reports
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Singapore Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, July 01, 2024
INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp4,600/Target: Rp5,800) 5M24: Net profit up 8.9% yoy from strong other income. MALAYSIA Sector Banking May 24 loans growth declined to 5.8% from 6.1% in Apr 24. We maintain MARKET WEIGHT due to the absence of strong earnings catalysts. Update Sunway Construction (SCGB MK/BUY/RM3.79/Target: RM4.32) Song Hau 2 Thermal Power Plant proj...
POMO4 MARCOPOLO S/A PREF
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
1155 MALAYAN BANKING BHD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENT CENTRAL GARDEN & PET COMPANY
RHBBANK RHB BANK BHD
FEHT FAR EAST HOSPITALITY TRUST
SIE SIA ENGINEERING CO LTD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CVL CIVMEC
BIMB BANK ISLAM MALAYSIA BHD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
ITMAX ITMAX SYSTEMS BHD
- Singapore Research Team
Singapore Daily: Monday, July 1, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Strong beat. Add LREIT And MINT to our portfolio Our Alpha Picks portfolio rose 0.3% mom in Jun 24 and 7.5% qoq in 2Q24 on an equal-weighted basis, beating the STI by 0.4ppt and 4.1ppt respectively. TRADERS' CORNER Singapore Airlines (SIA SP): Trading BUY Olam Group (OLG SP): Trading BUY
POMO4 MARCOPOLO S/A PREF
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENT CENTRAL GARDEN & PET COMPANY
FEHT FAR EAST HOSPITALITY TRUST
SIE SIA ENGINEERING CO LTD
MINT MAPLETREE INDUSTRIAL TRUST
TXG 10X GENOMICS INC CLASS A
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CVL CIVMEC
- Chris Hoare
Singtel (Buy, TP: S$4.4, +68%) S$1.75bn investments in STT GDC by Si...
Yesterday, Singtel announced two data centre related news: 1) S$1.75bn investments in ST Telemedia GDC by the Singtel KKR consortium and 2) a 49-51 JV with Telekom Malaysia to develop a 200MW data centre in Johor, Malaysia. Our thoughts below.
- Chong Lee Len
- Llelleythan Tan Tan
Regional Telecommunications - The Singapore-Malaysia Connection
Singtel’s Nxera and TM announced that they will jointly develop a 64MW DC in Johor, operational in 2026. The DC can be scaled up to 200MW, worth RM10b (S$2.9b) in equity value. The above newsflow is positive. We raise TM’s and Singtel’s fair value by RM0.43/share (6%) and S$0.09/share (2%) to incorporate a 64MW DC asset in Johor. Maintain HOLD on TM as the good news is partly priced in. Maintain BUY on Singtel. Blue-sky fair value is RM7.80 (TM) and S$3.16 (Singtel).
- Chong Lee Len
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Wednesday, June 19, 2024
KEY HIGHLIGHTS Sector Telecommunications – Regional The Singapore-Malaysia connection – Singtel and Telekom Malaysia embark on data centre expansion in Johor. Update Daiwa House Logistics Trust (DHLT SP/NOT RATED/S$0.575) Growth from logistics assets in Japan and Southeast Asia. TRADERS' CORNER Jardine Cycle & Carriage (JCNC SP): Trading BUY Riverstone Holdings (RSTON SP): Trading B...
- Chris Hoare
Bharti Airtel, Airtel Africa & Singtel At $100bn, downgrade Bharti Ai...
Bharti crossing $100bn market cap makes us address the question of which parts of the Bharti/Singtel/Airtel Africa capital structure are most attractive. Bharti has the momentum, but the valuation gap is now extreme. Reversion to the mean will likely happen at some point which means sensible investors in Bharti should now be switching into Singtel (for yield) or Airtel Africa (for growth).
- Chris Hoare
Singtel (Buy, TP: S$ 4.4, +71%) - Large governmental contract bagged b...
We wanted to flag a large governmental contract win worth A$578m by Optus Enterprise, which was announced last Friday. This follows on from our positive feedback on last week's Non-Deal Roadshow with Singtel and Optus management
- Chris Hoare
Singtel (Buy, TP: S$ 4.4, +74%) Feedback from NDR
We hosted an NDR with Singtel Group CEO, Moon, the acting CEO and the CFO of Optus, Michael Venter and the Head of IR, Adrian Seah, in London and Europe this week. The backdrop to meetings was positive given the bullish guidance issued by the company at their full year results, and the tone of the meetings was pretty positive too.
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - June 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. 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...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
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
TTKOM TURK TELEKOMUNIKASYON A.S.
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
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
ADRO PT ADARO ENERGY TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
CENT CENTRAL GARDEN & PET COMPANY
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
INRI INARI AMERTRON BHD
FEHT FAR EAST HOSPITALITY TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
ESSO ESSO THAILAND PCL
HUME HUME CEMENT INDUSTRIES BHD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
- Singapore Research Team
Strategy - Alpha Picks: Strong Performance. Add CENT, CVL, SIAEC And R...
For May 24, our Alpha Picks portfolio rose 3.8% mom on an equal-weighted basis, beating the STI by 2.5ppt. The outperformance of our portfolio was driven by YZJ and RSTON, while SCI and CD underperformed in May 24. Our Alpha Picks portfolio has outperformed the STI in four out of the past five months. For Jun 24, we add CENT, CVL and SIAEC while removing CD, MPACT, YZJ and RSTON.
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENT CENTRAL GARDEN & PET COMPANY
FEHT FAR EAST HOSPITALITY TRUST
SIE SIA ENGINEERING CO LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CVL CIVMEC
- Ceilica Su Rui
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, June 03, 2024
GREATER CHINA Economics PMI May 24 PMI back to contraction. Sector Macau Gaming May 24 GGR up 9% mom. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024 Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO, and JSMR. SINGAPORE Strategy Alpha Picks: Strong performance. Add CENT, CVL, SIA...
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00027 GALAXY ENTERTAINMENT GROUP LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
599A SANDS CHINA LTD.
ACES PT ACE HARDWARE INDONESIA TBK
CENT CENTRAL GARDEN & PET COMPANY
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
FEHT FAR EAST HOSPITALITY TRUST
SIE SIA ENGINEERING CO LTD
SIDO INDUSTRI JAMU DAN FARMASI SI
TXG 10X GENOMICS INC CLASS A
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Llelleythan Tan Tan
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Notes: Friday, May 24, 2024
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$49.45/Target: HK$55.00) 1Q24: Earnings beat; poised to capture solid recovery in 2Q24. Lenovo Group (992 HK/BUY/HK$11.32/Target: HK$13.50) 4QFY24: Solid results; AI PCs are just around the corner. NetEase (9999 HK/BUY/HK$141.50/Target: HK$180.00) 1Q24: Results in line; 2Q24 game growth could be better than feared. Xiaomi Corp (1810 HK/BUY/HK$18.94/Target: HK$23.80) ...
00823 LINK REAL ESTATE INVESTMENT TRUST
PTT PTT PUBLIC COMPANY LIMITED
4197 SIME DARBY BHD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
01810 XIAOMI CORP. CLASS B
INRI INARI AMERTRON BHD
GREATEC GREATECH TECHNOLOGY BHD
09999 NETEASE INC
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
02423 KE HOLDINGS INC.
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - FY24: Results In Line, New Divi...
Despite currency headwinds, Singtel reported higher FY24 underlying net profit (+10% yoy), driven by increased contributions from regional associates and ongoing cost optimisation efforts. Optus continued to perform after the outage incident from price uplifts while Singtel Singapore suffered from weak sentiment. NCS booked higher order wins while the digital infraco segment was weighed down by investment costs. Backed by a lush FY25 dividend yield of 6.8%, we maintain BUY with a target price of...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Daily - Friday, May 24, 2024
KEY HIGHLIGHTS Results Singapore Telecommunications (ST SP/BUY/S$2.41/Target: S$2.99): FY24: Results in line, new dividend policy and strategic plan to drive shareholder value. TRADERS’ CORNER Thai Beverage (THBEV SP): Trading BUY Raffles Medical Group (RFMD SP): Trading BUY
- Chris Hoare
SingTel (Buy, TP: S$ 4.4, +83%) Q4 FY24 Quick Take: Strong underlying...
Underlying net profit momentum returned to double digits in Q4 as core businesses saw improving trends (notably Optus on cost control & recovering growth), in addition to higher associates’ profits and lower D&A costs. The company has outlined a new Singtel28 strategy, focused on improving its core and scaling growth engines.
- Chris Hoare
EM Telcos EM Enterprise Revenues Continue to Grow Strongly
In this note we revisit and update our thesis that Enterprise in EM is following an S-Curve, using 2023 reported figures. Enterprise customer growth continues to exhibit an S-Curve, and absolute Enterprise revenues added remains very strong in many EMs despite a slowdown in growth rates. We remain bullish on this space.
- Chris Hoare
Singaporean Telcos - StarHub and M1 in talks
Following the announcement of a proposed merger between XL and Smartfren in Indonesia, news media has reported that talks between StarHub and M1 in Singapore have resurfaced in the past couple of days too. Our brief take below, with implications for SingTel.
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily: Thursday, May 16, 2024
KEY HIGHLIGHTS Results First Resources (FR SP/BUY /S$1.42/Target: S$1.65) 1Q24: Results within expectations. Frencken Group (FRKN SP/BUY/S$1.40/Target: S$1.74) 1Q24: Results within expectations; outlook remains optimistic. Maintain BUY. StarHub (STH SP/BUY/S$1.25/Target: S$1.41) 1Q24: Results in line; DARE+ benefits likely to come through by end-24. Update Riverstone Holdings (RSTON SP/BUY/S$0.93/S$1.12) Beneficiary of US tariff hike and gl...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Thursday, May 16, 2024
GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24. Galaxy Entertainment Group (27 HK/BUY/HK$36.80/Target: HK$51.00): 1Q24: Results within expectations; launch of smart gaming tables in Jul 24. Miniso (MNSO US/NOT RATED/US$24.15): 1Q24: 20-25% revenue guidance for 2Q24; raises TOP TOY store opening target for 2024. Tencent Holdings (700 HK/BUY/HK$381.80/Target: HK$454.00): 1Q24: Strong earnings b...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
CC3 STARHUB LTD
ERW ERAWAN GROUP
00027 GALAXY ENTERTAINMENT GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
00700 TENCENT HOLDINGS LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
FRKN FRENCKEN GROUP LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CK CH. KARNCHANG PUBLIC CO LTD
02423 KE HOLDINGS INC.
HUME HUME CEMENT INDUSTRIES BHD
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 1Q24: Results In Line; DARE+ Benefits Likely to Com...
For 1Q24, StarHub reported higher PATMI (+8.1% yoy), driven by the enterprise business segment but offset by the group’s consumer businesses. Reaching the tail-end of its DARE+ investments programme, we expect the group’s margins to improve in 2H24 as investment costs taper off. In view of StarHub’s lush 2024 dividend yield of 6.3%, we maintain BUY with the same target price of S$1.41.
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