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Sumeet Singh

Alibaba IPO/Secondary Listing - Not good for the ADR, should have put a price range to it

Alibaba Group Holding (BABA US) plans to raise around US$13bn (including over-allocation) via a secondary listing in Hong Kong. I have covered some aspects of the deal in my earlier notes: Alibaba IPO/​Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing, Alibaba IPO/​Secondary Listing - Proposed Stock Connect Changes Might Throw a Spanner in the Works, and Alibaba IPO/​Secondary Listing - What does one need to do with the US ADR while waiting for the HK listing? In relative terms, the deal is small considering Baba’s market cap, the number of shares that will be issued...

Peerawat Dentananan

Quality Houses (QH TB) - Set To See A Better Quarter In 4Q19

Update Quality Houses (QH TB/BUY/Bt2.60/Target: Bt3.40) Set to see a better quarter in 4Q19.

Sarat Ruangtaweep Ruangtaweep

KCE Electronics (KCE TB) - Earnings Should Remain Weak In The Near-term

Update KCE Electronics (KCE TB/SELL/Bt17.10/Target: Bt11.20) Earnings should remain weak in the near-term.

Tokyo Electric Power Company Holdings, Inc.: Update following debt rating upgrade to Baa3

Our credit view of Tokyo Electric Power Company Holdings, Inc., reflecting the ongoing support it receives from the central government to pay for its Fukushima-related costs.

Moody's assigns A1 to Fukuoka City’s domestic bond (Japanese only)

2019 年 11 月 14 日、 東京、 ムーディーズ・ ジャパン株式会社( 以下「ムーディーズ」. 行する債券に A1 の格付付与を公表した。 本邦法令上の格付付与日は 2019 年 11 月 14 日である。 格付. ・福岡市 2019 年度第 8 回公募公債( 5 年).

Bright Scholar Education Holdings Ltd: Update to credit analysis

Our credit view of Bright Scholar, reflecting its established position in international and bilingual schools for Chinese students, and its recurring strong cash flow and low leverage.

Thunya Sutavepramochanon

BEC World PCL (BEC TB) - 2020 Earnings Expected To Turn Around

Update BEC World PCL (BEC TB/BUY/Bt6.60/Target: Bt10.00) 2020 earnings expected to turn around.

Ivy Xu Da ...
  • Robin Yuen

Anta Sports - Partial sale of Amer to recruit advisors and incentivise management.

Anta announced its plan to dispose part of its majority stake in Amer Sports to its senior management and two PE funds. The transaction further incentivises Anta’s management while bolstering its advisory circle with more knowledgeable industry experts. With the sale valuation priced at the original cost while Anta retains both majority control and ownership, there should be a neutral impact on share price. Maintain BUY and target price of HK$81.00.

Retail - Australia: Trends of key retail formats (Slides)

Despite growing competition and the tough retail environment, we expect Woolworths, Coles and Wesfarmers to maintain broadly constant credit metrics for fiscal 2020.

Chaiwat Arsirawichai

VNT (VNT TB) - 3Q19: Results In Line With Our Estimate; Outlook Remains Resilient

Results Vinythai (VNT TB/BUY/Bt24.60/Target: Bt30.70) 3Q19: Results in line with our estimate; outlook remains resilient.

Thailand Research Team ...
  • Thananchai Jittanoon

Srisawad Corp (SAWAD TB) - 3Q19: In Line With Our Expectation

Results Srisawad Corp (SAWAD TB/SELL/Bt63.25/Target: Bt58.00) 3Q19: Results in line with our expectation.

Aliasgar Shakir

MOSL: SUN TV NETWORK (Buy)-Weak earnings-Outlook hazy

SUN TV NETWORK: Weak earnings; Outlook hazySUN TV NETWORK: Weak earnings; Outlook hazy(SUNTV IN, Mkt Cap USD2.6b, CMP INR470, TP INR525, 12% Upside, Buy)** Weak ad/subscription performance: 2QFY20 performance was weak; revenue/PAT grew just 6%/4% YoY. While domestic ad growth declined 1.5% YoY, domestic subscription grew 17% YoY due to the accounting change. Sun TV has started reporting gross numbers in the NTO regime, but on a QoQ basis, the run-rate has remained flat, highlighting potential market share loss. Opex (incl. depreciation/amortization) was up 60% YoY even after factoring in INR33...

Nilesh Bhaiya

MOSL: BHEL (Neutral)-Disappoints on execution-working capital deteriorates further

BHEL: Disappoints on execution; working capital deteriorates further (BHEL IN, Mkt Cap USD2.6b, CMP INR55, TP INR52, 5% Downside, Neutral)   Provision reversal supports margins, offsetting weak execution: Sales declined 8.2% YoY to INR62.3b (our estimate: INR71.3b) in 2QFY20. Gross margin shrank 420bp YoY to 37.2%. Net provisions were at -INR760m, leading to a 44% YoY decline in other expenses. Thus, EBITDA margin came in at 4.3% v/s our estimate of 3.5%, leading to a 10.8% YoY jump in EBITDA to INR2.7b. On account of higher interest expense of INR1.2b (+72% YoY), PBT declined 39% YoY to ...

Tushar Manudhane

MOSL: CADILA HEALTH (Buy)-Traction improves in US sales-Consumer wellness drags profitability

CADILA HEALTH: Traction improves in US sales; Consumer wellness drags profitability (CDH IN, Mkt Cap USD3.2b, CMP INR225, TP INR265, 18% Upside, Buy)   Addition in Consumer Wellness segment (Heinz portfolio) leads revenue growth: 2QFY20 sales at INR33.6b (in-line) were up 13.7% YoY, largely led by the Consumer Wellness business (sales at INR3.2b YoY v/s INR1.4b last year). API business also supported growth to some extent (+17.9% YoY to INR1b). India formulations grew 10.4% YoY to INR9.8b (30% of sales) for the quarter. US sales at INR14.5b (45% of sales) were up 9.7% YoY. EM sales grew 7...

Tushar Manudhane

MOSL: AUROBINDO PHARMA (Buy)-Sales uptrend continues led by US/Europe-regulatory headwinds remain

AUROBINDO PHARMA: Sales uptrend continues led by US/Europe; regulatory headwinds remain (ARBP IN, Mkt Cap USD3.5b, CMP INR433, TP INR500, 15% Upside, Buy)   Superior execution in US/acquisition contribution drive revenues: Sales were up 18% YoY to INR56b (our estimate: INR54.2b) in 2QFY20, largely led by the US (+27.3% YoY to INR28b) and Europe (+21.2% YoY to INR14b). New launches, higher sales in existing products and also sales from acquired entity provided momentum during the quarter. Growth markets grew at a subdued rate of 3.8% YoY to INR3b, while ARV/API sales were down 2.5%/1.3% Yo...

Alpesh Mehta

MOSL: MUTHOOT FINANCE (Neutral)-Tepid quarter on growth, but outlook better

MUTHOOT FINANCE: Tepid quarter on growth, but outlook betterMUTHOOT FINANCE: Tepid quarter on growth, but outlook better(MUTH IN, Mkt Cap USD3.6b, CMP INR650, TP INR715, 10% Upside, Neutral)** 2QFY20 PBT increased 41% YoY to INR10.5b, driven by one-off strong GNPL recoveries, which led to income of INR2b. Excluding this one-time income, PBT grew 14% YoY to INR8.5b. PAT for the quarter was INR8.6b, driven by 18% tax rate.** Company took a cautious stance on growth due to tightness in liquidity. As a result, AUM was broadly flat QoQ (up 11% YoY) at INR357b. However, MUTH has raised USD450m senio...

Thunya Sutavepramochanon

SAPPE (SAPPE TB) - 3Q19: Decent Earnings

Results SAPPE (SAPPE TB/BUY/Bt23.80/Target: Bt31.00) 3Q19: Decent earnings.

Adrian Loh Tzum Yung ...
  • Carol Dou Xiao Qin
  • Ivy Xu Da
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kader Farhan Bin Kader Ridzwan
  • Kong Ho Meng
  • Leow Huey Chuen
  • Lucas Teng Yao Yang
  • Michael Cheung Ho Bun
  • Oscar Jiang
  • Peerawat Dentananan
  • Robin Yuen
  • Sarat Ruangtaweep Ruangtaweep
  • Shaun Tan
  • Silvia Dwiputri
  • Singapore Research Team
  • Thananchai Jittanoon

Regional Morning Notes - Thursday, November 14, 2019

GREATER CHINA Results Kingsoft Corp (3888 HK/HOLD/HK$18.48/Target: HK$19.60): 3Q19: Top-line beat with improved operating margin; remain cautious on game performance. Link REIT (823 HK/BUY/HK$81.10/Target: HK$98.85): 1HFY20: Within expectations; special dividend sustains high DPU growth. Tencent Holdings (700 HK/BUY/HK$327.40/Target: HK$412.00): 3Q19: Fintech margin improvement drives margin recovery, strong deferred revenue growth. Update Anta Sports (2020 HK/BUY/HK$75.65/Target: HK$81.00): Partial sale of Amer to recruit advisors and incentivise management. Jacobson Pharma (2633 HK/BUY/HK...

Chaiwat Arsirawichai

Samart Corporation (SAMART TB) - 3Q19: Posts Strong 3Q19 Earnings

Results Samart Corporation (SAMART TB/BUY/Bt7.05/Target: Bt10.50) 3Q19: Posts strong earnings.

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