Chaiwat Arsirawichai ...
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Ken Lee
  • Loke Pei Hao
  • Lucas Teng Yao Yang
  • Raphon Prima
  • Tanaporn Visaruthaphong

Regional Morning Notes - Wednesday, July 10, 2019

Automobile: PV retail sales growth returns to positive territory in June.

Bank Rakyat Indonesia (BBRI IJ/BUY/ Rp4,410/Target: Rp4,900): Potential 20% net income growth in 2020 has not been priced in; upgrade to BUY.

Hong Leong Bank (HLBK MK/HOLD/RM19.00/Target: RM20.45): Moderating revenue trends and relatively rich valuations at 1.48x FY20F P/B against ROE of 10.4% (sector P/B: 1.18x, ROE: 10.2%) prompt us to maintain HOLD.

ComfortDelGro Corporation (CD SP/BUY/S$2.84/Target: S$3.08): Positives from regulatory changes.
Suntec REIT (SUN SP/HOLD/S$1.95/Target: S$2.00): Continued expansion In Australia.

Siam Cement (SCC TB/SELL/Bt462.00/Target: Bt410.00): Outlook remains challenging; downgrade to SELL.
Bank Rakyat Indonesia

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.

Hong Leong Bank Berhad

Siam Cement PCL

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.

Suntech SA


Chaiwat Arsirawichai

Johnny Yum Chung Man

Jonathan Koh

Keith Wee Teck Keong

Ken Lee

Loke Pei Hao

Lucas Teng Yao Yang

Raphon Prima

Tanaporn Visaruthaphong

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