reports
- Malaysia Research Team
Malaysia Daily - Tuesday, June 10, 2025
KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 1Q25 results largely met expectations. We expect 2Q25 earnings to be supported by higher production output despite weaker CPO prices. Maintain MARKET WEIGHT on sector. Company Update Westports Holdings (WPRTS MK/HOLD/RM4.60/Target: RM4.40) Page 4 Volume growth is intact, assuming a trade resurgence during the 90-day tariff cooldown. We take the view that the tariff hike is fully priced in. UOBKH Highlights Strategy: Targeted Tax Expansi...
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Tham Mun Hon
Greater China Daily: Tuesday, June 10, 2025
KEY HIGHLIGHTS Economics Inflation CPI inflation remained unchanged at -0.1% yoy in May, marking the fourth consecutive month of deflation. Core CPI saw a modest improvement to 0.6% yoy, driven by higher services inflation of 0.5% yoy (+0.2ppt). However, the PPI fell significantly to -3.3% yoy (-0.6ppt), with sharp declines in prices for all major producer goods. The deepening deflationary pressures reflect weakening external demand, due to uncertainties from the tariff war. Trade May exports...
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Singapore Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 10, 2025
GREATER CHINA Economics Inflation: Upstream deflationary pressures intensify. Trade: May data weighed down by higher tariffs. Sector Property: Shenzhen taps HPF for down payments to stabilise the property market; land market sees divergence among cities. INDONESIA Update Aneka Tambang (ANTM IJ/BUY/Rp3,450/Target: Rp4,600): Capitalising on gold’s momentum despite environmental headwinds. MALAYSIA Sector Plantation: 1Q25 results largely met expectations. We expect 2Q25 earnings to be supported b...
- Singapore Research Team
APAC Realty (APAC SP) - Laggard Realty Play With Solid Foundation, Yie...
With a 43-year track record, APAC Realty is a leading real estate brokerage in Asia Pacific. While 2024 core net profit fell, 4Q24 marked a clear inflection point as lower interest rates and pent-up demand spurred a rebound in its project activity. Its robust pipeline and strong early-25 sales reinforce earnings visibility. Its 4.6% 2024 yield and recent share buybacks also reflect management’s confidence. Trading at just 10x 2026F PE vs PropNex’s 14x, the stock offers potential valuation upside...
- Singapore Research Team
- Malaysia Research Team
Malaysia Daily - Monday, June 9, 2025
KEY HIG HLIGH TS Sector Update Telecommunications – Malaysia Page 2 1Q25 earnings down 3% yoy, broadly in line with expectations. Cost discipline and enterprise revenue growth defend earnings despite service revenue weakness. TRADERS’ CORNER Page 5 Globetronics Technology (GTB MK): Technical BUY JF Technology (JFTB MK): Technical BUY
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Monday, June 9, 2025
KEY HIGHLIGHTS Results Huize Holding (HUIZ US/BUY/US$2.03/Target: US$3.50) Huize reported a non-GAAP net loss of Rmb10.9m in 1Q25, dragged by muted GWP and yoy operating margin compression. Nevertheless, sales momentum is expected to recover in the coming quarters, driven by its fast-growing international business and revival of insurance sales growth in mainland China. Management maintains its previous profit guidance, given the improving sales outlook and sequential efficiency gains powered ...
- Bella Lu Yifei
- Greater China Research Team
- Ken Lee
Greater China Daily: Friday, June 6, 2025
KEY HIGHLIGHTS Sector Automobile: Weekly: The government steps in to restore order. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. TRADERS’ CORNER Meituan (3690 HK): Trading Buy range: HK$145.30-146.30 China Resources Beer (Holdings) (291 HK): Trading Buy range: HK$26.50-26.60
- Malaysia Research Team
Malaysia Daily - Friday, June 6, 2025
KEY HIG HLIGH TS Sector Update Gaming – Malaysia Page 2 Anticipate sector earnings to grow progressively throughout 2025-26 and offer solid dividend yields, but downgrade to MARKET WEIGHT given limited immediate catalysts. Company Update Duopharma Biotech (DBB MK/BUY/RM1.38/Target: RM1.67) Page 5 Outlook remains promising with still-normalising input cost. Maintain BUY with a higher target price of RM1.67. TRADERS’ CORNER Page 8 Binastra Corporation (BNASTRA MK): Technical BUY DPS Resources (DPS...
- Adrian Loh Tzum Yung
Singapore Daily: Friday, June 6, 2025
KEY HIGHLIGHTS Update Sembcorp Industries (SCI SP/BUY/S$6.65/Target: S$8.00): Powering ahead with Singapore grids, floating solar and hydrogen dreams. Maintain BUY with target price of S$8.00. TRADERS’ CORNER Frencken Group (FRKN SP): Trading BUY Medtecs International Corp (MED SP): Trading BUY
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Ken Lee
- Philip Wong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, June 06, 2025
GREATER CHINA Sector Automobile Weekly: Government steps in to restore order. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. MALAYSIA Sector Gaming Anticipate sector earnings to progressively grow throughout 2025-26 and offer solid dividend yields, but downgrade to MARKET WEIGHT given limited immediate cataly...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
MAG. MAG SILVER CORP.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
3182 GENTING BHD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
BST BERJAYA SPORTS TOTO BHD
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
RGB RGB INTERNATIONAL BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Adrian Loh Tzum Yung
Sembcorp Industries (SCI SP) - Powering Ahead With Singapore Grids, Fl...
SCI continues its disciplined pivot toward sustainable growth, underpinned by robust execution across renewables, energy infrastructure, and core conventional assets. The recent Senoko stake acquisition, long-term PPAs, and India renewables and battery storage projects enhance earnings visibility and regional positioning. We remain positive on SCI given its role as a scalable platform for Asia’s energy transition. Maintain BUY. Target price: S$8.00.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - June 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and Trip.com. INDONESIA Strategy Alpha Picks: Good Performances In May: Good performances from most with the exception of GOTO and BUKA. MALAYSIA Strategy Alpha Picks: Raising Emphasis On Infrastructure Plays: Our May 25 Alpha Picks outperformed with resounding success. June 25 picks: Duopharma, Eco World, Gamuda, Hume Cement, IJM, MYEG, Northeast Group. SINGAPORE S...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Greater China Research Team
Greater China Strategy Alpha Picks: June Conviction Calls
The HSI and MSCI China index rebounded 5.3% mom and 3.5% mom respectively in May, after China and the US agreed on a 90-day tariff truce. Nonetheless, geopolitical uncertainties and tariff war risks remain. Hence, we continue to favour domestic policy beneficiaries and defensive sectors that have been gaining traction in recent weeks. New additions to our BUY list are Prudential and Sino Biopharm, and we take profit on SHKP and Trip.com.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 1Q25 Results Wrap-up: Short-Circuited Outlook
1Q25 Results Wrap-up: Short-Circuited Outlook The 1Q25 results season was more underwhelming than expected, mainly due to the US’ highly disruptive trade policies. Accordingly, we trim our bottom-up 2025-26 forecasts by 4.2%/3.6% respectively, and brace for further earnings downgrades. Nevertheless, with the worst of the US trade policy threats behind us, we maintain our end-25 FBMKLCI target of 1,620. We see opportunistic buying with the FBMKLCI’s 5.0% retreat from its May high to capitalise on...
- Malaysia Research Team
Malaysia Daily - Wednesday, June 4, 2025
KEY HIG HLIGH TS Strategy – Malaysia 1Q25 Results Wrap-up: Short-Circuited Outlook Page 2 We cut our 2025 earnings forecasts and anticipate further cuts. Nevertheless, accumulate on an expected “summer lull” to position for a stronger 2H25 performance. Company Update Uzma (UZMA MK/BUY/RM0.41/Target: RM0.76) Page 4 Aggressive orderbook growth driven by O&G. However, its 5-year recurring income target will be missed due to delay risks of SARA-WIF. TRADERS’ CORNER Page 7 Capital A (CAPITALA MK): Te...
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, June 4, 2025
KEY HIGHLIGHTS Update DFI Retail Group Holdings (DFI SP/BUY/US$2.65/Target: US$3.50): Exits RRH stake to fuel higher-margin businesses. Maintain BUY with higher target price of US$3.50. TRADERS’ CORNER AEM Holdings (AEM SP): Trading BUY Thai Beverage (THBEV SP): Trading SELL
- Greater China Research Team
- Roy Chen Chengzhi
Greater China Daily: Wednesday, June 4, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: June Conviction Calls The HSI and MSCI China index rebounded 5.3% mom and 3.5% mom respectively in May, after China and the US agreed on a 90-day tariff truce. Nonetheless, geopolitical uncertainties and tariff war risks remain. Hence, we continue to favour domestic policy beneficiaries and defensive sectors that have been gaining traction in recent weeks. New additions to our BUY list are Prudential and Sino Biopharm, and we take profit on SHKP and TCOM. ...
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Greater China Research Team
- Kasemsun Koonnara
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 04, 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and TCOM. Update Qingdao Port International (6198 HK/NOT RATED/Price: HK$6.54) Key takeaways from NDR. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp2,620/Target: Rp3,000) Synergy potential from Lawson; expansion outside Java remains intact. MALAYSIA Strategy 1Q25 Results Wrap-Up ...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
AMRT SUMBER ALFARIA TRIJAYA TBK PT
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
UZMA UZMA BHD
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
01801 INNOVENT BIOLOGICS INC.
DBB DUOPHARMA BIOTECH BHD
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
6198 QINGDAO PORT INTERNATIONAL CO LTD
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
ECOSHOP MK ECO-SHOP MARKETING BHD
TIET11 AES TIETE ENERGIA SA-UNIT
- Adrian Loh Tzum Yung
DFI Retail Group Holdings (DFI SP) - Exits RRH Stake To Fuel Higher-ma...
DFI’s exit of its minority stake in Robinsons Retail in the Philippines should enable the company to continue its strategic refocus on higher-return core businesses. Despite selling at a discount to its entry cost, the deal supports DFI’s pivot toward ROCEaccretive operations. With 2025 profit growth guided at 14–34% yoy and net debt now eliminated, DFI is well-positioned for growth, improved margins and dividend upside. Maintain BUY. Target price raised to US$3.50.
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