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.
GREATER CHINA Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$16.02/Target: HK$18.80): Zhejiang Monitoring List poses limited impact on NBP capsule, BUY on weakness. NetEase (NTES US/HOLD/US$258.96/Target: US$269.52): Kaola spin-off and Youdao IPO; attention back on game and cloud music. Downgrade to HOLD. INDONESIA Update Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/HOLD/Rp3,590/Target: Rp3,550): Stronger financing growth; benefitting from benchmark rate cut. MALAYSIA Strategy Budget Malaysia 2020: As expected, Budget 2020 featured a moderate increase in development expenditure funded b...
Public transport fare hikes are a positive for SBS Transit’s rail operations, which is currently operating at a loss. The overall fare adjustment of 7% translates to a net increase of about S$17m in annual revenue for the rail operations. While the taxi fleet’s decline is a headwind, management noted some bright spots, such as a recent decrease in driver incentives for Grab. Maintain BUY with a target price of S$2.95.
During our meeting with NWD this week, management addressed various concerns regarding the group. We learnt that the farmland donated for public housing will not be lost as the structure of the donation is akin to that of a lease. Moreover, NWD’s IPs appear resilient amid headwinds from the unrest in Hong Kong. Land sourced from farmland conversions and old building acquisitions will help sustain its Hong Kong property sales pipeline despite an expected decline in the land available for private housing. Maintain BUY. Target price: HK$13.28.
GREATER CHINA Sector Property: 2019 policy address: Measures announced more beneficial than punitive to developers. Wind Power: Low wind resources in Sep 19; possible way to solve subsidy payment delay. Update Anta Sports (2020 HK/BUY/HK$75.65/Target: HK$81.00): 3Q19 operational data in line. Asian Gems Corporate Highlights BOC Aviation (2588 HK/HOLD/HK$73.20/Target: HK$73.50): Impressive ytd returns; ABS structure further reduces residual value risk. Huifu Payment (1806 HK/BUY/HK$2.85/Target: HK$4.44): Investing for a brighter future. INDONESIA Update Indocement TP (INTP IJ/HOLD/Rp19,875/Targ...
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