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UOB
Chaiwat Arsirawichai

True Corporation (TRUE TB) - Expect Improving Core Earnings In 4Q19 To Support Share Price

Update True Corporation (TRUE TB/BUY/Bt4.44/Target: Bt6.20) Expect improving core earnings in 4Q19 to support share price.

Mercy Health Services, MD: Update following upgrade to Baa1

Our view of Mercy Health Services reflecting solid revenue and absolute cash growth along with operating stability, despite elevated leverage metrics and a competitive primary service area.

UOB
Carol Dou Xiao Qin ...
  • Michael Cheung Ho Bun

CSPC Pharmaceutical Group - 9M19: Earnings growth remains strong, up 24.0% yoy.

CSPC reported satisfactory results with revenue and earnings growing steadily by 27.5% yoy and 24.0% yoy respectively in 9M19. The results are in line with our estimates. Its effective market penetration strategies continue to boost revenue of the innovative product segment and improve gross margin. As the company transforms itself into an innovative company, we expect CSPC to deliver steady earnings growth in 2019-21. Maintain BUY and target price of HK$24.70.

UOB
Peerawat Dentananan

Minor International (MINT TB) - Announces Investment In BonChon

Update Minor International (MINT TB/BUY/Bt37.25/Target: Bt48.25) Announces investment in BonChon.

Mega International Commercial Bank: Key Facts and Statistics - H1 June 2019

A summary company profile, detailing Mega International Commercial Bank Co., Ltd.’s business operations and financial highlights.

UOB
Kowit Pongwinyoo

Bangkok Dusit Medical Services (BDMS TB) - To Return To Growth Mode In 2020

Update Bangkok Dusit Medical Services (BDMS TB/BUY/Bt24.00/Target: Bt27.50) The worst performance from 2Q19 is behind us; looking for core profit growth in 2020.

UOB
Carol Dou Xiao Qin ...
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Ken Lee
  • Michael Cheung Ho Bun
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Tuesday, November 19, 2019

KEY HIGHLIGHTS Sector Automobile Takeaways from China EV auto sector marketing trip in Kuala Lumpur. Property Limited rebound in sales; downward trend in investment has not changed. Steel Weekly: Short-term recovery on de-stocking, but not sustainable. Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$20.55/Target: HK$24.70) 9M19: Earnings growth remains strong, up 24.0% yoy. TRADERS’ CORNER COSCO Shipping Port (1199 HK): Trading Buy Range PRADA (1913 HK): Trading Buy Range

UOB
Kowit Pongwinyoo

Italian-Thai Development (ITD TB) - 3Q19: Core Profit Continues To Fall

Results Italian-Thai Development (ITD TB/SELL/Bt1.63/Target: Bt1.30) 3Q19: Core profit contracted from low margins. Expect no core profit growth both this and next year. Maintain SELL

UOB
Nick Liu Sunliang ...
  • Shaun Tan

Property - Limited rebound in sales; downward trend in investment has not changed.

At present, transactions in the property market remain stable, and the expectation of a rise in housing prices is not strong. Developers are facing pressure from deregulation and will continue to reduce prices in 4Q19. Developers’ strategy of cash collection remains unchanged, but the weak land transaction and the recovery in inventory will restrict developers’ liquidity. Hence, we expect investment in property to gradually drop. Maintain MARKET WEIGHT.

UOB
Johnny Yum Chung Man ...
  • Ken Lee

Automobile - Takeaways from China EV auto sector marketing trip in Kuala Lumpur.

Takeaways from the recent marketing trip in Malaysia, Kuala Lumpur on the China EV sector include: a) China’s EV sales growth has peaked, b) China’s EV companies will be crumbled by subsidy cuts, c) Tesla’s launch of China-made Model 3 is set to reshape industry landscape – high-end Chinese branded EVs will be wiped out, and China-made luxury cars will lose market share to Model 3. The companies along Tesla’s supply chain in China will benefit. Maintain MARKET WEIGHT. SELL BYD.

UOB
Thailand Research Team

Thailand Daily - Tuesday, November 19, 2019

KEY HIGHLIGHTS Results Italian-Thai Development (ITD TB/SELL/Bt1.63/Target: Bt1.30) 3Q19: Core profit contracted from low margins. Expect no core profit growth both this and next year. Maintain SELL Update Bangkok Dusit Medical Services (BDMS TB/BUY/Bt24.00/Target: Bt27.50) The worst performance from 2Q19 is behind us; looking for core profit growth in 2020. Minor International (MINT TB/BUY/Bt37.25/Target: Bt48.25) Announces investment in BonChon. True Corporation (TRUE TB/BUY/Bt4.44/Target: Bt6.20) Expect improving core earnings in 4Q19 to support share price.

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong

Steel - Weekly: Short-term recovery on de-stocking, but not sustainable.

ASPs of domestic steel products are seeing a rebound recently due to dropping inventory levels, particularly rebar. We also calculated that steel spreads are recovering qtd, aided by spot steel price recovery and raw material cost decline, particularly iron ore. However, we think the recovery should be short-lived, and headwind will persist into 1H20. Maintain UNDERWEIGHT until we see clearer signs of the downstream demand recovery.

UOB
Maskun Ramli ...
  • Stevanus Juanda

Indonesia Daily - Tuesday, November 19, 2019

Strategy: Takeaways From HOR Conference – Re-enter Indonesia: Malaysian clients likely to re-enter Indonesia as earnings growth rate is still the highest in ASEAN. Positive on corporate tax cut, cabinet formation and structural GDP growth. TRADERS’ CORNER PP Persero (PTPP IJ): Technical BUY Bank Rakyat Indonesia (BBRI IJ): Technical BUY

Yang Tian

中信建投(国际)研究部-朝闻香江:美国国债缩减跌幅 据称中国对贸易协议前景持悲观态度

朝 闻 香 江  【宏观要闻】 美国国债缩减跌幅 据称中国对贸易协议前景持悲观态度 鲍威尔会见川普和姆努钦 讨论经济和贸易等问题 美国商务部将华为临时许可证延长90天 将继续严格监控敏感技术的出口 德国央行预计第四季度德国经济陷入停滞 人行下调逆回购利率 沪指缩量收升0.62%收复2900点 今日公布宏观数据:美国9月长期资本净流入;欧元区9月经常帐;美国10月新屋开工月率;美国10月营建许可月率 【公司及行业讯息】 发改委:汽柴油价每吨分别提高70元和65元人币 中钢协:10月粗钢日产续下降,供需矛盾进一步缓解 工信部:首十月电信业务收入增速转正 10月收入增2.6% 李克强:推进南水北调後续工程等重大水利建设 拉动有效投资 中移动(00941.HK)否认「停售华为三款5G手机」有关传言 博骏教育(01758.HK)拟收购成都土地扩建中学校舍 四洲集团(00374.HK)收购日本零食经销商宫田控股15% 中交(01800.HK)投资哥伦比亚地铁项目 合同额50亿美元 博富临(00225.HK)全年纯利1.37亿 末期息34仙 壹传媒(00282.HK)中期亏损扩至3.12亿元 中金公司(03908.HK)首九个月赚31.39亿人民币 增15.4% 远大医药(00512.HK)获全球首创副流感新药全球开发及商业化权益 嘉里物流(00636....

Moody's affirms ten classes of MSBAM 2013-C13

Rating Action: Moody's affirms ten classes of MSBAM 2013- C13. Global Credit Research- 18 Nov 2019. Approximately $738 million of structured securities affected.

Cannabis Junior Making Progress Amidst Tough Market Conditions

AIW

La Vista (City of) NE: Update to credit analysis

Our credit view of La Vista that reflects a growing tax base in suburban Omaha, satisfactory financials, elevated debt with additional borrowings, and lack of post-retirement liabilities.

Fronterra Village Metro. District No. 2, CO: New issuer

Our credit view of Fronterra Village Metro District No. 2, CO highlighting its small tax base, limited reserves, and moderate debt burden.

PFP 2019-6, Ltd.: Pre-Sale

Pre-Sale Report

UOB
Adrian Loh Tzum Yung ...
  • Loke Pei Hao

Property - Strength beneath the headlines

Oct 19 URA private new sales showed another month of strength (+85% yoy), although this appears weak on a mom comparison (due to fewer RCR launches). Some of the more attractively-priced previously-launched properties continue to see buying-interest return, such as Parc Esta (92 sold). As a Nov 19 pre-cursor, we also saw SengKang Grand setting a new S$1,700psf benchmark (32% cumulative sales) during its launch weekend. Maintain MARKET WEIGHT with CDL and PropNex as our top picks.

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