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US retail sales fall less than expected (-0.1% m-o-m) in sign of consumer resilience and soft landing for economy
China pumps RMB 1.45tn (US$200bn) of cash into its banking system to support stimulus funding
US retailer Target shares surge 18% after reporting earnings beat and margin improvements
China Property Sector
En route to a bumpy but mild recovery
National sales in Oct expectedly moderated on declined project launches and gradually fading policy impact since mid-Oct
Yet-to-stabilise physical market should prompt more policy easing; expect bumpy but mild recovery over remainder of the year alongside likely pick-up in project launches
Who will be the top beneficiary of a recovery return of the China property market?
CapitaLand India Trust (CLINT SP)
Will there be an election catalyst again?
We think CLINT share price should find support at $1.04-1.07 if there’s a pullback following recent gains, though stock tends to hold up well 6 months leading up and into the Elections
Beyond the positive elections effect, CLINT’s robust fundamentals should feature favourably amongst the SREITs in the coming year
What datapoints support our view on CLINT?
Grand Venture Technology Ltd (GVTL SP)
Semiconductor still down but there is
merit in diversification
9M23 revenue of S$82.4m (-17.6% YoY) broadly in line with expectations
9M23 earnings of S$4.7m (-55.3% YoY) missed expectations on continued margin pressure
Industry emerging out of a chip glut, but pronounced uptick for GVT likely delayed till 2H24
How do we see diversification as a good counterbalance for GVTL?
Silverlake Axis Ltd (SILV SP)
1Q24 inline, strong recurring revenue
1Q24 inline, margins stable; net earnings highest compared to last three quarters
Strong recurring revenue, expect further growth for maintenance and enhancement services segment
Healthy secured orders with robust deal pipeline with >RM100m contracts per quarter
Do we see order momentum remaining strong for the coming quarters for SILV?
HKR International Ltd (480 HK)
An undervalued, niche developer
Starlight One in Jiaxing should offer decent returns
Applying for pre-sale consent for Discovery Bay Master Plan 7.0E Ph 1
HKRI Taikoo Hui in Shanghai posts post-pandemic recovery
Is HKR still a BUY for us at a 90% discount to NAV?
Singapore Equity Picks: Read more
Hong Kong Equity Picks: Read more
UOB
UOBKH: Country Dailies: Thursday, November 16, 2023
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.
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UOBKH: Retail Market Monitor: Thursday, November 16, 2023
KGI
CIMB
ASEAN: CGS-CIMB ASEAN Daily - 16 November 2023
▌ TARGET PRICE CHANGES
PH: Bloomberry Resorts (ADD, tp:PHP14.95▼) (HC) - 3Q23 earnings in line, optimistic for 4Q23F (15/11)
PH: DMCI Holdings Inc (ADD, tp:PHP11.00▲) - Turning less downbeat on FY24F prospects (15/11)
SIN: Delfi Ltd (ADD, tp:SGD1.56▼) - Turning more cautious on macro uncertainty (15/11)
THB: Amata Corporation (ADD, tp:THB30.00▲) (ESG) - Amata City Long Thanh finally started (15/11)
▌ ECONOMIC & STRATEGY NOTES
IND: Economic Update - Trade and externalities lend support to IDR (15/11)
▌ SECTOR & COMPANY NOTES
SIN: SEA Ltd (ADD, tp:USD61.00) - Front-loaded spend to reinvigorate growth (15/11)
SIN: Silverlake Axis Ltd (ADD, tp:SGD0.37) - Keeping the order win momentum going (16/11)
THB: Chularat Hospital (REDUCE, tp:THB2.55) - Boosted by high margin and low SG&A (15/11)
▌ RECENT 'IDEAs OF THE DAY'...
MAL: Utilities - Overall (OVERWEIGHT) - Malaysia, ASEAN’s renewable battery (6/11)
MAL: Strategy Note - Budget 2024: policy continuity (14/10)
MAL: Economic Focus - Budget 2024: Raise revenue, cut spending (14/10)
THB: Hana Microelectronics (ADD▲, tp:THB80.00▲) (ESG) - Multiple tailwinds to drive OP growth (10/10)
MAL: Strategy Note - One step at a time (4/10)
APAC: ASIA Pacific Daily - 16 November 2023
▌ TARGET PRICE CHANGES...
CHN: Lens Technology Co Ltd-A (ADD, tp:CNY16.50▼) (ESG) - Chinese customer orders recovering (15/11)
HKG: Sun Art Retail Group (HOLD, tp:HKD1.70▼) - Transformation still takes time (15/11)
PH: Bloomberry Resorts (ADD, tp:PHP14.95▼) (HC) - 3Q23 earnings in line, optimistic for 4Q23F (15/11)
PH: DMCI Holdings Inc (ADD, tp:PHP11.00▲) - Turning less downbeat on FY24F prospects (15/11)
SIN: Delfi Ltd (ADD, tp:SGD1.56▼) - Turning more cautious on macro uncertainty (15/11)
THB: Amata Corporation (ADD, tp:THB30.00▲) (ESG) - Amata City Long Thanh finally started (15/11)
▌ STRATEGY & ECONOMIC NOTES...
CHN: Strategy Note - China’s “three major projects” to play key role in stabilising economic growth (15/11)
IND: Economic Update - Trade and externalities lend support to IDR (15/11)
▌ SECTOR & COMPANY NOTES...
SIN: SEA Ltd (ADD, tp:USD61.00) - Front-loaded spend to reinvigorate growth (15/11)
SIN: Silverlake Axis Ltd (ADD, tp:SGD0.37) - Keeping the order win momentum going (16/11)
THB: Chularat Hospital (REDUCE, tp:THB2.55) - Boosted by high margin and low SG&A (15/11)
▌ RECENT 'IDEAs OF THE DAY'...
MAL: Utilities - Overall (OVERWEIGHT) - Malaysia, ASEAN’s renewable battery (6/11)
MAL: Strategy Note - Budget 2024: policy continuity (14/10)
MAL: Economic Focus - Budget 2024: Raise revenue, cut spending (14/10)
THB: Hana Microelectronics (ADD▲, tp:THB80.00▲) (ESG) - Multiple tailwinds to drive OP growth (10/10)
MAL: Strategy Note - One step at a time (4/10)
Lim&Tan
MayBank
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