reports
- Chong Lee Len
Tenaga Nasional (TNB MK) - A Visit To Company’s Hydro Asset To Underst...
A Visit To Company’s Hydro Asset To Understand Plant Rejuvenation Plans We recently visited Chenderoh hydro plant, which has been earmarked for plant rejuvenation and solar PV under NeTR. Broadly, TNB aims to modernise 650MW of its existing hydro plants in Malaysia in 2026-33. In addition, there are plans to plant up to 400MW of floating solar PVs on those dams. This will help drive Malaysia towards net zero carbon emission by 2050 with a 70% green energy mix. Maintain HOLD. Target price: RM13.2...
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
Tenaga Nasional Berhad: 1 director
A director at Tenaga Nasional Berhad sold 20,000 shares at 14.520MYR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Chong Lee Len
Utilities - A Strong 2Q24; Malaysia To Play Catch Up In Terms Of Plant...
A Strong 2Q24; Malaysia To Play Catch Up In Terms Of Plant-ups Sector earnings came in within our expectations as generation profits boosted the net profit of Tenaga Nasional (TNB) and Malakoff. Gas Malaysia benefits from volume growth. 2Q24 key takeaways are: a) daily reserve margin of 15-30%, b) 2GW of shortterm PPAs extended, c) 6GW of new power plants awarded and operational in 2030/31, and d) data centre demand estimated at 4GW. Maintain MARKET WEIGHT. Top picks: Malakoff and Pekat Group. B...
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, September 12, 2024
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...
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
2883 CHINA OILFIELD SERVICES LIMITED CLASS H
00016 SUN HUNG KAI PROPERTIES LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
5347 TENAGA NASIONAL BHD
01113 CK ASSET HOLDINGS LIMITED
MLK MALAKOFF CORP BHD
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
EXCL XL AXIATA TBK PT
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Chong Lee Len
Tenaga Nasional (TNB MK) - 1H24: Results Within Expectation; A Strong ...
1H24: Results Within Expectation; A Strong Quarter TNB booked a strong 2Q24 core net profit of RM1,314m (+44% qoq, +68% yoy). This brought 1H24 core net profit to RM2,226m (+27% yoy), in line with expectations. All in all, 2Q24 net profit was driven by a flow-through from revenue, positive TNB genco contribution, higher associate earnings, lower interest expenses and lower effective tax rates. Maintain HOLD with a DCF-based target price of RM13.20. Foreign shareholding stood at 15.3% as of Jul 2...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Chong Lee Len
Utilities - Government To Award Short-term Power Plant Extensions
Government To Award Short-term Power Plant Extensions The government is likely to offer short-term PPAs (two-year validity) to expired gas-fired power plants. We expect at least 2GW of capacity to be awarded under this short-term PPA extension, as the build-up of data centres requires higher power capacity. Key beneficiaries are Malakoff and TNB Genco. As a pure play, Malakoff will stand to benefit from at least RM100m in cashflow from the extension of its Prai power plant. Maintain MARKET WEIGH...
- Chong Lee Len
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Utilities - Energy Boost In Peninsular Malaysia
Energy Boost In Peninsular Malaysia The onset of aggressive DC plant-ups alongside Malaysia’s net-zero ambition suggest ample opportunities for power players to expand their businesses. We expect 5GW of new plant-ups by 2030 and another 10-15GW by 2040. Key beneficiaries are: a) EPCC contractors with experience in building power plants, b) TNB genco and IPP Malakoff, and c) RE players. Maintain MARKET WEIGHT. Top picks: Malakoff and Pekat. Blue-sky scenario for TNB implies a fair value of RM14.5...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, July 16, 2024
GREATER CHINA Economics Economic Activity 2Q24 growth below expectations. Strategy China And Hong Kong Property Sharper property price decline in 1H24 weighing on margins of Chinese developers; upcoming interest rate cut to support value of Hong Kong retail landlords. Update Kingmed Diagnostics (603882 CH/BUY/Rmb38.10/Target: Rmb35.00) 1H24 and 2024 results under pressu...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
MLK MALAKOFF CORP BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
GMB GAS MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
TIDLOR NGERN TID LOR PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
- Chong Lee Len
Tenaga Nasional (TNB MK) - 1Q24: Results Within Expectations; Bright O...
1Q24: Results Within Expectations; Bright Outlook Largely Priced In The group reported 1Q24 core net profit of RM1,071m (-7% yoy; +40% qoq) – in line. The yoy decline was due to the Manjung 4 outage, higher repair & maintenance costs and higher effective tax rates. Sequential earnings were driven by the absence of year-end expenses. Maintain HOLD with a higher DCF-based target price of RM13.20, factoring in the doubling of regulated capex (from RM7b to RM15b p.a.) for RP4 and WACC of 7% (from 7....
- Chong Lee Len
- Damon Shen
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Leow Huey Chuen
- Paula Ruth
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, June 4, 2024
GREATER CHINA Sector Property - Hong Kong Limited Downside Risks To Property Price in Near Term; Watch For Policy Support For Hong Kong Tourism. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900) 2024 net profit could grow 45% yoy, partly driven by network improvement. MALAYSIA Sector Oil & Gas Petrona...
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
1023 CIMB GROUP HOLDINGS BHD
CPIN PT CHAROEN POKPHAND INDONESIA TBK
5681 PETRONAS DAGANGAN BHD.
5218 SAPURA ENERGY BHD
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
5347 TENAGA NASIONAL BHD
AW9U FIRST REAL ESTATE INVESTMENT TRUST
O5RU AIMS APAC REIT
SK6U SPH REIT
5243 VELESTO ENERGY
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
UZMA UZMA BHD
MISC MISC BHD
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
DLUM DELEUM BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
DHLT DAIWA HOUSE LOGISTICS TRUST
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
1737144D TB BETAGRO GROUP
- Chong Lee Len
Tenaga Nasional (TNB MK) - 2023: Results Below Expectation; Higher Ope...
2023: Results Below Expectation; Higher Opex Offsets Positive Fuel Margin TNB booked a weak 4Q23 core net profit of RM763m (-11% qoq, +33% yoy) vs our expectation of RM1b profit per quarter. This brings 2023 core net profit to RM3,735m (- 19% yoy), below our expectations. 2023 earnings were below normalised earnings of RM4-4.5b due to a negative fuel margin of RM620m vs a positive fuel margin of RM1.1b in 2022. Maintain HOLD with a DCF-based target price of RM10.70. The stock offers dividend yie...
- 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
- Chong Lee Len
Tenaga Nasional (TNB MK) - A Defensive Bet; Stock Yields 4.5-5%
A Defensive Bet; Stock Yields 4.5-5% 4Q23 will likely see the reversal of negative fuel margin seen in the past nine months. This is a result of coal prices stabilising mom. This is positive as it will help to buffer against higher year-end expenses. The government remains committed to targeted subsidies, which bodes well for TNB’s cashflow management. Consequently, we expect TNB to pay out dividends at the higher end of its expected range, yielding 4.5- 5% in 2023-24. The stock trades at mean v...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Paula Ruth
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, January 24, 2024
GREATER CHINA Sector Healthcare: Becoming more innovative; valuation increasingly attractive. Property Management: Preview of 2023 performance; downgrade sector to MARKET WEIGHT on pressure from property downcycle. INDONESIA Small/Mid Cap Highlights Communication Cable System Indonesia (CCSI IJ/NOT RATED/Rp456): To build 4,100km of inter-island submarine cables. MALAYSIA Sector Automobile: Record-breaking TIV in 2023; cautious on 2024’s outlook. Update Tenaga Nasional (TNB MK/HOLD/RM10.50/Ta...
- Chong Lee Len
Tenaga Nasional (TNB MK) - 3Q23: Results Below Expectation, Negative F...
3Q23: Results Below Expectation, Negative Fuel Margin To Narrow In 4Q23 The group booked weak 3Q23 core net profit of RM861m (-47% yoy; -10% qoq). This brings 9M23 core net profit to RM2,971m (-27% yoy) – below our expectation but in line with the street’s estimate. 9M23 EBITDA margin fell 6ppt to 28% - reflecting Genco negative fuel margin and higher repair & maintenance costs. Consequently, we cut 2023-24 net profit estimates by 11% and 3% respectively. Maintain HOLD with a marginally higher D...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Monday, November 27, 2023
GREATER CHINA Update Link REIT (823 HK/BUY/HK$39.80/Target: HK$50.70): Takeaways from Shenzhen and Guangzhou property tour. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,180/Target: Rp1,400): Sales return to decline to 12-13% in 2024. MALAYSIA Results Sime Darby Plantation (SDPL MK/BUY/RM4.32/Target: RM5.00): 3Q23: Results within expectations, strong contribution from its Malaysia upstream operation. Tenaga Nasional (TNB MK/HOLD/RM10.00/Target: RM10.70): 9M23: Below expectations. ...
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