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 ...
The earnings outlook for 2H24 appears positive. Despite the shortage of Hollywood films in 1H24, local movies were the primary driver of MAJOR’s earnings in 2Q24. Moving into 2H24, the rising number of Hollywood releases is expected to boost earnings both yoy and qoq. We also expect substantial earnings in 2025 due to a robust line-up of blockbuster Hollywood films and local films in 2025. Maintain BUY. Target price: Bt20.00.
GREATER CHINA Sector Automobile Weekly: PV sales rebound by 14.7% yoy, beating estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. Consumer 2Q24/1H24 results wrap-up: Lowered expectations; disciplined operations matter. INDONESIA Update Sido Muncul (SIDO IJ/BUY/Rp680/Target: Rp900) ...
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
MAJOR’s earnings came in at Bt232m for 2Q24 (-56% yoy, +66% qoq), exceeding our and consensus forecasts by 13% and 18% respectively due to higher-than-expected gross margin and lower-than-expected SG&A-to-sales. Stripping out one-time items, core profit rose yoy and qoq. We believe 3Q24 earnings could drop qoq, but 4Q24 earnings should see a recovery again due to a higher number of Thai movies. Maintain BUY. Target price: Bt18.00.
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt33.50/Target: Bt45.00) 2Q24: Weak 2Q24; expect significant improvement in 3Q24. Bangchak Sriracha (BSRC TB/BUY/Bt6.80/Target: Bt9.00) 2Q24: Weak results as expected. LPN Development (LPN TB/SELL/Bt2.98/Target: Bt2.40) 2Q24: Results below expectation; unexciting business outlook. Major Cineplex (MAJOR TB/BUY/Bt13.60/Target: Bt18.00) ...
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. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Raising The M&A And Monetisation Bets: Our Alpha Picks marginally beat the KLCI. Jul 24 picks: Ekovest, Gamu...
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 ...
Although the second quarter is typically the peak season for MAJOR, 2Q24 earnings are not expected to be exciting compared with previous years. We project core earnings to remain flat yoy, pressured by lower revenue. However, qoq earnings should see an improvement due to seasonal factors. Looking ahead, the recovery of 3Q24 earnings is not clear yet, but we hope to see a better outlook in 4Q24 from a strong number of Thai movies. Maintain BUY. Target price: Bt18.00.
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt137.50/Target: Bt168.00) 2Q24: Results beat expectations; credit costs and NPL ratio rose. Update Central Plaza Hotel (CENTEL TB/SELL/Bt45.75/Target: Bt46.00) Expect strong 2Q24 results but a weak 2H24. Downgrade to SELL. Major Cineplex (MAJOR TB/BUY/Bt12.40/Target: Bt18.00) 2Q24 results preview: Another dull quarter. Origin Property (ORI TB/BUY/Bt4.48/Target: Bt6.20) ...
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$241.40/Target: HK$310.00) A head of steam or a flash in the pan? Inner Mongolia Yili Industrial Group (600887 CH/BUY/Rmb26.21/Target: Rmb30.60) Lower 2024 revenue expectation; expects active channel adjustments to lead to better liquid milk sales in 2H24. Meituan (3690 HK/BUY/HK$119.10/Target: HK$139.00) 2Q24 results preview: ISHT margin to stabili...
GREATER CHINA Strategy Alpha Picks: July Conviction Call: Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24: Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Opting For More Adventurous Choices: Our Alpha Picks beat the KLCI again. Jul 24 picks: BURSA, Ekovest, Gamuda, Lagenda, Mah Sing, MYEG, Pekat...
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...
GREATER CHINA Strategy Alpha Picks: June Conviction Call: Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024: Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Choices For A “Summer Lull”: Our Alpha Picks trounce the KLCI again. May 24 picks: BAUTO, BURSA, Gamuda, GENM, Lagenda, Mah Sing, MYEG, PMETAL, RGB, and VSI. SINGAPORE Strategy Alpha Picks...
GREATER CHINA Sector Property - Hong Kong Limited Downside Risks To Property Price in Near Term; Watch For Policy Support For Hong Kong Tourism. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900) 2024 net profit could grow 45% yoy, partly driven by network improvement. MALAYSIA Sector Oil & Gas Petrona...
MAJOR's earnings came in at Bt140m for 1Q24 (+100% yoy, -58% qoq), coming above our and consensus forecasts by 16% and 13% respectively. The key earnings beat was due to higher-than-expected share of profit from investments. Earnings skyrocketed yoy but dropped qoq, riding on guest counts in cinemas. We expect earnings to improve qoq in 2Q24 due to seasonality. Maintain BUY. Target price: Bt18.00.
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt41.25/Target: Bt52.00) 1Q24: Results beat expectations; attractive long-term growth outlook. GFPT Plc. (GFPT TB/BUY/Bt12.60/Target: Bt14.40) 1Q24: Strong yoy earnings growth. LPN Development (LPN TB/SELL/Bt3.48/Target: Bt2.40) 1Q24: Results beat expectations but remain below the desired level. Major Cineplex (MAJOR TB/BUY/Bt14.80/Target: Bt18.00) ...
GREATER CHINA Economics Trade: Trade returns to growth. Sector Automobile: Weekly: Sales fall due to holidays; ICE-cars regain market share. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng. Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$265.60/Target: HK$313.00): Capitalising on regulatory tailwinds and risk-on market. MALAYSIA Results Globetronics Technology (GTB MK/HOLD/RM1.21/Target: RM1.30): 1Q24: In line. While the stock is still not ful...
GREATER CHINA Strategy Alpha Picks: May Conviction Call: Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
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