{"id":23243,"date":"2023-02-13T07:40:00","date_gmt":"2023-02-12T23:40:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=23243"},"modified":"2023-02-13T16:27:18","modified_gmt":"2023-02-13T08:27:18","slug":"kgi-daily-trading-ideas-13-feb-2023","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-feb-2023\/","title":{"rendered":"13 February 2023: ThaiBev (Y92 SP), Sinopharm Group Co Ltd (1099 HK), Occidental Petroleum Corporation (OXY US)"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\"><a href=\"#sg\">Singapore Trading Ideas<\/a> |<a href=\"#hk\"> Hong Kong Trading Ideas<\/a> |<a href=\"#us\">United States Trading Ideas<\/a> | <a href=\"#sp\">Sector Performance<\/a> |<a href=\"#td\"> Trading Dashboard<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"sg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/lh3.googleusercontent.com\/5aakWYuowr2RqGt-g7Wq8NHJO0PwGV6JqDncdrrmYSV0ty2Kz-yBKPD_mW-ZA942mZIPB81qdLfhs-7Nv0rxoC7Hx3M48m6szvJNg58SpS0mcFuvV6isl0gZI6F_8GZEx3uZUAoLQDyFpcmH9FA1Ms8\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_46zfve8szck1\"><\/a><strong>ThaiBev (Y92 SP): Southeast-Asia\u2019s re-opening play<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>BUY Entry 0.695 \u2013 Target \u2013 0.730 Stop Loss \u2013 0.680<\/strong>\n  <\/li><li>\n    Thai Beverage Public Company Limited is Thailand\u2019s largest and leading beverage producer and distributor. Its operation is considered among the leading distillers and brewers and in Southeast Asia. ThaiBev\u2019s leading products include a variety of well-established spirits brands, including its famous brew Chang Beer. In the non-alcoholic beverage category, key products include water, tonic soda, energy drink, ready-to-drink coffee and green tea.\n  <\/li><li><strong>Good geographic presence to drive growth in 2023. <\/strong>As tourism is back more in demand as international borders open, and with SEA being the hottest destination for North-Asia tourists, demand for Thaibev\u2019s product would definitely see and increase. With 218 subsidiaries and associates, including 19 distilleries, three breweries, and 21 non-alcoholic beverage production facilities, and an international presence in over 90 countries, Thaibev is bound to drive growth with the re-opening of international borders following the easing of COVID-19 measures.\n  <\/li><li><strong>Benefitting from robust Thailand tourism recovery in 2023.<\/strong> The easing of China\u2019s stringent health policies is expected to unleash pent-up travel demand and result in a substantial increase in the number of Chinese tourists visiting Thailand. Thailand\u2019s tourist industry is making a strong comeback, with November seeing over 1.75 million arrivals, which is four times the total for all of 2021. The country is now projecting 11-12 million arrivals in 2022, surpassing earlier predictions.\n  <\/li><li><strong>Company Outlook.<\/strong> The company outlook seems positive in the upcoming months, as more borders are opening up following the pandemic, resulting in a surge in travel demand, which ThaiBev would be able to ride on for recovery. Challenges lie in the uncertain macro-economic environment with high inflation and interest rates which might impede consumers\u2019 demand.\n  <\/li><li>\n    The updated market consensus of the EPS growth in FY23\/24 is 0.90%\/6.99% YoY respectively, which translates to 14.7x\/13.7x forward PE. Current PER is 14.8x. FY23F\/24F dividend yield is 3.53%\/3.82% respectively. Bloomberg consensus average 12-month target price is<strong> $0.85.<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1230\" height=\"723\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-133.png\" alt=\"\" class=\"wp-image-23324\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-133.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-133-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-133-1024x602.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-133-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_9ctm8ukw9e4m\"><\/a><strong><img decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-134.png\" class=\"wp-image-23325\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-134.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-134-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/>Yangzijiang Shipbuilding (BS6 SP): Benefitting from positive US data<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>RE-ITERATE Entry \u2013 1.20 Target \u2013 1.37  Stop Loss \u2013 1.15<\/strong>\n  <\/li><li>\n    Yangzijiang Shipbuilding Holdings Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.\n  <\/li><li><strong>Benefitting from a stronger US Dollar. <\/strong>Following the most recent US strong nonfarm payroll data for the month of January, the US dollar index saw a rebound with the positive results. Yangzijiang Shipbuilding Holdings Limited, whose financial results, as well as operations, which are mainly denominated in USD, can benefit from the appreciate of the US dollar in upcoming months.\n  <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Share price and dollar index comparison <\/strong>\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1276\" height=\"742\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-135.png\" alt=\"\" class=\"wp-image-23326\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-135.png 1276w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-135-300x174.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-135-1024x595.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-135-768x447.png 768w\" sizes=\"(max-width: 1276px) 100vw, 1276px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Dropping Iron Ore and Steel prices. <\/strong>Hard commodities, such as iron ore and steel, saw a price decline following the appreciation of the US dollar. This allows the company to find opportunities in lowering their cost of production, whereby iron ore and steel make up a key component of the production of a ship.\n  <\/li><li><strong>Visibility on secured contracts. <\/strong> As of 3Q22, the company\u2019s total order book value reached US$10.27bn which extended the company\u2019s top line visibility to mid-2025. This allows the company to have a confirmed and visible stream of revenue for the upcoming years.\n  <\/li><li><strong>Company Outlook. <\/strong>The company\u2019s outlook is positive in the upcoming months, with the rebound of the U.S. dollars as economic pressure starts to ease. There is also clear visibility on the company\u2019s revenue stream given that its\u2019 order book are filled till mid-2025. The re-opening of China\u2019s economy also allows the company to re-accelerate the production of its business. This suggests that the company\u2019s performance is likely to continue to improve in the near future.\n  <\/li><li>\n    The updated market consensus of the EPS growth in FY23\/24 is 22.98%\/4.72% YoY respectively, which translates to 8.1x\/7.8x forward PE. Current PER is 8.0x. FY23F\/24F dividend yield is 3.7%\/3.8% respectively. Bloomberg consensus average 12-month target price is<strong> $1.46.<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"723\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-136.png\" alt=\"\" class=\"wp-image-23327\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-136.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-136-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-136-1024x602.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-136-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_9wxubztuez7y\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-137.png\" class=\"wp-image-23328\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-137.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-137-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><a id=\"post-23243-_amcnmqkifzvy\"><\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"hk\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-138.png\" alt=\"\" class=\"wp-image-23329\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-138.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-138-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_og6wzwvnsa5b\"><\/a><strong>Sinopharm Group Co Ltd (1099 HK): Defensive and risk-off play<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>BUY Entry \u2013 19.50 Target \u2013 21.50 Stop Loss \u2013 18.50<\/strong>\n  <\/li><li>\n    Sinopharm Group Co Ltd is a China-based company principally engaged in pharmaceutical and medical devices distribution business. The Company operates its business through four segments. Pharmaceutical Distribution segment is engaged in the distribution of pharmaceutical products to hospitals, other distributors, retail pharmacy stores and clinics. Medical Devices segment is engaged in the distribution of medical devices, as well as provides installation and maintenance services. Retail Pharmacy segment is engaged in the operation of chain pharmacy stores. Other Business segment is engaged in the distribution of laboratory supplies, manufacture and distribution of chemical reagents, production and sale of pharmaceutical products. \n  <\/li><li><strong>Growing ageing population. <\/strong>China\u2019s population decreased for the first time in 60 years, signalling the start of a prolonged decline. This, combined with an ageing population, could slow down the economy due to decreased revenue and increased government debt for healthcare and welfare expenses. With a rapidly ageing population, more costs would be incurred on medical equipment and drugs, benefiting Sinopharm\u2019s business.\n  <\/li><li><strong>MRNA vaccine approval. <\/strong>China National Biotec Group Co Ltd, a unit of Sinopharm, has announced that it has designed an mRNA vaccine candidate targeting the Omicron variant of the coronavirus. It has received regulatory approval from the National Medical Products Administration to begin clinical trials. The Shanghai-based biotech unit has a research and development platform and a production facility with a yearly capacity of 2 billion doses. This vaccine is one of several mRNA candidates being studied in China, but none have been approved for use yet.\n  <\/li><li><strong>Sole authorised distributor. <\/strong>Sinopharm is the only legally authorized distributor of Merck & Co\u2019s COVID-19 antiviral oral treatment, molnupiravir in China. The treatment was launched in the Chinese market under the brand name Lagevrio. Molnupiravir is currently covered by China\u2019s public health insurance until March 31.\n  <\/li><li><strong>3Q22 results. <\/strong>Revenue increased 9.6% YoY in 2022 as compared with the same period last year, reaching RMB144.9bn. Net income attributable to ordinary shareholders was RMB2.16bn, a 2.1% increase YoY.\n  <\/li><li>\n    The updated market consensus of the EPS growth in FY22\/23 is -2.5%\/10.0% YoY respectively, which translates to 6.5x\/5.9x forward PE. Current PER is 6.9x. FY23F\/24F dividend yield is 4.6%\/4.8% respectively. Bloomberg consensus average 12-month target price is <strong>HK$21.90.<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"723\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image.jpeg\" alt=\"\" class=\"wp-image-23330\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image.jpeg 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-300x176.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-1024x602.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-768x451.jpeg 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_uruob7qw6vlq\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-139.png\" class=\"wp-image-23331\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-139.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-139-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/>Alibaba Group Holding Ltd (9988 HK): Make the elephant dance<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>ITERATE BUY Entry \u2013 101.0 Target \u2013 120.0 Stop Loss \u2013 91.5<\/strong>\n  <\/li><li>\n    Alibaba Group Holding Ltd provides technology infrastructure and marketing platforms. The Company operates through seven segments. China Commerce segment includes China retail commerce businesses such as Taobao, Tmall and Freshippo, among others, and wholesale business. International Commerce segment includes international retail and wholesale commerce businesses such as Lazada and AliExpress. Local Consumer Services segment includes location-based businesses such as Ele.me, Amap, Fliggy and others. Cainiao segment includes domestic and international one-stop-shop logistics services and supply chain management solutions. Cloud segment provides public and hybrid cloud services like Alibaba Cloud and DingTalk for domestic and foreign enterprises. Digital Media and Entertainment segment includes Youku, Quark and Alibaba Pictures, other content and distribution platforms and online games business. Innovation Initiatives and Others segment include Damo Academy, Tmall Genie and others. \n  <\/li><li><strong>China\u2019s economic recovery. <\/strong>China\u2019s policymakers plan to step up support for domestic demand this year, with top policymakers repeatedly signalling their intention to harvest the spending power of China\u2019s 1.4 billion people, after economic growth in 2022 slumped to one of its weakest levels in nearly half a century. Some chinese banks have launched promotions and lowered lending rates to encourage more consumer spending in China. Many leading banks have cut their consumer lending rates to below 4 percent, some have even offered certain consumer lending products at the minimum rate of 3.65 percent, the benchmark lending rate of China\u2019s central bank. With China\u2019s efforts to expand domestic demand and consumption alongside its reopening, which would stimulate increased spending and household consumption, the company should expect higher consumer demand this year. \n  <\/li><li><strong>Cloud segment growth. <\/strong>Cloud infrastructure and services are becoming a prominent part of any business that uses the web for its operations. Total revenue from its Cloud segment, before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB50,698mn (US$7,127mn), an increase of 5% compared to RMB48,448mn in the same period of 2021. YoY growth reflected the strong revenue growth from non-Internet industries driven by financial services, public services and telecommunication industries. With cloud services being an integral part of the operations of all three of these areas, it could lead to long-term recurring revenue for Alibaba. Additionally,  with the global cloud computing market projected to reach over $1.7 trillion by 2029, Alibaba\u2019s share of the cloud segment is expected to expand as well. \n  <\/li><li><strong>1H23 results. <\/strong>Revenue was RMB412,731mn (US$58,021mn), an increase of 2% year-over-year. Net income attributable to ordinary shareholders was RMB2,178mn (US$306mn), and net loss was RMB2,169mn (US$305mn), compared to net income of RMB46,212mn in the same period of 2021.\n  <\/li><li>\n    The updated market consensus of the EPS growth in FY24\/25 is 4.32%\/14.59% YoY respectively, which translates to 13.62x\/11.88x forward PE. Bloomberg consensus average 12-month target price is <strong>HK$142.63.<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"723\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-140.png\" alt=\"\" class=\"wp-image-23332\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-140.png 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-140-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-140-1024x602.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-140-768x451.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-23243-_6xzuwbi3dcr\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"102\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-141.png\" class=\"wp-image-23333\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-141.png 827w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-141-300x37.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-141-768x95.png 768w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_60iv790xgfc\"><\/a><strong>Occidental Petroleum Corporation (OXY US): Bouncing on Russia\u2019s output cut<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>BUY Entry \u2013 65.0 Target \u2013 72.0 Stop Loss \u2013 61.5<\/strong>\n  <\/li><li>\n    Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.\n  <\/li><li><strong>Russia to cut oil output. <\/strong>Last Friday, Russia deputy minister said that Russia will reduce oil production by 500,000 bbls\/d or 5% of the total output. Accordingly, Brent and WTI closed at US$86.4 and US$79.7, up 2.67% and 2.73% respectively.\n  <\/li><li><strong>Prioritize share buyback. <\/strong>Previously, the company CEO mentioned that they will prioritize share buyback over growth in 2023. Meanwhile, the company will consider redeeming Berkshire Hathaway\u2019s preferred stock this year. Warren Buffett bought US$10B of preferred stock in 2019.\n  <\/li><li><strong>3Q22 earnings review. <\/strong>Revenue jumped by 39.3% YoY to US$9.5bn, beating estimates by US$450mn. Non-GAAP EPS was US$2.44, missing estimates by US$0.01. \n  <\/li><li>\n    The updated market consensus of the EPS growth in FY23\/24 is -33.1%\/-9.3% YoY respectively, which translates to 10.2x\/11.3x forward PE. Current PER is 5.4x. Bloomberg consensus average 12-month target price is <strong>US$74.08.<\/strong><a id=\"post-23243-_et6xfygl5e9g\"><\/a>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"724\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-1.jpeg\" alt=\"\" class=\"wp-image-23334\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-1.jpeg 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-1-300x177.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-1-1024x603.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-1-768x452.jpeg 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_z6khqs8er5ee\"><\/a><strong>Enphase Energy Inc (ENPH US): Buy the dip amidst sell-down after earnings<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>BUY Entry \u2013 205 Target \u2013 245 Stop Loss \u2013 185<\/strong>\n  <\/li><li>\n    Enphase Energy, Inc. manufactures solar energy equipment. The Company offers home and commercial solar and storage solutions. Enphase Energy serves clients in the United States.\n  <\/li><li><strong>Favourable macro trend. <\/strong>Global investments in clean energy projects amount to US$1.1tn in 2022, this amount is sure to increase in FY2023 as governments transition towards a net-zero future. \n  <\/li><li><strong>Growth drivers intact. <\/strong>The company plans to add a quarterly production capacity of 4.5mn microinverters in 2023 and reach a total of 10mn by the end of 2023. It is expected to increase its supply through a new domestic contract manufacturing partner in 2Q23 and two existing partners in 2H23. Another growth drivers are EV charging systems which bolster a holistic consumer ecosystem, benefiting from the increase in EV and solar adoptions in Europe and US markets.   \n  <\/li><li><strong>4Q22 earnings beat but sell down afterwards. <\/strong>Revenue jumped by 75.6% YoY to US$724.65mn, beating estimates by US$21.59mn, Non-GAAP EPS was US$1.51, beating estimates by US$0.25. The sell-off is due mainly to the guidance of business is expected to slightly go down in 1Q23 compared to 4Q22, primarily driven by seasonality and the macroeconomic environment. \n  <\/li><li>\n    The updated market consensus of the EPS growth in FY23\/24 is 18.2%\/30.0% YoY respectively, which translates to 38.8x\/30.0x forward PE. Current PER is 76.2x. Bloomberg consensus average 12-month target price is <strong>US$296.82.<\/strong>\n  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"724\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-2.jpeg\" alt=\"\" class=\"wp-image-23335\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-2.jpeg 1230w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-2-300x177.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-2-1024x603.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-2-768x452.jpeg 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">^ Back To Top<\/a> <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_va9jaog5jnw3\"><\/a><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-142.png\" class=\"wp-image-23336\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-142.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-142-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"sp\"><img loading=\"lazy\" decoding=\"async\" width=\"1052\" height=\"130\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-143.png\" alt=\"\" class=\"wp-image-23337\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-143.png 1052w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-143-300x37.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-143-1024x127.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-143-768x95.png 768w\" sizes=\"(max-width: 1052px) 100vw, 1052px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_fginbsn8cd1z\"><\/a><strong>United States<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1112\" height=\"604\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-144.png\" alt=\"\" class=\"wp-image-23338\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-144.png 1112w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-144-300x163.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-144-1024x556.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-144-768x417.png 768w\" sizes=\"(max-width: 1112px) 100vw, 1112px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><p><strong>News Feed<\/strong>\n<\/p><\/td><\/tr><tr><td><p>\n  1. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-10\/russian-oil-cuts-chinese-demand-revival-threaten-renewed-inflation-pressure\">Russian Oil Cuts, Chinese Demand Revival Threaten Renewed Inflation Pressure<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  2. <a href=\"https:\/\/www.businesstimes.com.sg\/international\/us-sanctions-firms-singapore-malaysia-over-iran-petrol-links\">US sanctions firms in Singapore, Malaysia over Iran petrol links<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  3. <a href=\"https:\/\/www.businesstimes.com.sg\/international\/us-consumer-sentiment-hits-more-one-year-high\">US consumer sentiment hits more than one-year high<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  4. <a href=\"https:\/\/www.businesstimes.com.sg\/international\/thousands-fintech-jobs-are-gone-companies-cut-costs-first-time\">Thousands of fintech jobs are gone as companies cut costs for first time<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  5. <a href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/north-american-companies-notch-another-record-year-robot-orders\">North American companies notch another record year for robot orders<\/a>\n<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-145.png\" alt=\"\" class=\"wp-image-23339\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-145.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-145-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-23243-_qqv3rtx8nazp\"><\/a><strong>Hong Kong<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1163\" height=\"631\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-146.png\" alt=\"\" class=\"wp-image-23340\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-146.png 1163w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-146-300x163.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-146-1024x556.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-146-768x417.png 768w\" sizes=\"(max-width: 1163px) 100vw, 1163px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><p><strong>News Feed<\/strong>\n<\/p><\/td><\/tr><tr><td><p>\n  1. <a href=\"https:\/\/www.scmp.com\/business\/china-business\/article\/3209715\/hong-kong-stocks-set-losing-week-fund-outflows-mixed-recovery-signals-risk-us-tech-curbs-sap-demand\">Hong Kong stocks set for <strong>losing week<\/strong> on fund outflows as mixed recovery signals, risk of US tech curbs sap demand<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  2. <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/hong-kongs-lee-faces-stern-test-over-34-bln-bid-ease-housing-shortage-2023-02-10\/\">Hong Kong\u2019s Lee faces stern test over $3.4 bln bid to ease <strong>housing shortage<\/strong><\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  3. <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/global-investors-losing-appetite-chinese-government-bonds-2023-02-10\/\">Global investors <strong>losing appetite<\/strong> for Chinese government bonds<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  4. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-10\/china-factory-deflation-deepens-consumer-prices-rise-in-january\">China\u2019s <strong>Consumer Inflation Picks Up<\/strong> as Recovery Gathers Pace<\/a>\n<\/p><\/td><\/tr><tr><td><p>\n  5. <a href=\"https:\/\/www.channelnewsasia.com\/business\/chinas-factory-prices-fall-manufacturing-struggles-recover-3268196\">China\u2019s <strong>factory prices fall<\/strong> as manufacturing struggles to recover<\/a>\n<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">^ Back To Top<\/a> <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-147.png\" alt=\"\" class=\"wp-image-23341\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-147.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-147-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-148.png\" alt=\"\" class=\"wp-image-23342\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-148.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/word-image-148-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>No stocks additions\/deletions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"272\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/20230213_TD.png\" alt=\"\" class=\"wp-image-23386\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/20230213_TD.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/02\/20230213_TD-300x136.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\">^ Back To Top<\/a> <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"520\" height=\"142\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/06\/word-image-421.png\" alt=\"\" class=\"wp-image-17058\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/06\/word-image-421.png 520w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/06\/word-image-421-300x82.png 300w\" sizes=\"(max-width: 520px) 100vw, 520px\" \/><\/a><\/figure><\/div>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/t.me\/kgisg\"><strong><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore Trading Ideas | Hong Kong Trading Ideas |United States Trading Ideas | Sector Performance | Trading Dashboard ThaiBev (Y92 SP): Southeast-Asia\u2019s re-opening play BUY Entry 0.695 \u2013 Target \u2013 0.730 Stop Loss \u2013 0.680 Thai Beverage Public Company Limited is Thailand\u2019s largest and leading beverage producer and distributor. Its operation is considered among the [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":15559,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-23243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kgi-daily-trading-ideas"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr",282,179,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks-150x150.jpg?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr",282,179,false],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr",282,179,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr",282,179,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr",282,179,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/Thumbnail_Stocks.jpg?wsr",282,179,false]},"uagb_author_info":{"display_name":"Keith Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"uagb_comment_info":0,"uagb_excerpt":"Singapore Trading Ideas | Hong Kong Trading Ideas |United States Trading Ideas | Sector Performance | Trading Dashboard ThaiBev (Y92 SP): Southeast-Asia\u2019s re-opening play BUY Entry 0.695 \u2013 Target \u2013 0.730 Stop Loss \u2013 0.680 Thai Beverage Public Company Limited is Thailand\u2019s largest and leading beverage producer and distributor. Its operation is considered among the&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/23243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=23243"}],"version-history":[{"count":10,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/23243\/revisions"}],"predecessor-version":[{"id":23392,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/23243\/revisions\/23392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/15559"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=23243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=23243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=23243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}