reports
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 4Q23: Misses expectations on operating expens...
Han’s Laser’s 4Q23 net profit declined 4% yoy to Rmb188m, below our and the market’s expectations due to higher opex and impairment loss. Revenue was actually better than expected with signs of sustained recovery in high-power laser, PCB and semi equipment seen through 4Q23-1Q24, but the ongoing margin pressure and slow recovery in other business may continue to drag on its earnings recovery in 2024. Maintain HOLD and cut target price to Rmb17.10.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales up 21% yoy/19% wow in the second we...
China’s PEV sales grew 21% yoy and 19% wow during the week of 8-14 Apr 24, implying a 46% market share. BYD, Li Auto and XPeng posted in-line sales during the week, while Tesla’s and Zeekr’s sales came in lower than expected due to competition. We expect Zeekr’s sales to recover, based on its better product qualities vs rivals and new model debuts. CATL posted in-line 1Q24 results with core earnings growing 19% yoy. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto, XPeng. Top BUYs: CATL, Desay.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
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
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Resilient SAF Outlook Prompts Further ...
With a more positive guidance on SAF outlook from management, we see rising upside risk to consensus earnings estimates for 2025. We revise up our 2025 earnings forecast by 8%. Our 2025 earnings forecast is still above consensus forecasts by 49%. In terms of share price performance, BCP is still a laggard in the Thai refinery sector with its share price having dropped 1% ytd compared with BSRC (+11% ytd), Star Petroleum (SPRC, +1% ytd) and Thai Oil (TOP, +7% ytd). Maintain BUY. Target price: Bt5...
- Tanaporn Visaruthaphong
Bangkok Bank (BBL TB) - 1Q24: Results In Line; Unexpected Rise In Cred...
BBL reported 1Q24 earnings of Bt10.5b (+4% yoy, +19% qoq). The results were in line with our forecasts but below consensus estimates by 5.2%. The credit costs and NPL ratio rose unexpectedly. However, the loan loss coverage ratio remains high to cushion future uncertainties. NIM contracted as expected due to rising funding cost. Maintain HOLD. Target price: Bt155.00.
- Arsit Pamaranont
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 19, 2024
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt143.50/Target: Bt155.00) 1Q24: Results in line; unexpected rise in credit costs and NPL ratio. Update Bangchak Corporation (BCP TB/BUY/Bt43.75/Target: Bt52.00) Resilient SAF outlook prompts further earnings upgrade.
- Malaysia Research Team
Malaysia Daily - Friday, April 19, 2024
KEY HIG HLIGH TS Company Update TIME dotCom (TDC MK/BUY/RM5.20/Target: RM6.00) Page 2 Launched free upgrade in fibre home speed to defend and grow its market position in this fast-growing segment. TRADERS’ CORNER Page 5 Citaglobal (CITAGLB MK): Technical BUY Harbour-Link Group (HALG MK): Technical BUY
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, April 19, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10) 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00) Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024....
- Posmarito Pakpahan
Banking – CoF Remains Elevated Due To Liquidity Tightening
As of Feb 24, CoF remained elevated. Combined unconsolidated interest expenses of the big four banks increased 44% yoy in 2M24 while NIM contracted by 21bp in 2M24. Based on historical data, tighter liquidity could improve Indonesian banks’ NIM due to more efficient funding usage. Nevertheless, a longer-term, tighter liquidity can lower NIM. The impact could be different for individual banks, depending on the banks’ funding and asset composition. Maintain OVERWEIGHT. Top picks: BBCA and BMRI.
- Maskun Ramli
- Posmarito Pakpahan
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, April 19, 2024
GREATER CHINA Sector Automobile: Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10): 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00): Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024. IN...
- Adrian Loh Tzum Yung
Singapore Property - The Issue Of More Supply, High Taxes And Interest...
While the higher number of new launches and completed units hitting the Singapore residential market in 2024 and 2025 enables buyers to shop around more, the spectre of persistently higher interest rates, as well as high property taxes, could have a dampening effect on sentiment in the near term. We see limited impact on CDL given its diversified income stream while PropNex could be protected by its high 6.5% dividend yield. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Sands China (1928 HK): 1Q24 -- Market share loss; facility upgrades to...
SC’s adjusted EBITDA missed the street’s estimates, impacted by its ongoing renovations and a lower hold rate. Management expects the renovations to continue to disrupt operations throughout the year, especially during the summer holidays. We foresee pressure on SC’s EBITDA margin due to its ongoing facility upgrades, the industry’s persistently intensive promotional activities, and uncertainty in China’s economic recovery. Maintain BUY with a lower target price of HK$26.80. 1Q24 results belo...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 1Q24 results preview: Focusing on three core strateg...
JD’s top-line growth is expected to be 6% yoy for 1Q24, while GMV growth is projected be exceed China’s 1Q24 retail growth of 4.7% yoy. In 2024, JD will have a clean base after reorganisation and targets to achieve high single-digit normalised GMV growth. Meanwhile, margin is expected to remain stable yoy due to ramped up investment in three major strategies including content ecosystem, open ecosystem and on-demand services. Maintain BUY. Target price: HK$127.00 (US$34.00).
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): Satisfactory 1Q24 sales performances; high-qual...
Anta’s 1Q24 sales momentum was in line with management’s expectation, with sales 20% higher than the company’s internal targets in the second half of March, although the retail sales yoy growth rates were slightly lower than annual targets, mainly due to the high base. Management reiterates the full-year sales targets, with more proactive new product launches in the coming quarters. Maintain BUY and target price of HK$109.60.
- Kate Luang
Crystal International (2232 HK): Well-positioned for market share gain...
Crystal’s differentiated co-creation model and cross-category product offerings remain its key advantages as a leading garment supplier. We expect EPS to grow at an 11% CAGR in 2024-26 on market share gains from sportswear brand customers, thanks to speed-to-market deliveries, vertical integration into the fabric supply and enhanced production efficiency. Initiate coverage with BUY. Target price: HK$4.42.
- Jun Sian Tan
Gamuda (GAM MK) - Scaling New Heights
Scaling New Heights Gamuda is set to deliver a record-high bottom line in FY24, backed by higher earnings from both the construction and property development divisions. The outlook for the construction division remains resilient, underpinned by outstanding orderbook of RM24.1b and promising replenishment prospects. Meanwhile, the property division is expected to record stronger earnings on lumpy recognition of unbilled sales and higher new property sales. Maintain BUY. Target price: RM5.88.
- Nurul Nazira Binti Abdullah
IGB REIT (IGBREIT MK) - 1Q24: Slightly Above Expectations
1Q24: Slightly Above Expectations IGB REIT showed resilience in 1Q24 thanks to strong Chinese New Year spending. Though 2Q24 may be weaker pcal spending due to expected EPF Account 3 withdrawals). Upgrade to BUY with a higher target price of RM1.88 (from RM1.80).
- Malaysia Research Team
Malaysia Daily - Thursday, April 18, 2024
KEY HIG HLIGH TS Company Results IGB REIT (IGBREIT MK/BUY/RM1.75/Target: RM1.88) Page 2 1Q24: Slightly above expectations. Upgrade to BUY. We believe IGBREIT offers some resiliency and a high dividend yield of 6-7%, particularly amid the market’s current volatility. Company Update Gamuda (GAM MK/BUY/RM5.16/Target: RM5.88) Page 5 Set to deliver record-high bottom line in FY24 on higher construction and property development earnings. Maintain BUY. TRADERS’ CORNER Page 8 Ancom Nylex (ANCOMNY MK): T...
- Kenny Yong Hui Lim
Hong Kong Insurance: Value buy or value trap?
We believe the recent regulatory action has limited impact on AIA and Prudential due to the small quantum of new business contribution from the involved brokers. We continue to expect regional insurers to deliver at least 20% yoy new business growth in 1Q24. However, high interest rates and market uncertainty could continue to weigh on their valuations in the near term. Any upside surprise in 1Q24 new business or favourable updates in shareholder returns could turn sentiment around. Maintain MAR...
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