reports
- Malaysia Research Team
Telecommunications - TM Leads Peers On The Path To Full Compliance Of ...
TM Leads Peers On The Path To Full Compliance Of Bursa Malaysia’s NSRF Highlights Malaysian telcos appear to be well-equipped to meet Bursa Malaysia’s sustainability reporting requirements, progressively aligning disclosures with Task Force on Climate-related Financial Disclosures (TCFD) pillars and the NSRF. In addition, our ESG scoring suggests that TM and Maxis are ahead of their peers when it comes to ESG undertakings. The sector trades at 8x EV/EBITDA, +2SD above mean. Maintain MARKET...
- Malaysia Research Team
Malaysia Daily - Wednesday, September 24, 2025
Top Stories Sector Update | Renewable Energy By Jan 26, BESS adoption will be mandatory in SELCO programmes. While this increases the payback period of a project (from four to six years), we note that medium- and high-voltage C&I consumers will continue to adopt solar in their planning. As such, the sector is expected to benefit from increased presence and use-cases for solar-plus-BESS projects. Payback periods will improve over time, supported by tax incentives/allowances and a decline in batte...
- Chong Lee Len
- Ejann Hiew
- Jonathan Koh
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Wednesday, September 24, 2025
Greater China Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with a payback period of 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exceed Rmb100m in 2026. Management expects propr...
AJBU KEPPEL DC REIT
5347 TENAGA NASIONAL BHD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
MLK MALAKOFF CORP BHD
T TELEKOM MALAYSIA BHD
PEP PPB GROUP BERHAD
GMB GAS MALAYSIA BHD
TDC TIME DOTCOM BHD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BRIS BANK BRISYARIAH TBK
CDB CELCOMDIGI BHD
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Malaysia Research Team
Automobile - MAA TIV Aug 25: Sales Improve mom, But Flat yoy
MAA TIV Aug 25: Sales Improve mom, But Flat yoy Highlights MAA’s TIV for Aug 25 showed a mom improvement in sales, driven by aggressive promotions and sales of new model launches. We are positive on the new fuel subsidy mechanism but the overall impact on industry sales is expected to be minimal. We increase our 2025 TIV forecast to 760,000 units (from 740,000 units) following the positive sales figures in July and August, but maintain a cautious near-term outlook. Maintain UNDERWEIGHT as ...
- Malaysia Research Team
Malaysia Daily - Tuesday, September 23, 2025
Top Stories Sector Update | Automobile MAA’s TIV for Aug 25 showed a mom improvement in sales, driven by aggressive promotions and sales of new models launched. Proton regained its market share with a positive double-digit sales growth while Chinese brands continued to gain traction with their new model launches. Raise 2025 TIV forecast to 760,000 units following the positive sales figures in July and August but maintain a cautious near-term outlook. Maintain UNDERWEIGHT as competition remains i...
- Damon Shen
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Malaysia Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, September 23, 2025
Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
4197 SIME DARBY BHD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
VSI V.S. INDUSTRY BERHAD
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
BBNI BANK NEGARA INDONESIA PERSER
SCB SCB X PUBLIC COMPANY LIMITED
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
HRUM HARUM ENERGY TBK PT
PECCA MK PECCA GROUP BHD
NTTDCR SP NTT DC REIT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
BNASTRA BINASTRA (BNASTRA MK)
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Tuesday, September 23, 2025
Top Stories Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Technical Analysis Sunny Opt...
- Malaysia Research Team
Malaysia Daily - Monday, September 22, 2025
Top Stories Company Results | Gamuda (GAM MK/HOLD/RM5.52/Target: RM5.75) Performing at 99% of our forecast Gamuda charted commendable FY25 top-line and earnings growth of 20% and 10% respectively. Orderbook replenishments are on track to meet management’s guidance of RM40b-45b by end-25 and RM50b-55b by end-FY26. Maintain HOLD and target price of RM5.75, as valuations appear fair after an impressive rally. Market Spotlight The FBMKLCI close flat last Friday at 1,598.23 (-0.70pt), dragged down ...
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, September 22, 2025
Top Stories Sector Update | Internet Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand d...
- Singapore Research Team
Singapore Daily: Monday, September 22, 2025
Top Stories Small/Mid Cap Highlights | OKP Holdings (OKP SP/NOT RATED/S$1.12) OKP stands out as a bargain in Singapore’s infrastructure upcycle, supported by a S$648m orderbook with its largest-ever LTA cycling path contract. Valuations are compelling at just 9x 2025F PE or 6x ex-cash, at a 30% discount to peers. Its robust net cash (around 33% of market cap) further boosts tendering capacity for major public projects. Market Spotlight • US stocks ended higher on Friday, with the DJIA, S&P 500...
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, September 22, 2025
Greater China Sector Update | Internet Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. The AI theme garnered the most interest, attributable to: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) development of self-sufficient chips. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent, and Baidu. Tongcheng could see robust travel ...
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
GAM GAMUDA BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
OKP OKP HOLDINGS (OKP SP)
- Heidi Mo Jinghui
- Singapore Research Team
OKP Holdings (OKP SP) - A Bargain In Singapore’s Infrastructure Upcyc...
• 1H25 net profit surged 61% yoy, translating to a modest 9x 2025F PE per consensus or just 6x ex-cash PE, among the lowest in the sector. • Strong orderbook of S$648m reinforces OKP as a key beneficiary of Singapore’s infrastructure upcycle. • Robust net cash (around 33% of market cap) enhances tendering capacity and flexibility to capture growth opportunities.
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Budget 2025 Preview: Elevation, Empowerment And Reformation
Budget 2025 Preview: Elevation, Empowerment And Reformation Highlights As the first budget under the 13MP (to be tabled on 10 October), Budget 2026 is expected to be market-neutral but expansionary, and to anchor on two key pillars – empowering Malaysia’s economy and elevating the rakyat’s wellbeing through structural reforms. While indirect tax measures alongside a more targeted subsidy framework could be introduced/reiterated, its pro-growth, pro-FDI and pro-ESG orientation that drives a n...
- Malaysia Research Team
Malaysia Daily - Friday, September 19, 2025
Top Stories Strategy | Budget 2025 Preview: Elevation, Empowerment And Reformation As the first budget under the 13MP (to be tabled on 10 October), Budget 2026 is expected to be market-neutral but expansionary, and to anchor on two key pillars – empowering Malaysia’s economy and elevating the rakyat’s wellbeing through structural reforms. While indirect tax measures alongside a more targeted subsidy framework could be introduced, its pro-growth, pro-FDI and pro-ESG orientation that drives a narr...
- Bella Lu Yifei
- Benyamin Mikael
- Desmond Chong Chee Wai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, September 19, 2025
Greater China Sector Update | Automobile This week's key highlights include insights from a China Automobile Dealer Association forum and a visit to Lynk & Co's Chengdu plant, China's historic L3 ADAS policy approval, and weekly sales updates. The market responded positively to these developments, prompting target price upgrades for Tuopu, Sanhua, Joyson Electronics and Fuyao Glass. Maintain MARKET WEIGHT for China's auto sector, with Geely and CATL as top BUYs, and BYD and Li Auto as top SELLs...
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Friday, September 19, 2025
Top Stories Sector Update | Automobile This week's key highlights include insights from a China Automobile Dealer Association forum and a visit to Lynk & Co's Chengdu plant, China's historic L3 ADAS policy approval, and weekly sales updates. The market responded positively to these developments, prompting target price upgrades for Tuopu, Sanhua, Joyson Electronics and Fuyao Glass. Maintain MARKET WEIGHT for China's auto sector, with Geely and CATL as top BUYs, and BYD and Li Auto as top SELLs. ...
- Malaysia Research Team
Malaysia Daily - Thursday, September 18, 2025
Top Stories Company Results | Scientex (SCI MK/BUY/RM3.23/Target: RM4.03) Scientex’s FY25 results met expectations. Property remained the main earnings driver as the packaging segment continued to face intense competition from China. Positively, operational matrices for the packaging segment remained resilient with the overall market appearing largely stable despite the mild overcapacity. Looking forward, we anticipate property launches picking up in tandem with the recent increase in land banki...
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, September 17, 2025
Top Stories Sector Update | Consumer On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spring...
- Malaysia Research Team
Malaysia Daily - Wednesday, September 17, 2025
Top Stories Sector Update | Banking Malaysian banks reported 2Q25 results that were broadly in line with expectations. Despite persistent headwinds, the sector delivered a resilient 6% yoy expansion in 2Q25 pre-provision operating profit. Maintain OVERWEIGHT. We remain constructive on the sector. Valuations remain appealing, with the sector trading at a mean P/B of 1.10x and offering an attractive dividend yield of 6.0%/6.5% for 2025/26 respectively. Market Spotlight The FBMKLCI rose 17.28pt t...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Tuesday, September 16, 2025
Top Stories Economics | Economic Activity China’s economic activity weakened further in Aug 25. Industrial production grew 5.2% yoy (-0.5ppt) while retail sales slowed to 3.4% yoy (-0.3ppt). Fixed asset investment growth also declined to 0.5% yoy (-1.1ppt), dragged by a sharp 12.9% yoy (-0.9ppt) decline in property investment. The unemployment rate rose to 5.3% (+0.1ppt). Data missed expectations across the board, reflecting fragile domestic demand and weak consumer confidence. We expect furthe...
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