In today’s briefing:
- Panin Financial – Vanishing Growth, Falling ROE, Despite Likely Rebalancing Beneficiary
- Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family
- Will Group (6089 Jp) – 4Q Follow-Up
- Gracell Biotechnologies Inc (GRCL.US) – May Fail to Solve the Real Pain Points in CAR-T Field
- Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth
- Bosideng (3998 HK): Outlook Stays Promising
- General Mills: A Disappointing Quarter For Short-Term Investors And Speculators
- Malaysia’s EPF lifts its AEM stake, crossing 10% level
- REIT Watch – 10 S-REITs buck the trend despite REITs lagging in June
Panin Financial – Vanishing Growth, Falling ROE, Despite Likely Rebalancing Beneficiary
- PNLF has seen its asset growth ratchet downward, running at near 12-year lows at +2% YoY
- Phases of ROE decline are apparent, from 12-13%, then to 9%, and now to 5-6%
- At least, there is a rebound in profit growth in FY22, after dismal 3 years
Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family
- Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China’s semiconductor industry.
- AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.
- TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.
Will Group (6089 Jp) – 4Q Follow-Up
- The day after the Company announced 4Q FY23/3 results and FY24/3 initial guidance for consolidated revenue flat and OP -21.0%, the share price dropped -6.3% on heavy volume, maintaining a weak trend thereafter relative to a strong underlying market.
- SIR believes this is because the new MTP differed from investors‘ growth image.
- While the Company would be remiss not to highlight the high base from the post-COVID surge in special demand for permanent placement as a short-term risk for this term, investors may have been sensitive to the slowdown in growth over the coming two years.
Gracell Biotechnologies Inc (GRCL.US) – May Fail to Solve the Real Pain Points in CAR-T Field
- The latest data of GC012F/GC007g at ASCO/EHA drove up share price, but the current clinical data do not necessarily guarantee the final druggability. So, we advise investors to be rational.
- Gracell’s pipeline may not solve the real pain points of CAR-T therapy. Until the global momentum of cell therapy is reversed, there’s no need to expect too much from Gracell.
- Gracell’s stock price would continue to fluctuate with positive clinical data or progress. However, the liquidity of this stock isn’t good. In this situation, both ups and downs are meaningless.
Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth
- Sanofi (SAN FP) earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.
- The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.
- Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.
Bosideng (3998 HK): Outlook Stays Promising
- While having a slow FY23, Bosideng International Holdings (3998 HK) is well-positioned to capture the rebound in down apparel sales growth as pent-up demand is released.
- We also expect a recovery in margin, further improvement in channel efficiency and operating leverage from cost control will add to earnings momentum.
- Management expects revenue growth will at least sustain at the rate in the last 5 years. The stock’s valuations are cheap when compared with growth outlook and global peers.
General Mills: A Disappointing Quarter For Short-Term Investors And Speculators
- General Mills has just reported its full fiscal year results and investors are not impressed.
- Expectations of lower organic revenue growth and uncertainties around profitability would likely continue to weigh on the share price.
- Long-term investors, however, could take advantage of this near-term dynamic while enjoying the higher dividend.
Malaysia’s EPF lifts its AEM stake, crossing 10% level
- Share buybacks by primary listed companies 23 – 29 Jun 2023 As at Jun 28, the three SDR collectively garnered close to S$0.2 million retail net inflows, with largest net buys in Airports of Thailand.
- His preceding acquisitions were on Jun 6 and 5, with 17,000 shares and 6,800 shares acquired respectively, at S$0.96 per share.
REIT Watch – 10 S-REITs buck the trend despite REITs lagging in June
- 10 S-Reits buck the trend despite Reits lagging in June The month of June (till Jun 28, 2023) saw the iEdge S-Reit index record flattish performance at 0.3 per cent total returns for the month, improving from the 3.0 per cent declines in May.
- The 10 best performing S-Reits for the month of June (till Jun 28, 2023) averaged over 7 per cent in total returns.
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