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Date Description Country Analyst Download
21-Feb-2020 GENERTEC UNI MEDICAL (2666.HK) Transformation of diversified medical service is progressing steadily, refocus recommended HongKong/China Leon Duan
20-Feb-2020 CEMENT - Rosy Outlook Indonesia Anugerah Zamzami Nasr
20-Feb-2020 Indocement Tunggal Prakarsa (INTP IJ) Brighter Outlook Indonesia Anugerah Zamzami Nasr
20-Feb-2020 Semen Indonesia (Persero) (SMGR IJ) - Business Transformation Indonesia Anugerah Zamzami Nasr
20-Feb-2020 PATH India Anshul Bhargava
19-Feb-2020 PhillipCapital - Q3FY20 Earnings Review: Better than Q2; revenues stay tepid India Anjali Verma
19-Feb-2020 FLAT GLASS (6865.HK) Entered into “Fast Lane” of Long-term Development HongKong/China Jing Zhang
19-Feb-2020 • Singapore GDP forecast for 2020 downgraded by MTI to -0.5% to +1.5% (previously +0.5% to +2.5%). Baseline growth rate for 2020 is 0.5% (2019: +0.7%) • Overall 2020 fiscal deficit of S$10.9bn (2.1% of GDP). This compares with the 2019 S$1.6bn deficit (0.3% of GDP). Net Investment Returns is expected to be the largest contributor to government coffers in 2020 at S$18.6bn. • Planned 2% point increase in GST to be deferred to 2022 to 2025. • Major stimulus includes wage relief, payouts to households and income tax rebate. The government added it is prepared to offer more if the situation worsens. • There is no change to our recommendations or forecast. The budget provides some near-term cost relief but it does not change the demand dynamics. A beneficiary of the budget will be supermarket operator Sheng Siong through the wage relief and cash disbursements to households. Singapore Paul Chew
19-Feb-2020 - Revenue and PATMI were within expectations, excluding S$27.3mn impairment on the taxi business. Excluding provisiions PATMI would have declined an estimated 5%. - Public transport services was surprisingly the worst hit segment with 25% YoY drop in 4Q19 operating profit. We believe a lumpy license fee could have been the trigger. - Headline results was weak due to provision in taxi business and likely license fee expenses. We maintain ACCUMULATE but with a lower target price of S$2.20 (prev: $2.56). Our PATMI for FY20e is lowered by 16% to account for weaker traffic, rental rebates and disruption in China operations. Singapore Paul Chew
18-Feb-2020 Infrastructure - The ‘order-book-keeper’ – Mixed trends; Momentum picking up India Vibhor Singhal
18-Feb-2020 Thangamayil Jewellery: Company Update: Set for takeoff - Maintain BUY India Vishal Gutka
18-Feb-2020 Finolex Cables Ltd: 3QFY20 Results- Muted performance due to slowdown continues India Deepak Agarwal
17-Feb-2020 Ashok Leyland (AL IN) - Q3FY20 update - Near term weakness priced in - Neutral India Saksham Kaushal
17-Feb-2020 SAIL 3QFY20: Better volumes and operating leverage to drive earnings (Maintain Buy) India Vikash Singh
17-Feb-2020 Mangalam Cement (Neutral ; PO Rs300 India Vaibhav Agarwal
17-Feb-2020 KDDL - Q3FY20 Review: Volume recovery in Ethos (Maintain NEUTRAL) India Vikram Suryavanshi
17-Feb-2020 Retail Sector Q3FY20 review:Revenue growth slows, margins expand India Ankit Kedia
17-Feb-2020 Sadbhav Engg 3QFY20 - Disappointment continues; Valuations the only saving grace India Vibhor Singhal
17-Feb-2020 - 3QFY20 revenue was better than expected. Earnings missed due to weaker margins. EBIT margins impacted by cargo weakness, increased IT expenses and higher contribution of newly consolidated Country Foods. - Associate earnings fell due to start-up losses at new Daxing operations and exclusion of prior year gain on of sale of S$5.8mn from DFASS to KrisShop. - The outlook is uncertain with the outbreak of COVID-19 virus. SATS revenue will suffer from the dip in aviation traffic and closure of restaurants in China. Our FY20e PATMI is cut by 23%. As a gauge of the impact, the Singapore Tourism Board mentioned a possible 25-30% fall in visitor arrivals in 2020 due to the outbreak. - Downgrade to NEUTRAL from ACCUMULATE with a lower target price of $4.45 (prev. S$5.36). Excluding the acquisition, core revenues were flat. We think SATS will require some time to recover from the depressed volumes triggered by COVID-19 virus and to grow the organic earnings of their recent acquisitions. Singapore Paul Chew
17-Feb-2020 - Revenue and earnings disappointed. Competitive intensity in mobile for Australia and Indonesia is worse than expected. - The turnaround in India is underway and Singapore operations stable. - Revenue and EBITDA guidance lowered from stable to declining mid-single digit and low teens respectively. It is the 2nd consecutive quarter of weaker guidance. - Downgrade to NEUTRAL with a lower TP of S$3.18 (prev. S$3.31). Despite the promising turnaround in India, we believe with the operational weakness in Australia will keep group earnings depressed in the near-term. We expect dividends to be maintained, supported by higher dividends from associates. Yield is now 5.4%. Singapore Paul Chew
17-Feb-2020 - Revenue was within our estimates but earnings beat forecast. Beer operations disappointed but spirits division performed well. - Spirits division net profit jumped 25% YoY in 1Q20 on higher volumes and better margins. Spirits account for 84% of group PATMI. Volumes touched a record 89mn litres. - Beer sales volumes was a disappointment. Sabeco volumes dropped 6% in 1Q20 due to certain publicity regarding its ownership. - We are upgrading our recommendation to BUY. The spirits business sales volume and margins are better than expected. Sabeco beer business should recover in the following quarters. We raised our SOTP-derived TP to S$0.95 (previously S$0.80). Our FY20e earnings is raised by 6%. We increased our margin assumption and modelled profitability for the NAB business. Singapore Paul Chew
17-Feb-2020 PATH India Anshul Bhargava
14-Feb-2020 Ahluwalia Contracts 3QFY20 - Disappoints yet again; Valuations remain expensive - (PhillipCapital India) India Vibhor Singhal
14-Feb-2020 KNR Constr 3QFY20 - Strong and stable performance – Expected to continue India Vibhor Singhal
14-Feb-2020 Muthoot Finance Q3FY20 - Higher gold price continue to drive balance sheet growth India Pradeep Agrawal
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