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...
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