reports
- Anas Fitri Bin Ahmad
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, July 11, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales down 30% wow as promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update JD.com (9618 HK/BUY/HK$123.60/Target: HK$158.00): 2Q25 preview: Intact top-line growth; expecting margin erosion on FD investment. INDONESIA Update Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,720/Target: Rp6,000): We expect 2Q25 results to remain strong; double-digit guidance remains intact. MALAYSIA Sector Plantation: Inventory continues t...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - Robust Earnings And Value Deliv...
In line with Singtel’s ST28 growth plan, the group continues to improve its ROIC through better core operational performance while doubling down on its future growth drivers, NCS and Nxera. Additionally, the asset monetisation pipeline has been raised from S$6b to S$9b, offering sustainable 3-6 cents/share VRD over FY26-28. We believe this is a conservative estimate, with additional asset monetisation from regional associates and non-core assets. Maintain BUY. Target price of S$4.58.
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Daily: Friday, July 11, 2025
KEY HIGHLIGHTS Update Singapore Telecommunications (ST SP/BUY/S$4.01/Target: S$4.58) Driving shareholder value through active capital management and operational efficiency. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Upward momentum to continue
- Chris Hoare
Global EM Telcos & Towers Another decent month: NSR GEM Top-10 July ‘...
Our picks largely had a slightly slower month in June, with VEON seeing sharp profit taking, but a recovery in some of the weaker stocks such as LILAK offset to continue to see overall valuations rise. We continue to see the EM Telco cycle in an upswing. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. In our view, our picks remain heavily undervalued, so we make no changes to the list.
- Chris Hoare
South Korean Telcos Q1 25 review: Peers expected to benefit near-term...
Margins are improving as operators execute on cost discipline and shift away from less profitable operations. As capex intensity falls, cash flow is rising and so therefore are dividends or buybacks; LG is expected to announce a buyback in 2H. Thus we are confident of further re-rating and our recent trip reinforced this view. Following the data breach at SKT, near term results are likely to favour KT and LG Uplus. KT remains our preferred pick and is one of our top picks in GEM Telcos.
- Chris Hoare
Singtel (Buy, S$5.5 from S$4.6, +41%) What will it look like when the...
Following a week-long NDR with Singtel’s CFO, Arthur Lang, and the new CEO of Optus, Stephen Rue, in Europe we revisit forecasts. We came away with the view that the transformation of Singtel remains under-appreciated. Singtel is in a sharp upswing, and we expect the stock to trade above $5 in the next 12 months.
- Chris Hoare
Chinese Telcos Q1 25 review: Better profitability despite slower topl...
Service revenue trends slowed in Q1 amid macro headwinds, but EBITDA returned to growth. This continued to drive earnings and therefore dividend growth. With capex continuing to fall in absolute terms, the Chinese telcos continue to look cheap. For investors unable to access this space, we recommend to monitor the developments in China as we see it as a leading indicator for EM telcos more broadly.
Indian Telcos Q4 FY25 review: Stay constructive
India’s mobile sector sustained mid-teen growth again, though we expect a slowdown to high single digits from 2QFY25 onwards once last July’s tariff increase is lapped. Margin expansion remains a theme too. We stay constructive on India with Bharti Airtel as our preferred pick, but would continue to see Singtel as having more upside.
- Chris Hoare
- Chris Hoare
Global EM Telcos M&A Cycle in-bound; buy the targets
With sentiment, leverage and cash flow all improving for EM Telcos we think we are approaching the point of the cycle where M&A is going to become more prevalent, and shift from bearish (in-market consolidation), to bullish (out of footprint). Investors should consider building portfolios based on likely targets. Who are they?
Singapore Telecommunications Ltd: 1 director
A director at Singapore Telecommunications Ltd bought 150,000 shares at 3.873SGD and the significance rating of the trade was 93/100. 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 las...
- Chris Hoare
Global EM Telcos & Towers Bull market continues – NSR GEM Top-10 June...
It was another very strong month for our picks as the EM Telco bull market continues. As we have been arguing for some time EM Telco is a much better space than it used to be, and the market has now started to understand this. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chong Lee Len
- Llelleythan Tan Tan
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications - 1Q25 Earnings Recap: Muted Results In L...
For 1Q25, the sector’s muted 1.7% yoy earnings growth was within expectations, underpinned by strong contributions from Singtel’s regional associates and better overall cost discipline. Moving into 2Q25, we expect similar sector earnings growth, largely driven by Singtel and NetLink. We like Singtel for its regional exposure, Starhub as the main beneficiary of market consolidation and NetLink for its defensive earnings, supported by the sector’s attractive dividend yields. Maintain OVERWEIGHT.
- Chris Hoare
GEM Telcos: Consolidation – THE theme driving improved trends for EM T...
Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?
- Bella Lu Yifei
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, May 23, 2025
GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
SWB SUNWAY BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - FY25: Results In Line As ROIC I...
Singtel remains confident it can deliver double-digit ROIC in FY26-27. Key drivers are: a) better profitability from its core mobile businesses; b) strong contributions from its regional associates; and c) better execution from NCS and Nxera. The group has raised its identifiable capital recycling pot from S$6b to S$9b, which we believe will lead to higher dividends and total shareholder return. In turn, this will help to narrow Singtel's holding company discount. Maintain BUY. Raise SOTP-based ...
- Chong Lee Len
- Llelleythan Tan Tan
- Chris Hoare
Singtel (Buy, S$4.6, +16%) Q4 FY25 Quick Take: Buyback announced
As we hoped, Singtel has (finally) announced up to S$2bn (US$1.55bn) in share buybacks over the next three years until FY28. Additionally, this year’s dividend per share rose by 13% to S17.0 cents (includes S4.7cents VRD vs S3.8 in FY24).
- Chris Hoare
Takeaways from Meetings with the Korean Telcos in Seoul. KT to KRW 105...
We met with all 3 of the Korean Telcos in Seoul over the last couple of days. All 3 remain committed to “Value-up”. However, far the biggest impact is on KT who’s cash flow is dramatically improving. LG is also likely to have a strong year, and we think profitability has turned a corner.
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