In today’s briefing:
- Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.
- Mongolia Mining (975 HK): Left Field Negative Catalyst
- Monthly Container Shipping Tracker | No, Not All Trade Disruptions Boost Carriers (February 2025)
- Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry
- Arwana Citramulia (ARNA IJ) – Capacity-Driven Growth Ahead
- BFI Finance Indonesia (BFIN IJ) – On a Convincing Turn
- Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News
- Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)
- Cantabil Retail Ltd- Inventory Concerns Evident
- Kinatico Interview Transcript post H1 FY25 result
Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.
- Hong Kong has halted land sales in order to boost the office market within the region.
- Singapore’s Centurion saw their profits more than double to $257M, driven by soaring property valuations.
- Alibaba announces plans to invest a substantial $53 billion in AI infrastructure development.
Mongolia Mining (975 HK): Left Field Negative Catalyst
- Potentially damaging negative news has emerged in Mongolian Mining (975 HK) that could possibly result in the suspension of its mine or a review of conditions on the lease agreement.
- Prime Minister’s Order No. 32 established a Working Group to assess the mining license for the Tavan Tolgoi coal deposit and review earlier parliamentary and government resolutions.
- As the issue has become political, we are unsure about the outcome of this review and would stay on the sidelines until a firm resolution is reached.
Monthly Container Shipping Tracker | No, Not All Trade Disruptions Boost Carriers (February 2025)
- Price momentum for deep sea container carriers continued to plunge in January 2025
- January’s revenue decline vs the Summer peak also historically bad despite LNY boost
- We take down emerging consensus view that “all trade disruptions are good for carriers”
Intel Former Board Members Warn Against Rumoured TSMC Takeover Of Intel Foundry
- Four former, long term Intel board members yesterday warned against any plans to have TSMC take over Intel Foundry, their second time weighing in on the future of the company
- They posit that TSMC is under pressure from the US Administration with Taiwan security being used as a bargaining chip
- They’re not wrong in their assertions that it would be a terrible idea, both for the US and for TSMC, but these are days where anything can happen. Let’s see
Arwana Citramulia (ARNA IJ) – Capacity-Driven Growth Ahead
- Arwana Citramulia published a solid set of FY2024 results, with sales growth to +7.4% YoY, although FY2024 net profit was down slightly due to cost pressures and higher promotional spending.
- The company continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand. New capacity coming on stream in 2025 will provide a further boost.
- The gas subsidy has yet to be confirmed for the ceramic industry, but expectations are that it will come through shortly. Arwana Citramulia valuations remain attractive, with higher growth ahead.
BFI Finance Indonesia (BFIN IJ) – On a Convincing Turn
- BFI Finance Indonesia booked a strong finish to FY2024, as bookings increased by YoY and HoH, with the NPF ratio falling at the same time leading to higher revenues.
- The company’s loan growth momentum has picked up considerably as indicated by management in the previous quarter, which should be reassuring for investors, with growth set to continue in 2025.
- BFI Finance Indonesia has yet to see a meaningful contribution from its collaboration with GoTo Gojek Tokopedia, which is a potential future growth driver. Valuations attractive on PBV to ROE.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News
- Nanya Tech Soared in February on DRAM Recovery and Custom HBM News
- Nanya’s Custom HBM Strategy & the Positive DRAM Market Outlook
- Memory Monitor Universe: SK Hynix & Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)
- In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.
- Our top 10 Korean stock picks from 14 to 28 January are down on average 1.8%, slightly outperforming KOSPI which is down 2.2% in the same period.
- The top 10 Korean stock picks (bi-weekly) include SL Corp, Korea Electric Terminal, BNK Financial, S1, LX International, Doubleugames, Samsung C&T, Amorepacific Corp (pref), SK Telecom, and POSCO International.
Cantabil Retail Ltd- Inventory Concerns Evident
- Cantabil Retail India (CANT IN) is one of the few vertically integrated garment players and has a store count of 576 and retail space of 7.4 lakh sq.ft.
- The company has done well over the last five years to improve its financial position; it has grown its topline at a healthy rate while margins have improved significantly.
- But having said that, we have concerns with elevated inventory levels that have remained high historically for a garment player. Moreover, some capital advances and RPT should also be considered.
Kinatico Interview Transcript post H1 FY25 result
- Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
- RaaS Research Group interviewed CEO Michael Ivanchenko post the H1 FY25 results.
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