reports
Value8 Nv: 1 director
A director at Value8 Nv bought 28,938 shares at 6.076EUR 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 clearly show...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 28, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$71.65/Target: HK$109.60) 1H24: Results beat. Fila's guidance slightly lowered; new brands performed well. China Overseas Property Holdings (2669 HK/BUY/HK$4.63/Target: HK$7.20) 1H24: Results meet expectations; higher dividend payout ratio. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$18.22/Target: HK$27.00) 2Q24: Margins deteriorate; automation demand outlook remains sluggish. Shenzhen Inovance (300124 CH/BU...
AS7 ANTA SPORTS PRODUCTS LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
4197 SIME DARBY BHD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
VALUE VALUE8 N.V.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
INRI INARI AMERTRON BHD
RHBBANK RHB BANK BHD
TXG 10X GENOMICS INC CLASS A
UMSH UMS HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
AZTECH NANOFILM TECHNOLOGIES INTERNATIONAL
MZH HANSOH PHARMACEUTICAL GROUP
3692 AEM HOLDINGS LTD
AEM 123FAHRSCHULE SE
123F AZTECH GLOBAL LTD
8AZ 029 GROUP SE
Z29 CTRIP.COM INTERNATIONAL
- John Cheong Ming Chern
Tech Manufacturers - 1H24 Review: Crucial To Be Selective; Top BUYs: F...
Two-thirds of the tech manufacturing stocks under our coverage reported weaker-thanexpected 1H24 earnings, except for Frencken and Aztech, due to weak customer demand (AEM, Nanofilm, Venture) and slow ramp-up of new plant (UMS). Our top picks are Frencken and Venture given their positive outlook for sequential earnings growth, especially for Frencken which is seeing strong orders from ASML. We also have BUY calls on Valuetronics and Aztech, and SELL ratings on AEM, Nanofilm and UMS. Upgrade the ...
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy - Potential Impact Of Powell’s Jackson Hole Speech
After Powell’s Jackson Hole speech on 23 August, we see a turning point starting with a US Fed rate cut in Sep 24 and lower rates heading into 2025. In the Singapore market, REITs and the property sector should benefit, as should highly-geared companies and those looking to recycle capital. Our current forecasts have incorporated lower NIMs for banks which we believe are protected by their high dividend yields.
AES AES CORPORATION
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
CENT CENTRATAMA TELEKOMUNIKASI INDONESIA
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
VALUE VALUE8 N.V.
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
SE US SEA LIMITED
CVL CIVMEC
DCREIT DIGITAL CORE REIT
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Jonathan Koh
- Kate Luang
- Ken Lee
- Paula Ruth
- Philip Wong
- Singapore Research Team
Regional Morning Meeting Notes: Thursday, July 04, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Reiterate BUY on Plover Bay Technologies. Sector Automobile Weekly: Sales of top 12 EV brands up 38% wow last week, in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELL: XPeng. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp745/Target: Rp890) Number of towers to jump 10% on a...
300014 EVE ENERGY CO. LTD. CLASS A
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5225 IHH HEALTHCARE BHD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
ALPHA ALPHA BANK AE
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
VALUE VALUE8 N.V.
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
327 PAX GLOBAL TECHNOLOGY
FEHT FAR EAST HOSPITALITY TRUST
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
1772 PAX GLOBAL TECHNOLOGY LTD
FRKN GANFENG LITHIUM CO. LTD. CLASS H
300750 FRENCKEN GROUP LTD
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 MARCO POLO MARINE LTD
CLI HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2232 CAPITALAND INVESTMENT LTD
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
09868 LI AUTO INC
600699 XPENG INC
1523 NINGBO JOYSON ELECTRONIC CORP
PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Heidi Mo Jinghui
- John Cheong Ming Chern
Valuetronics (VALUE SP) - Foray Into The AI Industry With Goal For Fur...
VALUE is entering the AI industry via a JV with SinnetCloud Group to provide GPU and AI related value-added services in Hong Kong. VALUE’s JV partner had started pre-sales to a group of potential clients even before forming this JV. VALUE is looking to make further investments in this new business in the near term if it does well. VALUE sees good growth opportunities given limited competition in Hong Kong and the JV partner’s strong capabilities. Maintain BUY. Target price: S$0.78.
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, June 05, 2024
GREATER CHINA Strategy Alpha Picks: June Conviction Call Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. Sector Shipping and Ports – China Further strengthened freight rates raising container shipping earnings outlook. Upgrade OOIL to HOLD; Maintain BUY on CSP and CMP, and HOLD on CSH. Update KE Holdings Inc (2423 HK/BUY/HK$45.00/Target: HK$55.00) ...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
7777 3-D MATRIX
MYOR MAYORA INDAH
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
VALUE VALUE8 N.V.
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
MISC MISC BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RGB RGB INTERNATIONAL BHD
CRC CENTRAL RETAIL CORP
1199 COSCO SHIPPING PORTS LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
- Heidi Mo Jinghui
- John Cheong Ming Chern
Valuetronics : FY24: Earnings Within Expectations; New Customers To St...
VALUE’s FY24 net profit of HK$160m (+30% yoy) was in line with our expectations. FY24 gross profit grew 1% yoy as margins expanded from its rebalanced customer portfolio, offsetting revenue decline due to lower material costs, improved supply chain visibility and lower labour costs. The outlook is encouraging with four new customers contributing their first full-year revenue in FY25 along with other potential new customers. Maintain BUY with an 8% higher target price of S$0.78.
- Adrian Loh Tzum Yung
- Singapore Research Team
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
VALUE VALUE8 N.V.
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
FEHT FAR EAST HOSPITALITY TRUST
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CLI CAPITALAND INVESTMENT LTD
STM SEATRIUM LTD
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - February 2024
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
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
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
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
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
HUME CEMENT INDUSTRIES BHD
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - January 2024
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
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
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
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
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2023
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
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
RLF LONGFOR GROUP HOLDINGS LTD.
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.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
SMGR PT CISARUA MOUNTAIN DAIRY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- John Cheong Ming Chern
- John Cheong Ming Chern
Valuetronics (VALUE SP) - 1HFY24: Above Expectations; Poised To Benefi...
VALUE’s 1HFY24 net profit of HK$82.1m (+42% yoy/+26% hoh) was above our expectations, making up 61% of our estimate. 1HFY24 revenue (-15% yoy) declined due to lower customer demand. However, margins have improved from better supply chain visibility and reduced labour costs. A mixed outlook is maintained amid market uncertainties, but four new customers are looking promising, of which two will start contributing in 2HFY24. Upgrade to BUY with a 29% higher target price of S$0.72.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Ken Lee
- Philip Wong
- Stevanus Juanda
- Sunny Chen
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, June 09, 2023
GREATER CHINA Sector Automobile: Weekly: May ICE-car sales beat estimates on price cuts. EV sales are in line, driven by exports. Maintain UNDERWEIGHT with a preference for the EV segment. Top BUYs: BYD, Li Auto and CATL. Healthcare: Be selective amidst attractive valuations. Results Trip.com (9961 HK/BUY/HK$268.60/Target: HK$411.00): 1Q23: Robust earnings beat; anticipating a meaningful recovery in outbound travel. INDONESIA Update HM Sampoerna (HMSP IJ/BUY/Rp995/Target: Rp1,300): An encouragi...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Valuetronics (VALUE SP) - FY23: Slightly Above Expectations, Conservat...
FY23 net profit of HK$123m (+8.3% yoy/+12.6% hoh) was slightly above our forecast, forming 106% of our full-year estimate, due to a lower-than-expected revenue decline. VALUE's outlook remains conservative as it expects the ripple effect of the supply chain bottlenecks to last beyond 2023. Other uncertainties include the Russia-Ukraine conflict, US Fed rate hikes and rising inflationary pressures. Maintain HOLD with an 8% higher PE-based target price of S$0.56 ($0.52 previously).
- John Cheong Ming Chern
- John Cheong Ming Chern
Valuetronics (VALUE SP) - 1HFY23: In Line With Expectations, Challengi...
VALUE’s 1HFY23 net profit of HK$58m (+2% yoy and qoq) was in line with our expectation, making up 50% of our FY23 estimate. 1HFY23 revenue went up 4% yoy due to increased customer demand. However, margins have fallen due to higher component prices and supply chain disruptions. A cautious outlook is maintained amid market uncertainties, including COVID-19 lockdowns in China, the Russia-Ukraine conflict and US Fed rate hikes. Maintain HOLD and target price of S$0.52.
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