In today’s briefing:
- BFI Finance Indonesia (BFIN IJ) – Multi-Finance Masterpiece
- Nanya Tech: SK Hynix & Samsung Results Supportive for Memory Chip Industry 2023E Outlook
- Suzuki (7269 JT) | Way Too Cheap Ahead of 2Q Earnings – India’s Maruti (MSIL IN) Shows the Way
- AbbVie (ABBV US): Q3 Sales Miss as Humira OUS Declines; 2022 Guidance Narrowed; Dividend Raised
BFI Finance Indonesia (BFIN IJ) – Multi-Finance Masterpiece
- BFI Finance Indonesia (BFIN IJ) released a strong set of 3Q2022 results with record quarterly bookings and total receivables almost back to pre-pandemic levels with NPFs at less than 1%.
- Growth has been driven by non-dealer used car financing with new growth coming from both heavy equipment financing and leasing plus strong growth from used-car aggregators such as Moladin.
- BFI Finance Indonesia (BFIN IJ) has one of the lowest cost of funds of any multi-finance company in Indonesia underpinning growth. Valuations are attractive in 2.0x PBV with 21% ROE.
Nanya Tech: SK Hynix & Samsung Results Supportive for Memory Chip Industry 2023E Outlook
- SK Hynix and Samsung both released their latest earnings last week. The companies are the leading players for Nanya Tech’s memory chip industry.
- SK Hynix’s latest gross margin performance confirms Nanya Tech performing in-line with the industry leaders.
- Guidance from both SK Hynix and Samsung indicates a likely improvement in supply/demand dynamics in 2023E for the memory chip space.
Suzuki (7269 JT) | Way Too Cheap Ahead of 2Q Earnings – India’s Maruti (MSIL IN) Shows the Way
- Maruti Suzuki reported above Consensus 2Q driven by strong volumes and improved margins
- Earnings bode well for Suzuki’s 2Q earnings on Nov 8. Also, Maruti indicated significant easing of semi-driven supply constraints. Positive readacross for Suzuki.
- Suzuki’s ex-Maruti operations are now cheaper than ever at under 2.5x PER. We see upside to earnings vs. Consensus and keep our bullish stance on the stock.
AbbVie (ABBV US): Q3 Sales Miss as Humira OUS Declines; 2022 Guidance Narrowed; Dividend Raised
- Abbvie Inc (ABBV US) reported Q3 revenue of $14.8 billion, an increase of 5% y/y operationally, mainly driven by a 16% y/y operational growth in immunology portfolio.
- While Humira revenue increased 7% y/y in the U.S. to $5 billion, internationally Humira revenue declined 26% y/y to $603 million due to biosimilar competition.
- While management reiterated mid-point of 2022 adjusted EPS guidance range, they have narrowed the range to $13.84–13.88 from $13.76–13.96. 2022 revenue guidance has been slightly lowered to $58.2 billion.
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