reports
- Malaysia Research Team
Malaysia Daily - Thursday, February 19, 2026
Top Stories Company Update | Hap Seng Plantations (HAPL MK/BUY/RM2.26/Target: RM2.45) We project a higher 4QFY25 earnings qoq for HAPL despite lower ASPs, driven by stronger sales volume in tandem with higher CPO production. We remain positive on HAPL achieving its FFB production growth target of 9% in 2026, supported by improving yields and increased mature acreage for harvest. Maintain BUY with an unchanged target price of RM2.45. What’s Inside Company Update | Duopharma Biotech (DBB IVF MK/BU...
- Malaysia Research Team
Malaysia Daily - Monday, February 16, 2026
Top Stories Company Results | 99 Speed Mart Retail Holdings (99SMART MK/HOLD/RM3.95/Target: RM3.80) Results fell within expectations as the previous quarter’s robust SSSG was sustained. Margins were largely unchanged, save for a higher effective tax rate that marginally lowered core margins. Dividend payout was raised. Maintain HOLD with an unchanged target price of RM3.80. Market Spotlight The FBMKLCI continued to slide lower for the second consecutive day by 11.31pt to close at 1,739.54 last...
- Curtis Yeung
- Greater China Research Team
Greater China Daily: Monday, February 16, 2026
Top Stories 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 The HSHCI rose 1.8%, outperforming the HSI, which declined by 3.8...
- Curtis Yeung
- Greater China Research Team
Greater China Daily: Friday, February 13, 2026
Top Stories Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, Gee...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 13, 2026
Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...
- Malaysia Research Team
Malaysia Daily - Friday, February 13, 2026
Top Stories Company Results | Maxis (MAXIS MK/HOLD/RM3.83/Target: RM4.20) Maxis recorded robust 4Q25 results, with core net profit reported at RM380m (+18% yoy; -8% qoq), underpinned by cost discipline, operational efficiencies and a higher service and enterprise revenue base. This brings 2025 net profit to RM1,561m (+12% yoy), which we deem in line with expectations. The group declared a final interim DPS of 5.5 sen/share (113% payout), amounting to a full-year 2025 net DPS to 17.5 sen/share. M...
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Equity Strategy - Singapore Budget 2026: Building From Stre...
The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE.
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Adrian Loh Tzum Yung
- Chong Lee Len
- Singapore Research Team
Singapore Daily: Friday, February 13, 2026
Top Stories Strategy | Bullish Foundations In Place For 2026 The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE. Company Results | Singapore Telecommunications (ST SP/...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Malaysia Research Team
Malaysia Daily - Thursday, February 12, 2026
Top Stories Initiate Coverage | KIP REIT (KIP MK/BUY/RM0.94/Target: RM1.15) The defensive REIT offers investors an attractive yield of 7.6% in FY26, with re-rating potential from its acquisition-led growth and improving liquidity. DPU has grown under the current CEO, and we forecast a 4% three-year CAGR in DPU during FY25-28F, underscoring management’s execution capability and focus on unitholder returns. Initiate coverage with BUY and a DDM-based target price of RM1.15. Company Results | Carlsb...
- 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...
- Adrian Loh Tzum Yung
CapitaLand Investment (CLI SP) - Not Deal Junkies: CLI’s Recurring Inc...
The headline profit decline was driven by non-cash revaluation losses mainly centred on CLI’s China assets, thus masking a resilient operating performance. Fee-related businesses and private funds supported recurring income growth, while lodging expansion strengthened long-term visibility. Maintain BUY with an upgraded target price of S$4.05.
- 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...
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, February 11, 2026
Top Stories Sector Update | Property Singapore’s property sector has outperformed in the past six months. Ytd, 15 stocks have beaten the STI’s ytd return of 6.7%. A number of large caps have structurally rerated due to their respective value unlocking programmes. We analyse the next big value unlock potential with CLI’s rumoured merger with Mapletree. Our top picks in the sector are CLI, PROP and CDL. Maintain OVERWEIGHT. Market Spotlight • US stocks were mixed on Tuesday, with the Do...
- 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...
- Malaysia Research Team
Malaysia Daily - Wednesday, February 11, 2026
Top Stories Sector Update | Plantation MPOB’s Jan 26 data show inventory beginning to moderate from record highs, as monthly production declined while exports came in stronger mom. Maintain MARKET WEIGHT on the sector. Company Results | Hartalega Holdings (HART MK/HOLD/RM0.92/Target: RM0.92) Despite Hartalega’s focus on internal cost optimisation resulting in earnings improving qoq in 3QFY26, the current challenging industry outlook continues to pressure sales demand. Earnings will likely remain...
- 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...
- Adrian Loh Tzum Yung
Property - A Rising Tide To Continue To Float The Property Boat
Singapore’s property sector has outperformed in the past six months. Ytd, 15 stocks have beaten the STI’s ytd return of 6.7%. A number of large caps have structurally rerated due to their respective value unlocking programmes. We analyse the next big value unlock potential with CLI’s rumoured merger with Mapletree. Our top picks in the sector are CLI, PROP and CDL. Maintain OVERWEIGHT.
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