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 Pentamaster International Limited sold 292,000 shares at 1.910HKD and the significance rating of the trade was 70/100. 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...
Budget Malaysia 2021: Steering Out Of Recession The significantly expansionary Budget 2021 is market neutral. Despite a 38% surge in development expenditures to a record high, construction stocks’ reaction were only mildly positive, perhaps reflecting scepticism of the pace of mega projects’ rollouts. There is positive read on glove producers (no windfall tax), BAT (measures to combat contraband) and NFOs (no duty or fee hike). Our top picks continue to be reopening plays, trade diversion benefi...
While delayed project installation was the key culprit for weaker revenue in 1H20, the blessing in disguise was the shorter order lead time which keeps the group busier at the moment. Pentamaster has resumed cross-border travelling for its offsite project installation since July. It is undergoing a high-growth phase anchored by its highly customised test equipment and solutions for new innovative technologies in next gen smartphone and EV/autonomous driving. Maintain BUY. Target price: HK$2.97.
KEY HIGHLIGHTS Results Geely Auto (175 HK/HOLD/HK$15.64/Target: HK$17.00) 1H20: Net profit down 43% yoy, missing estimates. JD.com (JD US/BUY/US$62.06/Target: US$76.00) 2Q20: Posts a solid beat again; continuous investments expected for the long run. Q Technology (1478 HK/BUY/ HK$11.58/Target: HK$14.40) 1H20: Results at high end of profit alert. Weimob (2013 HK/HOLD/HK$10.74/Target: HK$9.80) 1H20: Solid results, well-positioned in decentralised e-commerce. Update Pentamaster International...
GREATER CHINA Results Geely Auto (175 HK/HOLD/HK$15.64/Target: HK$17.00): 1H20: Net profit down 43% yoy, missing estimates. JD.com (JD US/BUY/US$62.06/Target: US$76.00): 2Q20: Posts a solid beat again; continuous investments expected for the long run. Q Technology (1478 HK/BUY/ HK$11.58/Target: HK$14.40): 1H20: Results at high end of profit alert. Weimob (2013 HK/HOLD/HK$10.74/Target: HK$9.80): 1H20: Solid results, well-positioned in decentralised e-commerce. Update Pentamaster International (16...
GREATER CHINA Results Ausnutria Dairy (1717 HK/BUY/HK$13.82/Target: HK$17.00): 2Q20: Results in line with slowdown being temporary. Li Ning (2331 HK/BUY/HK$31.55/Target: HK$35.00): 1H20: Results beat estimates spectacularly with unstoppable margin expansion. Upgrade to BUY. Pentamaster International (1665 HK/BUY/HK$1.96/Target: HK$2.26): 1H20: In line. After a washout 1H20, Pentamaster is now back to its full workforce run-rate with aggressive production ramp-up to make up for the shortfall. WuX...
After a washout 1H20, Pentamaster is now back to its full workforce run-rate with aggressive production ramp-up to make up for the shortfall. The group is undergoing high-growth phase anchored by robust demand for its highly customised test equipment and solutions for new innovative technologies in next gen smartphone and EV/autonomous driving. Medical segment is also gaining traction to meet its 15% revenue share target. Maintain BUY. Target price: HK$2.26.
KEY HIGHLIGHTS Results Ausnutria Dairy (1717 HK/BUY/HK$13.82/Target: HK$17.00) 2Q20: Results in line with slowdown being temporary. Li Ning (2331 HK/BUY/HK$31.55/Target: HK$35.00) 1H20: Results beat estimates spectacularly with unstoppable margin expansion. Upgrade to BUY. Pentamaster International (1665 HK/BUY/HK$1.96/Target: HK$2.26) 1H20: In line. After a washout 1H20, Pentamaster is now back to its full workforce run-rate with aggressive production ramp-up to make up for the shortfall. ...
We are bullish on China’s consumer upgrade trend in the dairy sector, which in turn will drive demand for high-quality domestically-produced raw milk. In addition, the supply-side reform in the dairy sector continues, with large players gaining market share. YST should benefit from this mega trend. We forecast net profit CAGR of 31% in 2019-22 on raw milk price hikes, volume growth and margin expansion. YST’s current depressed valuations have not fully captured this. Initiate coverage on Yua...
KEY HIGHLIGHTS Results Pentamaster International (1665 HK/BUY/HK$1.42/Target: HK$2.26) 1Q20: Weakness may extend into 2Q20; hope for recovery in 2H20 when COVID-19 outbreak subsides. Update Nexteer (1316 HK/BUY/HK$4.73/Target: HK$6.00) North American plants reopened earlier than expected. Upgrade from HOLD to BUY. TRADERS’ CORNER L’Occitane (973 HK): Trading Buy Range AviChina (2357 HK): Trading Buy Range
Pentamaster reported a 14% yoy drop in net profit in 1Q20 as ATE revenue was hit by COVID-19 which affected its project delivery. If the pandemic could be contained after 2Q20, Pentamaster could still register yoy growth for 2020 on very robust demand for its ATE and FAS products, particularly in the telecommunications, automotive and medical devices segments. We lower our target price to HK$2.26, based on 15x 2020F PE, after lowering our profit forecasts. Maintain BUY.
While China has gradually lifted its lockdown restrictions since early April, the COVID- 19 outbreak has lingered overseas. Production and supply in the handset components sector has not been severely impacted despite market concerns. For instance, camerarelated players finished reported resilient shipment volumes in 1Q20. Our channel check with Xiaomi, a global leading smartphone brand, suggested end-demand is recovering and it believed pent-up demand to be released in 2H20, when 5G models will...
With COVID-19 becoming a global pandemic, economic activities are unlikely to normalise by the end of May. Weak overseas demand would pose further challenges to Chinese corporates which are already hurting from a domestic slowdown. We reassess the fair values of our key stock picks in the best-, base- and worst-case scenarios, and highlight the stocks that are resilient during the pandemic, namely Ausnutria, Mindray, SHKP, Weichai and Tencent.
With COVID-19 becoming a global pandemic, economic activities are unlikely to normalise by the end of May. Weak overseas demand would pose further challenges for Chinese corporates which are already hurting from a domestic slowdown. We reassess the fair values of our key stock picks under best/base/worst-case scenarios, and highlight the stocks that are resilient during the pandemic, namely Ausnutria, Mindray, SHKP, Weichai and Tencent.
With the exception of camera-related component names, handset component companies reported weak 2019 results on average, mainly due to sluggish smartphone end-demand, keen competition and margin squeeze. The global COVID-19 outbreak caused economic uncertainty and demand shock to the sector, while managements remained optimistic of a rebound in 2H20. The catalyst for smartphone industry would be the launch of new 5G models in 2H20. Maintain OVERWEIGHT.
We had initiated coverage on CMGE (302 HK), a leading IP-based game publisher and operator with the most IP reserves in the pipeline. The company recently announced a positive profit alert and was included in the Hong Kong-China Stock Connect. Initiate coverage with BUY and a target price of HK$4.77, implying 13x 2020F PE. We remove Weimob (2013 HK) from our top picks upon our recent downgrade to HOLD and slash our target price to $4.80 from $7.10.
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...
KEY HIGHLIGHTS 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: R...
Pentamaster reported 27% yoy and 29% yoy increases in 4Q19 and 2019 profits respectively, in line with our forecasts. COVID-19 would have an indirect impact on the company but orderbook is still not affected and management expects 2020 will continue to register double-digit top-line growth with margin expansion, given product diversification and upgrades. We reduce our target price to HK$2.58, pegged to 15x 2020F PE. Maintain BUY.
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