reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – January 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Still Ample Domestic Catalysts: Our Alpha Picks outperformed in Dec 24. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RGB, RHB Bank, SP Setia, VSI and Yinson. SINGAP...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Thailand Research Team
Regional Morning Meeting Notes: Friday, January 03, 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024 Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Update VS Industry (VSI MK/BUY/RM1.16/Target: RM1.50) Despite a 17% recovery in its share price since its low in m...
TFG THAIFOODS GROUP
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ISAT INDOSAT
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
MINT-R MINOR INTERNATIONAL PCL NVDR
AXIATA AXIATA GROUP BERHAD
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
TIDLOR NGERN TID LOR PCL
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, December 03, 2024
GREATER CHINA Strategy Alpha Picks: December Conviction Calls Add Desay, Meituan, Mengniu, Tencent, and Trip.com to our BUY list. Take profit from CATL. Update CR Mixc Lifestyle (1209 HK/BUY/HK$29.20/Target: HK$32.15) Takeaways from reverse roadshow in Shenzhen. China Resources Land (1109 HK/BUY/HK$23.25/Target:HK$32.40) Takeaways from reverse roadshow in Shenzhen. Small/Mid Cap Highlights Regina Miracle (2199 HK/Not Rated/HK$2....
MAJOR MAJOR CINEPLEX GROUP PCL
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
N2IU MAPLETREE COMMERCIAL TRUST
IVL INDORAMA VENTURES PUBLIC CO. LTD.
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
2199 REGINA MIRACLE INTERNATIONAL
RGB RGB INTERNATIONAL BHD
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA (EXCELCOMINDO)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
BRMI BOAT ROCKER MEDIA INC.
- Kasemsun Koonnara
Central Pattana (CPN TB) - 3Q24: Results In Line; Well-positioned To C...
CPN posted a net profit of Bt4.1b in 3Q24 (flat yoy, 19% qoq). The results are in line with our expectations. The softened earnings were due to lower residential transfers and forex loss. However, CPN is well-positioned to close 2024 with record-high performance. We raise our earnings forecast for 2024-25 by 9% and 15% respectively. We like CPN for its fundamentals and undemanding valuation. Maintain BUY. Target price: Bt84.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, November 15, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt35.00) 3Q24: Net income missed expectations but still skyrocketed yoy and qoq. Bangkok Chain Hospital (BCH TB/BUY/Bt16.10/Target: Bt20.00) 3Q24: Mild growth. Central Pattana (CPN TB/BUY/Bt60.00/Target: Bt84.00) 3Q24: Results in line; well-positioned to close 2024 with a new record high. Central Plaza Hotel (CENTEL TB/SELL/Bt33.00/Target: Bt47.00) 3Q24: Better-than-expect...
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
COM7 COM7
CENTEL CENTRAL PLAZA HOTEL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
RATCH RATCH GROUP PUBLIC CO. LTD.
PSH PRUKSA HOLDING PCL
WHA TB WHA CORP PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – November 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. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Kasemsun Koonnara
Central Pattana (CPN TB) - Expect Softened Earnings In 3Q24; Full-year...
CPN is expected to report a net profit of Bt4.0b in 3Q24 (-3% yoy, -12% qoq). While strong rental performance is expected, earnings may be impacted by reduced residential transfers and forex losses from baht appreciation. However, we anticipate a recovery in 4Q24, leading to record full-year earnings. We still like CPN's robust financials and expansion plans. Maintain BUY. Target price: Bt83.00.
- Kasemsun Koonnara
- Thailand Research Team
Thailand Daily - Friday, November 01, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Diversifying Portfilio In A Volatile Market We are cautiously optimistic about the Thai equities market in November. Take profit on ITC and BGRIM, and cut losses on BTG. Add TRUE and WHA, which have more compelling catalysts. Update Central Pattana (CPN TB/BUY/Bt62.75/Target: Bt83.00) Expect softened earnings in 3Q24; full-year outlook remains strong.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – October 2024
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: Adding CATL, Geely and Plover Bay to our BUY list. INDONESIA Strategy Alpha Picks: Defensive Stance Worked In Sep 24: Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: A Variety of Event Drivers: Our Alpha Picks outperforms as hoped. Oct 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Sime Darby, VSI and Yinson. SINGAPORE Strategy Alpha Picks: Outperforming ...
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
RGB RGB INTERNATIONAL BHD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
9CI CAPITALAND INVESTMENT LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
CVL CIVMEC LIMITED
GEELY GEELY AUTOMOBILE
- Kasemsun Koonnara
Central Pattana (CPN TB) - Site Visit To Projects In Phuket; Earnings ...
We visited CPN's shopping malls and condominium projects in Phuket last week. Phuket continues to be a key area for growth in tourism, consumer spending, and residential property, and CPN is well-positioned to capitalise on this trend. We remain confident on CPN's earnings outlook, which is supported by its strong fundamentals and strategic business plan. Maintain BUY. Target price: Bt83.00.
- Kasemsun Koonnara
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Stevanus Juanda
Regional Morning Meeting Notes: Monday, September 23, 2024
GREATER CHINA Update Alibaba Group (9988 HK/BUY/HK$87.20/Target: HK$95.00) Key takeaways from Apsara Conference 2024. INDONESIA Update Gojek Tokopedia (GOTO IJ/HOLD/Rp63.00/Target: Rp70.00) Competition in live e-commerce to intensify. MALAYSIA Sector Consumer Sector trades at -1SD to its five-year mean but given its defensiveness, it is likely to underperform on a relative ba...
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
CPN CENTRAL PATTANA PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
ROTH BRITISH AMERICAN TOBACCO BHD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MNHB MYNEWS HOLDINGS BHD
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
UHU UNITED HAMPSHIRE US REIT
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
FFB FARM FRESH BHD
GOTO GOJEK TOKOPEDIA TBK PT
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
ADRO ADARO ENERGY INDONESIA TBK PT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Kasemsun Koonnara
Central Pattana (CPN TB) - 2Q24: Strong Results; Expect 2024 Earnings ...
CPN posted a stronger net profit of Bt4.6b (+24% yoy, +10% qoq). The results were in line with our expectation but exceeded consensus forecast. We remain optimistic about its 2H24 earnings which are expected to hit a new record high in 2024. We still like its resilient financials and business plan, which will support earnings growth in the future. Maintain BUY. Target price: Bt83.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 16, 2024
KEY HIGHLIGHTS Results Central Pattana (CPN TB/BUY/Bt54.25/Target: Bt83.00) 2Q24: Strong results; expect 2024 earnings to hit a new record high. Electricity Generating PCL (EGCO TB/BUY/Bt99.50/Target: Bt150.00) 2Q24: Results in line, optimistic on 2H24. Star Petroleum Refining (SPRC TB/BUY/Bt7.05/Target: Bt9.50) 2Q24: Results below estimates but bottom out. Upgrade to BUY. Update Airports of Thailand (AOT TB/BUY/Bt58.25/Target: Bt7...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, August 16, 2024
GREATER CHINA Economics Economic Activity Another month of lacklustre growth. Sector Automobile Weekly: PEV market share tops record 53% on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Desay SV. Top SELLs: XPeng and Nexteer. Results Alibaba Group (9988 HK/BUY/HK$76.40/Target: HK$95.00) 1QFY25: Solid cloud re...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
ERW ERAWAN GROUP
7148 DUOPHARMA BIOTECH
F34 WILMAR INTERNATIONAL LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
DLG DIALOG GROUP BHD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
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)
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, August 02, 2024
GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TWOU 2U INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
AW9U FIRST REAL ESTATE INVESTMENT TRUST
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
PENT PENTAMASTER CORP BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
01801 INNOVENT BIOLOGICS INC.
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Kasemsun Koonnara
Central Pattana (CPN TB) - Expect A Robust Performance In 2Q24
CPN is expected to report a strong performance in 2Q24, with a net profit of Bt4.4b (+20% yoy, +6% qoq). This growth is driven by new shopping malls, increased residential transfers, and a healthy gross margin. We remain optimistic on its 2H24 earnings outlook. In addition, we still like its expansion plan and solid fundamentals. Maintain BUY. Target price: Bt83.00.
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, August 01, 2024
GREATER CHINA Economics PMI Stuck in a soft patch. Results New Oriental Education & Technology Group (EDU US/BUY/US$69.25/Target: US$90.00) 4QFY24: Earnings miss; impact from East Buy to carve out after 1QFY25. Xinyi Solar Holdings (968 HK/HOLD/HK$3.71/Target: HK$4.00) 1H24: In line; murky demand outlook ahead. Downgrade to HOLD. Update Prudential (2378 HK/BUY/HK$69.90/Target: HK$12...
OU8 CENTURION
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
ONEE THE ONE ENTERPRISE PCL
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 PERTAMINA GEOTHERMAL ENERGY
PGEO 029 GROUP SE
CVL PT. PERTAMINA GEOTHERMAL ENERGY
CIVMEC LIMITED
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, July 02, 2024
GREATER CHINA Economics PMI Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming Jun 24 GGR down 12% mom, missing expectations. INDONESIA Results Vale In...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
INCO VALE INDONESIA
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
123F 123FAHRSCHULE SE
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
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