SGX
ZaoBao Interview
https://www.zaobao.com.sg/finance/singapore/story20230906-1431003
Phillip Capital Market Reports:
US Market
OCBC
DBS
SEA Ltd (SE US)
Indonesia seeks to separate TikTok Shop from its social media app- positive for Sea Ltd
Indonesia SME minister seeks to separate Tiktok social media app from TikTok Shop app
Regulatory action is not confirmed yet but this news flow could be negative enough to distract advertisers and local sellers away from Tiktok in our view
Why we believe this event is a positive for the company?
Click here to read our views
GuocoLand Ltd (GUOL SP)
The best is yet to come
FY23 operating profit up 39% y-o-y to S$195.3m; net profit down 47% y-o-y to S$207.1m on lower fair value gains
S$156.3m fair value gains in FY23, mainly for Guoco Tower and Guoco Midtown, vs. S$248.8m gains in FY22
Recorded >50% sell-through rates across development properties; >85% occupancy rates with strong rents for investment properties
What are the upcoming catalysts for this company?
Click here to read our views
China Southern Airlines Co Ltd (1055 HK)
Approaching an earnings inflection point
1H23 net loss of RMB2.9bn in line with net loss warning range; 2Q23 net loss halved q-o-q to RMB979m
Swifter international traffic recovery given CSA’s advantageous position in intra-regional markets like Southeast Asia
Why we prefer China Southern over other Chinese airlines?
Click here to read our views
Xiaomi Corp (1810 HK)
Gross margin expansion to continue into 2H23
Non-deal roadshow in KL: Investors’ focus on sustainability of 2H23 growth momentum amid general smartphone weakness
Management remains confident that 2Q gross margin improvement would continue into 2H23 and 2024, driven by smartphone premiumisation
We expect overall gross margin to improve from 17% in FY22 to 21% in FY25F
Why we believe the margin expansion is sustainable?
Click here to read our views
DBS Group Research | Equity Picks
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
https://www.zawya.com/en/mena
UOBKH: Retail Market Monitor: Thursday, September 07, 2023
Click on the link for details.
Click on the link for Greater China Daily.
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: 7 September 2023
🇸🇬 SG
Propnex Ltd. (PROP SP)
Dyna-Mac Holdings Ltd. (DMHL SP)
🇭🇰 HK
China Taiping Insurance Holdings Co Ltd (966 HK)
PICC Property and Casualty Co Ltd (2328 HK)
Read More: https://www.kgieworld.sg/research/sep07ta23
Top Stories, 7 Sep 2023
1. Asia markets poised for fall ahead of trade data from China and Australia
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. Li urges Asia to focus on peaceful development
4. US economic growth continues, fueled by dwindling savings: Federal Reserve
5. Oil settles up on expectations of U.S. crude draws and tight supply
6. EUR/USD retreats towards three-month low surrounding 1.0700 as Fed vs. ECB battle intensifies
CIMB
Please refer to below for the technical charts of the day.
SIN
Bullish continuation
HKG
Return of the uptrend
CHN
Early bullish upside
MAL
At 52-week high
Triangle breakout?
ASEAN Daily
Equity Research Reports....
▌ TARGET PRICE CHANGES
THB: Berli Jucker (HOLD, tp:THB35.50▼) (ESG) - Decelerating sales growth (6/9)
▌ SECTOR & COMPANY NOTES
MAL: 7-Eleven Malaysia Holdings (HOLD, tp:MYR2.10) - Steady expansion to drive growth in FY24F (6/9)
MAL: Tenaga Nasional (ADD, tp:MYR12.00) - Starting to deliver on RE ambitions (6/9)
SIN: Seatrium Ltd (ADD, tp:SGD0.19) (HC) - Visit to FLNG vessel Gimi (6/9)
▌ RECENT 'IDEAs OF THE DAY'...
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
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)
THB: Hana Microelectronics (ADD, tp:THB60.00▲) (HC)(ESG) - Looking beyond the trough (18/7)
(HC) - High Conviction; (ESG) - ESG picks
ASIA Pacific Daily
Equity Research Reports.... ▌ TARGET PRICE CHANGES...
CHN: Dian Diagnostics (ADD, tp:CNY29.09▼) - Slower post-pandemic growth (6/9)
THB: Berli Jucker (HOLD, tp:THB35.50▼) (ESG) - Decelerating sales growth (6/9)
▌ SECTOR & COMPANY NOTES...
CHN: Environmental (NEUTRAL) - Carbon Neutrality Research: Policy and News Update (6/9)
KR: F&F (ADD, tp:KRW200,000.00) - New business momentum on the horizon (6/9)
MAL: 7-Eleven Malaysia Holdings (HOLD, tp:MYR2.10) - Steady expansion to drive growth in FY24F (6/9)
MAL: Tenaga Nasional (ADD, tp:MYR12.00) - Starting to deliver on RE ambitions (6/9)
SIN: Seatrium Ltd (ADD, tp:SGD0.19) (HC) - Visit to FLNG vessel Gimi (6/9)
▌ RECENT 'IDEAs OF THE DAY'...
THB: Travel & Leisure - Overall (OVERWEIGHT) - Visa requirement may be lifted for Chinese (5/9)
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)
(HC) - High Conviction; (ESG) - ESG picks
Lim&Tan
MayBank
HK: DIM SUM DAILY
MY: MALAYSIA BANKING
Indonesia
We can't jump from fossil fuels to renewables, Pertamina says IKAPPI Warns of Potential National Rice Emergency
Malaysia
Philippines
Singapore
Thailand
BoI okays 20 projects by Taiwan electronics firms Committee highlights trade issues Thai hotel bookings surge thanks to government agencies Local energy demand to grow in line with the economy Agency sounds alarm over uneven economic recovery Inflation predicted to remain stable Export forecast cut amid global woes
Cambodia
Vietnam
China
India
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