- HCL
Technologies (HCLT IN) | ADTV (USD): 2M
- Bank
Danamon (BDMN IJ) | Company update
- GT
Capital Holdings Inc (GTCAP PM) | Results review
- CapitaCommercial
Trust (CCT SP) | Results review
- TMB
Bank (TMB TB) | Results review
- Siam
Commercial Bank (SCB TB) | Results review
- Bangkok
Bank (BBL TB) | Rating change
- Kasikornbank
(KBANK TB) | Result review
- Kiatnakin
Bank (KKP TB) | Results review
- Thanachart
Capital (TCAP TB) | Results review
|
HCL Technologies (HCLT IN)
|
Outperformance continues
|
Share Price: INR1,424 | Target
Price: INR1,587(+11%) | MCap (USD): 16.5B
|
- Maintain
BUY with TP of INR1,587 based on PER of 16x FY15F.
- EPS
increases 8.5% QoQ and 55% YoY to INR23.2 in 3QFY14 (FYE
June), beating our forecast. Revenue growth in line with
expectation. However, EBITDA margin of 26.7% (+77bps QoQ)
higher than our forecast of 25.7%.
- We
remain bullish on HCLT's ability to outperform the sector and
maintain our FY15-16 revenue forecast. We factor in higher
EBITDA margin and marginal increase in our FY14-15 EPS.
|
Bank Danamon (BDMN IJ)
|
Earnings adjustment on weak 1Q14
|
Share Price: IDR4,470 | Target
Price: IDR4,600 (3%) | MCap (USD): 3.8B | ADTV (USD): 2M
|
- Maintain
HOLD but lower TP to IDR4,600 (10.7x 2014F PER; 1.3x 2014F
PBV).
- We
cut our 2014F net profit estimate by 5% to IDR4.1t on the back
of higher funding cost.
- As
NIM continues a down trend, a shift in loan-mix towards the
high-yield segment becomes critical.
|
GT Capital Holdings Inc (GTCAP
PM)
|
No surprises
|
Share Price: PHP834.50 | Target
Price: PHP860.00(+3%) | MCap (USD): 3.3B | ADTV (USD): 4M
|
- FY13
core income up 34% and well in line with estimate.
- Major
business units performed within targets.
- Keeping
FY14 earnings estimate of PHP10.1b and NAV of PHP860/sh.
Maintain HOLD.
|
CapitaCommercial Trust (CCT SP)
|
In-line results; eyes on
CapitaGreen
|
Share Price: SGD1.64 | Target
Price: SGD1.67(+2%) | MCap (USD): 3.8B | ADTV (USD): 10M
|
- 1Q14
results in line with our expectations. DPU rose 7.2% YoY to
2.08 cts.
- 12%
pre-commitment signed to-date for CapitaGreen. Cargill leases
51,000 sq ft and likely paying SGD9-10 psf per month.
- Reiterate
HOLD with DDM-based TP raised to SGD1.66.
|
TMB Bank (TMB TB)
|
Earnings squeezed by weak NIM
|
Share Price: THB2.48 | Target
Price: THB2.10(-15%) | MCap (USD): 3.4B | ADTV (USD): 8M
|
- Downgrade
to SELL (from HOLD) and TP of THB2.1, pegged to 1.4x 2014
P/BV, 11.5x PER and 12.3% ROE.
- 1Q14
net profit dropped 12% YoY to THB1.6b, below our and Street
estimates of 11% and 17%, due to the weak NIM and fee income.
- Current
share price looks relatively expensive compared to the sector.
It is unlikely that the M&A deal will take place soon as
there is no functional government.
|
Siam Commercial Bank (SCB TB)
|
Earnings lifted by good cost
control
|
Share Price: THB161.00 | Target
Price: THB158.00(-2%) | MCap (USD): 16.9B | ADTV (USD): 29M
|
- Maintain
HOLD with THB158 TP, implying 1.9x 2014 PBV, 10x PER with 20%
ROE. Prefer KTB and KBANK.
- 1Q14
earnings flat YoY but up 12% QoQ to THB13bn, beating our
estimates by 7% due to stronger than expected NIM and
effective cost management strategy.
- FY14F
earnings growth of 5% should be supported by its funding cost
reduction and decelerating OPEX growth rate during the slow
top line growth.
|
Bangkok Bank (BBL TB)
|
Weak loan growth in 1Q14
|
Share Price: THB190.00 | Target
Price: THB205.00(+8%)|
|
- Downgrade
to HOLD (from BUY) with TP of THB205 implying 10.4x 2014PE,
1.2x P/BV and 12.2% ROE, in line with the historical data.
Prefer KBANK and KTB.
- 1Q14
earnings flat YoY (+17%QoQ) to THB9bn, beating our and Street
estimates by 3% due to the lower OPEX.
- Loan
growth and NIM should improve in 2H14 due to better economic
situation and lower funding costs.
|
Kasikornbank (KBANK TB)
|
Impressive 1Q14 earnings
|
Share Price: THB188.00 | Target
Price: THB210.00(+12%) | MCap (USD): 14.0B | ADTV (USD): 40M
|
- Re-iterate
BUY and revised TP to THB210 (from THB195), implying 2x P/BV
in 2014. Top pick in banking sector.
- 1Q14
earnings jump 13% YoY and 20% QoQ to THB11.5bn, beating our
forecast by 6% due to strong net insurance income and NIM.
- Raise
2014 earnings by 1% after cut loan growth to 6% (from 8%) amid
the slower economy but revise up NIM and non-interest income
to reflect better than expected insurance income and low
funding cost in 1Q14.
|
Kiatnakin Bank (KKP TB)
|
Weak 1Q14 earnings
|
Share Price: THB46.25 | Target
Price: THB43.00(-7%) |
|
- 1Q14
net profit drops 40% YoY and 32% QoQ to only THB700m, 24%
& 30% below our and consensus estimates due to weak
non-interest income and high credit cost.
- Asset
quality hit from auto loans and one real estate account. KKP
booked THB412m loss from cars liquidation in 1Q14.
- Maintain
BUY with THB 43 TP as we maintain our forecast and models
pending analyst meeting on 22 Apr.
|
Thanachart Capital (TCAP TB)
|
Thanachart Capital (TCAP TB) |
Results review
|
Share Price: THB34.75 | Target
Price: THB29.00(-17%) | MCap (USD): 1.4B | ADTV (USD): 3M
|
- Maintain
SELL and TP of THB29, implying 0.7x 2014 P/BV and 6.4x PER. We
cut 2014 earnings by 8% to reflect weaker than expected 1Q14
results. Prefer KBANK and KTB.
- 1Q14
earnings fell 32% YoY to THB1.3bn, 15% below our and consensus
forecasts due to weak non-interest income
- TCAP
has high provisioning risk due to weak coverage ratio and high
NPLs. We remain cautious on its coverage ratio and apply a
valuation discount to the book value.
|
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