reports
- 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
Strategy - Alpha Picks: Defensive Stance Worked In Sep 24
Our defensive stance in Sep 24 worked out, and our portfolio delivered an average 1.7% appreciation compared with the JCI’s 1.9% decline. The top three winners were CMRY, ICBP and BBTN. Our portfolio underperformed in 3Q24 but outperformed in 9M24. With an expectation of a buoyant market from October till December, we decide to be more aggressive in our portfolio picks. We drop ICBP and TOWR and add ASII. Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
BMRI PT BANK MANDIRI (PERSERO) TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Johnny Yum
- Maskun Ramli
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
BMRI PT BANK MANDIRI (PERSERO) TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- 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
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Jack Lai Yuan Khai
- Jieqi Liu
- Kenny Yong Hui Lim
- Philip Wong
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, September 25, 2024
GREATER CHINA Strategy PBOC Turns On The Tap The PBOC announced a series of easing measures on Tuesday. INDONESIA Update Astra International (ASII IJ/BUY/Rp5,275/Target: Rp5,800) About 70% of car and motorcycle sales to benefit from rate cut. Upgrade to BUY. MALAYSIA Results MyNews Holdings (MNHB MK/SELL/RM0.60/Target: RM0.52) 3QFY24: Results improved sequentially but disappointed consensus expectations. Valuations...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
TISCO TISCO FINANCIAL GROUP
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
ASII PT ASTRA INTERNATIONAL TBK
6493 TTBIO
VSI V.S. INDUSTRY BERHAD
MNHB MYNEWS HOLDINGS BHD
KTB KONTOOR BRANDS
SCI SCI E&C
TSVT 2SEVENTY BIO INC
DFI DFI RETAIL GROUP HOLDINGS LIMITED
Z29 029 GROUP SE
- Stevanus Juanda
Astra International (ASII IJ) - About 70% Of Car/Motorcycle Sales To B...
ASII’s car and motorcycle unit sales are set to benefit from the start of the rate cut cycle as 70% of the units sold require financing. Toyota will introduce three new BEV models in the next three years. Honda will introduce seven new models from now until 2030 with a new and more affordable model with better specs in 2024. FIF and industry players have been lowering the down payment to below 25%, causing the domestic motorcycle sales in 8M24 to rise 3% yoy. Upgrade to BUY with a higher target ...
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Automobile – BYD Unit Sales Now Ranked Sixth In Indonesia
In Aug 24, car sales recorded a 14th consecutive monthly decline. The weak performance is likely to continue until Dec 24. In Aug 24, BYD recorded sales of 2,940 units and was ranked sixth. Consumer acceptance of BEVs continues to rise and BEVs accounted for sales of 4,725 units in Aug 24 (6.2% of market). The best-selling brand is still Toyota with Toyota Kijang in the top spot. We have a SELL rating on ASII and UNTR. Maintain UNDERWEIGHT on the sector.
- Maskun Ramli
- Stevanus Juanda
- Stevanus Juanda
Astra International (ASII IJ) - 2Q24: Soft Performance In Most Major D...
ASII’s 2Q24 core NPAT came in at Rp9,201b, up 6.9% yoy and 23.1% qoq. 1H24 core NPAT came in at Rp16,673b, down 3.7% yoy and in line with expectations. Most of the major divisions recorded single-digit NPAT growth or declining NPAT, caused by high interest rates impacting the auto and financial service divisions and low coal prices. We will be more bullish when Bank Indonesia starts to lower the benchmark rate. Maintain SELL with a target price of Rp3,900.
- Maskun Ramli
- Posmarito Pakpahan
- Stevanus Juanda
Indonesia Daily - Thursday, August 8, 2024
Astra International (ASII IJ/SELL/Rp4,630/Target: Rp3,900): 2Q24: Soft performance in most major divisions; in line with expectations. Bank Neo Commerce (BBYB IJ/BUY/Rp234/Target: Rp375): 2Q24: Net loss of Rp20b; expected to recover in 2H24. TRADERS’ CORNER Perusahaan Gas Negara (PGAS IJ): Technical BUY Indah Kiat Pulp & Paper (INKP IJ): Technical BUY
- Bella Lu Yifei
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Thursday, August 08, 2024
GREATER CHINA Economics Trade: Slowing global manufacturing dampens export growth. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$42.15/Target: HK$61.00): 2Q24: Core earnings up 66% yoy, beating estimates. Maintain BUY with a higher target price of HK$61.00. INDONESIA Results Astra International (ASII IJ/SELL/Rp4,630/Target: Rp3,900): 2Q24: Soft performance in most major divisions; in line with expectations. Bank Neo Commerce (BBYB IJ/BUY/Rp234/Target: Rp375): 2Q24: Net loss of Rp20b; expec...
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AP4 RIVERSTONE HOLDINGS
ASII PT ASTRA INTERNATIONAL TBK
KPJ KPJ HEALTHCARE BERHAD
HEIM HEINEKEN MALAYSIA BHD
BBYB BANK NEO COMMERCE
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
- Stevanus Juanda
Automobile – Jun 24 Sees Monthly Car Sales Declining For 13th Consecut...
4W sales experienced the 13th consecutive months of yoy declines with 72,936 sales units. Volume decline was seen across the board with Daihatsu, Isuzu, Mitsubishi and Wuling outperforming. By model, Daihatsu Sigra and Toyota Kijang bulked the falling trend and delivered a positive yoy sales volume growth. Chery came in at the 11th spot in 1H24, thanks to Omoda launch. We have a SELL rating on ASII and UNTR and downgrade the sector to UNDERWEIGHT.
- Maskun Ramli
- Stevanus Juanda
- Johnny Yum
- Stevanus Juanda
Strategy - The Beginning Of The Rate Cut Cycle
UOB Global Economics & Markets Research expects the US Fed to cut interest rates starting in 3Q24, with a 50bp reduction in 2H24. BI is expected to hold its benchmark rate steady. This could widen the gap between the US Fed rate and the BI’s 7-day repo rate and cause funds to flow back into Indonesian bonds, strengthening the rupiah. Higher GDP growth could also translate to funds flowing back to Indonesian equities. Our top picks are BBCA, BBNI, BMRI, BBTN, BSDE, CTRA, BUKA, CMRY, ACES and JSMR...
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
ICBP INDOFOOD CBP SUKSES MAKMUR T
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Stevanus Juanda
Astra International (ASII IJ) - Sales Decline For 10th Consecutive Mon...
Domestic car sales declined 17.4% yoy in Apr 24, marking the 10th consecutive month that sales volume has dropped yoy. For 4M24, sales volume fell 22.8% yoy. For 2024, the auto division’s NPAT is expected to decrease 16.5% while that of the financial services division should shrink 17.9% yoy. We forecast UNTR’s NPAT to decline 19% and AALI’s NPAT to rise 27.8% yoy. We expect ASII’s 2024 NPAT to decline 15.5% yoy, and do not expect this to improve until 1H25 at the earliest. Maintain SELL with a ...
- Maskun Ramli
- Stevanus Juanda
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Chong Lee Len
- Jack Goh Tooan Orng
- Kasemsun Koonnara
- Kong Ho Meng
- Stevanus Juanda
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Wednesday, May 29, 2024
GREATER CHINA Results Alibaba Health Information Technology (241 HK/BUY/HK$3.38/Target: HK$4.20): FY24: Bottom line beat estimates; guiding 15% yoy revenue growth and net margin of 5% in FY25. INDONESIA Update Astra International (ASII IJ/SELL/Rp4,510/Target: Rp3,900): Sales declines for the 10th consecutive month; weakness to last till end-24. MALAYSIA Results CelcomDigi (CDB MK/HOLD/RM4.00/Target: RM4.50): 1Q24: Within expectations. Stock offers 4% dividend yield for 2024 as management focus...
- Damon Shen
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Limartha Adhiputra
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Wednesday, March 13, 2024
GREATER CHINA Strategy China And Hong Kong Property: Monitoring the recovery of secondary market in T1 cities; Hong Kong developers carefully pricing amid ample supply. Results Miniso (MNSO US/NOT RATED/US$17.92): 4Q23: Results beat; raise 2024 revenue guidance. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.15/Target: HK$2.81): 2023 Results in line with profit alert, potential change of Chairman remains investors’ key concern. INDONESIA Results Triputra Agro Persada (TAPG IJ/...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.