reports
- Keith Wee Teck Keong
Banking - Loans Growth Tapers Amid Caution
Loans Growth Tapers Amid Caution Loan growth softened to 5.1% in Jun 25 (May 25: +5.3%), driven by weaker business lending. Loan applications, particularly from businesses, also declined, likely reflecting a cautious stance amid tariff uncertainties. We maintain our 2025 loan growth forecast at 5-6%, implying a 1.4x loan-to-GDP multiplier, consistent with the historical 1.0x-1.7x range. Maintain MARKET WEIGHT, with a preference for defensive names like Hong Leong Bank and Public Bank.
- Jonathan Koh
Far East Hospitality Trust (FEHT SP) - 1H25: Maiden Contribution From ...
FEHT focuses on preserving occupancy. Management tactically reduced room rates for its hotels to stabilise occupancy at 79.8% and RevPAR at S$131 in 2Q25. The acquisition of FPSN was completed on 25 Apr 25 and contributed revenue of S$1.6m. Revenue from its commercial premises grew 6.4% yoy in 1H25. FEHT’s low aggregate leverage of 31.2% provides defensive strength and option to expand via acquisition in 2026. Maintain BUY. Target price: S$0.81.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Friday, August 1, 2025
KEY HIGHLIGHTS Sector REITs: S-REITs monthly update (Jul 25). Results Far East Hospitality Trust (FEHT SP/BUY/S$0.60/Target: S$0.81): 1H25: Maiden contribution from Japan; growth from commercial premises. Keppel (KEP SP/BUY/S$8.47/Target: S$9.51): 1H25: Strong growth, steady dividends, and asset-light transformation in motion. Maintain BUY. Seatrium (STM SP/BUY/S$2.27/Target: S$2.96): 1H25: Robust revenue growth with continued gross margin expansion. Maintain BUY with target price of S$2.96. S...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, August 01, 2025
GREATER CHINA Economics PMI Rebound falters, weighed down by weaker construction and input cost pressures. Sector Automobile Weekly: PV sales pressured by anti-involution initiatives. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Budweiser APAC (1876 HK/BUY/HK$8.26/Target: HK$12.00) ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
ISAT INDOSAT
1295 PUBLIC BANK BHD
ERW ERAWAN GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
1155 MALAYAN BANKING BHD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
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
PBBANK PUBLIC BANK BERHAD
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
ABANK AFFIN BANK BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
STECON STECON GROUP PUBLIC COMPANY LIMITED
BRMS IJ BUMI RESOURCES MINERALS
ECOSHOP MK ECO-SHOP MARKETING BHD
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Jonathan Koh
REITs – Singapore : S-REITs Monthly Update (Jul 25)
Singapore is a haven due to its fiscal discipline and the lowest reciprocal tariff of 10%. The flight to safety is evidenced by low 10-year Singapore government bond yield of 2.1% and 3-month compounded SORA of 1.9%. Maintain OVERWEIGHT. BUY suburban retail REITs CICT (Target: S$2.72), FCT (Target: S$3.07) and LREIT (Target: S$0.76) and data centre REITs DCREIT (Target: US$0.88) and KDCREIT (Target: S$2.69). We also like CLAR (Target: S$4.02).
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 2Q25: CIMB Niaga Results: Subdued Outcome
2Q25: CIMB Niaga Results: Subdued Outcome CIMB Niaga reported 2Q25 net profit of Rp1,650m (-8.6% qoq, -4.4% yoy) bringing 1H25 earnings to Rp3,455 (+1.4% yoy). CIMB Niaga’s. Earnings were in line, with 1H25 net profit accounting for 52% of both our and consensus full-year forecasts. Earnings rose 1.4% yoy, supported by lower provisions as net credit cost declined 24bps to 65bps. However, this was partially offset by a 25bps compression in NIM to 3.96%, negative operating jaws, and softer non-int...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Thursday, July 31, 2025
KEY HIGHLIGHTS Results Keppel REIT (KREIT SP/BUY/S$0.97/Target: S$1.18): 1H25: Benefitting from Singapore growing in stature as a regional hub. Oiltek International (OTEK SP/BUY/S$0.89/Target: S$1.05): 1H25: Record-high earnings and outlook remains positive; maintain BUY. TRADERS’ CORNER First Resources (FR SP): Trading BUY Keppel DC REIT (KDCREIT SP): Trading BUY
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- Jonathan Koh
Keppel REIT (KREIT SP): 1H25: Benefitting From Singapore Growing In St...
KREIT achieved positive rental reversion of 12.3% in 1H25 and targets to achieve double-digit reversion for the full year. It has substantially backfilled vacancies at OFC in Singapore and 255 George Street in Sydney. NPI growth was particularly strong at 13.4% yoy for Australia. KREIT benefits as Singapore strengthens its positioning as a financial and regional hub. It provides a 2026 yield of 6.9% (CICT: 5.1%, Suntec: 5.0%) and P/NAV is at 0.80x. Maintain BUY. Target price: S$1.18.
- Keith Wee Teck Keong
Bursa Malaysia (BURSA MK) - 2Q25: ADV Remains Muted Amid Cautious Sent...
2Q25: ADV Remains Muted Amid Cautious Sentiment Bursa’s 2Q25 results were broadly in line with expectations, with both yoy and qoq earnings impacted by softer ADV. While current trading volumes remain subdued, they are in line with our projections. We maintain our HOLD rating with a higher target price of RM7.87 (from RM7.29) as we roll forward our valuation to 2026, factoring in a modest ADV recovery supported by the anticipated resumption of Fed rate cuts and a gradual return of risk appetite.
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Wednesday, July 30, 2025
KEY HIGHLIGHTS Results CapitaLand Ascott Trust (CLAS SP/BUY/S$0.91/Target: S$1.56): 2Q25: Portfolio reconstitution through expansion in living sector and AEI. Keppel Pacific Oak US REIT (KORE SP/BUY/US$0.22/Target: US$0.24): 1H25: Gradually restoring payout ratio. Singapore Airlines (SIA SP/SELL/S$7.04/Target: S$6.03): 1QFY26: Results a major miss due to cost pressure and Air India drag. Downgrade to SELL. TRADERS’ CORNER Hongkong Land Holdings (HKL SP): Trading BUY Wilmar International (WI...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 30, 2025
GREATER CHINA Sector Internet WAIC - Battlefield of AI applications and agents to reshape productivity. Results WuXi AppTec (2359 HK/BUY/HK$111.70/Target: HK$146.00) 1H25: Results beat; benefitting from growing CRDMO service demand. Upgrade to BUY. INDONESIA Results AKR Corporindo (AKRA IJ/BUY/Rp1,345/Target: Rp1,525) 2Q25: Momentum builds, but 4Q25 to del...
AKRA PT AKR CORPORINDO TBK
AMATA AMATA CORP
3K1 KINGSOFT CORP. LTD.
C6L SINGAPORE AIRLINES LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BURSA BURSA MALAYSIA BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09988 ALIBABA GROUP HOLDING LTD.
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
WUXI APPTEC CO. LTD. CLASS H
- Jonathan Koh
CapitaLand Ascott Trust (CLAS SP) - 2Q25: Portfolio Reconstitution Thr...
RevPAU grew 3% yoy to S$159 in 2Q25, driven by Australia (+15% yoy), UK (+4% yoy) and the US (+8% yoy). Average occupancy improved 3ppt yoy to 78%. CLAS continues to execute its portfolio reconstitution strategy and planned three additional AEIs, bringing the total number of AEIs to five. It is defensive due to its lean cost structure and average length of stay of two months. CLAS provides 2026 distribution yield of 7.0%. Maintain BUY. Target price: S$1.56.
- Jonathan Koh
Keppel Pacific Oak US REIT (KORE SP) - 1H25: Gradually Restoring Payou...
KORE achieved a positive rental reversion of 3.3% in 2Q25. Encouragingly, expansion accounted for 17.1% of leases signed in 1H25 driven by technology companies. KORE guided portfolio occupancy at mid-to-high 80% by end-25. Management envisages a phased approach with gradual step-ups in payout ratio. We assume a payout ratio of 30% in 2026, increasing by 15ppt to 45% in 2027. KORE trades at a distribution yield of 5.3% for 2026 and 7.8% for 2027. Maintain BUY. Target price: US$0.24.
- Philip Wong
Eco-Shop Marketing (ECOSHOP MK) - 4QFY25: Slower End To The Year But S...
4QFY25: Slower End To The Year But Still Surprises Eco-Shop’s price adjustment following cost increases led to a milder-than-expected sales dip, with margins preserved and earnings exceeding expectations. While foot traffic has yet to recover fully, our conservative view still sees strong growth ahead. We continue to favour Eco-Shop as our top pick in the sector, backed by its defensive positioning and an attractive three-year profit CAGR of 15.1% (FY25-28). Maintain BUY with a higher target pri...
- Philip Wong
Alpha IVF Group (ALPHA MK) - 4QFY25: Earnings On Track As FY26 Takes S...
4QFY25: Earnings On Track As FY26 Takes Shape Alpha IVF’s sales hit a new high as maiden contributions from its Indonesia operations kicked in. Margins rebounded following the frontloaded start-up costs in the previous quarter, and earnings came in broadly within expectations. FY26 is set to deliver exciting earnings growth, underpinned by the addition of new IVF facilities in the Philippines and further rollouts in Malaysia. Maintain BUY with a target price of RM0.35.
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, July 29, 2025
GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AIY IFAST
PLANB PLAN B MEDIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
ROTH BRITISH AMERICAN TOBACCO BHD
RFMD RAFFLES MEDICAL GROUP LTD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DELTA DELTA ELECTRONICS
0303 ALPHA IVF GROUP
ECOSHOP MK ECO-SHOP MARKETING BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Chong Lee Len
Tenaga Nasional (TNB MK) - Additional RM840m Tax Notice From IRB For Y...
Additional RM840m Tax Notice From IRB For Year Of Assessment 2022 In a Bursa Malaysia announcement, Tenaga Nasional (Tenaga) said that it has received the notice of additional assessment from the Inland Revenue Board (IRB) amounting to RM840.13m for the Year of Assessment (YA) 2022. This comes after losing its RM1.25b tax assessment dispute in the Federal Court for YA 2018 earlier this month, as it wrongly claimed tax relief meant for manufacturers instead of utility companies, which is smaller.
- Chong Lee Len
Malakoff Corporation (MLK MK) - Positive Asset Replenishment Outlook
Positive Asset Replenishment Outlook Mid-26 will be a busy period for Malakoff, as the group expects to achieve financial close for 22MW WTE Melaka then. This facility will be the third WTE in Peninsular Malaysia. Separately, three existing power plants have been submitted to the government for potential short-term PPA extension, with results to be announced by Sep 25. We expect the group to be awarded a 1,400MW gas-fired power plant by year-end, which will be a key catalyst for the stock. Maint...
- Jonathan Koh
Singapore Daily: Monday, July 28, 2025
KEY HIGHLIGHTS Results Frasers Centrepoint Trust (FCT SP/BUY/S$2.20/Target: S$3.07): 3QFY25: Achieving high occupancies; planning more AEIs. Keppel DC REIT (KDCREIT SP/BUY/S$2.32/Target: S$2.69): 1H25: Stellar rental reversion; growth from acquisitions and potential AEI. TRADERS’ CORNER Raffles Medical Group (RFMD SP): Trading BUY Singapore Airlines (SIA SP): Trading BUY
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.