Trendspotter: An In-Depth Look at Key Companies in Asia’s Retail Sector

China Retail Research | November 12, 2024

Broker: CGS-CIMB

China: Eve Energy Co Ltd (30014) – Bullish Continuation

In the latest analysis of Eve Energy Co Ltd (30014), we observe a strong bullish continuation pattern. The stock last traded at 54.94 and shows significant potential for upward movement.

Technical Analysis

The technical indicators are promising:

• Entry Prices: 54.94, 47.00, 43.74
• Support Levels: 44.43, 35.65
• Stop Loss: 39.00
• Resistance Levels: 60.86, 72.93
• Target Prices: 65.15, 70.40, 82.55, 115.50

The stock has broken out of the downtrend line that began in November 2021. The double bottom reversal has been confirmed, and despite recent corrections, Eve Energy has rebounded above the key resistance-turned-support level of Rmb44.43. Volume has been expanding for the past 22 daily periods, and prices are trending above all ichimoku indicators. The stochastic oscillator is rising, confirming bullish momentum, while the MACD/signal line and histogram are positive. Additionally, the 23-period ROC is rising, rebounding above the zero line. The directional movement index also confirms the early stages of a bullish trend.

Company Overview

EVE Energy Co., Ltd. specializes in researching, manufacturing, and selling lithium batteries. The company produces consumer batteries, new energy vehicle power batteries, energy storage batteries, and more. They market their products both domestically and internationally.

Singapore: Seatrium Ltd – Execution is Key

Seatrium Ltd, a key player in maritime engineering, has secured an LOI for engineering work on the Penta Ocean heavy lift vessel, with an estimated EPC contract value of US\$400m-500m by 1Q25.

3Q24 Business Update

Seatrium Ltd shared a positive outlook for 2024/2025 with a healthy pipeline of enquiries, including FPSOs, rigs, and energy transition projects. Legacy projects remain on track for completion by the end of 2024 or early 2025. The company is not overly concerned about potential cost overruns. We maintain an ‘Add’ rating with a target price of S\$2.69. Key catalysts include the conclusion of CAD/MAS document investigation, sequential margin improvement, and order wins.

Thailand: WHA Corporation – 3Q24 Misses on FX Loss and Expenses

WHA Corporation reported a weaker-than-expected 3Q24 due to foreign exchange losses and increased expenses, which impacted their overall performance.

Financial Performance

Despite the miss, WHA Corporation continues to hold a strong position in the industrial estate development and logistics business in Thailand. The company’s long-term outlook remains positive as they implement strategic initiatives to mitigate FX risks and manage expenses more effectively.

Malaysia: Sunway Bhd – Strong 3Q Paves Way for Upgrades

Sunway Bhd reported a robust 3Q24, which sets a positive tone for potential upgrades in the near future.

Market Position

Sunway Bhd is well-positioned in the Malaysian market, with diversified operations across property development, construction, healthcare, and hospitality. The company’s strong 3Q performance reflects its resilience and ability to capitalize on market opportunities.

Thailand: Praram 9 Hospital – Boosted by Foreign Patient Traffic

Praram 9 Hospital has seen a significant boost in performance due to an increase in foreign patient traffic, which has positively impacted their revenue and overall growth.

Healthcare Services

As one of Thailand’s leading private hospitals, Praram 9 Hospital offers a range of specialized medical services. The influx of foreign patients seeking high-quality medical care has contributed to their strong financial performance and reinforces their reputation as a premier healthcare provider in the region.

Conclusion

This comprehensive analysis highlights the key financial and operational metrics of various companies in the Asian retail and healthcare sectors. Investors are encouraged to consider these insights when making investment decisions, keeping in mind the specific market dynamics and potential growth opportunities for each company.