reports
Inari Amertron Bhd: 1 director
A director at Inari Amertron Bhd sold 920,000 shares at 0.000MYR and the significance rating of the trade was 61/100. 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 clea...
- Bella Lu Yifei
- Benyamin Mikael
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, October 21, 2024
GREATER CHINA Economics Economic Activity 3Q24 GDP growth slows to 4.6% yoy, but September shows stabilisation. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb249.89/Target: Rmb350.00) 3Q24: Earnings in line. Maintain BUY. Target price: Rmb350.00. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.60/Target: HK$68.00) 3Q24: Core earnings spike 53.5% yoy, in line with estimates. Maintain BUY. Target price: HK$68...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
CTRA CIPUTRA DEVELOPMENT
1295 PUBLIC BANK BHD
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
RGB RGB INTERNATIONAL BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
00020 SENSETIME GROUP INC
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Budget 2025 Preview: Building Sustainable Growth
Budget 2025 Preview: Building Sustainable Growth While Budget 2025 (to be tabled on 18 Oct 24) is seen as largely market-neutral, it sets a solid fundamental undertone for future economic growth and the equity market, and is supportive of the ringgit’s upward momentum. Budget 2025 is expected to focus on fiscal prudence and the “rakyat’s” well-being, but remains expansionary hence progrowth and pro-FDI. The key beneficiary sectors are property and construction, while notable stock winners includ...
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, October 07, 2024
GREATER CHINA Sector Metals And Mining Gold: Rally takes a breather; downside cushioned by escalating geopolitical tensions. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp850/Target: Rp930) 2Q24: Revenue from non-tower business jumps 30% yoy. Downgrade to HOLD. MALAYSIA Strategy Budget 2025 Preview: Building Sustainable Growth While Budget 2025 is seen as market-neutral, it is suppor...
1295 PUBLIC BANK BHD
TOWR PT SARANA MENARA NUSANTARA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
RGB RGB INTERNATIONAL BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
TSVT 2SEVENTY BIO INC
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1787 SHANDONG GOLD SMELTING CO LTD
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 2Q24 Results Wrap-up: On A Recovery Path
2Q24 Results Wrap-up: On A Recovery Path The 2Q24 results season largely met expectations, and we retain both our bullish market view for 2H24 and year-end FBMKLCI target of 1,735 (slightly below 15.6x 2024F PE or - 0.5SD to mean PE). While our anticipated interim consolidation period turned out to be significantly more punishing for small and mid caps, sentiment has likely bottomed out, and we still expect the broad market to regain good momentum for the remaining 2H24. We advocate a risk-on st...
- Desmond Chong Chee Wai
Inari Amertron (INRI MK) - FY24: Below Expectations; Gearing Up For Ne...
FY24: Below Expectations; Gearing Up For Next Growth Engine Results missed expectations on subpar margin in 4QFY24. Cut FY25-26 earnings by 9- 10%. Inari is gearing up to capture the booming wave of AI-capable smartphones and high bandwidth optoelectronic devices in networks and data centres. At 26.5x ex-cash 2025F PE (at its five-year forward mean) with negative de-ratings (cyclical bottom) being priced in, we see a balanced risk-reward ratio for a favourable entry point. Maintain BUY. Target p...
- 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
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Addressing The Triple Concerns
Addressing The Triple Concerns The FBMKLCI’s shocking 4.6% plunge yesterday provides a compelling buying opportunity in the intermediate term, although the nearer-term situation remains fluid. We attribute the panic selldown to the unwinding of the yen carry trade, deep escalation of the Middle East conflict and fears of a US recession. A major uncertain factor is whether the Middle East conflict could blow up. As a fuller market recovery could take weeks to recover, we provide a sense of trough...
- Desmond Chong Chee Wai
Technology - Room For Further Sector Growth
Room For Further Sector Growth Despite the sector’s outperformance ytd, we see room to grow, backed by an early cycle of recovery, stronger earnings momentum, ample trade diversion opportunities and supply chain entrenchment. Additional impetus will come from the government’s supportive measures to anchor the much-needed resources for further value chain advantages. We like companies with strong orderbook backlogs and are frontrunners with structural growth themes. Maintain OVERWEIGHT.
7155 SKP RESOURCES BHD
0097 VITROX
INRI INARI AMERTRON BHD
PENT PENTAMASTER CORP BHD
VITRO VITROX CORP BHD
GTB GLOBETRONICS TECHNOLOGY BHD
VSI V.S. INDUSTRY BERHAD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
SFPTECH SFP TECH HOLDINGS BERHAD
NATGATE NATIONGATE HOLDINGS BHD
TTVHB TT VISION HOLDINGS BERHAD
CEB CAPE EMS BERHAD
OPPSTAR OPPSTAR BERHAD
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jun Sian Tan
- Keith Wee Teck Keong
- Kong Ho Meng
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Philip Wong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Malaysia Strategy 2H24 - Building Up To A Crescendo
Building Up To A Crescendo Malaysian equities to gain further momentum in 2H24. Having pleasantly delivered over 10% gains in 1H24, the FBMKLCI is well-tuned to deliver further soothing returns in 2H24, as a dovish sentiment on the US interest rate policy amplifies the effects of robust domestic liquidity. The ensemble of domestic (strong earnings recovery, progressive business policies and stable politics) and external factors (China’s economic recovery, US semiconductor cycle upswing) not only...
Strategy - 1Q24 Results Wrap-up: Encouraging Trend
1Q24 Results Wrap-up: Encouraging Trend The 1Q24 results season largely met expectations and we raise our 2024 target for the FBMKLCI to 1,735 from 1,680 after lowering our PE valuation discount (to -0.5SD from - 1.0SD) largely in recognition of good domestic liquidity. We retain our bullish market view for 2H24, notwithstanding a potentially mild interim consolidation period as Western equity markets enter a potential summer lull period. We expect sentiment to turn dovish in 2H24, which amplifi...
- Desmond Chong Chee Wai
Inari Amertron (INRI MK) - 9MFY24: In Line With House Expectation; Gea...
9MFY24: In Line With House Expectation; Gearing Up For Next Growth Engine Inari’s results were in line with our forecast but below consensus expectation. The group is back to growth trajectory again in 2024 predominantly driven by its RF segment (on new flagship programme) after a gestation year in 2023. In view of 27.3x ex-cash 2024F PE (-0.5SD below its five-year mean) with negative de-ratings being priced in, we see a balanced risk-reward ratio for a favourable entry point. Maintain BUY. Targ...
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Expanding The Variety Of Events Bets
Alpha Picks: Expanding The Variety Of Events Bets Our Alpha Picks regained momentum and resoundingly outperformed the FBMKLCI in Mar 24 (+9.9% vs -1.0%), led by our concentrated bets on property and construction picks. However, these sectors’ outperformances should moderate, and we strategise our Alpha Picks to capitalise on a wider variety of anticipated events/themes. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, RGB, Suncon and VSI. New additions are MYEG and VSI, replacing EcoWorld and M...
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Focusing On Earnings Momentum
Alpha Picks: Focusing On Earnings Momentum Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%), partially reversing three consecutive months of strong outperformances, as the handful of quarterly results winners could not offset Ekovest’s fall. For Mar 24, we continue to focus largely on companies with good earnings momentum, driven by factors such as improving inbound tourist arrivals, and an expected surge in domestic consumption. Mar 24 picks: EcoWorld, GENM, Inari, MAHB, Mah Si...
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 4Q23 Results Wrap-up
4Q23 Results Wrap-up While the 4Q23 results season continued to feature a wide breadth of disappointments, we marginally raise our 2024 earnings forecast for the FBMKLCI. We retain our bullish market view, underpinned by expectations of an easing US interest rate cycle and the accompanying prospectively stronger ringgit, the country’s progressive business policies, and significant corporate earnings recovery. We raise our year-end target for the FBMKLCI to 1,680 to mainly reflect the inclusion o...
- Desmond Chong Chee Wai
Inari Amertron (INRI MK) - 1HFY24: Marginally Below Expectations; Gear...
1HFY24: Marginally Below Expectations; Gearing Up For Next Growth Engine Inari’s results missed expectations, dragged by a combination of one-off events which affected its margins. Cut FY24-25 earnings by 6-8%. Nonetheless, the group is back to growth trajectory again in 2024, driven by its RF segment (on new flagship programme) after a gestation year in 2023. At 26.2x ex-cash 2024 PE (-0.5SD below its five-year mean) with negative de-ratings being priced in, we see a balanced risk-reward ratio ...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Limartha Adhiputra
- Llelleythan Tan Tan
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, February 27, 2024
GREATER CHINA Sector IT Hardware: Updates on MWC 2024 and read-through on FII from NVIDIA’s results. Maintain OVERWEIGHT. Results Li Auto (2015 HK/SELL/HK$139.90/Target: HK$100.00): 4Q23: Earnings beat estimates on changes of accounting assumptions. Maintain SELL. Target price: HK$100.00. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp25,800/Target: Rp21,000): 4Q23: NPAT edges down 4.4% qoq following lower ASP, below expectations. MALAYSIA Results AMMB Holdings (AMM MK/HOLD/RM4.31/...
- Malaysia Research Team
- Vincent Khoo Boo Aik
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%), led by Iskandar 2.0 beneficiaries Sunway Bhd and Ekovest, followed by RGB International. Feb 24 picks: Bursa Malaysia (Bursa), Eco World Development Group (EcoWorld), Ekovest, IOI Corp, Genting Malaysia (GENM), Inari Amertron (Inari), Malaysia Airports Holdings (MAHB) and RGB International (RGB). EcoWorld replaces Sunway Bhd which has delivered blistering returns. Meanwhile, some expected winners in the upcoming res...
- Malaysia Research Team
Strategy - Breaking Away From The January Jinx
Breaking Away From The January Jinx Malaysian equities are off to a good start for the year, breaking from recent years’ January jinx to offer moderate prospective gains in 1H24. Catalysing the market’s upward trajectory are domestic investment events such as Iskandar 2.0 and NETR. 2024 should favour deep value laggards, including high yielders and small-mid caps. Top picks: CIMB Group, Gamuda, Inari Amertron, IOI Corporation, Malaysia Airports Holdings, My EG Services, NationGate Holdings and S...
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Domestic Event Winners
Alpha Picks: Domestic Event Winners Our Alpha Picks outperformed the FBMKLCI again in Dec 23 (+2.2% vs. +0.1%) as multiple names provided solid returns. Despite the shaky start of the year for global equities, Malaysian equities should benefit from many domestic-oriented events. Jan 24 picks: Bursa Malaysia (Bursa), Ekovest, IOI Corp, Genting Malaysia (GENM), Inari Amerton (Inari), Malaysia Airports Holdings (MAHB), RGB International (RGB) and Sunway Bhd. We reintroduce MAHB in lieu of KPJ Healt...
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