilica Su Rui
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Leow Huey Chuen
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Tuesday, March 19, 2024
GREATER CHINA Economics Economic Activity: 2M24 data a mixed bag; property FAI remains a drag. Results China Resources Beer (291 HK/BUY/HK$37.95/Target: HK$65.50): 2023: Results in line; ambitious premiumisation targets. Kingboard Laminates (1888 HK/HOLD/HK$6.21/Target: HK$6.10): 2023: Earnings slightly above profit warning; stimulus may give upside to 2024. Xtep (1368 HK/BUY/HK$4.54/Target: HK$7.00): 2023: Results miss; conservative outlook for 2024. INDONESIA ASEAN Gems Conference Highlights ...
- Roy Chen Chengzhi
Singapore Daily - Tuesday, March 19, 2024
KEY HIGHLIGHTS Update Singapore Airlines (SIA SP/HOLD/S$6.36/Target: S$6.31): Feb 24 operation data: Both pax and cargo data better than expected. TRADERS’ CORNER Riverstone Holdings (RSTON SP): Trading BUY Yangzijiang Financial Holding (YZJFH SP): Trading SELL
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Feb 24 Operation Data: Both Pax And Carg...
SIA’s Feb 24 operation data beat our expectation, with pax load and cargo load exceeding our projections by 4.3% and 6.8% respectively. The strong pax load benefitted from the boost in Chinese visitor arrivals after Singapore’s implementation of the visa-free arrangement for Chinese visitors effective from 9 Feb 24. We raise our FY24 net profit forecast by 1.8% and estimate SIA’s 4QFY24 core net profit at S$553m. Maintain HOLD with a higher target price of S$6.31.
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Jacquelyn Yow Hui Li
- Kampon Akaravarinchai
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, February 22, 2024
GREATER CHINA Update Innovent Biologics (1801 HK/BUY/HK$39.75/Target: HK$60.00): 4Q24 drug revenue grew 65%; IBI-362 and IBI-311 expected to launch in 2025. INDONESIA Small/Mid Cap Highlights Nusantara Sejahtera Raya (CNMA IJ/NOT RATED/Rp240): 9M23 revenue up 16% yoy, mainly driven by cinema and F&B segments. MALAYSIA Results Sunway (SWB MK/BUY/RM2.71/Target: RM3.06): 2023: Within expectations; sets RM2.6b sales target for 2024. SINGAPORE Results Singapore Airlines (SIA SP/HOLD/S$6.67/Targ...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Roy Chen Chengzhi
Singapore Daily - Thursday, February 22, 2024
KEY HIGHLIGHTS Results Singapore Airlines (SIA SP/HOLD/S$6.67/Target: S$6.28): 3QFY24: Results missed mainly on cost pressure. Maintain HOLD with a lower target price of S$6.28. Wilmar International (WIL SP/HOLD/S$3.26/Target: S$3.35): 2023: Results above expectations thanks to China operation’s strong sales volume and better sugar operations. TRADERS’ CORNER SATS (SATS SP): Trading SELL Medtecs International Corp (MED SP): Trading SELL
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - 3QFY24: Results Miss Mainly On Cost Pres...
SIA’s 3QFY24 headline net profit of S$659m (+4.9% yoy, -6.8% qoq) came in below our guided range of S$670m-810m, even though 3QFY24 was already helped by some one-offs such as tax credit and disposal gains. The miss was mainly attributable to higher-than-expected costs, as well as slightly weaker-than-expected cargo yields. Forward ticket booking is healthy but yields for both pax and cargo operations could be under pressure. Maintain HOLD on SIA, with a lower target price of S$6.28.
- MarketLine Department
Deutsche Lufthansa AG - Mergers & Acquisitions (M&A), Partnerships & A...
Summary Marketline's Deutsche Lufthansa AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Deutsche Lufthansa AG - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Inv...
- MarketLine Department
AirAsia Berhad - Mergers & Acquisitions (M&A), Partnerships & Alliance...
Summary Marketline's AirAsia Berhad Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by AirAsia Berhad - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments repor...
- MarketLine Department
Cathay Pacific Airways Limited - Mergers & Acquisitions (M&A), Partner...
Summary Marketline's Cathay Pacific Airways Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Cathay Pacific Airways Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships &...
- MarketLine Department
Virgin Australia Holdings Limited - Mergers & Acquisitions (M&A), Part...
Summary Marketline's Virgin Australia Holdings Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Virgin Australia Holdings Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partners...
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kong Ho Meng
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, January 16, 2024
GREATER CHINA Sector Dairy: Slowing demand to weigh on valuations in the near term. Downgrade to MARKET WEIGHT. Switch top pick to Yili. Online Travel Agencies: Strong travel demand visibility into 2024. Server: Edge AI penetration and enterprise investment to accelerate adoption of GenAI. Initiate Coverage Foxconn Industrial Internet (601138 CH/BUY/Rmb12.72/Target: Rmb18.90): Server ODM giant to remain a key winner of the gen ai investment trend. INDONESIA Update Bank Tabungan Negara (BBTN IJ/...
- Roy Chen Chengzhi
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Dec 23 Operation Data: Pax Data In Line ...
SIA’s Dec 23 pax data was in line with our expectations, with pax capacity/load respectively standing at 92.6%/98.0% of pre-pandemic levels. Cargo load data, a slight drop yoy, missed our expectations of a mild yoy growth, due to a decline in average cargo travel distance. We forecast SIA’s 3QFY24 earnings at S$670m-810m with a good chance to beat the previous quarterly record of S$734m seen in 1QFY24. Maintain HOLD on SIA (for its strong FY24 dividend) and target price of S$6.80.
- Roy Chen Chengzhi
Singapore Daily - Monday, December 11, 2023
KEY HIGHLIGHTS Sector Aviation: Visa-free scheme with China a key positive, raising sector outlook from 2024 onwards. Maintain MARKET WEIGHT. Top picks: SATS and SIA Engineering. TRADERS’ CORNER Wilmar International (WIL SP): Trading BUY Singapore Tech Engineering (STE SP): Trading BUY
- Roy Chen Chengzhi
Singapore Aviation – Visa-free Scheme With China A Key Positive, Raisi...
Singapore’s air traffic is set to rise further in 2024, propelled by the implementation of the new visa-free arrangement with China. Air cargo volume has been stabilising and we see hopes of a moderate pick-up in growth by mid-24 backed by the US’ inventory restocking needs. We expect SIA’s FY25 earnings to be lower yoy, driven by moderation of pax yields, while SATS and SIAEC should see earnings rise yoy on better business volume. Maintain MARKET WEIGHT. Top picks: SATS and SIAEC.
- MarketLine Department
Capital A Bhd - Strategy, SWOT and Corporate Finance Report
Summary Capital A Bhd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Capital A Bhd (AirAsia), formerly AirAsia Group Berhad, is a provider of low-cost airlines. The company provides passenger and cargo transportation services across domestic and international mar...
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