reports
- Llelleythan Tan Tan
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Meeting Notes: Friday, September 27, 2024
GREATER CHINA Results New World Development (17 HK/SELL/HK$8.19/Target: HK$7.02) FY24: Temporarily halts dividends; recovery of profitability takes time. Update Alibaba Health Information Technology (241 HK/BUY/HK$3.90/Target: HK$4.70) Non-drug healthcare products and marketing business to drive growth in FY25-27. Baidu Inc (9888 HK/HOLD/HK$95.75/Target: HK$90.00) Key highlights from Baidu Cloud Intelligence Conference 2024. INDONESIA Update Bank Negara Ind...
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - 2Q24: Weak Results As Demand Falls
EMI reported weak 1H24 results with lower revenue (-7.9% yoy) and PATMI (-19.6% yoy), dragged by both the brandy and Scotch whisky segments as demand remains weak. Increased promotional activities and higher interest costs continue to pressure overall margins. As there are no near-term catalysts and ongoing headwinds, we think that EMI is overvalued at the current valuation levels. We downgrade EMI to SELL with a lower PE-based target price of S$0.30 (S$0.48 previously).
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Jun Sian Tan
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Wednesday, November 22, 2023
GREATER CHINA Sector Industrial Automation: Demand stabilises with marginal recovery in 4Q23, demand driver to shift in 2024. Downgrade to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$107.40/Target: HK$166.00): 3Q23: Earnings beat; expecting monetisation of ERNIE 4.0. Kuaishou Technology (1024 HK/BUY/HK$58.50/Target: HK$97.00): 3Q23: Solid earnings beat; key beneficiary of adtech tailwinds. Miniso (MNSO US/NOT RATED/US$27.66): 1QFY24: Earnings beat; strong growth from overseas and good momen...
- Llelleythan Tan Tan
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - 3Q23: Stable Results Despite Falling Margins
EMI reported stable 3Q23 results with higher yoy revenue (+9.5% yoy) and PATMI (+5.4% yoy), driven by both the brandy and Scotch whisky segments. However, increased promotional activities and higher interest costs continue to pressure overall margins. Given no near-term catalysts, we think that EMI is fairly valued at current rich valuation levels due to its premium market positioning and strong growth potential. Maintain HOLD with a higher PE-based target price of S$0.48 (S$0.45 previously).
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - 2Q23: Weak Results As Increased A&Ps And Oper...
EMI reported weak 2Q23 results with lower revenue (-1.3% yoy) and PATMI (-22.9% yoy), driven by elevated operating costs and the brandy segment. Increased promotion activities and inflationary cost-push continues to pressure brandy margins. The Scotch whisky segment continues its robust growth on higher ASPs and demand, offset by higher A&P spending. We think that EMI is fairly valued at current rich valuation levels. Maintain HOLD with a lower PE-based target price of S$0.45 (S$0.57 previously)...
- Anas Fitri Bin Ahmad
- Ariel Poh Yun Li
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Leow Huey Chuen
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Sunny Chen
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, August 25, 2023
GREATER CHINA Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50): 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00): 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00): 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30): 1H23: Earnings continue to thrive despite...
ESSO ESSO (THAILAND)
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
ERAA ERAJAYA SWASEMBADA
TSI EMPERADOR
KLK KUALA LUMPUR KEPONG BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
UMWH UMW HOLDINGS BHD
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - 1Q23: Robust Performance Led By Scotch Whisky
EMI reported strong 1Q23 PATMI growth of 10.5% yoy, largely driven by the Scotch whisky segment. Despite higher brandy segmental revenue, overall inflationary cost-push continues to pressure brandy margins. EMI’s Scotch whisky segment outperformed on higher ASPs and demand. We think that EMI is fairly valued at current rich valuation levels given its premium market positioning and strong growth potential among its peers. Maintain HOLD with the same PE-based target price of S$0.57.
- Llelleythan Tan Tan
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Vincent Khoo Boo Aik
Regional Morning Notes - Wednesday, May 31, 2023
GREATER CHINA Sector Property: Market fundamentals not weak enough to trigger policy stimulus; POEs again seeing rising liquidity risks. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,110/Target: Rp1,420): 1Q23 marketing sales to support potential NPAT growth in 2023. MALAYSIA Results Alliance Bank Malaysia (ABMB MK/BUY/RM3.37/Target: RM3.90): 4QFY23: In line, underpinned by lower provisions and above-industry loans growth. Maintain BUY. IOI Corporation (IOI MK/BUY/RM3.91/Target: RM4.40)...
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily - Thursday, May 04, 2023
KEY HIGHLIGHTS Strategy Alpha Picks: Solid Outperformance ytd In 2023; No Changes To Our Portfolio: Our Alpha Picks portfolio outperformed in Apr 23, beating the STI by 3.2ppt. KEP, CLAS and STM were the key outperformers. Results Emperador Inc (EMI SP/HOLD/S$0.50/Target:S$0.57): 2022: Flattish performance in line, Scotch whisky to drive future growth. TRADERS’ CORNER Hong Fok Corp (HFC SP): Trading BUY Singapore Tech Engineering (STE SP): Trading BUY
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
TSI EMPERADOR
MLT MAPLETREE LOGISTICS TRUST
FEH FOOD EMPIRE HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
AZTECH AZTECH GLOBAL LTD
CVL CIVMEC
CLAS CAPITALAND ASCOTT TRUST
DELFI DELFI LTD
STM SEATRIUM LTD
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - 2022: Flattish Performance In Line, Scotch Wh...
EMI reported strong 2022 revenue growth of 12.2% yoy, driven by both the brandy and Scotch whisky segments from the resumption of global travel and relaxation of COVID-19 restrictions. However, overall inflationary cost-push compressed margins, with PATMI increasing only 0.9% yoy. EMI’s Scotch whisky segment continues to outperform on higher ASPs and demand, but dragged by the brandy segment as margins compress. Maintain HOLD but with a higher PE-based target price of S$0.57.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Notes - Thursday, May 4, 2023
GREATER CHINA Sector Industrial Automation: Recovery is underway, but progress is slower than expected. INDONESIA Results Mitra Keluarga (MIKA IJ/BUY/Rp2,680/Target: Rp3,150): 1Q23: Strong volume growth, but waning revenue intensity. SINGAPORE Strategy Alpha Picks: Solid Outperformance ytd In 2023; No Changes To Our Portfolio: Our Alpha Picks portfolio outperformed in Apr 23, beating the STI by 3.2ppt. KEP, CLAS and STM were the key outperformers. Results Emperador Inc (EMI SP/HOLD/S$0.50/Targ...
- Llelleythan Tan Tan
- Julia Pan Mengyao
- Limartha Adhiputra
- Llelleythan Tan Tan
- Malaysia Research Team
- Sabrina Soh
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, October 11, 2022
GREATER CHINA Sector Online Travel Agencies: Soft tourism data for Golden Week 2022. Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$272.60/Target: HK$405.30): More patience needed for recovery. INDONESIA Sector Coal: Coal prices fall below US$400/tonne; potential interim dividend payment in 4Q22 with 11% yield; maintain UNDERWEIGHT. MALAYSIA Strategy Budget Malaysia 2023: The market-neutral Budget 2023 is election-friendly with no new taxes being introduced as expected. We remain defen...
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - Lifting Spirits Since 1990
EMI is the largest liquor producer in the Philippines and the world’s top brandy producer by volume, with a strong brand portfolio spanning various price points. After its acquisition of Whyte & Mackay in 2014, it has reaped synergies in procurement and operations while benefitting from the world’s booming alcohol market, especially in Asia. EMI has a planned dividend policy of at least 40% payout. Initiate coverage with a HOLD and a target price of S$0.53, based on 30x 2023F PE.
- Llelleythan Tan Tan
Emperador Inc (EMI SP) - Lifting Spirits Since 1990
EMI is the largest liquor producer in the Philippines and the world’s top brandy producer by volume, with a strong portfolio brand across various price points. Post its acquisition of Whyte & Mackay in 2014, it has reaped synergies in procurement and operations while benefitting from the world’s booming alcohol market, especially in Asia. EMI has a dividend policy of at least 40% payout. Initiate coverage with a HOLD and a target price of S$0.53, based on 30x 2023F PE.
For EMPERADOR, the environment deterioration entails a downgrade to Ne...
EMPERADOR (PH), a company active in the Distillers & Vintners industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 2 stars out of 4, as well as the stock market behaviour of the title as defensive. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date January 11, 2022, the closing price was PHP 19.80 and its expected value was estimated at PHP 18....
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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