reports
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, April 22, 2024
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...
KKP KIATNAKIN BANK
F34 WILMAR INTERNATIONAL LIMITED
ITMG INDO TAMBANGRAYA MEGAH
AJBU KEPPEL DC REIT
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
6888 AXIATA GROUP BHD.
KTB-R KRUNG THAI BANK PCL NVDR
PMAH PRESS METAL ALUMINIUM HOLDIN
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
TTB TMBTHANACHART BANK PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300244 DIAN DIAGNOSTICS GROUP CO
- Chong Lee Len
- Wei Xiang Ku
Maxis (MAXIS MK) - Compelling Risk-reward; Earnings Momentum Remains H...
Compelling Risk-reward; Earnings Momentum Remains Healthy We see emerging value as the stock trades at 8x EV/EBITDA, -2SD from its mean valuation. Stepping into 2H24, we see an improving risk-reward profile for Maxis as Malaysia draws close to a potential dual wholesale network. Anchored by strong management, we expect the group to deliver a healthy three-year earnings CAGR of 8%. Upgrade to BUY with a DCF-based target price of RM4.20.
- Adrian Loh Tzum Yung
- Julia Pan Mengyao
- Ming San Soong
- Singapore Research Team
Regional Morning Notes - Monday, April 08, 2024
GREATER CHINA Sector Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024. MALAYSIA Update Maxis (MAXIS MK/BUY/RM3.55/Target: RM4.20): Compelling risk-reward as Maxis focuses on driving its core business and delivering three-year earnings CAGR of 8%. Upgrade to BUY with a higher target price of RM4.20. SINGAPORE Strategy Higher-for-a-lot-longer Interest Rates: Some companies to suffer, some to benefit.
- Chong Lee Len
- Wei Xiang Ku
Telecommunications - 4Q23: Results Mixed; Special Interim Dividend Fro...
4Q23: Results Mixed; Special Interim Dividend From TIME In 4Q23, CelcomDigi and Axiata reported better-than-expected earnings while TIME’s earnings were adversely affected by competition and network costs. After the results, we estimate pedestrian 2024 sector earnings growth of 4% yoy to RM5,872m. Key events to look out for in 1H24 include: a) fixed-line price competition, b) potential award of DWN, and d) synergistic savings from CelcomDigi. Maintain MARKET WEIGHT. Top pick is TIME for its attr...
- Chong Lee Len
- Wei Xiang Ku
Maxis (MAXIS MK) - 4Q23: Core Earnings Within Expectations; Pedestrian...
4Q23: Core Earnings Within Expectations; Pedestrian 2024 Outlook 2023 results within expectations. Maxis reported 4Q23 net profit of RM56m, but this included RM57m in cost optimisation initiatives (staff), RM231m of accelerated depreciation, and RM73m of tax settlement. Stripping these out, Maxis’ 4Q23 core net profit came in at RM360m (+50% yoy, +25% qoq) as a result of a higher revenue base (+7% yoy, +12% qoq). The strong qoq and yoy improvement in earnings was mainly due to growth across both...
- Chris Hoare
ASEAN Telcos Outlook 2024; Continued market repair in Indonesia, Thai...
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.
- Chong Lee Len
- Wei Xiang Ku
Telecommunications - 3Q23 Results Within Expectations; 2024 To Be Rang...
3Q23 Results Within Expectations; 2024 To Be Range Bound In 3Q23, both CelcomDigi and TM reported better-than-expected earnings. The key drivers were CelcomDigi’s merger savings and TM’s positive tax credit. After the results, we project a 2023 sector earnings contraction of 15% yoy to RM4,909m. Key events to look out for in 1H24 include: a) fixed line price competition, b) 80% 5G coverage, c) potential award of DWN, and d) synergistic savings from the merger of Celcom and Digi in 2024-25. Maint...
- Chris Hoare
Axiata (Buy, TP: MYR 5.7, +145%) Highlights from Investor Day 2023
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.
- Wei Xiang Ku
Telecommunications - Five MNOs Execute Share Subscription Agreements (...
Five MNOs Execute Share Subscription Agreements (SSAs) With DNB Five mobile network operators (MNOs) - CelcomDigi, Maxis, U Mobile, Telekom Malaysia and YTL Power - have signed share subscription agreements (SSA) to collectively acquire a 70% equity stake (14% each) in Digital Nasional Berhad (DNB). The government, through the Minister of Finance, retains the remaining 30% and holds a Special Share. Each MNO will inject approximately RM233m, totalling RM1.17b, to meet DNB's funding requirements....
- Chris Hoare
- Chong Lee Len
- Wei Xiang Ku
Maxis (MAXIS MK) - 3Q23: Results In Line; 5G And Enterprise To Superch...
3Q23: Results In Line; 5G And Enterprise To Supercharge Growth Maxis’ 3Q23 net profit declined 13% qoq and 7% yoy to RM287m due to its manpower right-sizing exercise and lower yoy USP income. This brought 9M23 net profit to RM937m (flat yoy). The results are in line with our expectations but 6% below consensus estimates. Maxis declared a third interim DPS of 4 sen/share (109% payout). The stock trades at 10x 2023F EV/EBITDA and offers a 4% dividend yield. Maintain HOLD. Target price: RM4.10.
- Benjaphol Suthwanish
- Chong Lee Len
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 14, 2023
GREATER CHINA Economics Money Supply: A little less to cheer. Strategy Small-Mid Cap Biweekly: Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet: 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet: Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50): Revenue guidance revised down yet sales target maintai...
FR FIRST INDUSTRIAL REALTY TRUST INC.
G13 GENTING SINGAPORE
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
MAXIS MAXIS BHD
1368 XTEP INTERNATIONAL HOLDINGS
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Chong Lee Len
Maxis (MAXIS MK) - Focus On Convergence And Operational Excellence
Focus On Convergence And Operational Excellence We expect Maxis to book a net profit of RM320m-350m for 3Q23. Key drivers include: a) underlying strength of postpaid revenue, b) active fibre bundling, and c) good cost control. This will be partly offset by high churn in the prepaid segment. Separately, we expect telcos to participate in equity for Digital Nasional before the government decides on a dual wholesale network in early-24. Maxis trades at 10x 2023F EV/EBITDA and offers a 4% dividend y...
- Arsit Pamaranont
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Leow Huey Chuen
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Notes - Thursday, October 19, 2023
GREATER CHINA Economics Economic Activity: 3Q23 growth beats; general improvement seen in Sep 23 data. Results Jonjee Hi-Tech Industrial & Commercial Page 3 (600872 CH/BUY/Rmb32.80/Target: Rmb40.30): 3Q23: In line; operating efficiency set to improve. Update Anta Sports (2020 HK/BUY/HK$94.25/Target: HK$128.00): Store visit; fascinating store layouts, enhanced client interactions and upgraded product mix. Giordano International (709 HK/BUY/HK$2.25/Target: HK$3.89): Overseas expansion remains on t...
- Chris Hoare
Malaysian Telcos Q2 23 review: Softer but YTD performance still track...
Malaysian telcos reported a softer quarter, both on revenue and EBITDA. Despite this, OpFCF improved on lower capex spend; CelcomDigi is still tracking well against our FY23 EBITDA forecast (+1.7%). We maintain our Buy recommendation on Maxis and CelcomDigi, where we expect the latter to beat on EBITDA expectations.
- Chong Lee Len
Telecommunications - 2Q23 Results Within Expectations; Special Interim...
2Q23 Results Within Expectations; Special Interim Dividend From TIME 2Q23 results came in within expectations with the exception of Axiata (below) and TM (above). The quarter was characterised by: a) service revenue growth of 1% yoy, b) strong fixed-line take-up, c) higher-than-expected finance cost and depreciation from Axiata, and d) a special dividend from TIME. After the results announcement, we trimmed 2023-24 net profit forecasts by 7% and 11% respectively. Maintain MARKET WEIGHT. We would...
- Ariel Poh Yun Li
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kwanchai Atiphophai
- Ming San Soong
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Wednesday, August 30, 2023
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...
GGRM PT GUDANG GARAM TBK
1295 PUBLIC BANK BHD
002594 BYD COMPANY LIMITED CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
6888 AXIATA GROUP BHD.
01810 XIAOMI CORP. CLASS B
6098 COUNTRY GARDEN SERVICES
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
CVL CIVMEC
PDD PINDUODUO PDD US
- Chong Lee Len
Maxis (MAXIS MK) - 2Q23: Results In Line; Awaiting More Clarity From I...
2Q23: Results In Line; Awaiting More Clarity From Its 5G Development Maxis’ 2Q23 net profit rose 3% qoq but was flat yoy at RM330m. The qoq uplift was due to seasonally lower device sales in 2Q23. 2Q23 service revenue was flat qoq but rose 1% yoy on strong postpaid traction. This brings 1H23 net profit to RM650m (+4% yoy) – in line. Maxis declared a second interim DPS of 4 sen/share (98% payout). Its roadmap for 5G is the key event to look out for. Maintain HOLD with a DCF-based target price of ...
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