reports
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - A Least-Worst Tariff Outcome Unlocking Selective Trading Op...
Levelling The Field: Tariff Normalisation Reinforces Malaysia’s Role As An Onshoring Destination At last, the White House administration has updated the reciprocal tariff schedule established under the earlier 2025 trade policy, based on fresh assessments and evolving negotiations with trading partners. Accordingly, the modifications reflect outcomes of bilateral talks and align tariff changes with ongoing partnerships to address perceived imbalances and encourage investments and trade reforms. ...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 13MP: Elevation, Empowerment And Reformation
13MP: Elevation, Empowerment And Reformation 13MP aims to transform Malaysia into a high-tech, high value-added economy, anchored on balanced domestic development and deeper global integration that uplifts the Rakyat. While market response has remained subdued amid lingering macro uncertainties, we anticipate a market recovery in 2H25, driven by renewed risk-on sentiment following greater tariff clarity. A more favourable outcome could catalyse a rebound in selective, beaten-down export-oriented...
- Malaysia Research Team
Malaysia Daily - Friday, August 1, 2025
KEY HIG HLIGH TS Strategy – Malaysia 13MP: Elevation, Empowerment And Reformation Page 2 While market response has remained subdued amid lingering macro uncertainties, we anticipate a market recovery in 2H25, driven by renewed risk-on sentiment following greater tariff clarity. Sector Update Banking – Malaysia Page 5 Loans growth declined to 5.1% from 5.3% in Jun 25. The absence of strong earnings catalysts has prompted us to maintain MARKET WEIGHT. UOBKH Highlights Strategy: A Least-Worst Tarif...
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Friday, August 1, 2025
KEY HIGHLIGHTS Sector REITs: S-REITs monthly update (Jul 25). Results Far East Hospitality Trust (FEHT SP/BUY/S$0.60/Target: S$0.81): 1H25: Maiden contribution from Japan; growth from commercial premises. Keppel (KEP SP/BUY/S$8.47/Target: S$9.51): 1H25: Strong growth, steady dividends, and asset-light transformation in motion. Maintain BUY. Seatrium (STM SP/BUY/S$2.27/Target: S$2.96): 1H25: Robust revenue growth with continued gross margin expansion. Maintain BUY with target price of S$2.96. S...
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, August 1, 2025
KEY HIGHLIGHTS Economics PMI July's manufacturing PMI slipped to 49.3 (-0.4pt mom), while non-manufacturing PMI dropped to 50.1 (-0.4pt mom), as construction activity eased to 50.6 (-2.2pt mom). Slowing demand and rising input costs are slowing the recovery and affecting both large (-0.9pt mom) and small enterprises (-0.9pt mom). Nevertheless, business expectations have improved and should see a further lift from targeted anti-involution measures. Sector Automobile China’s PV insurance regis...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, August 01, 2025
GREATER CHINA Economics PMI Rebound falters, weighed down by weaker construction and input cost pressures. Sector Automobile Weekly: PV sales pressured by anti-involution initiatives. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Budweiser APAC (1876 HK/BUY/HK$8.26/Target: HK$12.00) ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
ISAT INDOSAT
1295 PUBLIC BANK BHD
ERW ERAWAN GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
1155 MALAYAN BANKING BHD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
PBBANK PUBLIC BANK BERHAD
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
ABANK AFFIN BANK BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
STECON STECON GROUP PUBLIC COMPANY LIMITED
BRMS IJ BUMI RESOURCES MINERALS
ECOSHOP MK ECO-SHOP MARKETING BHD
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Adrian Loh Tzum Yung
Keppel (KEP SP) - 1H25: Strong Growth, Steady Dividends And Asset-Ligh...
KEP announced 1H25 net profit of S$431m (+25% yoy), supported by the infrastructure and real estate segments. Capital recycling remains active, with S$915m in proceeds ytd and a further S$500m in transactions that will be finalised in 2H25. An interim dividend of S$0.15/share was declared, unchanged from 1H24, alongside a S$500m share buyback programme. Progress in KEP’s transformation to a hybrid asset-light model may support a further re-rating. Maintain BUY. Target price: S$9.51.
- Adrian Loh Tzum Yung
Seatrium Ltd: 1H25: Robust Revenue Growth With Continued Gross Margin ...
STM posted a robust 1H25 revenue of S$5.4b (+34%) and gross margin improving to 7.4%. Its balance sheet strengthened with reduced debt and strong liquidity. An S$18.6b orderbook (34% renewables) underpins multi-year visibility, complemented by a S$30b pipeline. Strategic investments in carbon capture, ammonia bunkering, and clean energy support its long-term growth. Maintain BUY. Target price: S$2.96.
- Malaysia Research Team
Malaysia Daily - Thursday, July 31, 2025
KEY HIG HLIGH TS Sector Update Gloves – Malaysia Page 2 Malaysia’s higher US tariffs and intensifying competition weigh on local glovemakers’ earnings recovery. Downgrade to MARKET WEIGHT. Company Update Dialog Group (DLG MK/BUY/RM1.69/Target: RM2.50) Page 4 The PT2SB expansion to store biofuels is small relative to SOP, but positive on ESG. Vopak upgraded its storage outlook, and there are more Pengerang catalysts to come. UOBKH Highlights Axis REIT (AXRB MK/BUY/RM1.97/Target: RM2.09) Page 7 2Q...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- Malaysia Research Team
Malaysia Daily - Wednesday, July 30, 2025
KEY HIG HLIGH TS Company Results Bursa Malaysia (BURSA MK/HOLD/RM7.66/Target: RM7.87) Page 2 2Q25: Earnings in line. ADV remains subdued. Maintain HOLD with a higher target price of RM7.87 as we roll forward our valuation to 2026, factoring in a modest recovery in ADV. IGB REIT (IGBREIT MK/HOLD /RM2.74/Target: RM2.59) Page 5 2Q25: Slightly above expectations. Acquisition of SouthKey Mid Valley to be completed by end-25. Maintain HOLD. Company Update Hap Seng Plantations (HAPL MK/BUY/RM1.93/Targe...
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Wednesday, July 30, 2025
KEY HIGHLIGHTS Sector Internet WAIC 2025 was held in Shanghai on 26-28 July under the theme "Intelligent Horizons, Shared Future". The focus of WAIC this year shifted from LLM to the next frontier – AI applications and AI agents. As AI capabilities extend from the cloud to edge devices, a transformative evolution in human-AI interaction is underway, characterised by more tangible, embodied forms and empathetic voice interfaces. Maintain MARKET WEIGHT. Results WuXi AppTec (2359 HK/BUY/HK$111....
- Malaysia Research Team
Malaysia Daily - Tuesday, July 29, 2025
KEY HIG HLIGH TS Company Results Alpha IVF Group (ALPHA MK/BUY/RM0.28/Target: RM0.35) Page 2 4QFY25: Results broadly meet expectations on record sales and a recovery in margins. Maintain BUY. British American Tobacco (ROTH MK/BUY/RM4.57/Target: RM5.70) Page 5 1H25: Above expectations. While long-term outlook still appears mixed, upcoming results should improve on the lack of marketing spend. Upgrade to BUY. Eco-Shop Marketing (ECOSHOP MK/BUY/RM1.35/Target: RM1.65) Page 8 4QFY25: Beats expectatio...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, July 29, 2025
GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AIY IFAST
PLANB PLAN B MEDIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
ROTH BRITISH AMERICAN TOBACCO BHD
RFMD RAFFLES MEDICAL GROUP LTD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DELTA DELTA ELECTRONICS
0303 ALPHA IVF GROUP
ECOSHOP MK ECO-SHOP MARKETING BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Adrian Loh Tzum Yung
Offshore Marine - Full Steam Ahead If You’re In Singapore
Global shipping and offshore markets have slowed in 2025 amid geopolitical uncertainty, with newbuild orders down 54% yoy and some rig dayrates showing softness. While US energy companies revealed cautious guidance at their 2Q25 earnings announcements, we remain optimistic on STM and MPM while YZJSGD’s recent rally affirms improving sentiment, with valuations remaining attractive. Sector view maintained at OVERWEIGHT.
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Tuesday, July 29, 2025
KEY HIGHLIGHTS Strategy China & Hong Kong Property & Property Management Mainland property sales continued to weaken in July, which may weigh on the recovery of land sales. Potential policy support in 2H25 could be a positive catalyst. The Hong Kong property market showed signs of stabilisation: CCL index has turned positive ytd, while inventory of primary private residential units decreased 3.8% qoq in 2Q25. Maintain MARKET WEIGHT on both sectors, favouring CR Land in China for its resilient...
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Roy Chen Chengzhi
Singapore Daily: Tuesday, July 29, 2025
KEY HIGHLIGHTS Sector Offshore Marine: Full steam ahead if you’re in Singapore. Top picks are Seatrium and Marco Polo Marine. Results iFAST Corp (IFAST SP/BUY/S$8.17/Target: S$9.92): 2Q25: Earnings momentum justifies higher valuation; raise target price by 36% to S$9.92. Raffles Medical Group (RFMD SP/BUY/S$1.07/Target: S$1.25): 1H25 results: A slight miss; remain hopeful for a China turnaround in 2026. TRADERS’ CORNER Singapore Post (SPOST SP): Trading SELL SIA Engineering Co (SIE SP): Tra...
- Malaysia Research Team
Malaysia Daily - Monday, July 28, 2025
KEY HIG HLIGH TS Company Results CTOS Digital (CTOS MK/HOLD/RM0.855/Target: RM0.93) Page 2 1H25: Results below expectations due to higher-than-expected ongoing costs from past product investments. Company Update Malakoff Corporation (MLK MK/BUY/RM0.91/Target: RM1.08) Page 5 Asset replenishment includes WTE, short-term PPA extension and new gas-fired power plant award. UOBKH Highlights Tenaga Nasional (TNB MK/BUY/Target: RM16.30) Page 8 Additional RM840m tax notice from IRB for year of assessment...
- Claire Wang Kelai
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): Riding the policy wave, watching for...
Baosteel is expected to report stable 2Q25 margins, with lower iron ore and coking coal costs helping to offset weaker spot steel pricing. Strong export performance has cushioned weak domestic demand. Auto demand remains firm, although the output of white goods is cooling and infrastructure activity remains less steel-intensive. Sentiment momentum has strengthened on firmer policy signals, but sustainability hinges on credible policy follow-through. Maintain BUY. Target: Rmb8.20.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, July 28, 2025
KEY HIGHLIGHTS Update Baoshan Iron & Steel (600019 CH/BUY/Rmb7.44/Target: Rmb8.20) Baosteel is expected to report stable 2Q25 margins, with lower iron ore and coking coal costs helping to offset weaker spot steel pricing. Strong export performance has cushioned weak domestic demand. Auto demand remains firm, although the output of white goods is cooling and infrastructure activity remains less steel-intensive. Sentiment momentum has strengthened on firmer policy signals, but sustainability hin...
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