reports
- Malaysia Research Team
Malaysia Daily - Monday, June 9, 2025
KEY HIG HLIGH TS Sector Update Telecommunications – Malaysia Page 2 1Q25 earnings down 3% yoy, broadly in line with expectations. Cost discipline and enterprise revenue growth defend earnings despite service revenue weakness. Company Update Uzma (UZMA MK/BUY/RM0.41/Target: RM0.76) Page 5 Aggressive orderbook growth driven by O&G. However, its five-year recurring income target will miss, due to delay risks of SARA-WIF. TRADERS’ CORNER Page 8 Globetronics Technology (GTB MK): Technical BUY JF Tech...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Heidi Mo Jinghui
- John Cheong Ming Chern
Strategy - Singapore Small-Mid Cap: Retail Investors’ Webinar Highligh...
We summarise key takeaways from our latest monthly small/mid-cap webinar for retail investors for Jun 25, which focused on stock opportunities amid shifting macro conditions. With MAS’ upcoming S$5b deployment, we believe this is a timely moment for investors to revisit quality SGX-listed small/mid-cap names. In this note, we highlight three preferred names – Food Empire, Valuetronics and Frencken. Also, we have addressed investor concerns on US tariffs.
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kenny Yong Hui Lim
Regional Morning Meeting Notes: Monday, June 9, 2025
GREATER CHINA Results Huize Holding (HUIZ US/BUY/US$2.03/Target: US$3.50): 1Q25: Below expectations but inflection point is around the corner. Waterdrop Inc (WDH US/BUY/US$1.48/Target: US$2.36): 1Q25: Strong start; poised for accelerated revenue growth in coming quarters. MALAYSIA Sector Telecommunications: 1Q25 earnings down 3% yoy, broadly in line with expectations. Cost discipline and enterprise revenue growth defend earnings despite service revenue weakness. SINGAPORE Strategy Small-Mid Ca...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly - Weekly: Government Steps In To Restore Order
The authorities are cracking down on predatory pricing, supplier exploitation and inventory fraud, which bodes well for the sustained development of China’s auto industry. However, overcapacity remains a structural problem. The 2025 Greater Bay Auto Show highlighted electrification, autonomous driving, and low-altitude mobility, with BYD’s "oil-electric same-speed" ultra-fast charging and plans for 15,000 charging piles standing out. Maintain MARKET WEIGHT. Top BUYs: Geely and XPeng.
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
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Greater China Research Team
- Ken Lee
Greater China Daily: Friday, June 6, 2025
KEY HIGHLIGHTS Sector Automobile: Weekly: The government steps in to restore order. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. TRADERS’ CORNER Meituan (3690 HK): Trading Buy range: HK$145.30-146.30 China Resources Beer (Holdings) (291 HK): Trading Buy range: HK$26.50-26.60
- Malaysia Research Team
Malaysia Daily - Friday, June 6, 2025
KEY HIG HLIGH TS Sector Update Gaming – Malaysia Page 2 Anticipate sector earnings to grow progressively throughout 2025-26 and offer solid dividend yields, but downgrade to MARKET WEIGHT given limited immediate catalysts. Company Update Duopharma Biotech (DBB MK/BUY/RM1.38/Target: RM1.67) Page 5 Outlook remains promising with still-normalising input cost. Maintain BUY with a higher target price of RM1.67. TRADERS’ CORNER Page 8 Binastra Corporation (BNASTRA MK): Technical BUY DPS Resources (DPS...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Ken Lee
- Philip Wong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, June 06, 2025
GREATER CHINA Sector Automobile Weekly: Government steps in to restore order. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. MALAYSIA Sector Gaming Anticipate sector earnings to progressively grow throughout 2025-26 and offer solid dividend yields, but downgrade to MARKET WEIGHT given limited immediate cataly...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
MAG. MAG SILVER CORP.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
3182 GENTING BHD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
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
BST BERJAYA SPORTS TOTO BHD
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
RGB RGB INTERNATIONAL 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)
SCGP SCG PACKAGING PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - June 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and Trip.com. INDONESIA Strategy Alpha Picks: Good Performances In May: Good performances from most with the exception of GOTO and BUKA. MALAYSIA Strategy Alpha Picks: Raising Emphasis On Infrastructure Plays: Our May 25 Alpha Picks outperformed with resounding success. June 25 picks: Duopharma, Eco World, Gamuda, Hume Cement, IJM, MYEG, Northeast Group. SINGAPORE S...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- 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...
- Malaysia Research Team
Malaysia Daily - Wednesday, June 4, 2025
KEY HIG HLIGH TS Strategy – Malaysia 1Q25 Results Wrap-up: Short-Circuited Outlook Page 2 We cut our 2025 earnings forecasts and anticipate further cuts. Nevertheless, accumulate on an expected “summer lull” to position for a stronger 2H25 performance. Company Update Uzma (UZMA MK/BUY/RM0.41/Target: RM0.76) Page 4 Aggressive orderbook growth driven by O&G. However, its 5-year recurring income target will be missed due to delay risks of SARA-WIF. TRADERS’ CORNER Page 7 Capital A (CAPITALA MK): Te...
- 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
- Malaysia Research Team
Malaysia Daily - Tuesday, June 3, 2025
KEY HIG HLIGH TS Company Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) Page 2 1Q25: Earnings in line, underpinned by lower provisions. Maintain HOLD as we remain cautious of regional headwinds, with an unchanged target price of RM7.70. Mah Sing Group (MSGB MK/BUY/RM1.02/Target: RM1.46) Page 5 1Q25: Results within expectations; Despite slower-than-expected progress on its DC ventures, we expect the property segment to remain resilient. UOBKH Highlights British American Tobacco (ROTH MK/...
- Bella Lu Yifei
- Ken Lee
Li Auto Inc (2015 HK): 1Q25: Earnings and forward guidance miss estima...
Li Auto posted a disappointing 1Q25 net profit of Rmb643m (+8.5% yoy/-82% qoq), due to lower ASP and margins. Going forward, it guides 123,000-128,000 units in deliveries (up 13.3-17.9% yoy) and Rmb32.5b-33.8b in revenue (up 2.5-6.7% yoy) for 2Q25 and targets 640,000 units in deliveries for 2025. Its sales growth will be driven by the upgraded L-series, new MEGA and i8/i6. We cut our 2025-27 EPS estimates by 5%/8%/10% respectively. Maintain BUY. Cut target price from HK$160.00 to HK$145.00.
- 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
- Ken Lee
China Automobile Weekly: Is there an Evergrand in the China auto secto...
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. Maintain MARKET WEIGHT. Top BUYs: Geely and XPeng. Cut target price of BYD from HK$510.00 to HK$490.00.
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
JOYSON ELECTRONICS CORP
- Malaysia Research Team
Malaysia Daily - Friday, May 30, 2025
KEY HIG HLIGH TS Company Results Axiata Group (AXIATA MK/BUY/RM2.06/Target: RM2.50) Page 2 1Q25: Below expectations; earnings to remain under pressure amid dilutive merger of XLSmart and intensifying competition in regional markets. Genting Malaysia (GENM MK/BUY/RM1.82/Target: RM2.18) Page 5 1Q25: Soft start, but earnings are expected to pick up for the rest of 2025. Maintain BUY and target price of RM2.18. IJM Corporation (IJM MK/BUY/RM2.43/Target: RM3.15) Page 8 FY25: Above expectations. Stron...
- 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
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