reports
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Paula Ruth
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, April 23, 2025
GREATER CHINA Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) World’s largest music platform with evolving social ecosystem. Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) 2024: Results in line; maintain 2025 revenue growth estimate of 8.8% yoy. iFlytek (002230 CH/SELL/Rmb45.18/Target: Rmb35.00) 2024 and 1Q25: Earnings miss on heightened R&D spending; solid top-line growth. Update Sunn...
0166 INARI AMERTRON
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002230 IFLYTEK CO. LTD. CLASS A
7160 PENTAMASTER CORP. BHD
NANO NANOCO GROUP
0097 VITROX
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VSI V.S. INDUSTRY BERHAD
SKP SKP RESOURCES BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
NATGATE NATIONGATE HOLDINGS BHD
OPPSTAR OPPSTAR BERHAD
300244 DIAN DIAGNOSTICS GROUP CO
0303 ALPHA IVF GROUP
NE NORTHEAST GROUP BHD (NE MK)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies International (NANO SP) - 1Q25: Revenue In Line ...
Nanofilm’s 1Q25 revenue of S$44m (+12% yoy) met our expectation, forming 19% of our full-year estimate. However, gross margin fell 6ppt yoy, missing our expectation of gross margin remaining flat yoy. Revenue growth was driven by the AMBU and NFBU segments. While Nanofilm’s direct exposure to the US’ tariffs is limited, the impact may be felt indirectly. Although Nanofilm’s revenue recovery is on track, it may take some time to achieve meaningful earnings. Maintain SELL with a lower target price...
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 22, 2025
GREATER CHINA Sector Property Supportive policy remarks by Premier Li Qiang point to further upside; upcoming Politburo meeting to be an important policy window. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: HK$68.00) 1Q25: Earnings up 46% yoy, in line with estimates. Maintain BUY. Target price: HK$68.00. Han’s Laser (002008 CH/BUY/Rmb24.27/Target: Rmb32.20) 1Q25: Net pro...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
3816 MISC BHD
KBANK KASIKORNBANK PUBLIC CO. LTD.
NANO NANOCO GROUP
ACES PT ACE HARDWARE INDONESIA TBK
FRKN FRENCKEN GROUP LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
01024 KUAISHOU TECHNOLOGY CLASS B
SCB SCB X PUBLIC COMPANY LIMITED
8AZ AZTECH GLOBAL LTD
- John Cheong Ming Chern
Tech Manufacturers - Assessing The Potential Impact Of Trade Tariffs; ...
Most tech manufacturing stocks are likely to be impacted to a different degree by the recent US trade tariffs. As a result, we recommend stocks that will be the least impacted and could potentially still deliver earnings growth for 2025. Our top picks are Frencken (which has manufacturing bases locally and strong orders from ASML), UMS (which is ramping up for its new customer) and Valuetronics (which will see contribution from new customers and its new GPU leasing business). Downgrade to MARKET...
Nanoco fera des présentations lors de diverses conférences spécialisée...
RUNCORN, Angleterre--(BUSINESS WIRE)-- Nanoco Group PLC (LSE : NANO), un chef de file mondial du développement et de la fabrication de points quantiques sans cadmium et d'autres nanomatériaux avancés, intensifie son engagement commercial alors qu'il passe à la production à grande échelle. Au cours des prochains mois, la société participera à plusieurs événements clés de l'industrie pour présenter sa technologie, rencontrer ses clients et partenaires de développement et accélérer l'adoption de ses solutions. En mars, Nigel Pickett, fondateur et CTO de Nanoco, prendra la parole lors de la réuni...
Nanoco to Present at Upcoming Industry Conferences
RUNCORN, England--(BUSINESS WIRE)-- Nanoco Group PLC (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other advanced nanomaterials, is ramping up its commercial engagement as it transitions to scaled production. Over the coming months the company will be attending several key industry events to showcase its technology, connect with its customers and development partners, and to accelerate adoption of its solutions. In March, Nanoco Founder and CTO Dr. Nigel Pickett will speak at the Society for Information Display (SID) UK Chapter meeting in Lond...
Nanoco concentre ses efforts sur la croissance stratégique
RUNCORN, Angleterre--(BUSINESS WIRE)-- Nanoco Group PLC (LSE : NANO), un chef de file mondial du développement et de la fabrication de points quantiques sans cadmium et d'autres nanomatériaux avancés, a réalisé plusieurs changements organisationnels visant à accélérer son développement commercial. En octobre 2024, Dmitry Shashkov a rejoint le groupe en tant que CEO. Il a une expérience éprouvée de plus de 20 ans acquise dans les principales entreprises basées sur la science des matériaux, en stimulant la valeur actionnariale grâce au développement commercial transformationnel. Dmitry était...
Nanoco Refocuses on Strategic Growth
RUNCORN, England--(BUSINESS WIRE)-- Nanoco Group PLC (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other advanced nanomaterials, has completed several organisational changes designed to accelerate its commercial development. In October 2024, Dmitry Shashkov joined as Chief Executive Officer. He has a proven 20 year plus track record in leading materials science-based businesses, driving shareholder value through transformational business development. Dmitry was CEO of the CPS Group of companies (later part of Exyte), which focused on high-t...
Nanoco Group: 2 directors
Two Directors at Nanoco Group bought/maiden bought 3,672,380 shares at between 14p and 14p. The significance rating of the trade was 88/100. 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 ...
- Richard Williamson
Nanoco Group - Board states case for voting against resolutions
Nanoco has issued a circular recommending that shareholders vote against both resolutions being proposed by Milkwood in its requisition for a general meeting (scheduled for 11:30am on 13 December 2024). We summarise the board’s key arguments below.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Wednesday, October 30, 2024
GREATER CHINA Initiate Coverage VSTECS Holdings (856 HK/BUY/HK$4.46/Target: HK$5.47): Leading IT distributor riding the AI wave. Results Haier Smart Home (6690 HK/BUY/HK$29.80/Target: HK$42.00): 3Q24: Earnings growth driven by efficiency improvement; expect potential tariff hike to have limited impact. Joyson Electronics (600699 CH/BUY/Rmb16.68/Target: Rmb30.00): 3Q24: Earnings in line; maintain BUY with unchanged target price of Rmb30.00. Shenzhen Inovance (300124 CH/HOLD/Rmb56.46/Target: Rmb56...
VST HOLDINGS LTD.
NANO NANOCO GROUP
BN4 KEPPEL CORPORATION LIMITED
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
ROTI NIPPON INDOSARI CORPINDO
0168 TSINGTAO BREWERY CO. LTD. CLASS H
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
AXIATA AXIATA GROUP BERHAD
SCGP SCG PACKAGING PCL
06690 HAIER SMART HOME CO. LTD. CLASS H
8AZ WUXI APPTEC CO. LTD. CLASS H
Z29 AZTECH GLOBAL LTD
600699 029 GROUP SE
JOYSON ELECTRONICS CORP
- Richard Williamson
Nanoco Group - European partnership not moving forward
Nanoco Group’s announcement that the collaboration with its European partner is essentially coming to an end is clearly disappointing news. We reduce our FY25 revenues by £2.5m and FY25 net cash by £2.1m to reflect this, although the contractual unwinding and potential restructuring may prompt further changes. While Nanoco is now clearly in a significant transitional state, the partnership with the Asian partner continues. The group’s intellectual property, expertise, manufacturing and test capa...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 28, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$71.65/Target: HK$109.60) 1H24: Results beat. Fila's guidance slightly lowered; new brands performed well. China Overseas Property Holdings (2669 HK/BUY/HK$4.63/Target: HK$7.20) 1H24: Results meet expectations; higher dividend payout ratio. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$18.22/Target: HK$27.00) 2Q24: Margins deteriorate; automation demand outlook remains sluggish. Shenzhen Inovance (300124 CH/BU...
AS7 ANTA SPORTS PRODUCTS LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
4197 SIME DARBY BHD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
VALUE VALUE8 N.V.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
INRI INARI AMERTRON BHD
RHBBANK RHB BANK BHD
TXG 10X GENOMICS INC CLASS A
UMSH UMS HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
AZTECH NANOFILM TECHNOLOGIES INTERNATIONAL
MZH HANSOH PHARMACEUTICAL GROUP
3692 AEM HOLDINGS LTD
AEM 123FAHRSCHULE SE
123F AZTECH GLOBAL LTD
8AZ 029 GROUP SE
Z29 CTRIP.COM INTERNATIONAL
- John Cheong Ming Chern
Tech Manufacturers - 1H24 Review: Crucial To Be Selective; Top BUYs: F...
Two-thirds of the tech manufacturing stocks under our coverage reported weaker-thanexpected 1H24 earnings, except for Frencken and Aztech, due to weak customer demand (AEM, Nanofilm, Venture) and slow ramp-up of new plant (UMS). Our top picks are Frencken and Venture given their positive outlook for sequential earnings growth, especially for Frencken which is seeing strong orders from ASML. We also have BUY calls on Valuetronics and Aztech, and SELL ratings on AEM, Nanofilm and UMS. Upgrade the ...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies International (NANO SP) - 1H24: Earnings Miss On...
Nanofilm’s 1H24 earnings of S$4m loss (-51% yoy) missed our estimate of S$7m due to higher-than-expected admin expenses. Revenue of S$83m (+13% yoy) in 1H24 was in line, at 42% of our full-year estimate, led by the AMBU segment which grew 20% yoy. Nano expects 2024 revenue and earnings to be higher than 2023, but because 2023 is a low base, 2024 earnings are still likely going to be unexciting. We cut our 2024-26 earnings forecasts by 32-55%. Maintain SELL. Target price: S$0.50.
- Richard Williamson
Nanoco Group - Visibility pushed back
Nanoco Group’s trading update flagged that, while its development work on second-generation materials continues to progress as expected, it does not expect to receive a follow-on order for commercial materials in FY24. These orders were expected to be low volume, hence the delay is not particularly material from a financial perspective, although it does remove an expected milestone to gauge Nanoco’s pathway to volume production. We have adjusted our estimates to reflect a more cautious scenario ...
Edison issues report on Nanoco Group (NANO, NNOCF)
Edison Investment Research Limited Edison issues report on Nanoco Group (NANO, NNOCF) 24-Jun-2024 / 09:42 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 24 Juni 2024 Edison issues report on Nanoco Group (NANO, NNOCF) to view the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. ...
- Richard Williamson
Nanoco Group - Sensing the opportunity
With the successful Samsung litigation now in the rear-view mirror, Nanoco’s focus will be fully on building the business as a developer, manufacturer and licensor of nanomaterials. With its extensive expertise in quantum dots, validated IP and high-volume manufacturing facilities backed up by a strong balance sheet, we believe that the business has a robust platform for growth. Partnerships with STMicroelectronics and an Asian chemicals supplier position Nanoco strongly to participate in the an...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies International : 1Q24: Revenue In Line But Still ...
Nanofilm’s 1Q24 revenue of S$39m (+19% yoy) is in line with expectations at 20% of our full-year estimate, but earnings are still in the red. AMBU saw a 41% yoy growth due to a 51% growth in the 3C sector and a 24% growth in the automobile sector. Gross margin rose 3ppt yoy due to increased contribution from the 3C and industrial segments. Maintain SELL with a 6% lower target price of S$0.56 after cutting our 2024 EPS. Nanofilm is trading at 18x 2024F PE vs 14x for Singapore peers.
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Limartha Adhiputra
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, April 24, 2024
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
002230 IFLYTEK CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
BBCA PT BANK CENTRAL ASIA TBK
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
SCI SCI ELECTRIC
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
8AZ AZTECH GLOBAL LTD
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