Guosen Securities(SZ:002736) Ge Long Hui A P P·2025-09-01 08:51Group 1 - The core focus of the company is on the Asian market, with strong core business driving growth and maintaining robust profitability [1] - The company has seen continuous revenue growth from 2021 to 2023, with a projected revenue of $5.03 billion in H1 2025, reflecting a year-on-year increase of 0.6% [1] - The net profit attributable to the parent company for H1 2025 is expected to be $390 million, showing a significant year-on-year growth of 40.8% [1] Group 2 - The company is heavily invested in Indonesia, Singapore, and the Philippines, with major revenue sources from Indofood's consumer food business and MPIC's infrastructure business [1] - Indofood holds over 70% market share in Indonesia's instant noodle market and over 50% in the flour market, indicating its market leadership [1] - The company actively participates in the management of its holdings, balancing mature and growth investments, which contribute significantly to its cash flow [1] Group 3 - The company covers sectors such as food, telecommunications, and infrastructure, benefiting from Southeast Asia's demographic dividend, rapid urbanization, and consumption upgrades [2] - The long-term value reassessment opportunity for its quality asset portfolio is viewed positively, with a projected PE ratio of 4.8-5.2 for 2025 [2] - The estimated valuation range for the company is between HKD 8.13 and 8.81, with a market capitalization of HKD 34.7 billion to 37.5 billion, representing a premium of 25%-35% compared to current levels [2]