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Charles Wong Kok Min ...
  • Joyce Chan Pui Lai
  • Julia Cheung Pui Man
  • Julia Pan Mengyao
  • Lee Yuk Kei

Greater China Daily: Thursday, July 18, 2019

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

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Education - Online K12 AST regulations have minimal impact on leading K12 AST players.

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.

UOB
Maskun Ramli ...
  • Silvia Dwiputri

Indonesia Daily - Thursday, July 18, 2019

Alam Sutera Realty (ASRI IJ/BUY/Rp344/Target: Rp390): 2H19 presales should improve hoh; upgrade to BUY. TRADERS’ CORNER Vale Indonesia (INCO IJ): Technical BUY Barito Pacific (BRPT IJ): Technical BUY

UOB
Napat Vorajanyavong

Delta Electronics - 2Q19 Results Preview: Core Profit To Hit A Multi-year Low

Update Delta Electronics (DELTA TB/SELL/Bt59.75/Target: Bt53.00) 2Q19 results preview: Core profit to hit a multi-year low.

UOB
Kowit Pongwinyoo ...
  • Thailand Research Team

STRATEGY - THAILAND-2H19 Economic Outlook

Strategy 2H19 Economic Outlook Expect minimal economic recovery in 2H19.

UOB
Thailand Research Team

Thailand Daily: Thursday, July 18, 2019

KEY HIGHLIGHTS Strategy 2H19 Economic Outlook Expect minimal economic recovery in 2H19. Update Delta Electronics (DELTA TB/SELL/Bt59.75/Target: Bt53.00) 2Q19 results preview: Core profit to hit a multi-year low.

UOB
Silvia Dwiputri

Alam Sutera Realty (ASRI IJ) - 2H19 Presales Should Improve hoh; Upgrade To BUY

ASRI booked Rp1.3t in pre-sales in 1H19, or 28.4% of our full-year estimate, driven by the housing segment. We expect 2H19 pre-sales to be higher hoh as interest rate declines and on product launches. We also see higher recurring income, especially from GWK. The company’s leverage is getting healthier, assisted by the rupiah/US$ appreciating from the low of Rp15,000. Upgrade to BUY with a higher target price of Rp390, based on a 75% or -0.5SD discount to RNAV.

UOB
Jonathan Koh ...
  • Loke Pei Hao

CapitaLand Commercial Trust (CCT SP) - 2Q19: Steady growth; Deepens presence in Germany; Downgrade to HOLD

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.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Thursday, July 18, 2019

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

UOB
Robin Yuen

Home Appliances - Pro-consumption policies to boost slowing demand.

China’s pending roll-out of appliances subsidies should boost short-term consumption, repeating the same page out of last decade’s playbook, to counteract a trade war-induced slowdown and support the strategic pivot to domestic consumption. Household penetration and upgrade & replacement demand remain the fundamental growth drivers, while the tepid property outlook will no longer boost demand by much. We are MARKET WEIGHT on the sector.

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Solar Power - Downstream demand to pick up in 2H19.

Overseas demand for solar panels remained strong as module exports soared 83.9% yoy to 26.2GW in 5M19. After the results of competitive bidding were announced in July, we expect better demand conditions and stable solar wafer/module prices in 2H19. We also expect solar glass prices to remain stable in 2H19. However, we think the price drop in 1H19 and further price cuts for wafers/modules, as well as grid parity, would weigh on both upstream and downstream. Maintain MARKET WEIGHT.

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

MicroPort Scientific Corporation - Despite solid domestic growth, weak overseas performance and price regulation may cloud earnings growth.

MicroPort has experienced strong domestic business expansion, and expects vascular device business revenue to grow over 20% yoy and domestic orthopaedic to achieve approximately 50% yoy sales growth in 2019. However, centralised procurement of medical consumables may take place in 2H19, which remains a key risk for its domestic operations. Weak overseas business may also cloud core earnings growth in 2019. Maintain SELL and target price of HK$5.68.

UOB
Carol Dou Xiao Qin ...
  • Joyce Chan Pui Lai
  • Katrina Chen Chucan
  • Michael Cheung Ho Bun
  • Robin Yuen
  • Zhifeng Shen

Greater China Daily: Wednesday, July 17, 2019

KEY HIGHLIGHTS CHINA Sector Home Appliances Pro-consumption policies to boost slowing demand. Solar Power Downstream demand to pick up in 2H19. Update MicroPort Scientific Corporation (853 HK/SELL/HK$6.47/Target: HK$5.68) Despite solid domestic growth, weak overseas performance and price regulation may cloud earnings growth. TRADERS’ CORNER Zoomlion Heavy Industry (1157 HK): Trading Buy Range Xinyi Solar (968 HK): Trading Buy Range

UOB
Chaiwat Arsirawichai

Total Access Communication - 2Q19: Results Beat Expectations On Higher-than-expected ARPU

Results Total Access Communication (DTAC TB/HOLD/Bt53.25/Target: Bt49.00) 2Q19: Results beat expectations on higher-than-expected ARPU.

UOB
Thailand Research Team

Thailand Daily- Wednesday, July 17, 2019

KEY HIGHLIGHTS Results Total Access Communication (DTAC TB/HOLD/Bt53.25/Target: Bt49.00) 2Q19: Results beat expectations on higher-than-expected ARPU.

UOB
Arandi Ariantara ...
  • Carol Dou Xiao Qin
  • Chaiwat Arsirawichai
  • Chong Lee Len
  • Jie Ying Chloe Tan
  • Katrina Chen Chucan
  • Keith Wee Teck Keong
  • Michael Cheung Ho Bun
  • Robin Yuen
  • Zhifeng Shen

Regional Morning Notes - Wednesday, July 17, 2019

CHINA Sector Home Appliances: Pro-consumption policies to boost slowing demand. Solar Power: Downstream demand to pick up in 2H19. Update MicroPort Scientific Corporation (853 HK/SELL/HK$6.47/Target: HK$5.68): Despite solid domestic growth, weak overseas performance and price regulation may cloud earnings growth. INDONESIA Sector Construction: Tactical downgrade to MARKET WEIGHT as earnings growth in 2019 will be less than 15%. MALAYSIA Update RHB Bank (RHBBANK MK/HOLD/RM5.74/Target: RM6.00): Given weakening earnings and share price ytd outperformance, downgrade to HOLD with a lower target pri...

CHINA P&C INSURANCE SECTOR: 36-page initiation report - Price = US$500:-

UOB Kay Hian published on 15th July this initiation report on the China P&C Insurance Sector. Our 40-page report (including the disclaimer) contains an actionable investment idea and includes forecasts for 2019, 2020 and 2021 for two of the HK-listed companies’ key data (including gross written premiums, net profit, EPS, PER, ROE and dividend yield). The report has sections on:- * Investment Highlights: pages 3 - 4; * Highly-Concentrated Market With Stable Loss Ratio: pages 5 -6; * Premium Breakdown: page 7; * Effective Capital Management Supports Sustainable Growth: page 8; * Weak P&C Premium...

UOB
Robin Yuen

China Home Appliances: Pro-consumption policies to boost slowing demand. MARKET WEIGHT

China’s pending roll-out of appliance subsidies should boost short-term consumption, repeating the same page out of last decade’s playbook, to counteract a trade war-induced slowdown and support the strategic pivot to domestic consumption. Household penetration, upgrade and replacement demand remain the fundamental growth drivers, while the tepid property outlook will no longer boost demand much. We are MARKET WEIGHT on the sector.

UOB
Jayson Kong ...
  • Zhifeng Shen

Insurance - Good timing for P&C segment, car sales expected to rebound in 2H19

We expect the P&C segment to outperform the life segment in the next few months as P&C premiums growth recovers, supported by an expected uptick in car sales. On the other hand, life insurers face slow growth in premiums due to unfavourable macroeconomic conditions and low bond yields that are expected to keep P/EV valuation of the life segment suppressed. Initiate coverage with a MARKET WEIGHT rating. Our top pick is PICC P&C with a target price of HK$10.00.

UOB
Nick Liu Sunliang

China Property - Weekly: Financing channel may not tighten further.

Last week (7- 13 July), 37,011 new houses were sold in the 30 cities we monitor, down 6.0% wow. Transaction area totalled 3.87m sqm, down 6.1% wow. New inventory in 15 cities increased 61.3% wow. Transaction-to-new-launch ratio reached 1.30x, higher than the 0.75x in the week of 30 June-6 July. Leading developers are trading at 4.1-9.2x 2019F PE and at a 21.4-65.2% discount to NAV last week. Maintain OVERWEIGHT.

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