GREATER CHINA Sector Online Travel Agencies: Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50): 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00): 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00): 1Q24: Earnings mi...
KKP posted 1Q24 net profit of Bt1.5b (-28% yoy, +125% qoq). The results are far above our and consensus expectations by 42% and 37%, respectively. Credit cost saw a qoq reduction. Meanwhile, NPL ratio rose qoq, backed by classifying one large loan account as a bad debt for which KKP had already made provisions in 4Q23. We maintain HOLD with a higher target price of Bt55.00.
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.25/Target: Bt55.00) 1Q24: Surprising results; a significant qoq drop in provisioning. Krung Thai Bank (KTB TB/BUY/Bt16.00/Target: Bt19.00) 1Q24: Positive results surprise, more positive on asset quality outlook. Upgrade to BUY with a higher target price of Bt19.00. Krungthai Card (KTC TB/HOLD/Bt42.75/Target: Bt48.00) 1Q24: Results in line with consensus estimate. SCB X (SCB TB/BUY/Bt103.00/Target: Bt128.00) ...
OVERWEIGHT on Indonesia banks as they offer the highest earnings growth in 2024/25 and benefit from the recent rally in commodity prices. We like Singapore banks for their attractive dividend yields. Our top BUYs are DBS (Target: S$43.25), CIMB (Target: RM7.33), SCB X (Target: Bt130) and BMRI (Target: Rp7,900). We also like OCBC (Target: S$18.15), RHB (Target: RM6.18) and BBNI (Target: Rp6,300) as attractive yield plays.
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
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...
A director at Kiatnakin Phatra Bank Public Company Ltd bought 200,000 shares at 47.980THB and the significance rating of the trade was 52/100. 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 ove...
KKP posted 4Q23 net profit of Bt670m (-53% yoy, -48% qoq). The results are significantly below our and market estimations by 46% and 38% respectively. The earnings drag came from a weak non-II and loss from the sale of the foreclosed assets. KKP had set an additional provision for one specific loan customer in 4Q23. We are more cautious and concerned about the high credit cost environment and slow loan growth outlook in 2024. We downgrade to HOLD with a lower target price of Bt50.00.
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt46.75/Target: Bt50.00) 4Q23: Weak results; concerns on its high credit cost and slow loan growth outlook remain. Downgrade to HOLD with a lower target price of Bt50.00. SCGP (SCGP TB/BUY/Bt31.00/Target: Bt38.00) 4Q23: Net profit in line with our expectation. Upgrade to BUY.
GREATER CHINA Sector Healthcare: Becoming more innovative; valuation increasingly attractive. Property Management: Preview of 2023 performance; downgrade sector to MARKET WEIGHT on pressure from property downcycle. INDONESIA Small/Mid Cap Highlights Communication Cable System Indonesia (CCSI IJ/NOT RATED/Rp456): To build 4,100km of inter-island submarine cables. MALAYSIA Sector Automobile: Record-breaking TIV in 2023; cautious on 2024’s outlook. Update Tenaga Nasional (TNB MK/HOLD/RM10.50/Ta...
Interest rates have peaked and entered a downcycle. Indonesian banks are the biggest beneficiaries of lower interest rates and have the highest earnings growth in 2024 and 2025. Our top BUYs are OCBC (Target: S$16.85), CIMB (Target: RM6.65), SCB X (Target: Bt124) and BBNI (Target: Rp6,300). Yield plays, such as DBS (Target: S$41.65), RHB (Target: RM6.35), KTB (Target: Bt21.50) and BMRI (Target: Rp6,500), are attractive in an environment of lower bond yields.
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...
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...
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: We add a mix of defensives and turnaround stocks − COSCO Shipping, CR Mixc, Great Wall Motor, Innovent, Link REIT and NetEase − to our BUY list. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: Focusing On Domestic Winners: Our Alpha Picks underperformed the FBMKLCI in Oct 23. Nov 23 picks: BUY BURSA, EKOVEST, GENM, ...
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$285.20/Target: HK$370.00): 3Q23: Earnings beat on investment income; core revenue remains lacklustre. Kweichow Moutai (600519 CH/BUY/Rmb1,643.98/Target: Rmb2,470.00): 3Q23: Lower-than-expected revenue growth; highest earnings visibility. Update CR Land (1109 HK/BUY/HK$29.55/Target: HK$47.48): Takeaways from site visits in Chengdu and Chongqing: A closer look at CR Land’s core growth engine. CR Mixc Lifestyle Services (1209 HK/...
KKP posted 3Q23 net profit of Bt1.3b (-39% yoy, -9% qoq). The results were in line with our expectations but lower than consensus’ by 11%. The earnings drag came from a jump in provision expenses and weak non-II. Nevertheless, the stock has fallen 32% from its 52-week high, indicating that most negative factors have already been priced in. Maintain BUY. Target price: Bt69.00.
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/HOLD/Bt129.00/Target: Bt145.00) 3Q23: Net profit exceeded expectations; upside gains limited by persistently high credit cost and low dividend payout. Kiatnakin Phatra Bank (KKP TB/BUY/Bt51.50/Target: Bt69.00) 3Q23: Weak results as expected; negatives should have been priced in. SCB X (SCB TB/BUY/Bt99.75/Target: Bt124.00) 3Q23: Results in line with our expectations but below consensus’. Update Supalai (SPALI TB/BUY/Bt19.00/Target: Bt26.00) Expe...
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: We expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP. INDONESIA Strategy Alpha Picks: Potential Bull Market in 4Q23: Our picks: BBNI, SMGR, NCKL, MAPI, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: A Handful Of Events To Capitalise On: Our Alpha Picks modestly outperformed the FBMKLCI in Sep 23. Oct 23 picks: BUY BURSA, HAPL, HUME, MAHB a...
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
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