ASEAN Conference 2023
August 23 - 24, 2023, The Fullerton Hotel , Singapore
ASEAN Conference 2023
August 23 - 24, 2023, The Fullerton Hotel , Singapore
Analyst Presentation
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


Progress