reports
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
In a separate note published last week we introduced the NSR GEM-Top 8. However, many of the stocks in that list are not liquid and so, given the tailwinds we now see in the Telco industry we introduce a second list – the GEM Telco & Towers Liquid Compounders; large cap, well-managed telcos in attractive markets at cheap valuations that are likely to generate market-beating returns over time. These are the best large cap investments in the Global EM Telco & Towers space we think.
- Chris Hoare
Global EM Telcos & Towers Themes and Top picks for 2025
We remain constructive on EM Telcos despite the major stocks generally performing well through 2023 and 2024. As the long telco cycle inflects, and the industry consolidates, conditions still seem ripe for GDP+ revenue growth and rising ROIC we think. In this note, we run through the themes we think investors should follow in 2025. In a separate note, also published today we introduce the NSR EM Telco – Top 8, our top EM picks in the Telco and Towers space.
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
This note introduces the NSR GEM-Top 8, which will be a regularly updated list of our preferred Telcos and Towers in Global Emerging Markets. In a separate note out today, we run through the key themes that we see driving the EM Telco and Towers sector in 2025
Spark New Zealand Limited : 1 director
A director at Spark New Zealand Limited maiden bought 18,661 shares at 2.840NZD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
- Chris Hoare
Singtel (Buy, TP: S$4.6, +51%) Feedback from NDR: Positive
We hosted a brief NDR in London with Singtel Group CFO, Arthur Lang, last week. The backdrop to meetings was once again positive given strong performance in H1, upgraded guidance and a positive market response to the new Value Realisation Dividend.
Chorus Ltd: 1 director
A director at Chorus Ltd maiden bought 11,233 shares at 8.900NZD and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Adrian Loh Tzum Yung
- Singapore Research Team
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
2GB 2G ENERGY AG
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy For 1H25 - Opportunities Abound Despite Muted Earnings...
For 1H25, we believe that a number of stocks within our universe should deliver strong returns in the near to medium term, backed by sustainable dividend yields despite our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks in 2025. We forecast a 2025 year-end target of 4,115 for the STI, implying a 10% upside from current levels. Our top picks are BAL, CD, KEP, MINT, OCBC, SCI, ST, STE, VMS and YZJSGD. For the small/mid caps, we like CENT, CSE, MPM, SSG and VALUE.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy - Opportunities Abound Despite Muted Earnings Growth I...
Our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks for 2025 belies the fact that there are a number of stocks within our universe that should deliver strong returns in the near to medium term, backed by sustainable dividend yields. We forecast a 2025 year-end target of 4,115 for the STI, implying 10% upside from current levels, with the index’s current valuation looking inexpensive at 2025F PE and P/B of 11.5x and 1.2x respectively.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
Singapore Telecommunications Ltd: 1 director
A director at Singapore Telecommunications Ltd bought 20,000 shares at 3.010SGD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Thursday, November 14, 2024
GREATER CHINA Results Tencent Holdings (700 HK/BUY/HK$403.80/Target: HK$570.00): 3Q24: Solid earnings beat; mini shop and potential blockbuster as key catalysts. INDONESIA Results Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp835/Target: Rp1,200): 3Q24: NPAT up 13.7% yoy; slightly above consensus expectations. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.44/Target: RM0.70): 1H24: Positively surprises on project cost claims. Marine segment still weakened by competi...
PTT PTT PUBLIC COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
HANA HANA MICROELECTRONICS PCL
ACES PT ACE HARDWARE INDONESIA TBK
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
VST VSTECS BHD
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - 1HFY25: Results In Line As Busi...
For 1HFY25, Singtel reported a higher underlying net profit of S$1.2b (+6.1% yoy), driven by higher contributions from Optus and NCS, coupled with better cost discipline from the group’s cost-out programme. The group has identified about S$6b of capital recycling which we reckon would likely come from paring down its stakes in its regional associates and non-core fixed assets. In view of a decent dividend yield of 5.2% and an improving outlook, we maintain BUY with the same target price of S$3.5...
- Chris Hoare
- Chris Hoare
Telstra Group Ltd: 1 director
A director at Telstra Group Ltd bought 49,870 shares at 3.870AUD and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Chris Hoare
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - September 2022
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Singapore Research Team
Singapore Daily: Tuesday, September 03, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Strong beat; add STM and remove CENT, MPM and FEHT from our portfolio. Our Alpha Picks portfolio rose 0.8% mom in Aug 24 on an equal-weighted basis, beating the STI by 1.2ppt. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY AEM Holdings (AEM SP): Trading BUY
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
G13 GENTING SINGAPORE LIMITED
MLT MAPLETREE LOGISTICS TRUST
SPOST SINGAPORE POST LTD
TXG 10X GENOMICS INC CLASS A
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
STM SEATRIUM LTD
CVL CIVMEC LIMITED
- Singapore Research Team
Strategy - Alpha Picks: Strong Beat; Add STM But Remove CENT, MPM And ...
Our Alpha Picks portfolio had a solid month in August, rising 0.8% mom on an equal-weighted basis, beating the STI by 1.2ppt. The outperformance was driven by CENT, MINT and FEHT, while MPM, VMS and CVL underperformed. Our Alpha Picks portfolio has now outperformed the STI in seven out of the past eight months. For Sep 24, we add STM while removing CENT, MPM and FEHT.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
G13 GENTING SINGAPORE LIMITED
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
STM SEATRIUM LTD
CVL CIVMEC LIMITED
- Chris Hoare
Singtel (Buy, TP: S$4.6, +52%) Highlights from Investor Day 2024; pos...
Singtel held its Investor Day today. Overall tone was more positive relative to last year as the core is beginning to bear fruits from its cost-out initiatives in addition to the clear capex and shareholder remuneration pathway as echoed by its ST28 strategy. The stock remains one of our top picks despite the recent rally as we continue to see good value.
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