reports
- Philip Wong
Fraser & Neave Holdings (FNH MK) - 1QFY26: Quiet Start, Clear Catalyst...
1QFY26: Quiet Start, Clear Catalysts Ahead Highlights Earnings are broadly within expectations. Backloaded festive sales and commenced commercial milk production in Malaysia should shore up earnings. Earnings are further supported by oncoming dairy related production in Cambodia, recovery in Thailand and input cost and forex tailwinds. Maintain BUY as Fraser & Neave Holdings (F&N) offers bargain valuations and its dairy project is gaining traction. Target price remains unchanged at RM40.00...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, February 05, 2026
Greater China Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, wi...
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
YUMC YUM CHINA HOLDINGS INC.
FNH FRASER & NEAVE HOLDINGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
PONY PONY AI INC
GULF GULF ENERGY DEVELOPMENT PCL
EXCL XLSMART TELECOM SEJAHTERA
- Philip Wong
Eco-Shop Marketing (ECOSHOP MK) - 2QFY26: Sharp SSSG Contraction But W...
2QFY26: Sharp SSSG Contraction But Within Expectations Highlights Earnings come within expectations despite sharp sustained SSSG contraction, which was more than offset by expanded margins. SSSG has since displayed encouraging signs of recovery. Maintain HOLD as Eco-Shop’s attractive growth appears largely priced in. Unchanged target price of RM1.70.
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jieqi Liu
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 27, 2026
Greater China Sector Update | China Property In 2025, CR Land and COLI saw 15-20% yoy profit declines and Longfor’s core profit may turn from positive to negative due to weak DP margins. For 2026, the outlook remains constrained, though as it is the first year of the 15th Five-Year Plan, SOEs are expected to have clearer growth targets. In Jan 26, new-home sales in 28 major cities fell 40% yoy, while second-hand transactions in three Tier 1 cities declined 4% yoy. Maintain UNDERWEIGHT, but we se...
- Philip Wong
Alpha IVF Group (ALPHA MK) - 2QFY26: Quarter Disappoints
2QFY26: Quarter Disappoints Highlights Earnings came in below expectations as external headwinds weighed on foreign patient volume that coincided with a higher-than-expected tax rate. Margins contracted sharply following pre-operating costs and promotional packages to increase local patient throughput. Maintain BUY as Alpha IVF Group’s (Alpha IVF) fundamentals remain intact despite near-term headwinds. Cut target price to RM0.40 (from RM0.43).
- Audrey Celia
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, January 23, 2026
Greater China Sector Update | Automobile 12 Chinese automakers set ambitious targets for 2026. Despite weak sales from 1-18 January, we maintain our PV sales forecast of 30.4m units (+3% yoy), driven by exports and EVs. Policy shifts in the EU and Canada are creating a more favourable environment for Chinese EV exports, supporting overseas growth. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: Li Auto. Company Update | Longfor Group Holdings (960 HK/BUY/HK$...
- Philip Wong
Consumer - Pockets Of Optimism Largely Priced In
Pockets Of Optimism Largely Priced In Highlights Pockets of optimism brought about by the Visit Malaysia Year and sustained government cash handout will support sentiment. Expected sector earnings growth of 9.2% yoy in 2026 is balanced by modest valuations. Downgrade 99 Speed Mart Retail Holdings (99SM) and Eco-Shop Marketing (Eco-Shop) to HOLD following their recent impressive run. QL Resources (QL) is at risk of a FBMKLCI exclusion. Maintain MARKET WEIGHT. Top sector picks: Fraser & Ne...
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Andrew Agita Buntoro
- Claire Wang Kelai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 15, 2026
Greater China Economics | Trade Exports growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is marke...
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
SOP SARAWAK OIL PALMS BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
KIML KIM LOONG RESOURCES BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
GENP GENTING PLANTATIONS BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
09618 JD.COM INC. CLASS A
FFB FARM FRESH BHD
SDG SD GUTHRIE BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK INDOSAT TBK PT
ECOSHOP MK ORIENTAL KOPI HOLDINGS BHD
ECO-SHOP MARKETING BHD
- Philip Wong
Eco-Shop Marketing (ECOSHOP MK) - Upgrade After Pullback; Prospects In...
Upgrade After Pullback; Prospects Intact Highlights Upcoming 2QFY26 SSSG appears soft but is improving. Sentiment coupled with improved store initiatives should underpin a further recovery. SSSG softness will be more than offset by gained margins, which could potentially be further enhanced by favourable forex. Upgrade to BUY as valuations appear attractive following some pullback, with a target price of RM1.70. The stock offers an appealing three-year CAGR earnings growth of 16.9% as well...
- Andrew Agita Buntoro
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Suryaputra Wijaksana
- Thailand Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 06, 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RATCH RATCH GROUP PUBLIC CO. LTD.
KTB KONTOOR BRANDS
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
SCB SCB X PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ECOSHOP MK ECO-SHOP MARKETING BHD
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Philip Wong
Oriental Kopi Holdings (KOPI MK) - Highly Exciting But Mostly Priced I...
Highly Exciting But Mostly Priced In For Now Highlights SSSG accelerates despite aggressive rollout for the year. Meanwhile, upcoming locations will benefit from an influx of tourist arrivals. International expansion is on the horizon, with firmed up details by 1Q26. Valuations have surged, pricing in most of its exciting prospects. Maintain HOLD and target price of RM1.20.
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Philip Wong
QL Resources (QLG MK) - 2QFY26: Sluggish Performance Across Multiple F...
2QFY26: Sluggish Performance Across Multiple Fronts Highlights Results are within our but below consensus expectations. QL Resources’ (QL) 2QFY26 core net profit came in at RM116.2m (+15.5% qoq, -9.4% yoy). This brought 1HFY26 core net profit to RM216.8m (-8.0% yoy). Earnings are within our but below consensus expectations, accounting for 50% and 46% of full-year forecasts respectively.
- Philip Wong
IHH Healthcare (IHH MK) - 3Q25: Results In Line As Softness In Singapo...
3Q25: Results In Line As Softness In Singapore Is Offset By Other Regions Highlights Within our but disappoints consensus expectations. IHH Healthcare (IHH) posted a 3Q25 core profit of RM462m (10.3% qoq, -12.5% yoy), bringing 9M25 core profit to RM1,306m (-4.59%). This is above our but within consensus expectations, accounting for 72% and 68% of forecasts respectively. One-offs that amounted to RM267m were primarily attributed to net monetary gain arising from a hyperinflationary economy tied...
- Philip Wong
Farm Fresh (FFB MK) - 2QFY26: Margins Hold Up As In-Roads Are Made in ...
2QFY26: Margins Hold Up As In-Roads Are Made in New Markets Highlights Beyond our but within consensus expectations. Farm Fresh reported a 2QFY26 core net profit of RM34.7m (5.7% qoq, 32.4% yoy). This brought 1HFY26 core profit to RM67.5m (+29.3% yoy). Earnings are beyond our but within consensus expectations, accounting for 54% and 48% of our and consensus full-year earnings estimates respectively. Core profit has been adjusted for a RM1.9 gain on disposal of an asset. Generating growth. Se...
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 2QFY26: Stable Earnings Amid NIM Pr...
2QFY26: Stable Earnings Amid NIM Pressure Highlights In line. Alliance Bank Malaysia (Alliance Bank) reported 2QFY26 net profit of RM206.6m (+8.8% yoy, +4.0 qoq), bringing 1HFY26 earnings to RM405.2m (+10.6% yoy). 1HFY26 earnings are deemed to be in line, representing 51% of both our and consensus’ full-year forecasts.
- Philip Wong
Oriental Kopi Holdings (KOPI MK) - 4QFY25: Within Expectations With Ye...
4QFY25: Within Expectations With Yet Another Record Sales Highlights Results were within expectations as quarterly sales reached a new milestone yet again. Margins eased across the board, in part due to seasonality in terms of store openings, while quarterly earnings contracted due to lumpy tax rates. Valuations have surged, and appear to have more than priced in the Visit Malaysia 2026 theme. Maintain HOLD and target price of RM1.20.
- Adrian Loh Tzum Yung
- Audrey Celia
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Julia Pan Mengyao
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 26, 2025
Greater China Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued st...
- Philip Wong
KPJ Healthcare (KPJ MK) - 3Q25: Slight Disappointment But KPJ Kuala Se...
3Q25: Slight Disappointment But KPJ Kuala Selangor Broke Even Highlights Below our estimates but within consensus expectations. KPJ Healthcare (KPJ) reported a 3Q25 net profit of RM93.9m (14.5% qoq, 9.2% yoy). This brought 9M25 core profit to RM239.2m (+11.4%). Core profit is below our estimate but within consensus expectations, accounting for 65% and 68% of our and consensus full-year forecasts respectively. An interim DPS of 1.23 sen was declared, bringing 9M25 DPS to 3.08 sen (9M24: 3.15 se...
- Philip Wong
Affin Bank (ABANK MK) - 3Q25: Earnings Supported By Benign Credit Cost...
3Q25: Earnings Supported By Benign Credit Cost And NOII Highlights Above expectations. Affin Bank reported 3Q25 net profit of RM145m (+1.0% qoq, -0.6 yoy), bringing 9M25 earnings to RM413m (+10.1% yoy). This was ahead of our and consensus expectations, making up 78% and 77% of our and consensus full-year forecasts respectively. The positive variance is attributed to robust non-interest income contributions, strong recoveries and a new write-back, resulting in lower-than-expected net credit cos...
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