KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
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...
A director at Sea Ltd sold 50,000 shares at 51.050USD and the significance rating of the trade was 100/100. 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 showin...
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...
REGIONAL Sector Plantation: We cherry-pick efficient companies with good production growth to leverage good CPO prices to mitigate any unforeseen CPO price volatility. GREATER CHINA Strategy Small-Mid Cap Monthly: Eyeing near-term catalysts for humanoid robot plays. Initiate Coverage SF Holding (002352 CH/BUY/Rmb38.05/Target: Rmb46.00): China’s leading integrated logistics player; riding China’s growing domestic logistics demand while international expansion, its second growth curve, is also ta...
KEY HIGHLIGHTS Sector Regional Plantation: We cherry-pick efficient companies with good production growth to leverage good CPO prices to mitigate any unforeseen CPO price volatility. Results Propnex (PROP SP/BUY/S$0.875/Target: S$1.04): 2023: Weaker-than expected results with dividend payout for 2023 the highlight. Free cash flow generation remains strong. Target price lowered to S$1.04 from S$1.23 previously. SEA (SE US/BUY /US$51.05/Target: US$63.35): 4Q23: Missed expectations but mid-term ...
SEA’s 2023 net profit of US$163m was below our expectations, making up 81% of our full-year estimate. The 4Q23 net loss of US$91.4m was largely due to higher sales and marketing expenses (+132% yoy) for the e-commerce segment, offset by its revenue growth. We expect all segments to record growth in 2024, particularly the e-commerce segment as competition stabilises. Maintain BUY with a lower target price of US$63.35.
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...
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...
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