ANTA Sports Products is principally engaged in the manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China. As of Dec 31 2014, there were 7,662 ANTA Stores, 1,228 Kids sportswear series stores and 519 FILA stores in China, Hong Kong and Macao.
DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
PT Erajaya Swasembada Tbk is an Indonesia-based company primarily engaged in mobile phones and tablets distribution and retail business. Some mobile phone brands that it distributes and retails are Apple, BlackBerry, HTC, Huawei, LG, Motorola, Nokia, Samsung and Sony. It also distributes and retails prepaid top-up cards, subscriber identity module (SIM) cards, computers and other gadgets as well as mobile phone accessories. It operates its retail stores under various brands, such as Erafone Megastore; Erafone Gadget Store; iBox, which retails Apple products exclusively, and AndroidNation, which retails Android products exclusively. Its subsidiaries include PT Teletama Artha Mandiri, PT Erafone Artha Retailindo, PT Sinar Eka Selaras and PT Data Citra Mandiri.
Hana Microelectronics Public Company Limited is engaged in the manufacture and trading of electronic components. The Company operates through two segments: The Printed Circuit Board Assembly (PCBA) Segment, which produces and sells PCBA, and The Integrated Circuit (IC) Segment, which produces and sells IC. It is an electronic manufacturing service producer with facilities in Lamphun Province, Ayutthaya Province, Jiaxing, China and Twinsburg, Ohio, the United States. It provides various assembly processes serving a range of electronic industries, which includes IC assembly and test, micro-electro-mechanical systems, sensors, System in package (SiP), light emitting diode (LED), optocouplers; printed circuit board assembly, chip on board assembly and test, and lamination; surface-mount technology, chip on flex assembly and test, coil winding, integrated circuit assembly and test, LED packaging and test, and liquid crystal microdisplays and radio frequency identification (RFID) devices.
KEY HIGHLIGHTS CHINA Sector Property Embracing megacity clusters. Update Anta Sports (2020 HK/BUY/HK$51.30 /Target: HK$60.00) 2Q19 operational data in line while management rebuts short-seller allegations. TRADERS’ CORNER China Overseas Grand Oceans (81 HK): Trading Buy Range Greentown Service (2869 HK): Trading Buy Range
Anta’s 2Q19 sales trended above our full-year estimate and are in line with management’s internal expectations. Management further rebutted the remaining allegations from Muddy Waters’ short-seller report convincingly. Channel inventory and retail sales growth remain healthy. We recommend accumulating Anta on weakness as it remains one of our top picks in the sportswear sector. Maintain BUY and target price of HK$60.00, implying 25x 2019F PE.
We expect ERAA to record higher qoq profit in 2Q19, driven by: a) higher festive demand as volumes tend to pick in the Lebaran season; b) clearance sales which have reduced excess inventory; c) short-term loan payments that translate to Rp22b reduction in interest expense; and d) sales of Xiaomi Redmi Note 7. At current prices, the market is pricing in earnings of Rp700b for 2020 - the second highest in the past 10 years. Downgrade to SELL but raise target price to Rp1,680.
KEY HIGHLIGHTS CHINA Sector Education Online K12 AST regulations have minimal impact on leading K12 AST players. Small/Mid Cap Highlights China Display Optoelectronics Technology (334 HK/HOLD/HK$0.57/Target: HK$0.65) Margin squeeze concern; processing agreement with parent company. TRADERS’ CORNER CNBM (3323 HK): Trading Buy Range Minth Group (425 HK): Trading Buy Range
The long anticipated online K12 regulations have finally been announced, and remove some of the regulatory overhang on the K12 AST segment. We view the regulations as mildly negative as rules on teaching hours and prepaid fee collection are slightly more stringent than offline K12 AST. Similar to management guidance, we think both leading K12 AST players will be able to meet regulatory requirements and expect strong results to be announced next week. Excluding the post-K12 segment in the education sector, we prefer EDU over TAL. Maintain OVERWEIGHT.
2Q19 results were in line with expectations. CCT benefitted from the up-cycle in the office market with average office rent increasing 3.5% qoq to S$10.05psf pm, although committed office occupancy dipped slight by 0.7ppt qoq to 98.3%. CCT will embark on AEIs for 21 Collyer Quay and Six Battery Road in 2020. The acquisition of MAC in Frankfurt, Germany is accretive to 1H19 DPU by 1.0% (40% debt) to 2.5% (100% debt). Share price has already outperformed. Downgrade to HOLD. Target price: S$2.17. Entry price: S$1.98.
KEY HIGHLIGHTS Results CapitaLand Commercial Trust (CCT SP/HOLD/S$2.17/Target: S$2.17): 2Q19: Steady growth; deepens presence in Germany; downgrade to HOLD. The stock has already outperformed and upside could be limited. TRADERS’ CORNER Capitaland Mall Trust (CT SP): Trading Buy Oversea-Chinese Banking Corp (OCBC SP): Trading Buy
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