reports
- Adrian Loh Tzum Yung
- Benyamin Mikael
- Chong Lee Len
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Singapore Research Team
- Tanapon Cholkadidamrongkul
- Wei Xiang Ku
Regional Morning Meeting Notes - Tuesday, May 27, 2025
GREATER CHINA Results Meituan (3690 HK/HOLD/HK$129.40/Target: HK$140.00): 1Q25: Earnings beat; expect margin pressure as FD competition intensifies. Downgrade to HOLD. INDONESIA Results Bumi Serpong Damai (BSDE IJ/BUY/Rp895/Target: Rp1,040): 1Q25: Weak profit; below consensus estimate. MALAYSIA Results AMMB Holdings (AMM MK/BUY/RM5.44/Target: RM6.08): 4QFY25: Net profit in line, supported by improved NIM and strong trading income. Maintain BUY with a lower target price of RM6.08. Gas Malaysia ...
- Benyamin Mikael
Bumi Serpong Damai (BSDE IJ) - 1Q25: Weak Profit; Below Consensus Esti...
BSDE posted a weak 1Q25 net profit of Rp321b (-77.7% yoy; -80.7% qoq) due to lower revenue recognition following a handover pull-forward in 4Q24 and limited BSD City shophouse deliveries. We expect stronger earnings from 2Q25 onwards, supported by accelerated handovers ahead of the Jun 25 VAT deadline and potential JV land plot sales worth about Rp1.3t in 2H25. We maintain our BUY call with a lower target price of Rp1,040, based on an 83.2% discount to 2025 RNAV.
- Benyamin Mikael
- Maskun Ramli
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Singapore Research Team
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, February 19, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$90.20/Target: HK$93.00): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025. Hysan Development (14 HK/BUY/HK$12.58/Target: HK$14.19): 2024: Positive growth in rental income supported stable DPS. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,440): Expect continuation of all-time high marketing sales in 2025 (+10% yoy). MALAYSIA Results Hartalega Holdings (HART MK/BUY/RM2.61/Target: RM3.14): 3QFY25:...
- Benyamin Mikael
Bumi Serpong Damai (BSDE IJ) - Expect Continuation Of All-time High Ma...
BSDE recorded Rp2.87t in 4Q24 marketing sales (+4.5% yoy; +44% qoq), bringing 2024 marketing sales to a record Rp9.7t (+2.3% yoy). We expect a continuation of all-time high marketing sales in 2025 (+10% yoy), driven primarily by continuous growth in the shophouse segment and land-plot sales recovery. Thus, we anticipate robust earnings growth of 15.3% in 2025 to Rp3.6t. Maintain BUY with a target price of Rp1,440 (+1.5SD discount to 2024 RNAV of 77.9%).
- Benyamin Mikael
- Maskun Ramli
- Benyamin Mikael
Property – Undemanding Valuation Amid Increased Uncertainty
CTRA achieved a record-breaking Rp11t in marketing sales for 2024 (+8% yoy), while SMRA underperformed with Rp4.37t (-3.4% yoy), and BSDE is expected to meet its target. In 2025, total marketing sales are forecasted to grow 4.4% yoy. Two main catalysts in 2025 are additional rounds of interest rate cuts and VAT exemptions. The property sector is trading at an undemanding valuation of -1.5SD to the five-year mean discount to RNAV. Maintain OVERWEIGHT. Top picks: BSDE and CTRA.
- Benyamin Mikael
- Maskun Ramli
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes: Friday, November 08, 2024
GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...
BCP THE BANGCHAK PETROLEUM PCL
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
D05 DBS GROUP HOLDINGS LTD
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
INCO VALE INDONESIA
M3I MINTH GROUP LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
DLG DIALOG GROUP BHD
LPN LPN DEVELOPMENT PCL
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
ADROIJ ADARO ENERGY
- Johnny Yum
- Stevanus Juanda
Strategy - Trump Wins: What Is The Potential Impact On Indonesia?
We expect the impact on Indo-US export flows to be manageable as a 10-20% tariff is unlikely to compensate for the US’ high labour cost. The risk may come from Indo-China trade as a sizeable amount of exports to China are commodities. We focus on sectors likely to benefit from domestic policies − banks, auto, property, technology and consumer − while reducing positions in commodities. Our BUYS: BBNI, BBRI, BBTN, BSDE, CTRA, CMRY, ACES, GOTO and ASII. Trim: ADRO, ITMG and INCO.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
INCO VALE INDONESIA
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADRO ADARO ENERGY INDONESIA TBK PT
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Friday, November 8, 2024
Strategy: Trump Wins: What Is The Potential Impact On Indonesia? Positives: Banking − BBNI, BBRI, BBTN; property − BSDE, CTRA; consumer − CMRY; retail − ACES; technology − GOTO. Negatives: ADRO, ITMG, INCO. TRADERS’ CORNER Perusahaan Gas Negara (PGAS IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
INCO VALE INDONESIA
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADROIJ ADARO ENERGY
- Benyamin Mikael
Bumi Serpong Damai (BSDE IJ) - 3Q24: Weak Profit; In Line With Consens...
BSDE's 3Q24 net profit fell to Rp369b (-35.1% yoy; -58.8% qoq) on higher expenses and reduced associate income. However, 9M24 net profit surged 53% yoy to Rp2.7t, driven by strong development sales. Expectations for 4Q24 remain optimistic, as anticipated handovers and land-plot sales are expected to lift earnings, and marketing sales could hit Rp9.6t in 2024. Maintain BUY with a higher target price of Rp1,440, based on the stock’s +1.5SD five-year discount or 77.9% discount to 2025 RNAV.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, November 05, 2024
GREATER CHINA Strategy Hong Kong Developers And Landlords Top developer leads strong sales rebound in Oct 24; landlords continue to face challenges from GBA integration. Sector Internet - China Encouraging monetisation visibility from adtech and LLM upgrades. Update Xiaomi Corp (1810 HK/BUY/HK$27.30/Target: HK$31.70) 3Q24 results preview: Robust growth in IoT se...
00823 LINK REAL ESTATE INVESTMENT TRUST
PTT PTT PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
BSDE PT BUMI SERPONG DAMAI TBK
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
01810 XIAOMI CORP. CLASS B
MYEG MY EG SERVICES BHD
PROP PROPNEX LTD
09988 ALIBABA GROUP HOLDING LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
GOTO GOJEK TOKOPEDIA TBK PT
Z29 029 GROUP SE
- Benyamin Mikael
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Tuesday, November 5, 2024
Bumi Serpong Damai (BSDE IJ/BUY/Rp1,170/Target: Rp1,440): 3Q24: Weak profit; in line with consensus estimate. Bukalapak.com (BUKA IJ/HOLD/Rp120/Target: Rp120): 3Q24: Restructuring looms as BUKA exits some businesses. Downgrade to HOLD. GoTo GoJek Tokopedia (GOTO IJ/BUY/Rp66/Target: Rp86): 3Q24: Strong performance overall but below consensus expectation. TRADERS’ CORNER Bank Mandiri (BMRI IJ): Technical BUY Astra International (ASII IJ): Technical BUY
- Johnny Yum
- Stevanus Juanda
Strategy - New Cabinet Members For 2024-29
President-elect Prabowo Subianto has summoned 108 individuals to meet with him They represent the members of the 2024-29 cabinet, including 16 members from the previous cabinet. Sri Mulyani is likely to continue as the Minister of Finance. New names include Indonesia's UN ambassador, a leading academic from Tsinghua University, and the exwife of Ahok. We think the cabinet members are strong and highly competent. Our top picks are ASII, NCKL, BBNI, BBTN, BSDE, CTRA, SIDO, CMRY, BBYB and ACES.
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BBYB BANK NEO COMMERCE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Thursday, October 17, 2024
Strategy: New Cabinet Members For 2024-29: Our top picks: ASII, NCKL, BBNI, BBTN, BSDE, CTRA, BBYB, SIDO, CMRY, and ACES. We have an end-24 target of 8,000 for the JCI. TRADERS’ CORNER Petrindo Jaya Kreasi (CUAN IJ): Technical BUY Semen Indonesia (SMGR IJ): Technical BUY
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BBYB BANK NEO COMMERCE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Johnny Yum
- Stevanus Juanda
Strategy - China Stimulus Results In Nickel Prices Jumping 6.8%
The announcement of China’s stimulus measures has impacted the JCI. Metals miners have seen a 6.8% increase in nickel prices since the announcement due to potentially higher demand for stainless steel. Coal stocks could also benefit even though prices have not rallied. Retailers and importers could potentially see an increase in COGS. We believe that funds could return back to Indonesia from late-Oct 24 onwards. Our top picks are ASII, NCKL, BBNI, BBTN, BSDE, CTRA, SIDO, CMRY, BBYB and ACES.
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BBYB BANK NEO COMMERCE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Friday, October 4, 2024
Strategy: China Stimulus Results In Nickel Prices Jumping 6.8%: Our top picks: ASII, NCKL, BBNI, BBTN, BSDE, CTRA, BBYB, SIDO, CMRY, and ACES. We have an end-24 target of 8,000 for the JCI. TRADERS’ CORNER Perusahaan Gas Negara (PGAS IJ): Technical BUY Trimegah Bangun Persada (NCKL IJ): Technical BUY
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BBYB BANK NEO COMMERCE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Johnny Yum
- Stevanus Juanda
Strategy - JCI Valuation Still Attractive; Upgrade JCI Dec 24 Target T...
Ytd, the JCI has delivered a 10.5% return, in line with that of the MSCI Asia Pacific ex- Japan (MXAPJ) Index (11.1%). Analysis of the budget indicates 5.2% GDP growth, 2.5% CPI, 7.2% rise in state revenue and 8.9% rise in state spending. Spending on law and security, food security and education will see the largest percentage rise in 2025. The JCI is still trading near -1SD PE and we raise our Dec 24 target from 7,800 to 8,000. Our top picks are BBNI, BBTN, BSDE, CTRA, BBYB, SIDO , CMRY, ACES a...
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Wednesday, September 18, 2024
Strategy: JCI Valuation Still Attractive, Upgrade JCI Dec 24 Target To 8,000: Our top picks are BBNI, BBTN, BSDE, CTRA, BBYB, SIDO, CMRY, ACES and JSMR. We have a new end-24 target of 8,000 for the JCI. TRADERS’ CORNER Bumi Resources (BUMI IJ): Technical BUY Aneka Tambang (ANTM IJ): Technical BUY
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