reports
- Jonathan Koh
Singapore Daily: Thursday, February 19, 2026
Top Stories Company Results | Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.625/Target: S$0.78) LREIT achieved a positive rental reversion of 10.9% in 1HFY26 (Jem: high single-digit, 313@Somerset: mid-single-digit and PLQ Mall: teens). Tenant sales turned around to +1.1% yoy on a same-store basis. LREIT could acquire the remaining 30% stake in PLQ Mall. It could consider divesting Building 3 at Sky Complex in Milan, Italy. LREIT provides an attractive FY26 DPU yield of 5.9% (CICT: 5.0%, FCT...
- Amerul Iqmal
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Jonathan Koh
- Lester Siew
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, February 19, 2026
Indonesia Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,890/Target: Rp3,500) We upgrade our call to BUY with a new target price of Rp3,500, based on 6x 2026F EV/EBITDA, 1 SD below their post-merger historical average, reflecting higher 2026 guidance. Results were below our and consensus forecasts, driven by Rp7.4t in post-tax merger costs. ARPU rose to Rp44,800 in 12M25, lifting revenue 23% yoy, while core profit reached Rp3t (+80% yoy). Accounting-wise, although 2026 may rema...
- Jonathan Koh
Lendlease Global Commercial REIT (LREIT SP) - 1HFY26: Maintaining Focu...
LREIT achieved a positive rental reversion of 10.9% in 1HFY26 (Jem: high single-digit, 313@Somerset: mid-single-digit and PLQ Mall: teens). Tenant sales turned around to +1.1% yoy on a same-store basis. LREIT could acquire the remaining 30% stake in PLQ Mall. It could consider divesting Building 3 at Sky Complex in Milan, Italy. LREIT provides an attractive FY26 DPU yield of 5.9% (CICT: 5.0%, FCT: 5.4%, SGREIT: 6.6%). Maintain BUY. Target price: S$0.78.
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- New Credit Surges But Outstanding Loa...
M0 growth was weaker in Jan 26 due to Chinese New Year effects, while M2 growth rose to 9.0% yoy, the highest since 2023. New bank loans surged to Rmb4.71t and new TSF rose to Rmb7.22t, both above consensus forecasts. However, outstanding bank loan growth fell to a record-low 6.1% yoy, highlighting fragile underlying credit demand despite strong front-loaded lending.
- Jonathan Koh
Far East Hospitality Trust (FEHT SP) - 2H25: RevPAR On The Mend
ADR increased 3% yoy to S$180 in 4Q25, supported by the F1 Singapore Grand Prix and Blackpink’s world tour. FPSN saw an increase in RevPAR of 7.6% yoy to ¥8,334 and contributed 8.7% of total revenue in 2H25. The events calendar is busier in 2026. ADR is expected to be firmer as the hospitality sector has digested new supply that came on-stream in 2024. FPSN would provide full 12-month contribution in 2026. Maintain BUY. Target price: S$0.85.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
Singapore Daily: Monday, February 16, 2026
Top Stories Company Results | ASL Marine (ASL SP/BUY/S$0.32/Target: S$0.43) ASL Marine reported a strong 1HFY26, with PATMI of S$17.1m beating expectations by 7% on margin expansion and lower finance costs. Ship repair anchors earnings, while its S$107m chartering orderbook improves earnings visibility. With net gearing at 0.77x and cash flow strengthening, we raise our FY26-28 earnings forecast by 10%. Maintain BUY with a 23% higher target price of S$0.43. Company Results | BRC Asia (BRC SP/BU...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Kasemsun Koonnara
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, February 16, 2026
Greater China Economics | Money Supply M0 growth was weaker in Jan 26 due to Chinese New Year effects, while M2 growth rose to 9.0% yoy, the highest since 2023. New bank loans surged to Rmb4.71t and new TSF rose to Rmb7.22t, both above consensus forecasts. However, outstanding bank loan growth fell to a record-low 6.1% yoy, highlighting fragile underlying credit demand despite strong front-loaded lending. Sector Update | Healthcare HSHCI rose 1.8%, outperforming the HSI, which declined b...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
AIY IFAST
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KREIT KEPPEL REIT
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
BRC BRC ASIA LTD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
99SMART CSPC INNOVATION PHARMACEUTICAL CO L
STECON 99 SPEED MART RETAIL HOLDINGS BHD
ONC@US@ STECON GROUP PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
ASL MARINE (ASL SP)
- Jonathan Koh
Keppel REIT (KREIT SP) - 2H25: Retail Ambition Throttled?
KREIT achieved a strong positive rental reversion of 11.5% in 2025. Portfolio valuation increased 3.4% on a same-store basis. Investors would be disappointed if KREIT did not pursue yield-accretive acquisition of retail assets in Singapore, especially those within its sponsor pipeline. Maintain BUY. Target price: S$1.15.
- Kong Ho Meng
Dialog Group (DLG MK) - 2QFY26: Progressing Downstream+Upstream Operat...
2QFY26: Progressing Downstream+Upstream Operations Highlights 1HFY26 core profit deemed above expectations. The positive deviation on downstream segment profit momentum appears more sustainable and stronger vs our expectation. Plant Services is now operating at full steam for three Petronas turnarounds, while melamine plant completion was also revealed. The upstream division continued to progress well in existing projects. The Baram Junior Cluster (BJC) will have its first wellhead platform (S...
- Tham Mun Hon
China Economics: Inflation -- PPI Deflation Eases, CPI Retreats On Sea...
January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI softness, while upstream price pres...
- Claire Wang Kelai
- Curtis Yeung
- Greater China Research Team
- Julia Pan Mengyao
- Tham Mun Hon
Greater China Daily: Thursday, February 12, 2026
Top Stories Economics | Inflation January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI s...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Claire Wang Kelai
- Jack Lai Yuan Khai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 12, 2026
Greater China Economics | Inflation January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI...
- Jonathan Koh
NTT DC REIT (NTTDCR SP) - 9MFY26: Leasing Momentum Generates Uptrend I...
NTTDCR signed 2,400kW of new leases across CA1 (1MW), CA3 (1MW) and SG1 (200kW) in 3QFY26. Portfolio occupancy would increase by 2.7ppt to 97.3% if we include these new leases committed in 3QFY26. Rental reversion rose to 9.2% in 9MFY26 (1HFY26: 5.1%). The new leasing incentive scheme funded by the sponsor started in Jan 26 and has already contributed to new leases signed at CA1 and CA3. Maintain BUY. Target price: US$1.42.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Thursday, February 12, 2026
Top Stories Company Results | NTT DC REIT (NTTDCR SP/BUY/US$1.01/Target: US$1.42) NTTDCR signed 2,400kW of new leases across CA1 (1MW), CA3 (1MW) and SG1 (200kW) in 3QFY26. Portfolio occupancy would increase by 2.7ppt to 97.3% if we include these new leases committed in 3QFY26. Rental reversion rose to 9.2% in 9MFY26 (1HFY26: 5.1%). The new leasing incentive scheme funded by the sponsor started in Jan 26 and has already contributed to new leases signed at CA1 and CA3. Maintain BUY. Target pric...
- Jonathan Koh
Singapore Daily: Tuesday, February 10, 2026
Top Stories Company Results | DBS Group Holdings (DBS SP/BUY/S$58.19/Target: S$66.75) Wealth management and loans-related fees saw a significant sequential pullback of 19% and 25% qoq respectively due to seasonal weakness. Specific provisions for chunky Hong Kong real estate exposure were cushioned by a write-back in general provisions. NIM compression moderated by a smaller 3bp qoq in 4Q25 and exit NIM was stable at 1.92% in Jan 26. Management expects two Fed rate cuts in 2026 but sees firm...
- Jonathan Koh
Singapore Daily: Monday, February 09, 2026
Top Stories Company Results | CapitaLand Ascendas REIT (CLAR SP/BUY/S$2.80/Target: S$3.70) CLAR’s DPU dipped 2% yoy to 7.528 S cents in 2H25 due to the time lag for its acquisitions of 5 Science Park Drive and 9 Tai Seng Drive that were completed in Aug 25, two months after completing its equity fund-raising in Jun 25. Occupancy for the UK/Europe dipped 6.8ppt qoq to 92.0% due to logistics property Hawleys Lane at Northwest England being slated for redevelopment. Maintain BUY. Target price: ...
- Greater China Research Team
- Tham Mun Hon
AIA Group (1299 HK): Eyeing Solid 2025 Results.
Despite some pullback in Hong Kong and Thailand, we still expect AIA to deliver a 16% VONB growth in 4Q25, bringing full-year VONB growth to 19%. EV per share is projected to grow 13%, thanks to a solid VONB contribution and favourable macro tailwinds. We also foresee OPAT per share rising 12% yoy, on track to achieve management’s growth target. Maintain BUY with a higher target price of HK$109.00 following the positive revision of our VONB and EV forecasts.
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
China Metals and Mining: China Carbon Market Moves Into Industrial Com...
China’s ETS expansion brings copper smelting into the carbon regulatory pipeline, with newly-covered sectors currently in the MRV stage and facing no immediate compliance or quota costs. Over time, benchmark efficiency standards and tighter approval conditions should restrain refining capacity growth. This shifts industry adjustment away from volatile TC/RC cycles toward stronger copper prices, improving earnings leverage for major miners while stabilising utilisation and margins for leading sme...
- Claire Wang Kelai
- Curtis Yeung
- Gigi Cheuk
- Greater China Research Team
- Joyce Chu
- Kate Luang
- Tham Mun Hon
Greater China Daily: Wednesday, February 11, 2026
Top Stories Strategy | Small/Mid Cap Monthly ‒ 2025 Results Preview We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4%...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Gigi Cheuk
- Greater China Research Team
- Jack Goh Tooan Orng
- Joyce Chu
- Kate Luang
- Lester Siew
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, February 11, 2026
Greater China Strategy | Small/Mid Cap Monthly ‒ 2025 Results Preview We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4...
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