GREATER CHINA Sector Automobile Weekly: PV sales rebound by 10% yoy, beating estimates. Maintain MARKET WEIGHT. Top BUYs: CATL and Desay SV. Top SELL: XPeng. INDONESIA Update Pertamina Geothermal Energy (PGEO IJ/BUY/Rp1,130/Target: Rp1,400) Additional capacity of 55MW by Dec 24. Upgrade to BUY with target price unchanged. MALAYSIA Initiate Coverage 99 Speed Mart Retail (99SMART MK/BUY/RM1.65/Target: RM2.00) ...
GREATER CHINA Strategy Cross Currents We expect the MSCI China index to range trade for the rest of 2024; we prefer TMT, tech hardware and defensives like banks, communication services and utilities. Results Goldwind Science & Technology (2208 HK/BUY/HK$4.46/Target: HK$5.30) 1H24: In line; shifting focus to offshore WTG and overseas markets. Jiumaojiu International Holdings (9922 HK/BUY/HK$2.49/Target: HK$3.50) 1H24: Result...
HMPRO is maintaining its focus on the domestic market by strengthening existing stores and adding new hybrid stores. We foresee more intense competition, but we still see room for HMPRO’s improvement. We maintain our 2024-25 earnings growth estimates of 2.7% yoy and 5.9% yoy respectively. The share price is trading at a deep PE discount of -2SD. Maintain BUY. Target price: Bt12.10.
KEY HIGHLIGHTS Results IRPC (IRPC TB/BUY/Bt1.35/Target: Bt1.90) 2Q24: Still in the red. Muangthai Capital (MTC TB/BUY/Bt40.50/Target: Bt56.00) 2Q24: Earnings in line; credit cost and NPL ratio continued to be lower. Quality Houses (QH TB/HOLD/Bt1.66/Target: Bt1.82) 2Q24: Earnings exceed our expectation; core business remains challenging. Update Home Product Center (HMPRO TB/BUY/Bt8.20/Target: Bt12.10) More challenging outlook but share price trading at a deep discount.
GREATER CHINA Sector Internet: Strategic revamp to revitalise e-commerce GMV growth. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.10/Target: HK$28.30): 1H24: Underlying net profit up 2% on positive retail rental growth and lower funding cost; awaiting cyclical factors to improve. INDONESIA Results United Tractors (UNTR IJ/SELL/Rp24,150/Target: Rp20,000): 2Q24: Continued weakness; in line with consensus estimates. MALAYSIA Sector Utilities: Government likely to award short-term PP...
HMPRO reported 2Q24 earnings of Bt1.6b, flat yoy but down 5.3% qoq due to seasonality. The key positive in 2Q24 was mainly lower SGA-to-sales, which offset a lower top-line due to negative SSS growth. Although the same-store sales (SSS) for 15 days in July was negative, we expect SSS to recover due to a low-base effect and an improvement in economic activities. Maintain BUY. Target price: Bt12.10.
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/BUY/Bt8.85/Target: Bt12.10) 2Q24: Earnings in line. PTT Exploration & Production (PTTEP TB/BUY/Bt147.00/Target: Bt200.00) 2Q24: Net profit better than our and consensus expectations. Update Amata Corporation (AMATA TB/BUY/Bt22.80/Target: Bt30.00) 2Q24 results preview: Expect earnings to increase yoy and qoq. Delta Electronics (DELTA TB/BUY/Bt92.75/Target: Bt115.00) Better clarity on r...
GREATER CHINA Results WuXi AppTec (2359 HK/SELL/HK$29.85/Target: HK$22.00) 1H24: Results below expectations; draft bill remains a key risk for growth. Small-mid Cap Highlights Plover Bay Technologies (1523 HK/BUY/HK$4.08/Target: HK$6.05) Takeaways from luncheon: Self-driven talents driving product upgrades. INDONESIA Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp5,475/Target: Rp5,800) 2Q24: NPAT up 28.1% yoy, ahead of consensus expectation. M...
GREATER CHINA Strategy Alpha Picks: July Conviction Call Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$3.95/Target: HK$4.76) 1Q24 preview: Expecting interim DPS to more than double. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24 Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSM...
GREATER CHINA Sector Property – Hong Kong Landlords Robust trend of Northbound spending and weakened tourism arrivals during Dragon Boat Festival; rate cut and policy support are potential catalysts. INDONESIA Update Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp850/Target: Rp1,200) Exploring options on its relationship with Ace Hardware America. MALAYSIA Initiate Coverage Pekat Group (PEKAT MK/BUY/RM0.86/Target: RM1.09) ...
KEY HIGHLIGHTS Strategy Alpha Picks: May 24 Portfolio: More bullish on 2H24 outlook; May 24 provides opportunity to BUY. Cut losses on EA and add TU. Results Home Product Center (HMPRO TB/BUY/Bt10.40/Target: Bt15.70): 1Q24: Earnings to gradually improve. Update Major Cineplex (MAJOR TB/BUY/Bt14.70/Target: Bt18.00): 1Q24 results preview: Expect yoy surge but qoq plunge.
HMPRO reported 1Q24 earnings of Bt1.7b, up 6.3% yoy and 2.1% qoq, in line with our and market estimates, driven by higher sales and gross margin. We foresee upcoming positive factors on HMPRO following the 2024 fiscal budget approval and rising steel prices. We expect HMPRO’s earnings to grow 6.6% yoy. We are still positive on HMPRO’s high ROE and dividend yield. Maintain BUY. Target price: Bt15.70.
GREATER CHINA Sector Macau Gaming Apr 24 GGR down 5% mom; downgrade to MARKET WEIGHT. Results China Construction Bank (939 HK/BUY/HK$5.10/Target: HK$6.00) 1Q24: Results in line with better NIM performance. LONGi Green Energy Technology (601012 CH/SELL/Rmb18.20/Target: Rmb14.38) 2023/1Q24: Below expectations; inventory write-down wipes out earnings. Downgrade to SELL. PICC Property and Casualty (2328 HK/BUY/HK$9.71/Target: HK$11.70) 1Q24: Earnings miss on higher COR and lower investment income...
We expect HMPRO to report 1Q24 net profit of Bt1,750m, up 8.6% yoy and 4.3% qoq on the back of top-line recovery and profitability improvement. We foresee a qoq earnings increase, exceeding the normal high season in 4Q. We project 2024-25 earnings growth of 6.6% yoy and 9.0% yoy respectively. We expect Mega Home to benefit from the finalisation of the 2024 government budget. Maintain BUY. Target price: Bt15.70.
GREATER CHINA Results ENN Energy Holdings (2688 HK/HOLD/HK$61.45/Target: HK$69.21): 2023: In line; challenging path ahead. Downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$5.60/Target: HK$8.20): 2023: Results in line; store opening and SSSG to decelerate in 2024. Q Technology Group (1478 HK/HOLD/ HK$3.03/Target: HK$3.30): 2023: Earnings miss due to non core items, but the worst is over. Sinopharm Group (1099 HK/BUY/HK$20.40/Target: HK$25.00): 2023: Results in line; expecting s...
HMPRO reported 4Q23 net profit of Bt1.7b, up 1.5% yoy and 9.4% qoq. The result was slightly better than our and market estimates. The key positive factor was from strong gross margin improvement. We see a gradual improvement in HomePro’ SSS in Feb 24. 2024-25’s earnings could grow 6.6% yoy and 9% yoy respectively on the back of better Mega Home store performance. Maintain BUY. Target price: Bt15.70.
KEY HIGHLIGHTS Results BTG TB (BTG TB/BUY/Bt21.10/Target: Bt27.00) 4Q23: Decreased losses; optimism for 2024. Hana Microelectronics (HANA TB/HOLD/Bt41.50/Target: Bt38.00) 4Q23: Significant earnings miss marks five-year low. Home Product Center (HMPRO TB/BUY/Bt10.90/Target: Bt15.70) 4Q23: Slightly better-than-expected earnings; attractive price level. Quality Houses (QH TB/HOLD/Bt2.16/Target: Bt2.37) 4Q23: Results in line; unexciting outlook for the residential business.
GREATER CHINA Sector Banking: It is the best of times, it is the worst of times. INDONESIA Results Matahari Department Store (LPPF IJ/SELL/Rp1,840/Target: Rp1,400): 4Q23: Below expectations with a cautious view on 2024. Downgrade to SELL. MALAYSIA Results Heineken Malaysia (HEIM MK/BUY/RM22.34/Target: RM28.50): 4Q23: Within expectations. Earnings fell yoy as weaker sentiment impacted sales volume. MISC (MISC MK/BUY/RM7.50/Target: RM9.05): 2023: Profit beat forecasts despite rising vessel cos...
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. Sector Automobile: Weekly: EV sales spiked in the last week of 2023 on year-end promotions, which dampens margins. Top SELLs: BYD and Ganfeng Lithium. Baijiu: Dealers’ confidence remains lacklustre. INDONESIA Sector Banking: Loan growth accelerated...
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