Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Wha Utilities And Power Public Company Limited sold 200,000 shares at 4.200THB and the significance rating of the trade was 68/100. 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 ...
Share price continued to decline. We believe the market might be concerned about the performance from Gheco-I IPP as well as the SDWTP tap water business In Vietnam. Even if we exclude value from both Gheco-I and SDWTP, the market price still yields more than 20% upside potential. Maintain BUY. Target price: Bt7.00.
KEY HIGHLIGHTS Results Srisawad Corp (SAWAD TB/HOLD/Bt46.00/Target: Bt49.00) 2Q20: Results in line; upgrade to HOLD. Update Bangkok Dusit Medical Services (BDMS TB/BUY/Bt20.60/Target: Bt26.00) Poor outlook this year is anticipated. We look forward to BDMS’ strong earnings growth next year. The Erawan Group (ERW TB/HOLD/Bt3.30/Target: Bt3.70) The worst is over but still at risk; upgrade to HOLD. PTT (PTT TB/BUY/Bt38.00/Target: Bt48.00) Set for an earnings turna...
WHAUP reported a weak core profit of only Bt224m in 2Q20 (-68% yoy but +2% qoq) on the back of poor core operations in both its utilities and power businesses. We slash core profit projections by around 15% for 2020-21 owing to a decrease in Gheco-I share of profit. Despite the uncertainty on Gheco-I profit, we foresee only a limited impact on WHAUP’s fair price (at almost 20% of WHAUP’s target price). Maintain BUY. Target price: Bt7.40.
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt6.35/Target: Bt7.70) 2Q20: Net profit grew 149% yoy. Bangchak Petroleum PCL (BCP TB/HOLD/Bt19.20/Target: Bt23.00) 2Q20: Net loss larger than expected, but core profit better than expected. Esso Thailand (ESSO TB/SELL/Bt7.35/Target: Bt5.20) 2Q20: Posted a surprise loss. Downgrade to SELL. GFPT (GFPT TB/BUY/Bt12.90/Target: Bt19.30) 2Q20: Earnings should be this year’s bottom. MK restaurant Group Plc (M TB/HOLD/Bt51.25/Target: Bt...
GREATER CHINA Sector Healthcare: Fear not of GPO, focus on innovation. Property: Real estate data continues to reflect a pick-up. Results So-Young International (SY US/BUY/US$10.10/Target: US$13.00): 1Q20: To post a steady recovery after a weak quarter with outlook expected to improve gradually. Re-initiate Coverage Hong Kong Exchanges and Clearing (388 HK/BUY/HK$254.80/Target: HK$288.00): Indispensable role as the bridge between China and the world. INDONESIA Update Astra Agro Lestari (AALI I...
KEY STORY GREATER CHINA Update Tencent (700 HK/BUY/ HK$363.00/Target: HK$486.00): Accelerating mobile games growth; mini-programs breaking through multiple verticals. GREATER CHINA Sector Consumer: Bi-weekly updates (1-13 March). Update Tencent (700 HK/BUY/ HK$363.00/Target: HK$486.00): Accelerating mobile games growth; mini-programs breaking through multiple verticals. INDONESIA Update Astra Agro Lestari (AALI IJ/BUY/Rp6,375/Target: Rp14,000): Highly sensitive to CPO price movement. Cut targ...
GREATER CHINA Economics PMI: Work resumption is key. Sector Consumer: Consumer bi-weekly updates (February 15-28). Results New World Development (17 HK/BUY/HK$10.02/Target: HK$12.95): 1HFY20: Results a slight miss; much to look forward to once COVID-19 outbreak is contained. Pentamaster International (1665 HK/BUY/HK$1.72/Target: HK$2.58): 4Q19: In line. Hoping to maintain growth amid coronavirus uncertainties. Shenzhen Mindray Bio-Medical Electronics Co (300760 CH/BUY/Rmb239.00/Target: Rmb265.00...
INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/HOLD/Rp4,650/Target: Rp4,970: Posts 18% rally, BBRI is now expensive at 2.7x P/B; downgrade to HOLD. MALAYSIA Sector Building Materials: Cement recovery progressing well; coronavirus weighing on steel segment. Gaming: Sold-down RGB provides an excellent opportunity to accumulate. A proxy for thriving ASEAN gaming jurisdictions, RGB trades at a prospective PE of only 6x and yield of >5%. SINGAPORE Update Thai Beverage (THBEV SP/HOLD/S$0.795/Target...
GREATER CHINA Sector Internet: E-commerce evolving with massive data and new business models. INDONESIA Update Tunas Baru Lampung (TBLA IJ/BUY/Rp875/Target: Rp1,600): The mispriced CPO downstream and sugar player; trading at 5.2x 2020F PE. MALAYSIA Sector Rubber Gloves: 3Q19 report card: Disappointing but indications point to a better outlook for 2020. The sector appears to have bottomed out but remains unconvincing. Maintain MARKET WEIGHT. SINGAPORE Update Singtel (ST SP/HOLD/S$3.41/Target: S...
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