reports
- Johnny Yum Chung Man
Han’s Laser Technology Industry Group (002008 CH): 1Q24 bolstered by i...
Han’s Laser’s 1Q24 reported net profit surged 594% yoy due to a one-off investment gain of Rmb1.05b from the disposal of a subsidiary. Stripping out non-core items, core net profit was below our and market expectations at a Rmb6m loss, due to a margin squeeze and deteriorating product mix. Going forward, we remain cautious on its recovery due to sluggish end demand, as well as sustained pricing pressure on PCB equipment. Maintain HOLD and keep target price at Rmb17.10.
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): 1Q24: Switching to risk-on ...
HKEX reported 1Q24 earnings of HK$2.97b, 6.7% ahead of our expectations. The strong earnings beat was due to better external portfolio gains, higher LME trading fees and lower D&A expenses, partly offset by higher opex. We are now more optimistic about the bourse operator’s earnings outlook on an encouraging headline ADT recovery and resilient NII in a longer-than-expected high-rate environment. Upgrade to BUY with a higher target price of HK$285.00.
- Bella Lu Yifei
- Ken Lee
Great Wall Motor (2333 HK): 1Q24 earnings spike 17.5x on margin recove...
GWM posted upbeat 1Q24 results with revenue and net profit growing 48%/17.5x yoy to Rmb42.86b/Rmb3,228m respectively. These far outpace the 25% sales volume growth, due to ASP hikes and margin improvement from the optimisation of sales mix and export growth. Going forward, we expect margins to fall back to normal levels, based on the weakening sales momentum domestically. Maintain HOLD. Target price: HK$10.50.
- Bella Lu Yifei
- Ken Lee
EVE Energy (300014 CH): 1Q24 earnings in line while revenue misses. Ma...
EVE’s 1Q24 net profit came in at Rmb1,066m (-7% yoy/+70% qoq), vs our full-year 2024 estimate of Rmb4,010m and consensus forecast of Rmb5,029m, in line. Revenue fell 17% yoy and 30% qoq to Rmb9.3b in 1Q24 due to lower lithium-ion battery prices and slowing battery sales growth. We maintain our 2024-26 net profit forecasts of Rmb4.01b/Rmb3.99b/Rmb4.09b respective
- Johnny Yum Chung Man
ASMPT (522 HK): 1Q24: Solid results, more positive updates to advanced...
ASMPT’s 1Q24 results are better than expected thanks to strong margins, but 2Q24’s revenue guidance was below our and consensus estimates due to sluggish sales of mainstream tools. Nevertheless, the advanced packaging business remains robust, and we see more positive developments with TCB and HB tools, including progress in leading foundry clients, new order wins, and demo shipments to new HBM clients. Maintain BUY and trim target price to HK$120.00.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: EV sales rebound for two weeks in a row, but ...
China’s PEV sales grew 9% yoy and 12% wow during the week of 15-21 Apr 24, implying a 44.9% market share. BYD, Zeekr and XPeng saw sales rebound during the week, in line with expectations; Aion, Li Auto and Tesla posted lower sales, below expectations. Tesla posted disappointing 1Q24 results on a sales drop, and cut prices of Model Y/3 by 5-6%. Li Auto also cut prices by 5-7%, intensifying the price war. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
060310 3S KOREA
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
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
02015 LI AUTO INC
09868 XPENG INC
- Nurul Nazira Binti Abdullah
CapitaLand Malaysia Trust (CLMT MK) - 1Q24: Above Expectations
1Q24: Above Expectations Above expectation. CapitaLand Malaysia Trust (CLMT) reported 1Q24 revenue of RM89.9m (+2% qoq, +46% yoy) and core net profit of RM33.5m (-0.6% qoq, +67.4% yoy). This accounted for 30% of our and 28% of consensus full-year estimates, on stronger-than-expected contribution from newly acquired Queensbay Mall (completed on 21 Mar 23). CLMT has proposed a 1.19 sen dividend for the quarter (+0% qoq, +37% yoy). This is above our expectation as well, and represents an annualis...
- 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...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 1Q24: Net Profit In Line With Our Expectations
SCC reported a net profit of Bt2.4b in 1Q24 from a net loss of Bt1.1b in 4Q23, in line with our expectations and 17% better than consensus forecasts, driven by the recovery of the CBM and SCGP businesses, while the chemical business remained weak. For 2Q24, we expect a decline in core profit both qoq and yoy due to weak petrochemical spreads, including the CBM and SCGP businesses entering the low season. Maintain HOLD. Target price: Bt282.00.
- Tanaporn Visaruthaphong
Thailand Banking – 1Q24: Results Above Market Expectations; Credit Co...
Banks under our coverage reported a combined net profit of Bt55b (+10% yoy, +29% qoq), in line with our forecasts but above consensus estimates by 6%. NIM contracted qoq due to a rise in funding costs. Concerns about large corporate loans should fade away as the four banks have set aside appropriate provisions. Maintain MARKET WEIGHT. Our top picks are SCB and KTB.
- Malaysia Research Team
Malaysia Daily - Thursday, April 24, 2024
KEY HIG HLIGH TS Company Update Westports Holdings (WPRTS MK/HOLD/RM3.88/Target: RM3.95) Page 2 The aftereffects of the Red Sea Crisis are now beginning to show with critical port congestion akin to that in 2021. UOBKH Highlights CapitaLand Malaysia Trust (CLMT MK/HOLD/RM0.62/Target: RM0.63) Page 5 1Q24: Above expectations. TRADERS’ CORNER Page 6 Aeon Co. (M) (AEON MK): Technical BUY Sunview Group (SUNVIEW MK): Technical BUY
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Bella Lu Yifei
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
Greater China Daily: Thursday, April 25, 2024
KEY HIGHLIGHTS Sector Automobile China’s PEV sales grew 9% yoy and 12% wow during the week of 15-21 Apr 24, implying a 44.9% market share. BYD, Zeekr and XPeng saw sales rebound during the week, in line with expectations; Aion, Li Auto and Tesla posted lower sales, below expectations. Tesla posted disappointing 1Q24 results on a sales drop, and cut prices of Model Y/3 by 5-6%. Li Auto also cut prices by 5-7%, intensifying the price war. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. ...
- Jonathan Koh
CapitaLand Ascott Trust : Benefitting From Proliferation Of Large-scal...
Portfolio RevPAU increased 6% yoy to S$135 in 1Q24, in line with pre-pandemic levels. There is more upside as portfolio occupancy was 73% and remains below pre-pandemic levels of 88%. Taylor Swift’s The Eras Tour boosted contributions from Singapore and Australia in 1Q24. The Eras Tour will be held in the UK (June and August) and France (May and June). Olympic Games is a catalyst for France in 3Q24. CLAS provides 2024 distribution yield of 6.7%. Maintain BUY. Target price: S$1.40.
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
SEA : Higher Marketplace Commission And Reduction In Subsidies Indicat...
We expect SEA’s adjusted EBITDA to continue showing sequential improvement in its upcoming 1Q24 results despite it being a seasonally weaker quarter. This is due to an improved landscape for e-commerce, as evidenced by the rise in take rates and subsidy cuts by SEA and its key competitor. The gaming segment is also expected to do well from a higher average monthly player count. We raise our target price by 24% to US$78.39 to reflect the better e-commerce industry landscape. Maintain BUY.
- 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) ...
- Paula Ruth
Telkom Indonesia (TLKM IJ) - Positive Seasonality Coupled With Potenti...
The Eid al-Fitr celebration drove Telkomsel’s data traffic up by 13% vs normal days. Telkomsel’s convergence penetration reached 45% progress in Mar 24 (Jul 23: 37%). Maintain BUY with an unchanged target price of Rp4,400 considering its strong balance sheet, historically cheap valuation (-2SD of EV/EBITDA, amid external geographical tension), and dividend enticement (potential yield of around 5%).
- Maskun Ramli
- Paula Ruth
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Thursday, April 25, 2024
KEY HIGHLIGHTS Update CapitaLand Ascott Trust (CLAS SP/BUY/S$0.905/Target: S$1.40): Benefitting from proliferation of large-scale events. SEA (SE US/BUY/US$62.01/Target: US$78.39): Higher marketplace commission and reduction in subsidies indicate better competition landscape. TRADERS’ CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Yoma Strategic (YOMA SP): Trading BUY
- Bella Lu Yifei
- Ken Lee
Ningbo Tuopu Group Co (601689 CH): 4Q23 results in line; cut target pr...
Tuopu’s 2023 net profit came in as expected at Rmb2.15b (+26.5% yoy), in line with the preliminary numbers disclosed previously. Looking ahead, we expect Tuopu to further diversify away from Tesla with the launch and ramp-up of new projects with other customers. Having said that, Tesla will still contribute over 40% of Tuopu’s revenue in 2024-26. Given the weaker sales of Tesla, we trim our 2024-25 net profit forecasts by 9%/13% respectively. Cut target price from Rmb90.00 to Rmb80.00. Maintain ...
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