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...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
Singapore Daily: Monday, February 16, 2026
Top Stories Company Results | ASL Marine (ASL SP/BUY/S$0.32/Target: S$0.43) ASL Marine reported a strong 1HFY26, with PATMI of S$17.1m beating expectations by 7% on margin expansion and lower finance costs. Ship repair anchors earnings, while its S$107m chartering orderbook improves earnings visibility. With net gearing at 0.77x and cash flow strengthening, we raise our FY26-28 earnings forecast by 10%. Maintain BUY with a 23% higher target price of S$0.43. Company Results | BRC Asia (BRC SP/BU...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Kasemsun Koonnara
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, February 16, 2026
Greater China 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 HSHCI rose 1.8%, outperforming the HSI, which declined b...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
AIY IFAST
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KREIT KEPPEL REIT
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
BRC BRC ASIA LTD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
99SMART CSPC INNOVATION PHARMACEUTICAL CO L
STECON 99 SPEED MART RETAIL HOLDINGS BHD
ONC@US@ STECON GROUP PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
ASL MARINE (ASL SP)
- Heidi Mo Jinghui
- John Cheong Ming Chern
iFAST Corporation (IFAST SP) - 4Q25: Record-High Earnings And Higher D...
iFAST delivered a record-high 2025 PATMI of S$100m, surpassing expectations on strong AUA growth and ePension contributions. The Hong Kong segment exceeded its PBT target, while catalysts from Macau, ORSO and iGB support 2026 growth. Management provided 2026 DPS guidance of at least 10.5 S cents (+25% yoy), reflecting confidence in earnings. Maintain BUY with a 6% higher target price of S$11.77.
- Chong Lee Len
Maxis (MAXIS MK) - 4Q25: In Line; Robust Earnings Driven By Cost Disci...
4Q25: In Line; Robust Earnings Driven By Cost Discipline Highlights Maxis recorded robust 4Q25 results, with core net profit of RM380m (+18% yoy; -8% qoq), underpinned by cost discipline, operational efficiencies and higher service and enterprise revenue base. This brings 2025 net profit to RM1,561m (+12% yoy), in line with expectations. The group declared a final interim DPS of 4 sen/share, and a special 1.5 sen/share DPS for 4Q25. This brings full-year 2025 net DPS to 17.5 sen/share (2024:...
- 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...
- Chong Lee Len
Singapore Telecommunications (ST SP) - 9MFY26: In Line; Cost Disciplin...
Singtel delivered strong earnings in 3QFY26, lifting its 3QFY26 underlying net profit by 9% yoy and 12% qoq to S$744m. Earnings were bolstered by Optus and NCS’ positive operating matrix and 15% yoy associate income uplift. Singtel’s 9MFY26 underlying net profit of S$2.1b (+12% yoy) is in line with expectations. Maintain BUY with a higher SOTP-based target price of S$5.50.
- 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
- 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)
- Chong Lee Len
CelcomDigi (CDB MK) - 2025: Results In Line; Synergistic Savings Into ...
2025: Results In Line; Synergistic Savings Into 2026 Highlights CelcomDigi reported 4Q25 net profit of RM350m for 4Q25. Stripping out accelerated depreciation and asset impairment, 4Q25 core net profit came in at RM400m (-1% yoy; flat qoq). This brings 2025 net profit to RM1,660m (-4% yoy), in line with house and street’s estimates. 2025’s total dividend of 14.7 sen/share reflects a 104% core earnings payout. We trim 2026-27 earnings forecasts marginally by 1-3% as we housekeep for elevate...
- 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...
- Julia Pan Mengyao
NetEase (9999 HK) - 4Q25: Earnings Miss On Low Game Season; AI To Empo...
NetEase’s 4Q25 earnings came in below expectations. Revenue grew 3% yoy to Rmb27.5b, 5% below consensus estimates. Gross profit increased 8.7% yoy to Rmb17.7b, with gross margin rising 3ppt yoy to 64.2%. Non-GAAP operating profit grew 5% yoy to Rmb9.2b. Non-GAAP net profit plunged 27% yoy to Rmb7.1b, missing consensus estimate. Net margin shrank 10ppt yoy to 26% in 4Q25. Maintain BUY with a lower target price of HK$250.00 (US$154.00).
- 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...
- 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...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Axiata Group (AXIATA MK) - Portfolio Optimisation To Unlock Growth And...
Portfolio Optimisation To Unlock Growth And Value Creation Highlights The edotco monetisation can happen in 2026, while Linknet may take a longer time to find a suitable investor. Valuation of the edotco - if it is sold - will not be on a fire-sale basis, and we expect a valuation of 10-12x EV/EBITDA. Axiata Group’s (Axiata) 2026-28 Investor Day highlighted that management will focus on the following three key areas: a) growing annual dividends by at or over 10% yoy; b) maintaining net debt/...
- Malaysia Research Team
Malaysia Daily - Tuesday, February 10, 2026
Top Stories Company Results | British American Tobacco (ROTH MK/BUY/RM4.57/Target: RM6.51) BAT’s 2025 results handily beat expectations. The reversal of inventory adjustments that took place in 3Q25 resulted in an exceptionally strong sales volume during 4Q25. Positively, margins have also expanded following the drop in operational spending on vapour products. Looking forward, while industry volumes continue to decline slowly, we still see value in the lush dividend yields and improving operatio...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Posmarito Pakpahan
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 10, 2026
Greater China Sector Update | China Property Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacte...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Corporate Deals Galore
Corporate Deals Galore Highlights Our channel checks suggest that many more value-accretive corporate exercises, such as M&A, privatisation, IPO and asset monetisation, as well as capital management, could materialise in 2026, following the heels of the first mega deal of Sunway Bhd’s proposed acquisition of IJM Corporation. Such deals relate mainly in the mid-cap space, and should help revive interests in the small-mid cap segment, beyond generating alpha returns for the pertinent companies...
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