|
UOB KAYHIAN |
UOB KAYHIAN |
|
China Sunsine Chemical (CSSC SP) Expect Volumes And Overseas Sales To Drive Growth; Raise Target Price By 9%
Sunsine’s sales volumes are expected to maintain an upward trend, driven by China’s stimulus measures and rising tyre exports. While average ASPs may decline on lower raw material prices, we anticipate stable gross margins thanks to its market leadership and added MBT production. Also, the recent 20% dividend increase for 2024 is a strong signal of confidence. As Sunsine has an attractive 6% yield and is trading at only 1.4x ex-cash 2025F PE, we maintain BUY with a 9% higher target price of S$0.63.
|
BYD Company (1211 HK) 4Q24: Earnings Up 73% yoy, Beating Estimates; Raise Target Price To HK$510.00
BYD’s 4Q24 net profit came in above estimates at Rmb15,016m (+73% yoy/+29% qoq) on upbeat margins. Net profit per vehicle rose 10% yoy to Rmb8,820. Management targets 5.5m-6.0m units in sales volume and steady net profit per vehicle for 2025. Based on higher sales and margins, we raise our 2025-26 net profit forecasts by 18%/14% to Rmb55,813m/Rmb65,733m respectively, and introduce 2027 net profit forecast of Rmb75,817m. Maintain BUY. Raise target price to HK$510.00.
|
|
UOB KAYHIAN |
MAYBANK KIM ENG |
|
Link REIT (823 HK) Takeaways From 9MFY25 Update Call
While tenant sales growth of Hong Kong retail improved to -3.3% in 3QFY25 from -4.3% in 1HFY25, rental reversion softened to negative low single digits in 3QFY25, in line with management guidance in Nov 24. Other businesses continued the trend seen in 1HFY25. Management expects an improvement in tenant sales but cautiously anticipates very moderate negative rental reversion for FY25/26. Trim FY25-26 DPU estimates by 1.5- 2.2%. Lower target price by 1.5% to HK$41.49. Maintain BUY.
|
MISC Bhd (MISC MK) A defensive name
Maintain BUY with an unchanged SOP-TP of MYR8.34 We continue to like MISC for its: i) defensive nature from LT LNG charters which provide recurring cash flows; ii) and attractive dividend yields of 5.0% for an investible, stable blue-chip name. Our DPS payout assumption for FY25-27E stands at a conservative 36 sen annually. We reiterate our BUY recommendation on MISC with an unchanged SOP-based TP of MYR8.34 and no changes to our FY25-27E earnings estimates.
|
| DBS RESEARCH | OCBC SECURITIES |
Summary: Arise and Shine: Singapore Developers (26 Mar 2025)Key Takeaways:
|
Summary: Sinopharm Group Co. Ltd. (1099 HK) - Driving Business Transformation
Sinopharm is China’s largest drug distributor, holding a 20% market share, more than double its closest competitors (8% each). It also leads the retail pharmacy sector through its Sinopharm Guoda Drugstore subsidiary. While pricing pressures from volume-based procurement (VBP) continue to impact margins in both its distribution and medical device segments, this is well understood by the market. However, industry consolidation driven by government policies should allow larger, more efficient distributors like Sinopharm to gain market share beyond the current ~36%. Medium-term growth drivers include aging demographics, a rising middle class, and urbanization trends in China. The company has maintained a stable 30% dividend payout ratio over the past decade. Recommendation: BUY |
