reports
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Thursday, April 17, 2025
GREATER CHINA Economics Economic Activity: 1Q25 growth tops estimates as stimuli gain traction. Strategy Small-Mid Cap Monthly: Sidestepping Trump’s tariffs: Prefer domestic names. Top pick: JBM Healthcare. Sector Automobile: Weekly: PEV sales surge continues, BYD leads as competition escalates. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Results China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.48 /Target: Rmb6.61): 2024 earnings below expectation...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, February 17, 2025
GREATER CHINA Economics Money Supply: Liquidity growth edges lower. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,860/Target: Rp4,500): 15.0% net profit cut in 2025 on higher credit cost and lower loan growth. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM4.23/Target: RM4.40): Expect a strong 4Q24 finish. Share price is close to our fair value; downgrade to HOLD. The stock offers a 6% dividend yield. SINGAPORE Results Civmec (CIVMEC SP/HOLD/S$0.895/Target:S$0.98): 1HFY25: Results belo...
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Better Clarity On Recovery In 2H24; Mai...
The tone during our meeting with DELTA was cautiously optimistic. Revenue and gross margin are expected to continue improving hoh, but management is cautious on SG&-Ato-sales. We remain positive on 2H24 earnings due to many positive factors, such as strong demand for AI-related products, strong gross margin from a better product mix, and the expectation of a baht depreciation. Maintain BUY with target price of Bt115.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily: Wednesday, July 31, 2024
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/BUY/Bt8.85/Target: Bt12.10) 2Q24: Earnings in line. PTT Exploration & Production (PTTEP TB/BUY/Bt147.00/Target: Bt200.00) 2Q24: Net profit better than our and consensus expectations. Update Amata Corporation (AMATA TB/BUY/Bt22.80/Target: Bt30.00) 2Q24 results preview: Expect earnings to increase yoy and qoq. Delta Electronics (DELTA TB/BUY/Bt92.75/Target: Bt115.00) Better clarity on r...
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - 2Q24: Earnings Beat Estimates; A New Hi...
Delta reported an impressive 2Q24 net profit of Bt6.6b (+41% yoy, +52% qoq). The results are 45% and 40% above our and consensus estimates respectively due to higher-than-expected gross margin. Gross margin was very strong due to higher revenue from a pick-up in demand, a better product mix, a reversal of inventory writedown, and baht depreciation. We expect earnings to remain strong in 2H24. Maintain BUY. Target price: Bt107.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Meeting Notes: Tuesday, July 30, 2024
GREATER CHINA Sector Hong Kong Property Developers’ low-price strategy proved effective; northbound traveling marginally weakened in Jul 24. Internet Pipeline of high-quality games as key catalyst amid strong seasonality. INDONESIA Results AKR Corporindo (AKRA IJ/HOLD/Rp1,530/Target: Rp1,700) 2Q24: Net profit down 31% qoq, below ...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
00014 HYSAN DEVELOPMENT CO. LTD.
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SUN SUNTECH SA
PREIT PARKWAYLIFE REAL ESTATE
RFMD RAFFLES MEDICAL GROUP LTD
09999 NETEASE INC
OR PTT OIL & RETAIL BUSINESS PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Earnings To Improve After 1Q24; Upgrade...
DELTA posted 1Q24 net profit of Bt4.3b (+19% yoy, -9% qoq), coming in below our and market estimates. Earnings missed expectations due to lower-than-expected gross margin and higher-than-expected SG&A-to-sales. We expect revenue and gross margin to slightly improve qoq in 2Q24 due to better revenue and gross margin from the absence of one-time items from raw material cost revaluation and inventory provision. Upgrade from SELL to HOLD with a target price: Bt63.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 30, 2024
KEY HIGHLIGHTS Update Bangchak Petroleum (BCP TB/BUY/Bt42.50/Target: Bt52.00) 1Q24 Preview: Expect strong earnings turnaround. Bangchak Sriracha (BSRC TB/BUY/Bt9.05/Target: Bt15.00) 1Q24 results preview: In the black. CENTRAL PATTANA (CPN TB/BUY/Bt62.00/Target: Bt83.00) Expect earnings to increase 26% yoy and 3% qoq in 1Q24. Delta Electronics (DELTA TB/HOLD/Bt70.00/Target: Bt63.00) Earnings to improve after 1Q24; upgrade to HOLD. ...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, April 30, 2024
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$34.95/Target: HK$44.00) 1Q24: Earnings miss on muted fee income and higher cost-to-income ratio. China Resources Building Materials Tech (1313 HK/BUY/HK$1.34/Target: HK$1.83) 1Q24: Mixed bag of results; regaining cement market share. Foxconn Industrial Internet (601138 CH/BUY/Rmb24.52/Target: Rmb29.10) 1Q24: Margins miss likely due to product mix, AI business remains robust. Haier Smart Home (6690 HK/BUY/HK$27.10/Target: ...
600690 HAIER SMART HOME CO. LTD. CLASS A
2308 DELTA ELECTRONICS INC.
F34 WILMAR INTERNATIONAL LIMITED
01299 AIA GROUP LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ROTI NIPPON INDOSARI CORPINDO
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SIDO INDUSTRI JAMU DAN FARMASI SI
333 MIDEA GROUP
NESZ NESTLE (MALAYSIA) BERHAD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
OR PTT OIL & RETAIL BUSINESS PCL
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
524412 AAREY DRUGS & PHARMACEUTICALS LTD
IOIPG IOI PROPERTIES GROUP BHD
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Expecting A Deceleration In Growth For ...
The tone of the analyst meeting was dull. Revenue growth for 2024 is projected to slow down. Likewise, gross margin is expected to remain stagnant, influenced by the decelerated revenue growth and product mix. 1Q24 revenue is expected to be flat as customers are delaying orders. Maintain SELL. Target price: Bt63.00.
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Bella Lu Yifei
- Jo Yee Ng
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Ken Lee
- Kitpon Praipaisarnkit
- Limartha Adhiputra
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
Regional Morning Notes - Monday, February 19, 2024
GREATER CHINA Sector Consumer: Tourism, catering and movie consumption: Strong performances during CNY. Update Yadea Group Holdings (1585 HK/BUY/HK$12.18/Target: HK$16.00): Premiumisation and external battery sales as new growth drivers. Maintain BUY. Cut target price from HK$20.00 to HK$16.00. INDONESIA Results Vale Indonesia (INCO IJ/BUY/Rp3,690/Target: Rp4,400): 4Q23: NPAT exceeds expectation, rising 66.3% yoy on higher nickel deliveries. Upgrade to BUY. MALAYSIA Results KPJ Healthcare (K...
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 31, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Pet food exports on track for recovery; beneficiary: Yantai China Pet Food. Results BYD Company (1211 HK/BUY/HK$246.20/Target: HK$630.00): 3Q23: Earnings up 82% yoy and 53% qoq, in line. Maintain BUY. Target price: HK$630.00. China Construction Bank (939 HK/BUY/HK$4.48/Target: HK$6.00): 3Q23: Results in line; earnings up 2.6% on lower credit costs. China Merchants Bank Co. (3968 HK/BUY/HK$30.30/Target: HK$45.00): 3Q23: Results miss; longer wait need...
2308 DELTA ELECTRONICS INC.
AALI ASTRA AGRO LESTARI
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
1099 SINOPHARM GROUP CO LTD
CDREIT CDL HOSPITALITY TRUSTS
709 GIORDANO INTERNATIONAL LTD
TDC TIME DOTCOM BHD
BUKA BUKALAPAK.COM PT TBK
830 CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Favourable Outlook To Continue In 4Q23 ...
The tone of the analyst meeting was cautiously optimistic as management expects revenue to grow moderately by 5% qoq in 4Q23. However, we are optimistic on revenue due to seasonal and currency factors. In 2024, we expect earnings growth to decelerate, improving only 7% yoy due to the high base. We give DELTA a premium over its peers due to its promising outlook and compelling core business, but we believe DELTA’s price is not justified. Maintain SELL. Target price: Bt65.00.
- Kitpon Praipaisarnkit
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Concluding 2023 On A Positive Note And ...
We have a favourable outlook for DELTA's performance in 2023 and anticipate the sentiment to persist into 2024. Key contributors to revenue growth include robust demand for EV power and data centres. Gross margin is expected to improve due to subdued raw material prices and enhanced product mix from a higher proportion of EV power. Despite the positive momentum moving forward, there is a view that the current valuation may not be justified. Maintain SELL. Target price: Bt70.00.
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
Thailand Daily - Thursday, October 12, 2023
KEY HIGHLIGHTS Asian Gems Corporate Highlights CP ALL (CPALL TB/BUY/Bt59.75/Target: Bt78.00) Resilient long-term growth outlook. Delta Electronics (DELTA TB/SELL/Bt80.50/Target: Bt70.00) Concluding 2023 on a positive note and sustaining positivity into 2024.
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Philip Wong
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Thursday, October 12, 2023
GREATER CHINA Sector Banking: 3Q23 results preview: Earnings growth expected to reach bottom. Asian Gems Corporate Highlights Crystal International (2232 HK)/NOT RATED/HK$2.45): Takeaways from luncheon. Hutchmed (China) (13 HK/NOT RATED/HK$26.60): Maintaining oncology revenue target of US$450m-550m in 2023. Nio Inc (9866 HK/NOT RATED/HK$68.90): Takeaways from Asian Gems Conference. Xiaomi Corp (1810 HK/BUY/HK$12.30/Target: HK$15.30): Takeaways from Asian Gems Conference. INDONESIA Asian Gems Co...
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Anticipating Continuous Earnings Improv...
The tone at DELTA’s analyst meeting was optimistic. 2H23 earnings are likely to remain strong. Revenue should improve as well due to strong demand for EV products. Gross margin is also projected to improve, supported by the anticipated depreciation of the baht, a favourable product mix and the easing of chip shortages. Despite having a positive view on DELTA, we maintain our SELL rating due to DELTA being overvalued currently. Target price: Bt70.00.
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