ASEAN strategy ·In search of the next Jokowi
Macquarie Reports
ASEAN
ASEAN Banks - ASEAN Banks Tour 2023 takeaways
ASEAN Gaming - Beneficiary of ongoing reopening, eventually complemented by international travel
ASEAN Politics - In search of the next Jokowi
ASEAN Telecom - Growth inflection from sector's consolidation
Indonesia
Indonesia Telecom Sector - Calm sky; Contested ground
Indonesia Strategy - FY24 budget: Social, Health & Infra bright spots
ACE HARDWARE INDONESIA (ACES IJ)
Improving turnaround execution
1H23 in line; improving productivity to drive 2H23
ASTRA INTERNATIONAL (ASII IJ)
Resilient autos; capital allocation optionality
Eyes on Hybrids, EVs, Healthcare; Call Takeaways
BANK ALADIN SYARIAH (BANK IJ)
Unique offline-online digital bank in Indonesia
BANK MANDIRI (BMRI IJ)
2Q23: Improving asset quality, costs drive beat
BANK RAKYAT INDONESIA (BBRI IJ)
Financing cleaner growth across Asia - Regional banks ramp climate and inclusion aims
Indonesia Banks - May bank-only data: Strong rebound in lending
GOTO GOJEK TOKOPEDIA (GOTO IJ)
Tough balancing act
MEDIKALOKA HERMINA (HEAL IJ)
BPJS-K growth, margin recovery to drive upside
MERDEKA BATTERY MATERIALS (MBMA IJ)
The next nickel juggernaut
MITRA KELUARGA KARYASEHAT (MIKA IJ)
Sluggish 1H23 but ~8% growth target reiterated
PRODIA WIDYAHUSADA (PRDA IJ)
Resilient 2Q23; expect a seasonally better 2H
SILOAM INTERANTIONAL HOSPITALS (SILO IJ)
Strong 2Q23; sharper focus on premium markets
SUMBER ALFARIA (AMRT IJ)
Preferred O2O partner for the digital era
1H23 beat: positive surprise on 2Q23 EBIT margin uptick QoQ
TOWER BERSAMA INFR (TBIG IJ)
IndonesiaTower - Stage is set for telco's most specialised financier
SaranaMenara Nusantara - Initiation: Growth via "fibersification"
TowerBersama Infrastructure - Initiation: Best-in-class liability management
Malaysia
Digital Malaysia: Cybersecurity risk
Malaysia telecommunications - 5G is coming - Fixed players are clear winners
BURSA MALAYSIA BHD (BURSA MK)
Bursa Malaysia- 2Q23 - Slight miss, cost creep continues.
CELCOMDIGI (CDB MK)
Easing policy risks in the price
FRONTKEN CORP BHD (FRCB MK)
Malaysiasemicon - Infineon to build world's largest 200mm SiC fab
FrontkenCorp - Sequentially stronger margins; the worst is over
GAMUDA BERHAD (GAM MK)
Gamuda -No margin for delays
MALAYSIA AIRPORT (MAHB MK)
MalaysiaAirports - 1Q23: Profit in both Malaysia and Turkey
MalaysiaAirports - Pestech's aerotrain contract terminated
Philippines
Philippines Strategy - Corporate earnings were compelling overall
AYALA LAND INC (ALI PM)
Ayala Land- Residential segment bounces back in 2Q23
BLOOMBERRY RESORTS (BLOOM PM)
Positive outlook following strong 1Q23
A solid reopening alternative in a countryfacing strong growth on a very low base
BANK OF THE PHILIPPINE ISLANDS (BPI PM)
Bank of the Philippine Islands (BPI PM) - Increased optimism from management points to upside to street EPS for 2023
Financing cleaner growth across Asia - Regional banks ramp climate and inclusion aims
BDO UNIBANK (BDO PM)
BDO Unibank - NIM strength apparent in 2Q23 results
Financing cleaner growth across Asia - Regional banks ramp climate and inclusion aims
CENTURY PACIFIC FOOD (CNPF PM)
1Q23: Slower growth; outlook still positive
GLOBE TELECOM INC (GLO PM)
Globe Telecom - Associate profit lifts core earnings due to GCash
Philippine telecoms - Dividends in vogue yet again
Globe Telecom - Growth edge due to fintech
GT CAPITAL HOLDINGS INC. (GTCAP PM)
GT Capital- Autos sustain; banking, utilities, property suprise
MANILA WATER CO (MWC PM)
Deserving of a re-rating
WILCON DEPOT (WLCON PM)
WilconDepot - 2Q23: Sales disappoint on soft demand
PHconsumer and retail: 2Q23E: High base + fairly subdued demand
Singapore
Singapore REITs - Strengthening rents, easing costs post 1H23
CLAR SP:
CapitaLand Ascendas REIT - Raising rental reversion guidance
Singapore REITs - Strengthening rents, easing costs post 1H23
DBS GROUP HLDGS (DBS SP)
Improving asset quality giving confidence to bring forth capital returns
GENTING SINGAPORE (GENS SP)
First to benefit from global travel recovery
1Q23 disappoints by being sequentially lower
JCNC SP:
Jardine Cycle & Carriage - 1H23: Astra delivers a strong performance
KDCREIT SP:
Keppel DC REIT - Stable quarter, eyeing growth
Singapore REITs - Strengthening rents, easing costs post 1H23
MPACT SP:
Mapletree Pan Asia Commercial Trust - Improving metrics, recovery underway
Singapore REITs - Strengthening rents, easing costs post 1H23
OCBC - OVERSEA-CHINESE BANKING CORP (OCBC SP)
2Q23: General allowances for nothing specific
SCI SP:
SembcorpIndustries - 1H review: A more sustainable earnings path
SingaporeUtilities - New policy presents oversupply risks - not positive
SGX SP:
Singapore Exchange - Treasury, derivative fees set a higher base
Financing cleaner growth across Asia - Regional banks ramp climate and inclusion aims
SEATRIUM (STM SP)
US$181b Offshore Wind contracting opportunity
UOB SP:
UOB (UOB SP) - ESG Summary
UOB - 2Q23: Thai NPL, higher costs are UOB-specific
Financing cleaner growth across Asia - Regional banks ramp climate and inclusion aims
Thailand
Thai telecoms - The inflection point is here
SAWAD TB:
Srisawad Corporation (SAWAD TB) - ESG Summary
Srisawad - Expect yield improvement for Fast Money
Financing cleaner growth across Asia - Regional banks ramp climate and inclusion aims
TRUE CORPORATION (TRUE/F TB)
Coming from a weak position
TOP TB:
Thai Oil -GRM outlook to remain strong in 2H23
Thai OilPCL (TOP TB) - ESG Summary