reports
- Malaysia Research Team
Malaysia Daily - Friday, April 25, 2025
KEY HIG HLIGH TS Company Update My EG Services (MYEG MK/BUY/RM0.895/Target: RM1.46) Page 2 Zetrix venture continues to support growth trajectories, besides providing stable recurring revenue and healthy cash flows moving forward. Maintain BUY and target price of RM1.46. UOBKH Highlights Vitrox Corporation (VITRO MK/SELL/RM2.70/Target: RM2.50) Page 5 1Q25: Within our expectation; recovery is in sight but valuation remains stretched. TRADERS’ CORNER Page 6 Aemulus Holdings (AMLS MK): Technical BUY...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, April 25, 2025
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) Aier delivered a relatively modest growth in 2024 but revenue and adjusted net earnings saw robust growth of 15.97% and 25.8% yoy respectively for 1Q25. Management is confident about the growth outlook for Aier given rigid service demand despite the relatively weak economic conditions. Aier has further expanded its hospital network and will continue to improve operating efficiency by actively deploying AI ...
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Friday, April 25, 2025
KEY HIGHLIGHTS Results Mapletree Logistics Trust (MLT SP/HOLD/S$1.16/Target: S$1.31): 4QFY25: Risk from protracted trade war. Update Keppel (KEP SP/BUY/S$6.59/Target: S$9.25): Solid 1Q25 business update - profits up, monetisation gains traction and infrastructure delivers stability. Maintain BUY. TRADERS’ CORNER Singapore Exchange (SGX SP): Trading BUY Singapore Tech Engineering (STE SP): Trading BUY
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Adrian Loh Tzum Yung
Keppel (KEP SP) - Profits Up, Monetisation Gains Traction And Infrastr...
KEP announced a positive 1Q25 business update with net profit up 25% yoy and nearly S$350m in asset monetisation ytd. Key share price catalysts in the near term include newsflow for its asset monetisation programme such as a further S$550m in real estate deals, the sale of its legacy rigs, a partial distribution of the proceeds of the segregated account, and potential investments in long-distance fibre optic projects. Maintain BUY. Target price: S$9.25.
- Malaysia Research Team
Malaysia Daily - Thursday, April 24, 2025
KEY HIG HLIGH TS Sector Update Renewable Energy – Malaysia Page 2 Renewable energy programmes (LSS 5 and LSS 5+) and government policies to sustain multi-year earnings visibility. Company Results IGB REIT (IGBREIT MK/HOLD/RM2.29/Target: RM2.21) Page 5 1Q25: In line. We maintain HOLD, pending a stronger recovery in consumer sentiment and further visibility on potential asset injections. UOBKH Highlights Axis REIT (AXRB MK/HOLD/RM1.83/Target: RM1.80) Page 8 1Q25: Results exceed our expectations; i...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, April 24, 2025
KEY HIGHLIGHTS Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) Tinci’s 1Q25 net profit came in above estimates at Rmb150m (+30.8% yoy/+2.7% qoq), due to higher-than-expected sales volume and ASP. Going forward, Tinci will sustain earnings growth through cost control measures, product upgrading and global capacity expansion. We raise our 2025-26 net profit forecasts by 119%/150% to Rmb887m/ Rmb967m respectively, and introduce our 2027 net profit forecast o...
- Malaysia Research Team
Malaysia Daily - Wednesday, April 23, 2025
KEY HIG HLIGH TS Sector Update Technology – Malaysia Page 2 We model a base/bear-case scenario on a double-burned down case − axeing earnings and applying a -0.5SD/-1SD valuation multiple. While stress test highlights pockets of vulnerability, selective bright spots have emerged. Company Results Alpha IVF Group (ALPHA MK/BUY/RM0.29/Target: RM0.35) Page 5 3QFY25: Results miss expectations off significant start-up costs but FY26 forecasts are intact. Maintain BUY. Lower target price primarily to a...
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Wednesday, April 23, 2025
KEY HIGHLIGHTS Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) TME is the world’s largest online music platform by MAU, and has sustained the biggest market share of about 70% in the online music industry since 2016. It operates leading music apps including QQ Music, Kugou Music, Kuwo Music and WeSing. We initiate coverage with a BUY rating and target price of HK$60.00 (US$15.00). Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) ...
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Tuesday, April 22, 2025
KEY HIGHLIGHTS Sector Property In Apr 25, major mainland cities saw mom/yoy decreases in new home sales, while second-hand transactions in Tier 1 cities continued to see positive yoy growth. The supportive remarks by Premier Li Qiang on 15 April point to further upside on property policies. The upcoming Politburo meeting will be an important window for clues of new policies. Maintain OVERWEIGHT. CR Land remains our top pick. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: ...
- Malaysia Research Team
Malaysia Daily - Tuesday, April 22, 2025
KEY HIG HLIGH TS Company Update MISC (MISC MK/BUY/RM7.17/Target: RM8.20) Page 2 LNGC rates continue to look weak, and are justified via our hefty 35% discount assumption on LNG DCF. Tariffs may complicate petroleum earnings, though we expect this segment to be resilient. TRADERS’ CORNER Page 5 Eco World Development Group (ECW MK): Technical BUY Affin Bank (ABANK MK): Technical BUY
- Malaysia Research Team
Malaysia Daily - Monday, April 21, 2025
KEY HIG HLIGH TS Company Update QL Resources (QLG MK/HOLD/RM4.69/Target: RM4.80) Page 2 Fairly insulated from trade tariff war but overall outlook does not excite. Maintain HOLD. WCT Holdings (WCTHG MK/SELL/RM0.635/Target: RM0.55) Page 5 Minimal orderbook replenishments and inconsistent earnings delivery signal tougher times ahead. REIT listing remains key catalyst. TRADERS’ CORNER Page 8 AWC (AWCF MK): Technical BUY Capital A (CAPITALA MK): Technical BUY
- Malaysia Research Team
Malaysia Daily - Friday, April 18, 2025
KEY HIG HLIGH TS Sector Update Property – Malaysia Page 2 Our ESG review highlights inconsistent reporting and uneven transition progress. We favour names with clearer disclosures and tangible action plans. Maintain Overweight. TRADERS’ CORNER Page 6 Aeon Co. (M) (AEON MK): Technical BUY BM Greentech (BMGREEN MK): Technical BUY
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - Positioning For The China-Malaysia Strategic Reset
Positioning For The China-Malaysia Strategic Reset President Xi Jinping’s state visit to Malaysia culminated in the signing of 31 bilateral Memoranda of Understanding (MoU), underscoring a broad-based strategic reset spanning trade, digital technology, infrastructure, tourism, education and more.
- Malaysia Research Team
Malaysia Daily - Thursday, April 17, 2025
KEY HIG HLIGH TS Company Update Hap Seng Plantations (HAPL MK/BUY/RM1.93/Target: RM2.45) Page 2 1Q25 earnings expected to decline qoq on flooding and weaker prices, but improved 2025 output guidance supports upward forecast revisions. Maintain BUY. IOI Corporation (IOI MK/HOLD/RM3.59/Target: RM3.70) Page 5 We expect 3QFY25 earnings to be weaker qoq at RM300m on low seasonal production, but expect output to pick up strongly in 4QFY25 given recent months’ operating trends. UOBKH Highlights Strateg...
- Malaysia Research Team
Malaysia Daily - Wednesday, April 16, 2025
KEY HIG HLIGH TS Malaysia Gems Conference Highlights Alliance Bank Malaysia (ABMB MK/HOLD/RM4.35/Target: RM4.84) Page 2 Loan growth outpaces industry but rights issue caps upside. Maintain HOLD and target price of RM4.84. ITMAX System (ITMAX MK/BUY/RM3.72/Target: RM4.30) Page 5 Expects to maintain its contract-winning streak for the rest of the year. Pekat Group (PEKAT MK/BUY/Price: RM1.10/Target: RM1.45) Page 8 Stock offers a robust three-year earnings CAGR of 32%; well-positioned in the RE spa...
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Wednesday, April 16, 2025
KEY HIGHLIGHTS Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$328.40/Target: HK$394.00) HKEX is expected to report a 36.3% yoy net profit growth in 1Q25, driven by a strong headline ADT performance amid the AI frenzy in China. Despite the volume spike following the US tariff shock, we believe such a high turnover velocity driven by market uncertainty is unlikely to continue and we expect headline ADT to ease gradually as risk-off sentiment prevails. However, the current valuation (-0.5...
- Claire Wang Kelai
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 1Q25: In line; poised to capitalise on gold pr...
Zijin reported 1Q25 earnings of Rmb10,166.8m (+62.4% yoy), in line with expectations. Mining entities’ gross margin expanded to 59.9% (+5.4ppt yoy), supported by a gold price rally. The contribution from gold/copper to gross profit became more balanced at 36%/42%, enhancing earnings resilience amid elevated market uncertainties. 1Q25 gold output rose to a record 19.1 tonnes (+13.4% yoy), on track to achieve its 2025 growth target of 17%. Maintain BUY. Target price: HK$24.00.
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
- Malaysia Research Team
Malaysia Daily - Tuesday, April 15, 2025
KEY HIG HLIGH TS Malaysia Gems Conference Highlights IOI Properties Group (IOIPG MK/BUY/RM1.78/Target: RM2.54) Page 2 All eyes on Marina View grand launch slated for end-Apr 25. Turning Shariah-compliant in May should improve investor sentiment. Northeast Group (NE MK/BUY/RM0.34/Target: RM0.53) Page 5 Trading at just 13.4x FY25F PE, the group stands out as one of the most undervalued integrated engineering solution providers. TIME dotCom (TDC MK/BUY/Price: RM5.06/Target: RM6.00) Page 8 Robust th...
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