Thai Union Group (TU TB) - 4Q25 Results Preview: Less Exciting Earning...

Company Update | Thai Union Group (TU TB/HOLD/Bt12.60/Target: Bt13.20) TU’s 4Q25 core profit is expected to come in at Bt1,028m, down 11.5% yoy and 14.9% qoq. Gross margin is projected to decline yoy and qoq, driven by: a) limited pricing pass-through in the ambient business, b) higher raw material costs, and c) forex headwinds. We will monitor further retail price increases in 2026. Maintain HOLD, with a target price of Bt13.20.

Siam Global House (GLOBAL TB) - 4Q25 Results Preview: High Contributio...

Company Update | Siam Global House (GLOBAL TB/BUY/Bt6.45/Target: Bt8.00) We expect GLOBAL’s 4Q25 core profit to decline 10% yoy due to the negative SSSG and higher SG&A expenses brought about by its store expansion. However, GLOBAL is the only home improvement retailer for which we expect gross margin to improve yoy in 4Q25. Moreover, interest expenses will continue to trend downward in 2026. Maintain BUY with a lower target price of Bt8.00.

Dohome (DOHOME TB) - 4Q25 Results Preview: Expect Another Weak Quarter

Company Update | Dohome (DOHOME TB/HOLD/Bt3.50/Target: Bt3.80) We downgrade DOHOME to HOLD and lower our target price to Bt3.80 (previously Bt5.00). We expect DOHOME to report 4Q25 earnings of Bt112m, down 30% yoy. The weak earnings reflect the soft SSSG and weaker-than-expected gross margin. While we are impressed by its effective cost control, we downgrade our recommendation due to its weak SSSG outlook and its unlikely recovery in 1Q26.

Thailand Daily - Monday, January 19, 2026

Top Stories Company Update | Dohome (DOHOME TB/HOLD/Bt3.50/Target: Bt3.80) We downgrade DOHOME to HOLD and lower our target price to Bt3.80 (previously Bt5.00). We expect DOHOME to report 4Q25 earnings of Bt112m, down 30% yoy. The weak earnings reflect the soft SSSG and weaker-than-expected gross margin. While we are impressed by its effective cost control, we downgrade our recommendation due to its weak SSSG outlook and its unlikely recovery in 1Q26. Company Update | Siam Global House (GLOBA...

Selecta - ESG Report - Lucror Analytics

Polynt - ESG Report - Lucror Analytics

Prudential (2378 HK): On Track To Meet Management’s Full-year Guidance...

We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to offer attractive upside potential. Maintain BUY. Target price: HK$138.00.

Greater China Daily: Monday, January 19, 2026

Top Stories Company Update | Prudential (2378 HK/BUY/HK$123.40/Target: HK$138.00) We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to ...

Binastra Corporation (BNASTRA MK) - Secures RM1.18b Contracts For Exsi...

Secures RM1.18b Contracts For Exsim’s Causewayz Square Project In Johor Highlights  Secured RM1.18b letter of awards for Causewayz Square in Johor. The two letters of awards are for the main building and infrastructure works for Causewayz Square, a project that involves the construction of a 63-storey serviced apartment comprising four residential towers with a total of 4,525 units. The development will be undertaken in five phases, featuring a multi-level podium with parking, retail offerings,...

SD Guthrie (SDG MK) - 4Q25 Results Preview: Sequentially Lower ASPs An...

4Q25 Results Preview: Sequentially Lower ASPs And Output Highlights  We expect SDG’s core net profit to moderate by 21% qoq in 4Q25, driven mainly by softer ASPs and marginally lower production vs 3Q25.  Full-year FFB production growth may track just below management’s 2025 targeted 3-5%, with disclosed cumulative figures for 11M25 output up 1.3% yoy. 2026’s production growth however is expected to pick up from a low base.  Maintain HOLD on SDG with an unchanged target price of RM5.90, pegged...

The Commodities Feed: Markets poised for a risk-off day

The re-emergence of tariff friction is likely to weigh on risk assets today. The tailwinds for gold and silver are only getting stronger with President Trump's latest threat of tariffs on several European countries

Malaysia Daily - Monday, January 19, 2026

Top Stories Company Update | SD Guthrie (SDG MK/HOLD/RM5.59/Target: RM5.90) . We project a 4Q25 core net profit of RM392m, down 21% qoq, driven mainly by sequentially lower ASPs as CPO prices softened during the quarter, while production is expected to moderate slightly sequentially as well. We recently lowered our CPO price assumption for 2026 to RM4,250/tonne from RM4,400/tonne previously, resulting in a flattish earnings outlook for SDG this year. Maintain HOLD with a target price of RM5.90. ...

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Shui On Land, Reliance Industries

DFI Retail Group (DFI SP) - Bolder Targets And Greater Expectations

DFI’s bolder sales and ROCE targets as well as guidance for higher operating margins by 2028 have given us greater confidence in its execution of its revenue and profit improvement plans. We upgrade our estimates by 6-12% for 2025-27. Maintain BUY with a higher PE-based target price of US$5.30.

Regional Morning Meeting Notes: Monday, January 19, 2026

Greater China Company Update | Prudential (2378 HK/BUY/HK$123.40/Target: HK$138.00) We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to...

Singapore Daily: Monday, January 19, 2026

Top Stories Company Update | DFI Retail Group (DFI SP/BUY/US$3.94/Target: US$5.30) DFI’s bolder sales and ROCE targets as well as guidance for higher operating margins by 2028 have given us greater confidence in its execution of its revenue and profit improvement plans. We upgrade our estimates by 6-12% for 2025-27. Maintain BUY with a higher PE-based target price of US$5.30. Market Spotlight US stocks were lower on Friday, with all three indexes falling as the healthcare, communication serv...

Banking - Liquidity Is Back, But Growth Must Be Earned

Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...

Indonesia Daily - Monday, January 19, 2026

Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...