TTB posted a 3Q24 net profit of Bt5.2b (+11% yoy, -2% qoq). The results are in line with our and consensus forecasts. The contraction in loans was due to a selective focus on growing a quality portfolio and increased loan repayments. The remaining tax benefit amounting to Bt11.7b will serve as a cushion to support growth. The bank plans to shorten term deposits ahead of the rate cut. Therefore, we should see an increase in NIM afterwards. Upgrade to BUY with a higher target price of Bt2.16.
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt52.50/Target: Bt54.00) 3Q24: Results a huge positive surprise; a large reduction in credit cost. Krungthai Card (KTC TB/BUY/Bt48.50/Target: Bt60.00) 3Q24: Results in line; credit cost and NPL ratio down qoq. TMBThanachart Bank (TTB TB/BUY/Bt1.83/Target: Bt2.16) 3Q24: Results in line; lower credit cost qoq. Upgrade to BUY. Update Thai Union Group (TU TB/BUY/Bt14.80/Targ...
GREATER CHINA Economics Economic Activity 3Q24 GDP growth slows to 4.6% yoy, but September shows stabilisation. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb249.89/Target: Rmb350.00) 3Q24: Earnings in line. Maintain BUY. Target price: Rmb350.00. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.60/Target: HK$68.00) 3Q24: Core earnings spike 53.5% yoy, in line with estimates. Maintain BUY. Target price: HK$68...
GREATER CHINA Sector Hong Kong Property Results wrap-up for Hong Kong developers: Navigating the cycle. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,270/Target: Rp2,900) Fixed broadband ARPU might increase by 10% post-acquisition of ServeCo. MALAYSIA Sector Utilities A strong 2Q24 with companies coming in broadly within expe...
TMBTHANACHART BANK (TH), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analys...
TTB’s 3Q21 earnings were higher yoy but lower qoq and were in line with our expectations. The NPL ratio ticked up on higher NPLs. 4Q21 earnings are expected to rise on an improvement in economic activities from economic reopening. Earnings are expected to moderately rise 6% yoy in 2021 and are likely to accelerate 11% yoy in 2022, underpinned by lower provisions and higher fee income. Maintain HOLD with a target price of Bt1.30.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
New COVID-19 infection cases are on the rise in Malaysia, Thailand and, to a smaller extent, Singapore. There are short-term headwinds as ASEAN countries tighten safe distancing measures to break the chain of local COVID-19 transmission. Singapore and Thai banks have reported strong 1Q21 results. Maintain OVERWEIGHT on Singapore and Malaysian banks. Our top BUYs are OCBC (Target: S$15.05), CIMB (Target: RM5.10), BBL (Target: Bt149) and BMRI (Target: Rp7,700).
GREATER CHINA Sector Aviation: 1Q21 earnings preview: Expecting sequential qoq losses. Downgrade to MARKET WEIGHT. Reinitiate Coverage Goldwind Science & Technology (2208 HK/BUY/HK$13.82/Target: HK$16.00) : Solid WTG shipment with recovering gross margin. Results Great Wall Motor (2333 HK/HOLD/HK$24.45/Target: HK$24.50): 1Q21: Net profit dropped 41% yoy to Rmb1,639m, missing estimates. Maintain HOLD. Target price: HK$24.50. Entry price: HK$19.00. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY...
UOBKH ASEAN Banks Index gained 3.4% in February, led by Thailand and Singapore. We see twin positives of smooth progress in COVID-19 vaccination and higher government bond yields. We expect ASEAN banks to deliver lower credit costs and higher dividends in 2021. Maintain OVERWEIGHT. Our top BUYs are OCBC (Target: S$14.68), CIMB (Target: RM5.10), BBL (Target: Bt149) and BMRI (Target: Rp8,100).
UOBKH ASEAN Banks Index gained a moderate 1.9% mom in January, led by Thailand and Singapore banks. The resurgence of COVID-19 infections in Malaysia and Indonesia has created uncertainties. Nevertheless, COVID-19 vaccinations and recovery in domestic consumption are underway across the region. We expect ASEAN banks to be on track to deliver lower credit costs and higher dividends in 2021. Maintain OVERWEIGHT. Our top BUYs for ASEAN banks are OCBC, RHBBANK, BBL and BMRI.
GREATER CHINA Sector Building Materials: Market consolidation is accelerating. Update Estun Automation (002747 CH/BUY/Rmb32.67/Target: Rmb39.00): Lifting our earnings estimates on positive business updates. Jiumaojiu International Holdings (9922 HK/HOLD/HK$27.70/Target: HK$26.90): Key takeaways from conference call; downgrade to HOLD. INDONESIA Update Jasa Marga (JSMR IJ/BUY/Rp4,830/Target: Rp5,800): 2021 EBITDA expected to grow 28% yoy on 16% yoy higher traffic. MALAYSIA Results Axis REIT (AX...
UOBKH ASEAN Banks Index gained a massive 21% mom in November, led by Thailand and Singapore banks. ASEAN banks will ride the recovery in domestic consumption and resumption of growth in exports. Credit costs have eased as regional economies were more resilient than anticipated. Singapore, Malaysia and Indonesia banks are expected to provide higher dividend yield in 2021. Maintain OVERWEIGHT. Our top BUYs for ASEAN banks are OCBC, RHB Bank, BBL and BMRI.
GREATER CHINA Results China Yongda Automobile Services Holdings (3669 HK/BUY/HK$11.12/Target: HK$15.00): 3Q20: Net profit up 41% yoy, beating estimates; raise target price to HK$15.00. Update Cathay Pacific Airways (293 HK/BUY/HK$5.72/Target: HK$6.70): Time to add positions as travel bubbles form and CX restructures; Upgrade to BUY. The United Laboratories International Holdings: (3933 HK/BUY/HK$7.16/Target: HK$9.75): Continues with solid business expansion; targeting to secure a 15-20% insulin ...
UOBKH ASEAN Banks Index lost a massive 9.1% mom in September, led by Indonesian and Thai banks. Singapore banks could provide a safe haven in October due to: a) the resurgence of COVID-19 infections in Malaysia; b b) the BOT may release Thai banks’ stress test results in October; and c) poorer 3Q20 results for Indonesian banks. However, volatility in share prices could provide opportunities to accumulate Thai and Indonesian banks on weakness. Maintain OVERWEIGHT. Our top BUYs for ASEAN banks are...
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