reports
- 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.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - 1Q23: Earnings Missed Our Expectations;...
DELTA reported 1Q23 net profit of Bt3.6b (+30% yoy, -14% qoq). The results are 8% below our estimates by 6% and 11% below consensus estimates. Earnings missed our estimates on lower-than-expected gross margin. We expect the lacklustre performance to continue in 2Q23 due to the weak semiconductor industry hurt by the economic condition. Maintain SELL. Target price: Bt660.00.
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily -Thursday, April 27, 2023
KEY HIGHLIGHTS Sector Banking 1Q23 results wrap-up: Results beat on investment gains; selective BUY on banks that are still laggards. Results Delta Electronics (DELTA TB/SELL/Bt888.00/Target: Bt660.00) 1Q23: Earnings missed our expectations; weak outlook not over yet. Update Bangkok Chain Hospital (BCH TB/BUY/Bt21.70/Target: Bt24.00) Expect 1Q23 net profit to be flat; positive earnings outlook for 2023.
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Kwanchai Atiphophai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sabrina Soh
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, April 27, 2023
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$8.31/Target: HK$11.50): 1Q23: In line; wind farm utilisation hours up 3.8% yoy. COLI (688 HK/BUY/HK$19.66/Target: HK$27.14): 1Q23: Profitability improves, but with weak land investment. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.89/Target: HK$7.07): 1Q23: In line; 1Q23 likely the trough. Expect improving profitability ahead. EVE Energy (300014 HK/BUY/Rmb66.79/Target: Rmb100.00): 1Q23: Results miss on revenue and beat on margins. Maintain BUY....
2308 DELTA ELECTRONICS INC.
G13 GENTING SINGAPORE
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS YINSON HOLDINGS BHD
916 CHINA LONGYUAN POWER GROUP-H
1199 COSCO SHIPPING PORTS LIMITED
IFAST IFAST CORP LTD
BBNI BANK NEGARA INDONESIA PERSER
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Earnings Up yoy But Still Down qoq
We expect 1Q23 earnings to improve yoy from a low base, but decline qoq due to softer revenue and lower gross margin. Revenue should rise yoy but drop qoq due to seasonal effects. We maintain a neutral view on DELTA’s outlook in 1H23 from the impact of low demand and currency fluctuation. In terms of valuation, we maintain SELL on DELTA with a target price of Bt660.00 as we believe the valuation of DELTA is too high and not justified.
- Kitpon Praipaisarnkit
- Chaiwat Arsirawichai
Delta Electronics (DELTA TB) - Positive On Outlook Ahead
The tone at DELTA’s analyst meeting was optimistic. Earnings in 4Q22 and 2023 are likely to continue to be strong. Revenue should improve as well due to strong demand of many products. Gross margin is expected to remain at a strong level due to the expectation of Baht depreciation and product mix. Despite having a positive view on DELTA, we still recommend SELL due to overvaluation with a target price of Bt430.00.
- Chaiwat Arsirawichai
Thailand Daily - Thursday, October 27, 2022
KEY HIGHLIGHTS Results Siam Cement (SCC TB/HOLD/Bt327.00/Target: Bt296.00) 3Q22: Weak core earnings in line with our estimate, due to weak earnings performance of all business units. Update Delta Electronics (DELTA TB/SELL/Bt666.00/Target: Bt430.00) Positive on outlook ahead.
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Chaiwat Arsirawichai
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Leow Huey Chuen
- Philip Wong
- Sabrina Soh
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, October 27, 2022
GREATER CHINA Results Baoshan Iron & Steel (600019 CH/HOLD/Rmb5.07/Target: Rmb5.30): 3Q22: Below expectations; lacklustre downstream demand and margin pressure to linger. Downgrade to HOLD. Estun Automation (002747 CH/HOLD/Rmb20.88/Target: Rmb21.50): 3Q22: Results beat on non-op items. Foshan Haitian Flavouring & Food (603288 CH/HOLD/Rmb67.87/Target: Rmb72.30): 9M22: Slowdown in sales growth with dip in margins; downgrade to HOLD. Ping An Insurance Group (2318 HK/BUY/HK$33.50/Target: HK$58.39): ...
U96 SEMBCORP INDUSTRIES LTD.
601318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
SUN SUNTECH SA
168 TSINGTAO BREWERY CO LTD
MAHB MALAYSIA AIRPORTS HLDGS BHD
DBB DUOPHARMA BIOTECH BHD
SCC-R SIAM CEMENT (NVDR)
2747 ESTUN AUTOMATION
TAPG TRIPUTRA AGRO PERSADA PT
1475539D HK SENSETIME GROUP
- Chaiwat Arsirawichai
Delta Electronics (DELTA TB) - 3Q22: Impressive Earnings
DELTA reported an impressive 3Q22 net profit of Bt4.1b (+244% yoy, -4% qoq). The results are 8% above our estimate and 12% above consensus’. Earnings beat our estimates on higher-than-expected revenue and lower-than-expected SG&A-to sales. Although we foresee strong earnings momentum from DELTA, we still recommend selling the stock as we believe it is overvalued. Maintain SELL. Target price: Bt430.00.
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