Bank Rakyat Indonesia is a commercial banking company based in Indonesia. Co. specializes in small scale and microfinance style borrowing from and lending to its retail clients through its over 7,000 branches, units and rural service posts. Co.'s clients' services comprise Savings, Credits and Syariah. Co.'s operations are organized in three segments: Business Services, consisting of bank guarantees, bank clearance, automatic teller machines, export and import services, remittance and safe deposit boxes; Financial Services, consisting of bill payments, Cepebri, Inkaso, deposit acceptance, online transactions and transfers, and Other Services.
Comfortdelgro Corp. and its subsidiaries have eight operating divisions: Bus, which is engaged in bus fare collections, the operation of scheduled services, provision of coach rental services and ancillary advertisement; Bus Station, which is engaged in fare collection; Rail, which is engaged in rail fare collection and ancillary advertisement; Taxi, which is engaged in renting out taxis, operating taxi bureau services and ancillary advertisement; Automotive Engineering Services, which is engaged in the provision of vehicular maintenance and repair services; Inspection and Testing Services, which provides motor vehicle inspection services; Car Rental and Leasing; as well as Driving Centre.
The Siam Cement Public Company Limited is a Thailand-based holding company engaged in the industrial supplies and construction industries. The Company and its subsidiaries operate four business segments: SCG Cement-Building Materials segment, which is the manufacture and sale of grey cement, ready-mixed concrete, white cement, dry mortar, roof tiles, concrete paving blocks, ceramic tiles, sanitary wares and sanitary fitting; SCG chemicals segment, which is the manufacture and sale of olefins, polyolefins and other chemical products; SCG packaging segment, which is the manufacture and sale of pulp, printing and writing paper, gypsum linerboard, corrugated boxes and securities document, and other segment, which is the joint investment with other companies in agricultural machines, automotive parts and components, as well as other services.
The proposed acquisition of 21 Harris Street in Sydney, Australia will deepen SUN’s Australia exposure from 11% to 14% of its total AUM. The acquisition is expected to be DPU-accretive (boosting pro-forma FY18 DPU by 0.5%). The transacted price is fair and in line with the independent valuation by JLL. Maintain HOLD with a higher target price of S$2.00 (previously S$1.99). Entry price: S$1.82.
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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