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Millat Tractors: 4QFY21 review – Earnings beat amid lower opex and higher other income

Millat Tractors (MTL) has reported a consolidated 4QFY21 NPAT of PKR1.8bn (EPS: PKR31.38), down 6% qoq, while up a sharp c.80% yoy from a NPAT of PKR1.0bn (EPS: PKR17.26) SPLY. This takes FY21 payout to PKR100/sh, with 32.5% bonus share issue. Revenu...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 17 September 2021

ID : Bank Negara Indonesia - BNI to issue perpetual bonds

Bloomberg today reported that BNI plans to issue perpetual bonds (AT1) next week worth US$600m. It will be the first Indonesian bank to issue AT1. We estimate a negative impact of 1.5-3% to earnings via higher interest expense, ceteris paribus. We r....
CGS-CIMB Ilham
Ilham FIRDAUS @ CGS-CIMB 17 September 2021

ID : Hospitals - UHC class simplification

The government is currently preparing regulations on UHC programme class simplification (from three classes currently), with a target to test that by 2022. There will only be two UHC classes –subsidised and non-subsidised. Patients will be able to u....
CGS-CIMB Patricia
Patricia Gabriela @ CGS-CIMB 17 September 2021

Pinduoduo's performance reinforces industry position, agriculture is next engine

China's largest e-commerce company is transforming its development strategy. Pinduoduo turned losses into gains for the first time in the second quarter of 2021. In Q2 2021, the company achieved revenue of CNY 23.05 billion, up 89% year-on-year. At t...
EqualOcean Fuller
Fuller Wang @ EqualOcean 17 September 2021

CN : Strategy - Stabilizing retail sales

The Ministry of Commerce (MoC) issued a "Notice on furthering the key tasks of promoting consumption in the current business field” yesterday. This was not a surprise, as yoy growth of retail sales slowed down substantially in Aug 21, and some....
CGS-CIMB Mark
Mark Po @ CGS-CIMB 17 September 2021

SG : Economic - Aug 2021 trade

NODX growth decelerated further to 2.7% yoy in Aug, underperforming our and consensus estimates, due to a poor performance in non-electronics. Robust chip demand buoyed electronics’ 16.7% yoy growth, whilst non-electronics slipped into a decline of.....
CGS-CIMB Terence
Terence LEE @ CGS-CIMB 17 September 2021