reports
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
- Jack Goh Tooan Orng
Kossan Rubber (KRI MK) - 4Q24: Misses Expectations But Delivers Steady...
4Q24: Misses Expectations But Delivers Steady Profitability Kossan reported commendable 4Q24 core numbers. The earnings strength mainly stemmed from higher volume sales, a sustainable ASP uptrend, and a positive backdrop from escalating US-China trade tensions. Nevertheless, forex headwinds and higher operating costs dampened gloves margins in 4Q24. Moving into 2025, we assess potential earnings softening in 1Q25, but remain positive on the full-year outlook and better capital management. Upgrad...
Kossan Rubber Industries Berhad: 1 director
A director at Kossan Rubber Industries Berhad bought 1,000,000 shares at 1.973MYR and the significance rating of the trade was 61/100. 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 la...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Spotlight On The Upcoming Results Winners
Alpha Picks: Spotlight On The Upcoming Results Winners Our Alpha Picks modestly outperformed the FBMKLCI’s worse-than-expected plunge in Jan 25 (-4.0% vs -5.2%). While we expect external headwinds to continue to soften, our Feb 25 picks continue to focus predominantly on winners in the upcoming results season, albeit with reduced indirect exposure to AI/DC plays. 2025 picks: Gamuda, GENM, Kossan, MrDIY, MYEG, Pekat, RHB Bank, RGB, VSI and Yinson.
- Jack Goh Tooan Orng
Gloves - A New, Different Beginning
A New, Different Beginning While the Malaysian gloves sector charted an impressive turnaround in 2024 after the COVID-19 lows as expected, risk-reward appears less appealing currently as valuations are trading close to the historical mean based on 2025’s full earnings recovery. Despite more optimism emerging following better operating matrixes and several rounds of catch-up upgrades by consensus, we believe that these have been fairly reflected in the recent share price movement. Downgrade to MA...
- Jack Goh Tooan Orng
Kossan Rubber (KRI MK) - 3Q24: Commendable Capital Management As Expec...
3Q24: Commendable Capital Management As Expected Kossan reported a decline in its 3Q24 core numbers. The earnings weakness mainly stemmed from unprecedented forex headwinds and higher input costs, dragging overall margins in 3Q24. Nevertheless, key catalysts such as higher volume sales, a sustainable ASP uptrend, and the positive backdrop from escalating US-China trade tensions will continue to support a sequential earnings uptick moving forward. In view of its better capital management, we main...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, November 18, 2024
GREATER CHINA Economics Economic Activity Mainly stable except for weakness in real estate. Results Alibaba Group (9988 HK/BUY/HK$87.20/Target: HK$130.00) 2QFY25: Seeking high quality growth and gradual monetisation. CSPC Pharmaceutical Group (1093 HK/HOLD/HK$5.13/Target: HK$5.50) 9M24: Disappointing results; targets positive revenue growth in 2025. JD Logistics, Inc (2618 HK/BUY/HK$14.16/Target: HK$22...
ADCB ABU DHABI COMMERCIAL BANK
00992 LENOVO GROUP LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ERW ERAWAN GROUP
7153 KOSSAN RUBBER INDUSTRIES BHD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
BANPU TB BANPU
1093 CSPC PHARMACEUTICAL GROUP LTD
09988 ALIBABA GROUP HOLDING LTD.
OXMU PRIME US REIT
02618 JD LOGISTICS INC
GOTO GOJEK TOKOPEDIA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Jack Goh Tooan Orng
Gloves - US Raises China Gloves Tariffs In Protectionism, Trade Rivalr...
US Raises China Gloves Tariffs In Protectionism, Trade Rivalries A further precipitous tariff hike and earlier implementation timeline announced by the US authority on China’s medical-grade gloves are poised to revitalise investors’ sentiment on the Malaysian glove sector. With the sector’s post-pandemic recovery eclipsing earnings amid demand moderation, domestic glovemakers should progressively reclaim market share from China, sustaining concrete ASP trajectories and margin upticks. Maintain O...
- Jack Goh Tooan Orng
Kossan Rubber (KRI MK) - 2Q24: Temporary Hiccups
2Q24: Temporary Hiccups Kossan’s 2Q24 numbers were weaker qoq and below expectations, albeit operationally profitable. The deviation mainly stemmed from shipment delays and higher input costs, dragging both sales volume and margins in 2Q24. Nevertheless, we think that these headwinds are temporary, and remain hopeful on 2H24-2025’s sequential orderbook uptick, sustainable ASP trend, and tailwinds from escalating US-China trade tensions. Maintain BUY with a lower target price of RM2.42.
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Notes - Friday, August 23, 2024
GREATER CHINA Results AAC Technologies (2018 HK/BUY/HK$31.25/Target: HK$38.10): 1H24: Solid beat on margins; multiple growth trends through 2H24-2026. Upgrade to BUY. AIA Group (1299 HK/BUY/ HK$54.45/Target: HK$91.00): 1H24: Strong beat in results; eyeing 9-11% three-year CAGR for OPAT per share. Baidu Inc (9888 HK/BUY/HK$86.45/Target: HK$110.00): 2Q24: Earnings beat; modest online ad growth; solid AI cloud revenue growth. Country Garden Services (6098 HK/SELL/HK$4.15/Target: HK$3.70): 1H24: Exp...
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
7153 KOSSAN RUBBER INDUSTRIES BHD.
M3I MINTH GROUP LIMITED
SCGB SUNWAY CONSTRUCTION GROUP BH
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
GREATEC GREATECH TECHNOLOGY BHD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
ASK ABACUS STORAGE KING
WKS WINKING STUDIOS
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
BBKP BANK BUKOPIN TBK PT
- Jack Goh Tooan Orng
Gloves - Blooming In Spring
Blooming In Spring The Malaysian glove sector is officially out of the woods with anticipation of sequential earnings growth coming into fruition throughout 2024. We have also observed a feasible trend of improving operating statistics from the past few quarters. With this and the US’ precipitous tariff hike on China’s medical-grade gloves beginning 2026, we re-affirm our optimism that potential valuation re-rating may continue to catalyse the sector’s positive share price trajectories. Maintain...
- Bella Lu Yifei
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, June 14
GREATER CHINA Sector Automobile Weekly: EV sales pull back last week. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Joyson Electronics. Top SELLs: XPeng. Internet Strategic revamp to foster re-accelerating growth and shareholders’ return. INDONESIA Update Bank Tabungan Negara (BBTN IJ/BUY/Rp1,240/Target: Rp1,700) ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5168 HARTALEGA HOLDINGS BHD.
3K1 KINGSOFT CORP. LTD.
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
MINT MAPLETREE INDUSTRIAL TRUST
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
EPIC 1CM INC
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
600699 NINGBO JOYSON ELECTRONIC CORP
- Jack Goh Tooan Orng
Kossan Rubber Industries (KRI MK) - 1Q24: Smaller But Mightier
1Q24: Smaller But Mightier Kossan reported a second consecutive quarter of core earnings in 1Q24. The weaker qoq results reflect margin contraction amid weaker sales volume and higher input costs. While glove volume sales appear flattish as customers’ inventory replenishment activities stabilise, we expect this demand and earnings trend to sustain through 2024. Nevertheless, the exceptionally strong share price movement has fairly priced in the upside. Maintain BUY and target price of RM1.82.
- Desmond Chong Chee Wai
Strategy - Selective Exporters With Exposure To Related Strategic Sect...
Selective Exporters With Exposure To Related Strategic Sectors To Benefit Further From The Latest Round Of Tariff Hikes We believe the latest round of tariff hikes directed by the US president Joe Biden will lend further strength to selective Malaysian exporters given Malaysia’s geographical neutrality. A statement released by The White House stated that following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and Americ...
- Jack Goh Tooan Orng
Gloves - Plot Twist From Escalating US-China Trade Tension
Plot Twist From Escalating US-China Trade Tension The precipitous tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment on the Malaysian glove sector. While the sector’s recovery plot continues to thicken beyond postpandemic eclipsing earnings and demand moderation, we anticipate domestic glovemakers to progressively reclaim market share from China, sustaining concrete ASP trajectories and future margin upticks. Mainta...
- Jack Goh Tooan Orng
Kossan Rubber (KRI MK) - 4Q23: Remains In The Black
4Q23: Remains In The Black Kossan reported a second consecutive quarter of core earnings in 4Q23. Numbers are weaker qoq, reflecting margin contraction amid weaker sales volume and higher input costs. While glove volume sales appear flattish as customers’ inventory replenishment activities stabilise, we anticipate such demand and earnings trend to be sustainable throughout 2024. Nevertheless, the exceptionally strong share price movement has fairly priced in upside. Maintain HOLD and target pric...
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Leow Huey Chuen
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, February 23, 2024
GREATER CHINA Sector Automobile: Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99): 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50): 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Target: H...
BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
G13 GENTING SINGAPORE
00992 LENOVO GROUP LIMITED
V03 VENTURE CORPORATION LIMITED
F34 WILMAR INTERNATIONAL LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
AXIATA AXIATA GROUP BERHAD
PENT PENTAMASTER CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
SDPL SIME DARBY PLANTATION BHD
IFAST IFAST CORP LTD
09961 CTRIP.COM INTERNATIONAL
- Jack Goh Tooan Orng
Gloves - Overhyped Market Expectations Pose Short-term Downside Risk
Overhyped Market Expectations Pose Short-term Downside Risk As expected, the sector’s recovery plot continues to thicken after delivering resilient earnings growth in 3Q23. While more optimism is emerging following better operating matrixes and consensus’ rounds of catch-up upgrades, we deem these to be fairly reflected in the recent aggressive share price movement. Risk-reward appears unappealing currently as valuations are trading close to historical means based on 2025’s full earnings recover...
- Jack Goh Tooan Orng
Kossan Rubber (KRI MK) - 3Q23: Back In The Black
3Q23: Back In The Black Kossan turned around its core losses in 3Q23 despite ASPs declining marginally, reflecting margin expansion amid better sales volume, product mix and lower input costs. Positively, sales volume also saw a better recovery following customers’ inventory replenishment activities, which we deem sustainable in 4Q23-1H24. We anticipate better earnings in sequential quarters, anchored by higher volume sales and better utilisation rates. Upgrade to BUY with a higher target price ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Limartha Adhiputra
- Ming San Soong
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Thursday, November 16, 2023
GREATER CHINA Economics Economic Activity: Stronger retail sales in Oct 23, but FAI stays weak. Initiate Coverage Longfor Group Holdings (960 HK/BUY/HK$13.04/Target: HK$17.68): Leading developer and TOD mall operator in China’s Tier 1 and 2 cities. Results JD.com (9618 HK/BUY/HK$105.90/Target: HK$186.00): 3Q23: Tempered top-line growth; 4Q23 outlook to be anchored by resilient 11.11 performance. Tencent Holdings (700 HK/BUY/HK$322.60/Target: HK$425.00): 3Q23: Earnings beat driven by meaningful m...
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