reports
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Llelleythan Tan Tan
- Ming San Soong
- Paula Ruth
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Thursday, May 15, 2025
GREATER CHINA Economics Money Supply: Credit demand weakens in April. Results Tencent Holdings (700 HK/BUY/HK$521.00/Target: HK$650.00): 1Q25: Strong results propelled by robust games and AI-powered ad-tech. INDONESIA Sector Telecommunications: 1Q25: EBITDA stable at -0.8% qoq. Maintain MARKET WEIGHT. MALAYSIA Results Sunway REIT (SREIT MK/BUY/RM1.93/Target: RM2.05): 1Q25: Results in line. Looking ahead, the full reopening of Sunway Carnival Mall Phase 2 and AEON Seri Manjung acquisition are e...
BJC BERLI JUCKER PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
AWX AEM HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
5162 VSTECS
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
G13 GENTING SINGAPORE LIMITED
SREIT SUNWAY REAL ESTATE INVESTMEN
TIDLOR TIDLOR HOLDINGS PCL
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, January 27, 2025
GREATER CHINA Sector Aviation Airlines: The three major airlines’ 2024 preliminary earnings estimates were below expectations – still loss-making. Healthcare TCM: GPO price pressure continues to cloud 2025’s growth outlook. Consumer CNY preview: Expect home appli...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
5162 VSTECS
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
CAB CARLSBERG BREWERY MALAYSIA B
CPALL TB CP ALL
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
123F 123FAHRSCHULE SE
EPIC 1CM INC
Z29 029 GROUP SE
VST VSTECS BHD
- Desmond Chong Chee Wai
- Wei Xiang Ku
VSTECS (VSTECS MK) - New Data Centre Initiatives Set To Supercharge VS...
New Data Centre Initiatives Set To Supercharge VSTECS' Growth We expect a stronger 2H24, boosted by higher contributions from VMware, along with new revenue from Google Pixel and AWS cloud services, as well as shipments of AI related DC equipment. The stock will also benefit from Budget 2025, which allocates significant funds to promote digitalisation in Malaysia. A key inflection point may occur with the government’s rollout of new DC incentives, which could potentially supercharge VSTECS’ grow...
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, November 04, 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
5162 VSTECS
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AD2 AIR CHINA LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
T TELEKOM MALAYSIA BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ECW ECO WORLD DEVELOPMENT GROUP
TXG 10X GENOMICS INC CLASS A
RGB RGB INTERNATIONAL BHD
TDC TIME DOTCOM BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CDB CELCOMDIGI BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Desmond Chong Chee Wai
- Wei Xiang Ku
VSTECS (VST MK) - 1H24: Within Expectations; Expecting A Stronger 2H24
1H24: Within Expectations; Expecting A Stronger 2H24 While VSTECS’s 1H24 results only accounted for 40% of our full-year estimate, we deem the results to be within expectations as we anticipate stronger earnings in 2H24, driven by: a) higher contributions from Starlink and VMware, b) the rollout of AI PCs by 2H24, and c) a seasonally stronger performance in 2H24. Additionally, the group has been appointed as the sole distributor for the Google Pixel 9 range of smartphones with AI features in Mal...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Thailand Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 15, 2024
GREATER CHINA Results Nexteer (1316 HK/SELL/HK$2.89/Target: HK$1.50) 1H24: Earnings miss estimates on revenue. Maintain SELL. Cut target price from HK$2.20 to HK$1.50. Tencent Holdings (700 HK/BUY/HK$373.80/Target: HK$490.00) 2Q24: Solid margin expansion; reaccelerated online games revenue growth. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb21.38/Target: Rmb30.00) AI business continues to accelerate, GB200 scheduled to ship i...
G13 GENTING SINGAPORE
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
MAG. MAG SILVER CORP.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C09 CITY DEVELOPMENTS LIMITED
INDF PT INDOFOOD SUKSES MAKMUR TBK
7148 DUOPHARMA BIOTECH
5162 VSTECS
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
GENT GENTING BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
RGB RGB INTERNATIONAL BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CK CH. KARNCHANG PUBLIC CO LTD
CLI CAPITALAND INVESTMENT LTD
Z29 029 GROUP SE
GENTMK GENTING BERHAD
VST VSTECS BHD
3BBIF 3BB INTERNET INFRASTRUCTURE FUND
- Desmond Chong Chee Wai
- Wei Xiang Ku
VSTECS (VST MK) - Harnessing Both DC And Non-DC Drivers For Accelerate...
Harnessing Both DC And Non-DC Drivers For Accelerated Growth While the full fruition from the burgeoning colocation DCS may take time to materialise, VSTECS is benefiting from the comprehensive DC equipment deployment and solution offerings on all fronts. It is currently leveraging on the growth in device refreshment cycles, higher contribution from government contracts and Starlink penetration in Malaysia. Additional impetus could be the acceleration of SME digitalisation in Malaysia via collab...
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Jun Sian Tan
- Kate Luang
- Kong Ho Meng
- Limartha Adhiputra
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Wednesday, June 26, 2024
GREATER CHINA Initiate Coverage Plover Bay Technologies (1523 HK/BUY/HK$3.14/Target: HK$5.94): Bringing unbreakable connectivity at 9% dividend yield. INDONESIA Update Ciputra Development (CTRA IJ/BUY/Rp1,090/Target: Rp1,370): Growing amid challenging conditions. MALAYSIA Results Gamuda (GAM MK/BUY/RM6.50/Target: RM7.34): 3QFY24: Earnings within expectations; anticipate stronger earnings ahead from both the construction and property development segments. Maintain BUY. Malaysia Gems Conference ...
- Desmond Chong Chee Wai
- Wei Xiang Ku
VSTECS (VST MK) - Unveiling The Cornerstone Of The Digital Revolution
Unveiling The Cornerstone Of The Digital Revolution VSTECS, Malaysia’s leading distributor of ICT products and enterprise solutions, is reaping the fruits of its rapid expansion. In addition to the organic growth from the device refreshment cycle, it is also enjoying low-hanging fruits from the burgeoning data centre expansion and cloud migration in Malaysia. We see multiple legs of growth that can supercharge a three-year revenue/core net profit CAGR of 24%/30%. Initiate coverage with BUY and a...
- Desmond Chong Chee Wai
- Wei Xiang Ku
VSTECS (VST MK) - Unveiling The Cornerstone Of The Digital Revolution
Unveiling The Cornerstone Of The Digital Revolution VSTECS, a Malaysia’s leading distributor of ICT products and enterprise solution, is reaping the fruit of its rapid expansion. In addition to the organic growth from the device refreshment cycle, it is also enjoying low-hanging fruits from the burgeoning data centre expansion and cloud migration in Malaysia. We see multiple legs of growth that can supercharge a three-year revenue/core net profit CAGR of 24%/30%. Initiate coverage with BUY and a...
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Johnny Yum
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Philip Wong
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, June 10, 2024
INDONESIA Strategy Rally in 2H24 Likely Our top picks. Banking – BBCA, BBNI, BMRI, BBTN; property – BSDE, CTRA; technology – BUKA; consumer – CMRY; retail – ACES; infrastructure – JSMR. MALAYSIA Update Duopharma Biotech (DBB MK/BUY/RM1.25/Target: RM1.39) Public sector should anchor 2025 earnings as private sector sales outlook appears muted. Maintain BUY with a target price of RM1.39. Westports Holdings (WPRTS MK/HOLD...
7148 DUOPHARMA BIOTECH
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
VST HOLDINGS LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BSDE PT BUMI SERPONG DAMAI TBK
HANA HANA MICROELECTRONICS PCL
5162 VSTECS
ACES PT ACE HARDWARE INDONESIA TBK
WPRTS WESTPORTS HOLDINGS BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
MASS 908 DEVICES
BUKA BUKALAPAK.COM PT TBK
TSVT 2SEVENTY BIO INC
SVI SVI PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
VST VSTECS BHD
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, March 25, 2024
GREATER CHINA Results Longfor (960 HK/BUY/HK$10.18/Target: HK$12.71): 2023: Better earnings mix and debt structure; continues to optimise development model in 2024. Meituan (3690 HK/HOLD/HK$88.25/Target: HK$80.00): 4Q23: In line; margins pressured by lacklustre AOV and competition in in-store business. Orient Overseas (International) (316 HK/HOLD/HK$99.70/Target: HK$107.70): 2023: Results missed on margin pressure; share price more fairly valued after a sharp 16.7% decline post results. Upgrade ...
AMATA AMATA CORP
T13 LONGFOR GROUP HOLDINGS LTD.
RLF ORIENT OVERSEAS (INTERNATIONAL) LIMITED
ORI1 FIRST REAL ESTATE INVESTMENT TRUST
AW9U VSTECS
5162 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2318 MEITUAN CLASS B
03690 YINSON HOLDINGS BHD
YNS RH PETROGAS
RHP SUN HUNG KAI & CO LTD
- Desmond Chong Chee Wai
- Wei Xiang Ku
VSTECS (VST MK) - The Key Supplier Of The Thriving Digital Revolution
The Key Supplier Of The Thriving Digital Revolution VSTECS, a leading distributor of ICT products and enterprise solution which registered a three-year CAGR core net profit of 22% in 2023, is reaping fruition from its inexorable expansion vertically and horizontally. On top of the organic growth from device refreshment cycle, it is enjoying low hanging fruit from the burgeoning data centre expansion and cloud migration in Malaysia. It is trading at 12.6x 2023 PE, an undemanding valuation which i...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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