reports
- Ceilica Su Rui
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 1Q24: In line; margin expansion on effective p...
Zijin reported 1Q24 earnings of Rmb6,260.8m (+15.1% yoy), in line with expectations. Gross margin of mining entities expanded by 0.97ppt yoy to 54.5%, driven by cost savings and a spike in metal prices. Mine-produced copper/gold production volume rose 5.2%yoy/5.3% yoy to 262,649 tonnes/16,805kg, and management is confident of meeting the 10%/9% yoy production growth targets for 2024. There is limited impact from the production halt at the Kolwezi mine. Maintain BUY. Target price: HK$18.10.
- Johnny Yum Chung Man
Shenzhen Inovance (300124 CH): 4Q23/1Q24: Results in line. Automation ...
Inovance’s 4Q23/1Q24 results are largely in line with its preliminary results and profit guidance. Management guided for a 15-35%/5-20% growth in 2024’s revenue/net profit respectively, with growth continuing to be driven by general automation and the EV business. However, it also highlighted a challenging macro environment in China and will focus on optimising operational efficiency to offset price competition and raw material price hikes. Maintain BUY. Cut target price to Rmb75.50.
- Kenny Yong Hui Lim
Ping An Insurance Group (2318 HK): 1Q24: Spring is around the corner.
Ping An’s results are broadly in line. The declines in OPAT and net profit were mainly due to weak equity market returns and higher CoR in the P&C segment. VNB growth grew 21% yoy, beating our expectations, led by margin improvement. Net investment yield dropped to 3.0% and its insurance fund exposure to property was largely manageable. Looking ahead, we continue to expect a mid to high single-digit NBV growth and 20% OPAT growth in 2024. Maintain BUY. Target price: HK$52.00.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Jonjee Hi-Tech Industrial & Commercial Page 10 (600872 CH): 1Q24: Resu...
1Q24 earnings ran ahead of our full-year estimate due to higher-than-expected gross margin expansion, which we attribute to product mix upgrade and lower raw material costs. We remain optimistic on Jonjee’s operating efficiency in 2024, given the low base, clear strategic goals by the new management team which is vastly experienced, as well as gross margin expansion. Maintain BUY with an unchanged target price of Rmb36.10.
- Julia Pan Mengyao
- Ming San Soong
iFlytek (002230 CH): FY23 and 1Q24: Earnings missed; dividend of Rmb1....
iFlytek reported its 2023 and 1Q24 results. 2023 revenue grew 4% yoy, below expectations, while net profit rose 17% yoy to Rmb657m, 12% lower than consensus estimates. Meanwhile, 1Q24 revenue grew 26.3% yoy to Rmb3.65b, in line with consensus expectations. Net profit came in at Rmb300m, below consensus forecasts by 73%. Adjusted net loss expanded 30% yoy to Rmb441m. Downgrade to HOLD with a lower target price of Rmb40.00.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Tourism Group Duty Free (601888 CH): 1Q24: Core profit grew 0.2%...
In 1Q24, CTGDF’s revenue declined 9% yoy, but core net profit grew 0.2% yoy, mainly driven by gross margin expansion. Although Hainan duty-free sales momentum has remained weak ytd, we think this will be offset by the recovery of the airport duty-free business. The inventory situation has also been improving. We believe the healthier inventories and the company’s skew towards luxury products will further boost the gross margin. Maintain BUY with an unchanged target price of Rmb106.20.
- Damon Shen
- Jieqi Liu
China And Hong Kong Property: A comparison between H-REITs and C-REIT...
CSRC announced on 19 April that China and Hong Kong REITs will be included in Stock Connect. In the short term, we believe investors will find H-REITs attractive, considering the quality of underlying assets and liquidity of the stocks. Please find an updated list of C-REITs and H-REITs in this report. Maintain MARKET WEIGHT on Hong Kong’s and China’s property sectors. Maintain BUY on LINK REIT, which is trading at an 2025 yield of 8%.
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
360ONE 360 ONE WAM LTD
- Nurul Nazira Binti Abdullah
Axis REIT (AXRB MK) - 1Q24: Results Within Expectations
1Q24: Results Within Expectations In line. Axis REIT (AXRB) reported 1Q24 revenue of RM75m (+0.1% qoq, +8% yoy) and core net profit of RM40m (+1.1% qoq, +23% yoy). 1Q24 core net profit accounted for 26% of our and 24% of consensus full-year forecasts. 1Q24 core net profit of RM40m was derived after excluding non-cash items of RM2m (mainly on fair value gain on derivatives) from reported net profit of RM42m. Declared 2.30 sen dividend for 1Q24 (-4% qoq, +12% yoy). This is within our expectation, ...
- Jack Goh Tooan Orng
Scientex (SCI MK) - Fundamental Refuge Amid Volatile Market Dynamics
Fundamental Refuge Amid Volatile Market Dynamics Despite global market uncertainties, Scientex will prevail as a defensive refuge for investors to weather through potential cyclical downturns. This is backed by the group’s unique dual-segment business model which complements its earnings stability during FY24-25, solid balance sheet foundation, and pristine execution track record. The group is on track to deliver 7-18% earnings growth in FY24-25. Maintain BUY and target price of RM4.58.
- Anas Fitri Bin Ahmad
Automobile - MAA Mar 24 TIV: Higher Sales Due To Hari Raya Promotions ...
MAA Mar 24 TIV: Higher Sales Due To Hari Raya Promotions And Rush Deliveries MAA’s Mar 24 TIV registered sales of 71,052 units (+13% mom, -10% yoy), higher than that in Feb 24, driven by promotional campaigns for the Hari Raya festive season and rush deliveries. We maintain our conservative view on the sector, given the sector’s limited catalysts. This, coupled with lingering concerns of fuel subsidy rationalisation, SST rate hike and the new luxury tax, will impact consumer sentiment. BAUTO is ...
- Malaysia Research Team
Malaysia Daily - Wednesday, April 24, 2024
KEY HIG HLIGH TS Sector Update Automobile – Malaysia Page 2 MAA Mar 24 TIV: Higher sales due to Hari Raya promotions and rush deliveries. Company Update Scientex (SCI MK/BUY/RM4.04/Target: RM4.58) Page 4 Scientex continues to offer stellar mid- to long-term prospects alongside palatable valuations. Maintain BUY with a target price of RM4.58 UOBKH Highlights Axis REIT (AXRB MK/HOLD/RM1.86/Target: RM1.92) Page 7 1Q24: Results within expectations. TRADERS’ CORNER Page 8 Aurelius Technologies (ATECH...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Aztech Global : 1Q24: Earnings In Line With Expectations; Robust Order...
n the face of postponed customer orders from snowstorms in China, Aztech’s 1Q24 earnings of S$15.9m (+19% yoy) are still largely in line with our forecast, forming 15% of our 2024 estimate. IoT devices remain the key revenue contributor, making up 99% of revenue. Orderbook continues to be healthy at S$456m as of 23 Apr 24, with the majority planned for completion in 2Q24. This indicates a strong 2Q24 and healthy revenue growth for 2024. Maintain BUY with a target price of S$1.25.
- Jonathan Koh
Keppel REIT : 1Q24: Broad-based Growth From Singapore And Australia
KREIT had a resilient performance with Singapore and Australia generating positive rental reversions of 10.1% and 16.4% respectively in 1Q24. Management has raised guidance for rental reversion from mid to high single-digit for 2024. 255 George Street is expected to provide a yield of above 6% and accretion of 1.4% on pro forma FY23 DPU. KREIT’s valuation is attractive with 2024 distribution yield of 7.1% (CICT: 5.7% and Suntec: 6.3%) and P/NAV at 0.66x. Maintain BUY. Target price: of S$1.2...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies International : 1Q24: Revenue In Line But Still ...
Nanofilm’s 1Q24 revenue of S$39m (+19% yoy) is in line with expectations at 20% of our full-year estimate, but earnings are still in the red. AMBU saw a 41% yoy growth due to a 51% growth in the 3C sector and a 24% growth in the automobile sector. Gross margin rose 3ppt yoy due to increased contribution from the 3C and industrial segments. Maintain SELL with a 6% lower target price of S$0.56 after cutting our 2024 EPS. Nanofilm is trading at 18x 2024F PE vs 14x for Singapore peers.
- Tanaporn Visaruthaphong
WHA Corporation (WHA TB) - 1Q24 Results Preview: Robust Earnings Expec...
We expect WHA to post 1Q24 earnings of Bt933m (+79% yoy, -62% qoq). Stronger yoy earnings are mainly driven by land transfers. We expect to see land transfers of 646 rai (+130% yoy, -41% qoq), with 388 rai in Thailand and 259 rai in Vietnam. Meanwhile, land transfers should amount to around 642 rai (32% yoy, -11% qoq). Looking forward, we expect positive sentiment of land sales and land transfers to continue for the rest of the year. Maintain BUY. Target price: Bt6.00.
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q24 Preview: Still Facing Headwinds
After recent discussions with IRPC's IR team regarding the company’s 1Q24 results, it appears that IRPC is still facing headwinds from weaker demand in the petrochemical business. We maintain the view that earnings recovery will be delayed to 2H24. Maintain HOLD. Target price: Bt2.10.
- Benjaphol Suthwanish
SCGP (SCGP TB) -1Q24: Better-than-expected Net Profit
SCGP’s 1Q24 net profit increased both qoq and yoy, beating our and consensus expectations of 13% and 18% respectively due to effective cost management. We maintain our positive view on 2Q24 core profit, which is expected to increase yoy after demand in the region recovers. The acquisition of additional Fajar shares will end no later than 27 Aug 24. We view it as
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily - Wednesday, April 24, 2024
KEY HIGHLIGHTS Results Aztech Global (AZTECH SP/BUY/S$0.935/Target: S$1.25): 1Q24: Earnings in line with expectations; robust orderbook drives optimism. Keppel REIT (KREIT SP/BUY/S$0.85/Target: S$1.20): 1Q24: Broad-based growth from Singapore and Australia. Nanofilm Technologies International (NANO SP/SELL/S$0.64/Target: S$0.56): 1Q24: Revenue in line but still loss-making; maintain SELL on rich valuation. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Venture Corp (VMS SP): Tradi...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, April 24, 2024
KEY HIGHLIGHTS Results SCGP (SCGP TB/BUY/Bt33.25/Target: Bt38.00) 1Q24: Better-than-expected net profit. Update IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24 preview: Still facing headwinds. WHA Corporation (WHA TB/BUY/Bt4.66/Target: Bt6.00) 1Q24 results preview: Robust earnings expected.
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, April 24, 2024
KEY HIGHLIGHTS Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb27.55/Target: Rmb36.10) 1Q24: Results abov...
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.