GREATER CHINA Sector Online Travel Agencies: Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50): 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00): 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00): 1Q24: Earnings mi...
After a decent 2023, in 2024 we are likely to see further evidence of market repair in Thailand, Malaysia and Indonesia driven by consolidation in both Mobile and Broadband. The economic outlook in the region is generally positive too, helped by post-Covid tailwinds, and China decoupling.
Axiata held its Investor Day in Kuala Lumpur on Wednesday and outlined plans to deliver on its 2025/26 targets; de-lever to 2.5x and grow DPS sustainably. Key themes include the delayering of XL Axiata and Link Net, market repair in Indonesia and its Frontier Markets, operational excellence and deleverage goals. See below for our brief takeaways.
GREATER CHINA Results BYD Company (1211 HK/BUY/HK$237.80/Target: HK$590.00): 2Q23: Earnings up 145% yoy and 65% qoq, in line. Maintain BUY. Target price: HK$590.00. China Feihe (6186 HK/HOLD/HK$4.81/Target: HK$5.18): 1H23: Results in line; growing asset-light digitalised stores. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.72/Target: HK$6.00): 1H23: Results slightly beat our expectation; showing robustness amid slow macro environment. Country Garden Services (6098 HK/HOLD/HK$9.45/Target: HK$9.16): 1H2...
Malaysian telcos continued to recover, with the fourth consecutive quarter of service revenue growth, backed by net additions despite ARPU decline. EBITDA inflected, thanks to Axiata’s service revenue outperformance and a lower marketing spend.
As we have expected, the Celcom-Digi merger is going through. Today, Axiata and Digi received the regulatory approval from the Malaysian Communications and Multimedia Commission (“MCMC”) to proceed with the proposed merger of Celcom and Digi operations in Malaysia.
GREATER CHINA Sector Gas: Margin pressure and weaker gas consumption demand due to lockdown. Insurance: Resurgence of COVID-19 has affected insurance sales. Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$7.84/Target: HK$12.50): 1Q22: Adjusted earnings up 10.3% yoy; COVID-19 outbreak clouds growth outlook in 2022. MALAYSIA Results Axiata (AXIATA MK/HOLD/RM3.19/Target: RM3.50): 1Q22: In line. Expect a weaker 2Q22 due to operational challenges in Sri Lanka and the strengthening US dollar. Geopo...
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