reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 1Q24: Laden Gateway Boosted Profits, B...
1Q24: Laden Gateway Boosted Profits, But Sporadic Port Congestions A Risk WPRTS’ 1Q24 core profit was boosted by another new high in its gateway mix, especially the laden gateway cargo that command the highest tariffs. However, with flattish Apr 24 volume growth, certain cost spikes will persist due to sporadic port congestion/vessel bunching which could disrupt schedules more than the 2021-22 scenario. We had explicitly highlighted this risk in an earlier update note despite maintaining our for...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Embracing Port Congestion And Containe...
Embracing Port Congestion And Container Industry Consolidation Port congestion may re-emerge as a key earnings risk in 2024, as an aftereffect of the Red Sea and Panama Canal crises. With no spare capacity at least in the medium term, we believe WPRTS will continually reassess its position, amid changing M&A trends that are propelling leading shipping liners to co-invest with strategic ports to become global terminal operators (GTO). Noting that its share price is aligned with the global peer av...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 25
GREATER CHINA Sector Automobile Weekly: EV sales rebound for two weeks in a row, but price war intensifies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea. Results ASMPT (522 HK/BUY/HK$102.30/Target: HK$120.00) 1Q24: Solid results, more positive updates to advanced packaging business. EVE Energy (300014 HK/SELL/ Rmb34.27/Target: Rmb20.00) ...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2023: Profits In Line Despite Gateway ...
2023: Profits In Line Despite Gateway Volume Charging Up Westports beat expectations on both 2023 container volumes and the high-yield gateway business. However, Westports remains conservative on volume guidance for 2024, as it embarks on the new WPRTS 2 expansion. Without the allowance of tariff hikes, investors may perceive the expansion negatively − the lease payment changes alone will impact the earnings base by 5%. Fortunately, Westports has started renegotiations for the tariff changes. Re...
- Arsit Pamaranont
- Jacquelyn Yow Hui Li
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, February 05, 2024
GREATER CHINA Update Xiaomi Corp (1810 HK/BUY/HK$12.20/Target: HK$21.60): 4Q23 results preview: Solid results on resilient smartphone margins. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. Results Bank Mandiri (BMRI IJ/BUY/Rp6,675/Target: Rp7,400): 4Q23: Net profit up 15.6% qoq and 52.1% yoy; CASA market share rising. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Assessing Disruption Risks in 2024; Su...
Assessing Disruption Risks in 2024; Supply Chain Crisis Far From Over Although Westports closed 2023 with a new milestone on monthly volumes, the global ports and container industry started the new year of 2024 with new disruption risks. We have identified them as: a) potential supply chain delays of up to one month from the Panama Canal and Red Sea “chokepoints”, b) other geopolitical risks, and c) gateway volumes (exports) delays on new customs procedures, but we do not expect material near-te...
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kong Ho Meng
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, January 16, 2024
GREATER CHINA Sector Dairy: Slowing demand to weigh on valuations in the near term. Downgrade to MARKET WEIGHT. Switch top pick to Yili. Online Travel Agencies: Strong travel demand visibility into 2024. Server: Edge AI penetration and enterprise investment to accelerate adoption of GenAI. Initiate Coverage Foxconn Industrial Internet (601138 CH/BUY/Rmb12.72/Target: Rmb18.90): Server ODM giant to remain a key winner of the gen ai investment trend. INDONESIA Update Bank Tabungan Negara (BBTN IJ/...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - WPRTS 2 Concession Sanctioned, But Mor...
WPRTS 2 Concession Sanctioned, But More Factors Need To Be Ironed Out The long-awaited CT10-17 terminal expansion has been sanctioned. WPRTS 2 will boost capacity from 15m TEUs to 27m TEUs, and the concession period until 2082. Our target price has partially factored in the expansion, but in our view it is still not immune to political risks (exposed to projects like ECRL and Pulau Carey). Key terms (like tariff, capex and funding) are still being finalised, but without this guidance, it is not ...
- Jo Yee Ng
- Julia Pan Mengyao
- Kong Ho Meng
- Limartha Adhiputra
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Monday, December 11, 2023
GREATER CHINA Initiate Coverage iFlytek (002230 CH/BUY/Rmb45.38/Target: Rmb62.00): Trailblazer in voice recognition AI poised to capture AIGC opportunities. Update Li Ning (2331 HK/SELL/HK$21.35/Target: HK$18.80): Unreasonable property purchase reflects weak corporate governance. INDONESIA Update Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp9,375/Target: Rp14,100): Acquisition to regain market share with potential earnings accretion of 11.2%. MALAYSIA Update Westports Holdings (WPRTS MK/BUY/RM3....
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 3Q23: Profits Beat Expectations On Gat...
3Q23: Profits Beat Expectations On Gateway Volume Charging Up 9M23 core profit surprised positively against our forecasts, as container volume held up well and is above the group’s conservative guidance. The key driver was the highyield gateway business, which again reached a new all-time high. We now believe gateway has more room for growth, in tandem with foreign investments (to set up distribution hubs, including those in Westports Logistic Center). We upgrade forecasts by 4-6%, and take the ...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Kwanchai Atiphophai
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, November 10, 2023
GREATER CHINA Economics Inflation: Oct 23 inflation lower on pockets of weakness in consumer demand. Results Galaxy Entertainment Group (27 HK/BUY/HK$44.10/Target: HK$57.00): 3Q23: Luck-adjusted EBITDA in line; expect higher opex to meet growing demand. Li Auto (2015 HK/BUY/HK$154.90/Target: HK$312.00): 3Q23: Net profit up 23% qoq to Rmb2.823b, 28% above consensus. Maintain BUY. Target price: HK$312.00. INDONESIA Results Ace Hardware Indonesia (ACES IJ/BUY/Rp825/Target: Rp1,000): 3Q23: Strong ...
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
ACES PT ACE HARDWARE INDONESIA TBK
MTC MUANGTHAI CAPITAL PCL
WPRTS WESTPORTS HOLDINGS BHD
BAUTO BERMAZ AUTO BHD
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
OR PTT OIL & RETAIL BUSINESS PCL
2015 LI AUTO INC
CLI CAPITALAND INVESTMENT LTD
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2Q23: Profits In Line, Helped By Stron...
2Q23: Profits In Line, Helped By Strong Gateway Growth We deem 1H23 core profit in line. Although volume growth appeared to be ahead of 0-5% guidance, this was offset by normalisation of average container yields, which shrank on lower VAS income and a higher proportion of empty boxes during 2Q23. Still, Westport’s execution remains commendable. After its recent reinstatement as a KLCI constituent, we opine current levels offer a long-term accumulation opportunity as our SOTP still excludes the W...
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Stevanus Juanda
Regional Morning Notes - Friday, July 28, 2023
GREATER CHINA Initiation Coverage China Server: AI investment series: Diving into opportunities in the server industry. Sector Automobile: Weekly: Passenger EV sales up 59% yoy/21% wow over 17-23 July, in line. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. INDONESIA Results Astra Agro Lestari (AALI IJ/BUY/Rp8,000.00/Target: Rp9,785.00): 2Q23: Lower qoq and yoy but still within our expectations. Sido Muncul (SIDO IJ/HOLD/Rp650/Target: Rp680): 2Q23: Profit warning issued for the rest of ...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
7153 KOSSAN RUBBER INDUSTRIES BHD.
BN4 KEPPEL CORPORATION LIMITED
VITRO VITROX CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
WPRTS WESTPORTS HOLDINGS BHD
RFMD RAFFLES MEDICAL GROUP LTD
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Integration And Cargo Stickiness The G...
Integration And Cargo Stickiness The Growth Drivers Moving Forward Despite various risks with China’s reopening and local cargo growth, WPRTS’s container volume growth for 2023 is on track and aligned to PKA’s recent expectation of a 2% volume growth. For longer-term expansions, maturing regional hubs (like IKEA and Talke Logistics) and generating cargo stickiness will be more important vs organic volume growth (containership capacity will be on consolidation mode vs net growth). Maintain foreca...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Celine Yuan Xinlin
- Jo Yee Ng
- Julia Pan Mengyao
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Wednesday, July 12, 2023
GREATER CHINA Economics Money Supply: Weaker M1 growth points to need for policy stimulus. Update Alibaba Group (9988 HK/BUY/HK$87.00/Target: HK$130.00): Solid 1QFY24; Taobao+Tmall DAU/Time spend to be the key focus. Inner Mongolia Yili Industrial Group (600887 CH/BUY/Rmb28.50/Target: Rmb37.50): 2Q23 results preview: conservative on full-year revenue guidance. Small/Mid Cap Highlights SenseTime Group Inc (20 HK/NOT RATED/HK$1.89): Revolutionising industries with rapid iteration. INDONESIA Updat...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 1Q23: Profits In Line; Cost Upside Wel...
1Q23: Profits In Line; Cost Upside Well Contained 1Q23 core profit was in line, owing to above-peers container volume growth. While there is still no update on the WPRTS 2 concession progress (expected to begin construction in 2H23), WPRTS remains optimistic on longer-term growth (mainly driven by China’s reopening and it refocusing on its role to boost global trade). Cost upside was well contained, but overall we do not any see near-term catalysts until the WPRTS 2 concession terms are revealed...
- Ariel Poh Yun Li
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kong Ho Meng
- Limartha Adhiputra
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Regional Morning Notes - Monday, May 08, 2023
GREATER CHINA Update Xiaomi Corp (1810 HK/HOLD/HK$11.16/Target: HK$11.10): 1Q23 results preview: Margin expansion to more than offset decline in shipments. INDONESIA Results Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp10,000/Target: Rp13,500): 1Q23: NPAT in line with expectations; improvement in margins. MALAYSIA Results Westports Holdings (WPRTS MK/HOLD/RM3.48/Target: RM3.80): 1Q23: Core profit was in line, owing to above-peers container volume growth. Cost upside was well contained. SINGAPOR...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Beneficiary Of China’s Recovery; WPRTS...
Beneficiary Of China’s Recovery; WPRTS 2 Concession Looms We see opportunities for investors to accumulate on trading upside, premised on a changing market perception about China’s reopening (and a reportedly sharp drop in the number of empty containers in China). That said, long-term upside will remain capped until the terms of the WPRTS 2 concession (slated to begin construction in 2H23) are known. Pulau Carey will not be a competition for the next 10 years. Retain forecasts, maintain HOLD and...
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Limartha Adhiputra
- Zhifeng Shen
Regional Morning Notes - Monday, April 17, 2023
GREATER CHINA Sector Consumer: Periodical opportunities ahead; confident on professional sportswear products expansion. INDONESIA Update Ciputra Development (CTRA IJ/BUY/Rp1,005/Target: Rp1,200): Starting 2023 with a 74% yoy increase in marketing sales. MALAYSIA Update Westports Holdings (WPRTS MK/HOLD/RM3.58/Target: RM3.80): We see trading opportunities amid rising market perception of China’s reopening on trade growth, but long-term upside remains capped until WPRTS 2 terms are known. SINGA...
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