reports
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, June 12, 2025
KEY HIGHLIGHTS Sector Industrial Automation We continue to see rapid developments in China’s humanoid robot space, with supply chain players and key developers turning increasingly optimistic about the industry’s outlook. Comments indicate that technology development will take 2-3 years before full replacement of workers is feasible. Nevertheless, shipments will ramp up rapidly in the coming years, with cost reduction likely exceeding previous expectations. Maintain MARKET WEIGHT. Internet Ma...
- Arsit Pamaranont
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, June 12, 2025
GREATER CHINA Sector Industrial Automation: Development of humanoid robots continues to accelerate, but broader market lukewarm. Internet: JD’s new initiative in on-demand delivery is reshaping FD market dynamics. INDONESIA Update Bank Syariah Indonesia (BRIS IJ/BUY/Rp2,620/Target: Rp3,450): Danantara plans to acquire BRIS. MALAYSIA Results VS Industry (VSI MK/BUY/RM0.775/Target: RM0.92): 3QFY25: Within house but below consensus expectations; expect a stronger 4QFY25. Update Kossan Rubber (KRI...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - Targeted Tax Expansion to Support Fiscal Resilience Broader...
Broader Tax Base, Minimal Public Burden The Ministry of Finance has announced that Malaysia’s expanded Sales and Service Tax (SST) will come into effect on 1 July 2025, as part of the broader Budget 2025 fiscal reform agenda. The initiative aims to broaden the country’s tax base and enhance government revenue, while ensuring minimal impact on the general public.
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Volume Growth Intact; No Catalysts In ...
Volume Growth Intact; No Catalysts In Sight As Tariff Hike Is Priced In Signs of transshipment recovery can be observed in WPRTS’ 4M25 container volume data. By anticipating a resurgence in trade during the 90-day tariff cooldown, WPRTS can meet its unchanged volume growth guidance. Aside from the conclusion of the MSC-Huchitson deal, we do not foresee other catalysts, and think that the tariff hikes are fully priced in – regardless of whether they materialise or are deferred. MMC Port’s impendi...
- 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...
- Kong Ho Meng
Uzma (UZMA MK) - Setbacks In Achieving Recurring Income Mix Are Priced...
Setbacks In Achieving Recurring Income Mix Are Priced In Uzma’s track record in production enhancement and maintenance services enabled it to capture high orderbook growth, mostly driven by the PS segment. However, it will be unable to achieve its five-year target (expiring next quarter) of a recurring income mix of 60%. One of the key reasons is the delay risk of SARA-WIF. We believe this downside risk is fully priced in, but recommend a wait-and-see approach for earnings delivery and ESG devel...
- 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...
- 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
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 1Q25: Staying Cautious
1Q25: Staying Cautious CIMB’s 1Q25 results are in line, supported by lower provisions, though pre-provision profit declined yoy. Maintain HOLD, with target price unchanged at RM7.70 (1.13x 2025F P/B, 11.1% ROE). While valuations at 1.03x P/B are fair, they align with the historical mean. We remain cautious of forex weakness from regional operations and credit costs amid regional macro headwinds. With earnings growth capped at 3% amid NIM pressure, the risk-reward is balanced, underpinned by a 5....
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Keith Wee Teck Keong
- Singapore Research Team
Regional Morning Meeting Notes: Tuesday, June 03, 2025
GREATER CHINA Strategy China Property & Hong Kong Property & Hong Kong Landlord Manageable pressure in mainland property market; improved tourism and retail sales momentum in Hong Kong. INDONESIA Strategy Alpha Picks: Good Performances in May Good performances from most with the exception of GOTO and BUKA. MALAYSIA Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) 1Q25: Earnings in line, underpinned by lower provisions. Mai...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ANTM PT ANEKA TAMBANG TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DKFT IJ CENTRAL OMEGA RESOURCES
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): 1Q25: Results miss; expects enhan...
1Q25 results missed expectations, with revenue declining 21.9% yoy and adjusted net earnings falling 18.2% yoy. Management indicated that the previous positive 2025 revenue growth target is likely unachievable, but maintains confidence in its strong pipeline to secure major BD deals. While near-term revenue visibility remains limited, we believe CSPC’s continued R&D efforts will drive long-term value. Maintain HOLD with a higher target price of HK$7.70 to reflect its strengthened R&D capabilitie...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, May 30, 2025
KEY HIGHLIGHTS Strategy Small-Mid Cap Monthly 2H25 outlook: Eyeing domestic plays and names with potential turnaround. Sector Automobile China automaker stocks plummeted 10-11% this week on: a) the price war triggered by BYD, and b) worries over the financial soundness of auto OEMs raised by GWM’s Chairman Wei Jianjun’s critics and the Ministry of Commerce’s probe into “zero-mileage second-hand cars”. We deem these concerns valid but the risks remain manageable as long as sales keep growing....
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Kate Luang
- Ken Lee
- Sunny Chen
Regional Morning Meeting Notes: Friday, May 30, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: 2H25 outlook: Eyeing domestic plays and names with potential turnaround. Sector Automobile: Weekly: Is there an Evergrand in the China auto sector? Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. Results CSPC Pharmaceutical Group (1093 HK/HOLD/HK$7.62/Target: HK$7.70): 1Q25: Results miss; expects enhanced pipelines to secure major BD deals. Li Auto Inc (2015 HK/BUY/HK$108.20/Target: HK$145.00): 1Q25: Earnings and forward guidance mi...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BN2 VALUETRONICS HOLDINGS
VST HOLDINGS LTD.
AXIATA AXIATA GROUP BERHAD
IJM IJM CORP BHD
GENM GENTING MALAYSIA BHD
709 GIORDANO INTERNATIONAL LTD
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
09868 XPENG INC
1395186D HORIZON ROBOTICS
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Friday, May 30, 2025
KEY HIGHLIGHTS Sector REITs: S-REITs monthly update (May 25). Results Valuetronics (VALUE SP/BUY/S$0.685/Target: S$0.83): FY25: Record margins and dividend underpin healthy FY26; raise target price by 6%. TRADERS’ CORNER First Resources (FR SP): Trading BUY Yangzijiang Shipbuilding (YZJSGD SP): Trading SELL
- Jonathan Koh
Singapore REITs - S-REITs Monthly Update (May 25)
Singapore is a haven due to fiscal discipline and having the lowest reciprocal tariff of 10%. The flight to safety is evidenced by a low 10-year Singapore government bond yield of 2.4% and 3-month compounded SORA of 2.3%. Maintain OVERWEIGHT. Many blue-chip S-REITs are trading at attractive yields of 6-7%. BUY retail REITs CICT (Target: S$2.37) and FCT (Target: S$2.73), data centre REIT DCREIT (Target: US$0.90) and healthcare REIT PREIT (Target: S$4.85). We also like CLAS (Target: S$1.38).
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
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
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.
- Kong Ho Meng
Uzma (UZMA MK) - 3QFY25: Profit Misses Expectations Due To High Intere...
3QFY25: Profit Misses Expectations Due To High Interest Costs 9MFY25 core profit misses expectations, comprising only 57% of our and consensus expectations. Like the sector, Uzma also faced setbacks due to the Petronas-Petros issue, which disturbed investor confidence within the ecosystem and delayed several key projects like Lang Lebah. For Uzma, we understand that its second water injection facility (WIF), the SARA-WIF (contracted for Hibiscus Petroleum), which was already delayed by 3 months ...
- Keith Wee Teck Keong
Hong Leong Financial Group (HLFG MK) - 3QFY25: Underpinned By Strong S...
3QFY25: Underpinned By Strong Showing From Hong Leong Bank In line. Excluding a non-core loss of RM407m from Hong Leong Bank, Hong Leong Financial Group (HLFG) reported a 3QFY25 core net profit of RM974.1m (+19.1% YoY, +16.1% QoQ), bringing 9MFY25 core earnings to RM2,661.1m (+11.3% yoy). Results were marginally above expectations, with 9MFY25 core earnings accounting for 77% of both our and consensus full-year estimates. The positive variance was primarily driven by lumpy provision writebacks o...
- Keith Wee Teck Keong
RHB Bank (RHBBANK MK) - 1Q25: Below Expectations; Softer Growth
1Q25: Below Expectations; Softer Growth RHB Bank’s 1Q25 results came in below expectations, primarily due to weaker-thananticipated non-interest income. Following our earnings revision, we downgrade the stock to HOLD, with a lower target price of RM7.30 (9.5% ROE and 0.95x 2025 PBV). The stock has outperformed the sector ytd, and we view the current risk-reward profile as balanced, with a moderating earnings outlook offset by an attractive dividend yield, underpinned by a strong CET1 ratio of 16...
- Kong Ho Meng
MISC (MISC MK) - 1Q25: Profit Deemed In Line, As 2025 Is Expected To B...
1Q25: Profit Deemed In Line, As 2025 Is Expected To Be LNG Trough MISC’s 1Q25 profit is in line, considering its LNG fleet is still undergoing rejuvenation while LNGC market conditions may hit a low in 2025. Both the gas and petroleum segments are actively investing in a range of net-zero fuels and maritime decarbonisation. While sentiment on MISC may still be impacted by uncertainties over the MISC-Bumi Armada FPSO merger, a new CEO for AET (petroleum segment) may open doors for M&As or unlock ...
- Keith Wee Teck Keong
Hong Leong Bank (HLBK MK) - 3QFY25: Supported By Strong Non-interest I...
3QFY25: Supported By Strong Non-interest Income And Write-backs Hong Leong Bank’s core 9MFY25 earnings exceeded expectations, driven by provision write-backs, strong NOII, and positive operating Jaws. PPOP rose 10.3% yoy in 3QFY25 and 13.2% in 9MFY25. Valuations remain attractive at 1.00x P/BV vs the sector’s 1.15x, despite stronger ROEs. Maintain BUY with a higher target price of RM23.80 (1.22x FY26F P/BV, 11.5% ROE) as we roll forward to FY26.
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