reports
- Malaysia Research Team
Malaysia Daily - Wednesday, July 23, 2025
KEY HIG HLIGH TS Sector Update Automobile – Malaysia Page 2 MAA TIV Jun 25: Sales declined mom and yoy. 2Q25 earnings expected to come in flattish or show slight growth. Maintain UNDERWEIGHT. Company Results Pavilion REIT (PREIT MK/BUY/RM1.71/Target: RM1.88) Page 4 2Q25: In line. PREIT remains our top pick, supported by stronger tourist arrivals and resilient footfall at its key assets. Maintain BUY with a higher target price of RM1.88. TRADERS’ CORNER Page 7 Malayan Flour Mills (MFL MK): Techni...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Wednesday, July 23, 2025
KEY HIGHLIGHTS Strategy Small-Mid Cap Small mid cap stocks are biggest beneficiaries of MAS’ S$1.1b distribution. Sector Banking Higher reciprocal tariffs could further delay rate cuts. Results SIA Engineering (SIE SP/HOLD/S$3.35/Target: S$3.41) 1QFY26: Earnings beat thanks to strong JV/associate contributions; SIAEC appears fairly valued after recent share price surge. Downgrade to HOLD. TRADERS' CORNER SIA Engineering Co (SIE SP): Trading BUY ...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
SIE SIA ENGINEERING CO LTD
SSG SHENG SIONG GROUP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
OTEK OILTEK INTERNATIONAL (OTEK SP)
LUCC SP LUM CHANG CREATIONS LIMITED
- Anas Fitri Bin Ahmad
- Audrey Celia
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, July 23, 2025
GREATER CHINA Update Kuaishou (1024 HK/BUY/HK$72.75 /Target: HK$80.00): 2Q25 results preview: Solid adtech upgrade and Kling AI monetisation progress. INDONESIA Strategy Industrial Estate: Positive sentiment on the industrial estate sector. MALAYSIA Sector Automobile: MAA TIV Jun 25: Sales declined mom and yoy. 2Q25 earnings expected to come in flattish or show slight growth. Maintain UNDERWEIGHT. Results Pavilion REIT (PREIT MK/BUY/RM1.71/Target: RM1.88): 2Q25: In line. PREIT remains our top ...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Strategy - Small-Mid Cap: Small Mid Cap Stocks Are The Bigge...
On 21 Jul 25, the MAS announced that it has appointed the first three asset managers under the EQDP and will place S$1.1b with them. The funds were selected because they have committed significant allocation to small mid cap stocks. As a result, small mid cap stocks appear to be the biggest winners of this programme. Our top picks include Food Empire, UMS, Frencken, Valuetronics, Oiltek, Propnex, Marco Polo Marine, Lum Chang Creations, CSE and Sheng Siong.
- Malaysia Research Team
Malaysia Daily - Tuesday, July 22, 2025
KEY HIG HLIGH TS Sector Update Renewable Energy – Malaysia Page 2 PETRA announced the approval of 180.8MW of FIT RE projects and EPCC jobs worth RM1.87b. Maintain OVERWEIGHT. Top picks: Tenaga, Malakoff and Pekat. Company Results CapitaLand Malaysia Trust (CLMT MK/BUY/RM0.65/Target: RM0.78) Page 5 2Q25: Results in line. The stock offers a compelling dividend yield of 8%. TRADERS’ CORNER Page 8 Ramssol Group (RAMSSOL MK): Technical BUY Pecca Group (PECCA MK): Technical BUY
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, July 22, 2025
GREATER CHINA Sector Property: Channel check on Guangzhou’s and Shenzhen’s primary residential markets; 1H25 earnings preview for Longfor. INDONESIA Sector Banking: 1H25 results preview: Diverging earnings growth. MALAYSIA Sector Renewable Energy: PETRA announced the approval of 180.8MW of FIT RE projects and EPCC jobs worth RM1.87b. Maintain OVERWEIGHT. Top picks: Tenaga, Malakoff and Pekat. Results CapitaLand Malaysia Trust (CLMT MK/BUY/RM0.65/Target: RM0.78): Q25: Results in line. The stock...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Oiltek International - Strategic Secondary Listing To Broaden Reach
Oiltek has proposed a secondary listing on Bursa Malaysia to boost regional presence, improve investor access, increase liquidity and tap an additional platform for future fundraising. Oiltek is also exploring a potential role in an SAF pilot plant programme in Sarawak, alongside SEDC Energy and Sulzer. Orderbook remained robust at RM402m as of Apr 25, supporting strong revenue visibility into 2025. Maintain BUY with a 7.5% higher target price of S$0.86 (S$0.80 previously).
- Bella Lu Yifei
- Ken Lee
Great Wall Motor (2333 HK): 2Q25: Reported net profit beats our expect...
GWM posted a set of mixed preliminary 2Q25 results with upbeat reported net profit (Rmb4,586m/+18.8% yoy/+161.9% qoq) and in-line core net profit (Rmb2,113m/-41.7% yoy/+43.8% qoq). 2Q25 earnings recovered on a sales rebound, higher exceptional items and government grants. Given the 1H25 results, we raise our 2025 reported net profit forecast by 26% and keep those for 2026-27 unchanged. Meanwhile, our 2025-27 core net profit forecasts remain unchanged. Maintain SELL. Target price: HK$10.00.
- Malaysia Research Team
Malaysia Daily - Monday, July 21, 2025
KEY HIG HLIGH TS Company Update PPB Group (PEP MK/BUY/RM9.63/Target: RM15.80) Page 2 We expect 2Q25 results to come in flat qoq at RM340m-370m, given steady contributions by both its key business units as well as associate income. Small-Mid Cap Highlights Northeast Group (NE MK/BUY/RM0.65/Target: RM0.89) Page 5 Trading at 18.2x FY26F PE, the group still stands out as one of the most undervalued integrated engineering solution providers. TRADERS’ CORNER Page 8 Iskandar Waterfront City (IWCB MK): ...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV sales growth slows to 0.8% yoy. Maintain M...
China’s PV insurance registrations edged up 0.8% yoy and fell 8.8% wow in the 28th week of 2025 due to the roll-back of promotional discounts. Geely will privatise Zeekr via a US$2.4b cash or share-swap deal, creating short-term cash and dilution pressure but enabling long-term strategic synergies. The State Council is mulling measures to curb price war. We downgrade Ganfeng Lithium from BUY to HOLD on bigger-thanexpected 2Q25 loss. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Malaysia Research Team
Malaysia Daily - Friday, July 18, 2025
KEY HIG HLIGH TS Company Update Sunway Bhd (SWB MK/BUY/RM4.99/Target: RM5.81) Page 2 We remain positive on Sunway Bhd supported by several near-term catalysts. Meanwhile, the recent Chuan residential win boosts momentum in Singapore. TRADERS’ CORNER Page 5 CCK Consolidated Holdings (CCK MK): Technical BUY ITMAX System (ITMAX MK): Technical BUY
- Bella Lu Yifei
- Greater China Research Team
- Kate Luang
- Ken Lee
Greater China Daily: Friday, July 18, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations edged up 0.8% yoy and fell 8.8% wow in the 28th week of 2025 due to the roll-back of promotional discounts. Geely will privatise Zeekr via a US$2.4b cash or share-swap deal, creating short-term cash and dilution pressure but enabling long-term strategic synergies. The State Council is mulling measures to curb price war. We downgrade Ganfeng Lithium from BUY to HOLD on bigger-than-expected 2Q25 loss. Maintain MARKET WEIGHT. Top...
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Jo Yee Ng
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, July 18, 2025
GREATER CHINA Sector Automobile Weekly: PV sales growth slows to 0.8% yoy. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update Sun Hung Kai & Co (86 HK/BUY/HK$3.47/Target: HK$5.86) 1H25 Preview: Positive market sentiment improves asset valuations. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,590) Building the future o...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
RAJA RUKUN RAHARJA
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
KCE KCE ELECTRONICS PUBLIC CO. LTD.
SWB SUNWAY BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SVI SVI PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
86 SUN HUNG KAI & CO LTD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Kong Ho Meng
MISC (MISC MK) - Steadying The Course; War Premium May Benefit LNG And...
Steadying The Course; War Premium May Benefit LNG And Petroleum Although we still think MISC is not yet out of the woods in terms of LNGC downside risk for 2025, it appears that the Middle East geopolitical tension reignited by Iran-Israel may provide some trading upside given that it is positive to sentiment for both the petroleum and gas divisions (more prominent for LNG). Regardless, we still expect MISC to remain at the forefront of shipping decarbonisation. Retain BUY. Target price: RM8.20.
- Malaysia Research Team
Malaysia Daily - Thursday, July 17, 2025
KEY HIG HLIGH TS Company Update Kuala Lumpur Kepong (KLK MK/HOLD/RM20.46/Target: RM20.50) Page 2 We expect 3QFY25 results to come in flat qoq, supported by firmer plantation output and lower forex losses. Maintain HOLD. MISC (MISC MK/BUY/RM7.47/Target: RM8.20) Page 5 Middle East geopolitical risk may provide trading upside for petroleum, and more so for LNG (charter rates), even as we continue to expect LNG to remain weak in 2025. UOBKH Highlights Pekat Group (PEKAT MK/BUY/RM1.50/Target: RM1.70)...
- John Cheong Ming Chern
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kong Ho Meng
- Lester Siew
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, July 17, 2025
GREATER CHINA Update Xtep International Holdings (1368 HK/BUY/HK$5.34/Target: HK$8.00) Confident in achieving full-year targets; Saucony on track to reach mid-term goal. INDONESIA Small/Mid Cap Highlights Bank KB Bukopin (BBKP IJ/NOT RATED/Rp60) Turnaround hinges on CoF reduction. MALAYSIA Update Kuala Lumpur Kepong (KLK MK/HOLD/RM20.46/Target: RM20.50) We expect 3QFY25 results to come in flat qoq, supported by firmer plantation output and lower forex ...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Food Empire Holdings (FEH SP) - Expect Healthy Growth And Outlook; Rai...
We expect FEH to deliver 1H25 core earnings of S$27m (+14% yoy). Positive stock drivers include: a) FEH’s optimistic outlook in 1Q25 and our confidence in its moat from its strong brand equity; b) the expansion of four new manufacturing facilities in Malaysia, Kazakhstan, Vietnam and India up to 2028 will drive growth; and c) the supplemental agreement for REN will eliminate earnings volatility from 3Q25 onwards. Maintain BUY with a 22% higher target price of S$2.40.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-weekly: Gaining strength on robust earnings outloo...
The performance of China's biotechnology sector has remained strong as the market expects biopharmas and CRDMO companies to report robust earnings growth in 1H25, supported by the continued strengthening of the biopharmaceutical pipeline and increasing BD and M&A activities. Moreover, the commercial insurance policy will further support the sector’s rally. Maintain OVERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 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
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
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