Phillip Capital Market Reports:
Phillip Morning Note today : https://mailchi.mp/phillip/phillip-morning-note-256007
US Market
OCBC
CNOOC LTD (883 HK)
CHINA RAILWAY GROUP (390 HK / 601390 CH)
SINOPHARM GROUP CO. LTD. (1099 HK)
DBS
Latest changes: DBS Equity Picks
DBS Equity Picks have consistently outperformed market benchmarks since inception.
NEW REMOVAL
Remove UMS Holdings from Growth category (Singapore)
New Hope Liuhe Co Ltd (000876 CN)
Cost control to drive profit improvement
1H23 attributable loss/core loss narrowed by 28%/19% to RMB2.98m/RMB2.99m, in line with preliminary result announcement.
Cost control remains the key to profit improvement with target production cost of RMB16/kg by end-2023 (2Q23: RMB16.6/kg).
When we believe the company will return to profitability?
Click here to read our views
LONGi Green Energy Technology Co Ltd (601012 CH)
Optimistic on long term demand of solar
Clarified cell technology roadmap to focus on self-developed HPBC cells
Transition to N-type cell technology will require higher quality wafers, playing to LONGi’s strengths
How the company will maintain its competitive advantage in the solar sector?
Click here to read our views
Trip.com Group Ltd (9961 HK)
Expect strong momentum to sustain in 2H23
Revenue surged 180% y-o-y to Rmb11.2bn, surpassing the 2Q19 level by 29%, and 5% higher than market expectations
Outbound travel air and hotel bookings recovered to 60% of 2Q19’s level, outpacing the industry level of 37% in 2Q23
Non-GAAP net profit reached Rmb3.4bn (vs Rmb203m net loss in 2Q22), on better operating leverage driven by stronger revenue growth
Why we are more optimistic on 2H23?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Regional Morning Meeting Notes: Wednesday, September 06, 2023
Click on the link for details.
UOBKH: Retail Market Monitor: Wednesday, September 06, 2023
Click on the link for details.
Click on the link for Greater China Daily. https://research.uobkayhian.com/content_download.jsp?id=75036&h=35971dffa74316dc61d022a317529057
Click on the link for Indonesia Daily.
Click on the link for Malaysia Daily.
Click on the link for Singapore Daily.
Click on the link for Thailand Daily.
KGI
Technical Analysis: 6 September 2023
🇸🇬 SG
Rex International. (REXI SP)
Aztech Global Ltd. (AZTECH SP)
🇭🇰 HK
China Oilfield Services Ltd (2883 HK)
Zoomlion Heavy Industry Science and Technology Co Ltd (1157 HK)
Read More: https://www.kgieworld.sg/research/sep06ta23
TRADING IDEAS: 🇸🇬 SINGAPORE
6 September 2023
🏙 DBS Group Holdings Ltd (DBS SP): SGD strengthens again
BUY Entry 33.10 – Target – 34.50 Stop Loss –32.35
🏢 AEM Holdings Ltd (AEM SP): Positive signs of recovery
BUY Entry 3.50 – Target – 4.00 Stop Loss – 3.25
➡️ Read More: https://www.kgieworld.sg/research/sep06sg23
Top Stories, 6 Sep 2023
1. Asia markets mixed after Saudi Arabia and Russia extend oil cuts
2. Introducing HKEX Options on Futures Contracts (OOF) on on Hang Seng Index Futures and Hang Seng China Enterprises Index Futures. The new OOF will offer investors the opportunity to take a futures position on HKEX’s markets prior to the settlement of the underlying futures contract.
Find out more: https://www.kgieworld.sg/research/hkex-oof
3. China says economic ‘fundamentals’ are unchanged despite its slowdown
4. Oil prices settle at 10-month high as Saudi, Russia extend supply cuts
5. US Fed’s debt runoff is ‘painless’ at US$1 trillion mark, with bigger test ahead
6. EUR/USD bears eye 1.0635 as EU recession woes contrast with US soft landing concerns
CIMB
ASIA Pacific Daily Equity Research Reports....
▍IDEA OF THE DAY (IOD)...
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
A temporary tourist visa exemption for Chinese tourists could give a strong boost to Thailand’s foreign tourist arrivals in 4Q23F. We expect AOT, ERW, SPA and CENTEL to benefit the most from the potential visa exemption for Chinese tourists. We anticipate new stimulus measures to be announced after the first cabinet meeting which is likely to take place in early-Sep 23, in our view.
▌ RECOMMENDATION CHANGES & INITIATIONS...
KR: Hyundai Mipo Dockyard (REDUCE▼, tp:KRW83,000.00▲) - Organic OPM limit likely to weigh on (5/9)
▌ TARGET PRICE CHANGES...
HKG: A-Living Services (HOLD, tp:HKD6.20▼) - Provisions to hamper EPS growth (6/9)
HKG: Trip.com (ADD, tp:HKD435.00▲) - Travel demand remains strong (5/9)
▌ STRATEGY & ECONOMIC NOTES...
THB: Economic Update - The land of smiles, with low living expenses (5/9)
▌ SECTOR & COMPANY NOTES...
CHN: China Minsheng Bank-A (REDUCE, tp:CNY2.40) - Remain concerned about ROE (5/9)
CHN: Jiangsu Yanghe Brewery (ADD, tp:CNY199.00) - Home market expected to accelerate growth in 2H23F (5/9)
CHN: Property - Overall (OVERWEIGHT) - Takeaways from Centaline China expert call (6/9)
HKG: China Minsheng Bank (REDUCE, tp:HKD2.20) - Remain concerned about ROE (5/9)
▌ RECENT 'IDEAs OF THE DAY'...
KR: Samsung Electronics (ADD, tp:KRW115,000.00▲) (HC) - Entering Nvidia’s AI GPU supply chain (1/9)
KR: Amorepacific Corp (ADD▲, tp:KRW160,000.00▲) - Strong travel retail recovery expected (22/8)
MAL: Semiconductor (UNDERWEIGHT) - Risk-reward not appealing (16/8)
IND: Astra International (ADD, tp:IDR7,925.00) - What the competitors are up to (14/8)
IND: Internet Services (OVERWEIGHT) - A new era of rivalry in the making? (4/8)
(HC) - High Conviction; (ESG) - ESG picks
Lim&Tan
MayBank
HK: DIM SUM DAILY
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