reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 12 February 2026
Wednesday’s session was marked by heightened volatility and mixed price action, ultimately resulting in losses across all major BSE indices. Weakness in Bulgarian Real Estate Fund (BREF, EUR 2.64, -2.22%) and Eurohold (EUBG, EUR 1.08, -2.70%) weighed on the benchmarks, pushing SOFIX (1 356.08, -0.80%) and BGREIT (230.01, -1.32%) to the bottom of the index performance table. Selective buying interest nevertheless emerged in a few names. Neochim (NEOH, EUR 12.50, +13.64%) registered an upward move...
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities delivered a strong January performance, with the STI rising 5.6% to fresh record highs amid heightened geopolitical tensions that drove flight-to-safety flows. Manufacturing activity remained in mild expansion, led by electronics and AI-related demand. Market/corporate catalysts during the month include REIT earnings, IPO interest in Catalist and continued strength in gold-linked counters.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 February 2026
Bloody start of the week fixed SOFIX at 1 354.78 (-1.46%). Chimimport (CHIM, EUR 0.51, -10.53%) and First Investment Bank (FIB, EUR 3.42, -7.07%) slumped with insignificant daily volume while Doverie United Holding (DUH, EUR 6.88, -3.64%) dropped under a moderate selling pressure on Monday. Sirma Group Holding (SGH, EUR 1.24, -3.88%) disappointed investors with poor Q4’25 financial performance and the IT holding lost altitude with small daily turnover. Sopharma Trading (SFT, EUR 3.84, -4.00%) an...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 2 February 2026
It appeared that the fresh 18-year highs reached in recent sessions attracted increased profit-taking, as the Bulgarian equity market came under selling pressure on Friday, echoing the cautious sentiment from global markets. SOFIX (1 374.91, -0.76%) closed lower, weighed down by declines in Shelly Group (SLYG, EUR 68.00, -2.30%) and First Investment Bank (FIB, EUR 3.68, -2.13%), despite the absence of any negative surprises in the latest financial disclosures. On a broader base, Eleven Capital (...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 January 2026
The positive sentiment on the Bulgarian Stock Exchange weakened on Thursday, pushing all major indexes into negative territory, with SOFIX (1 385.46, -1.40%) recording the steepest decline. Doverie (DUH, EUR 7.10, -8.51%) came under pronounced selling pressure, followed by Smart Organic (SO, EUR 17.20, -3.37%), Central Cooperative Bank (CCB, EUR 1.84, -3.16%), and Chimimport (CHIM, EUR 0.58, -3.33%), though trading volumes across these names remained subdued. A sharp advance in Sopharma Trading ...
- Veselin Radoychev Please Change Surname
Bulgaria Outlook 2026
Global macroeconomic and geopolitical challenges weighed on the Bulgarian economy over the past year, primarily through weaker external trade dynamics. Despite this, economic growth remained solid. Real GDP expanded by 2.8% in Q1, 3.5% in Q2, and 3.0% in Q3, supported almost entirely by strong domestic demand. Several factors underpinned this robust consumption growth with the most important being the growth of compensation and the euro transition effect. For 2026 the projections by major i...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 January 2026
The Bulgarian equity market entered a phase of consolidation after reaching an 18-year record high, with the main indexes posting their first losses since the beginning of the year. Recent top performer Chimimport (CHIM, EUR 0.585, -7.14%) led the pullback, followed by Sirma Group (SGH, EUR 1.20, -2.44%) and Elana Agrocredit (EAC, EUR 0.55, -2.65%). Profit-taking activity dominated the session, while trading volumes within SOFIX (1 395.85, -1.33%) remained below the 3-month average, indicating a...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 12 January 2026
Broad increase of index members lifted SOFIX (1 323.06, +4.42%) to an 18-year high. Sirma Group Holding (SGH, EUR 1.30, +17.12%) and Chimimport (CHIM, EUR 0.44, +15.79%) led daily gainers with higher daily turnover while Sopharma (SFA, EUR 1.785, +7.21%), Eurohold (EUBG, EUR 1.09, +7.92%) and Central Cooperative Bank (CCB, EUR 1.00, +5.26%) jumped without significant daily volume. Positive sentiment raised all other indexes and BGBX40 (224.48, +3.32%) and BGTR30 (1 064.12, +2.24%) closed green o...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 December 2025
Monday marked the final trading session of the year with BGN as the settlement currency. All major indexes closed in positive territory with solid gains, led by the broad BGBX40 (203.81, +0.98%). Sofia Commerce (SCOM, BGN 5.70, +11.76%), Speedy (SPDY, BGN 192.00, +6.67%), and Bravo Properties (BPF, BGN 1.03, +5.10%) topped the gainers’ list, although advances were achieved on low volumes and within widened bid/ask spreads. Investor focus remained on Sirma Group (SGH, BGN 1.89, +1.61%), which con...
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 3Q25
We publish today our comprehensive quarterly bible: 242 pages of detailed analysis on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 December 2025
The final session of the last full trading week before year-end closed on a positive note for the Bulgarian equity market, reflecting the constructive sentiment observed in recent days. Chimimport (CHIM, BGN 0.745, +2.76%) and Sirma Group (SGH, BGN 1.86, +6.29%) contributed the most to SOFIX (1 148.45, +0.45%), which rewrote its 18-year high. Meanwhile, light-volume trades with Albena (ALB, BGN 27.60, +5.34%) and Gradus (GR6, BGN 1.09, +9.00%) drove the outperformance of the broader BGBX40 (201....
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 December 2025
The Bulgarian stock market closed in positive territory on Wednesday, as investor activity continued to improve toward the end of both the month and the year. SOFIX gained 0.34%, finishing the session at 1 138.81 points. The advance was driven primarily by increased interest in Elana Agrocredit (EAC, BGN 1.08, +2.86%), as well as continued strong trading in Sopharma (SFA, BGN 2.89, +1.40%), which has been among the most actively traded shares in recent weeks. Additional support for the index cam...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 8 December 2025
The Bulgarian equity market kept its recent upward trend, adding another meaningful portion to the weekly gains for all major indexes. SOFIX (1 108.63, +1.20%) recorded a new 18-year high, once again driven by Doverie (DUH, BGN 11.60, +9.43%) at the top of the leader board. The increasing investor interest ahead of the upcoming switch from BGN to EUR continued to attract additional participation, with Sopharma (SFA, BGN 2.78, +1.83%) and Chimimport (CHIM, BGN 0.71, +1.43%) standing out in this s...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 5 December 2025
All major indexes on the Bulgarian Stock Exchange advanced on Thursday, reflecting renewed buying interest following fresh corporate updates and strong financial results. The upcoming transition from BGN to EUR remained in focus, prompting investors more frequently to “halve” prices to gauge their euro-equivalent levels. SOFIX (1 095.44, +0.67%) led the advance with a fresh 18-year high, supported once again by the continued surge in Doverie (DUH, BGN 10.60, +6.21%), whose standalone strength ha...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 December 2025
The broad indexes BGBX40 (195.46, +0.16%) and BGTR30 (951.52, +0.14%) captured modest gains as retail investors reacted positively to the latest financial results from Telelink Business Services (TBS, BGN 9.85), easily pushing the stock up 16.38% amid a thin sell-side order book. SOFIX (1 089.49) finished unchanged, as choppy price action in Bulgarian Stock Exchange (BSE, BGN 11.50, -3.36%) and Central Cooperative Bank (CCB, BGN 1.75, +2.94%) offset each other, allowing the benchmark to confirm ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 2 December 2025
The Bulgarian equity market faced a broader-based session at the start of December, resulting in mixed moves across the major indexes. BGBX40 (195.15, +0.21%) led the gainers as Doverie (DUH, BGN 9.52, +3.03%) and Eleven Capital (11C, BGN 16.50, +2.48%) supported the advance, while Neochim (NEOH, BGN 23.00, +15.00%) surged the most, boosted by an unusually high-volume trade executed at the session’s peak price. The daily turnover continued to exceed the 3-month average on a broader front — a tre...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 1 December 2025
The Bulgarian equities inched higher on Friday, recovering most of the previous session’s losses and closing the week with modest gains. A rebound in Advance Terrafund (ATER, BGN 2.67, +1.91%) and a steady bid in Shelly Group (SLYG, EUR 56.40, +1.44%) helped to lift all major indexes, with SOFIX (1 087.77, +0.14%) leading the advance. Trading volumes were broadly unchanged from the prior session, remaining subdued for the season. Chimimport (CHIM, BGN 0.70, 0.00%) and Eurohold (EUBG, BGN 1.90, +...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Back to Near-Term Bullish on SPX and QQQ We downgraded our near-term outlook on the S&P 500 (SPX) and Nasdaq 100 (QQQ) to neutral last week (11/19/25 Compass), after being bullish since our 4/22/25 Compass, while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass). Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are right back to being near-term bullish as long as these support levels continue to hold. Just know that SPX could see...
WAT WATERS CORPORATION
VCYT VERACYTE INC
TMO THERMO FISHER SCIENTIFIC INC.
RGEN REPLIGEN CORPORATION
PACB PACIFIC BIOSCIENCES OF CALIFORNIA INC.
IDXX IDEXX LABORATORIES INC.
HALO HALOZYME THERAPEUTICS INC.
EXEL EXELIXIS INC.
CRL CHARLES RIVER LABORATORIES INTERNATIONAL INC.
BRKR BRUKER CORPORATION
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ANGO ANGIODYNAMICS INC.
BIO BIO-RAD LABORATORIES INC. CLASS A
IONS IONIS PHARMACEUTICALS INC.
PKI PERKINELMER INC.
UTHR UNITED THERAPEUTICS CORPORATION
FLGT FULGENT GENETICS
MDGL MADRIGAL PHARMACEUTICALS
CELC CELCUITY
DNLI DENALI THERAPEUTICS INC
STE STERIS PLC
CSTL CASTLE BIOSCIENCES
TXG 10X GENOMICS INC CLASS A
VIR VIR BIOTECHNOLOGY
RPRX ROYALTY PHARMA PLC CLASS A
ADPT ADAPTIVE BIOTECHNOLOGIES
PRPO PRECIPIO INC.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 24 November 2025
Bulgarian equities ended the week firmly on the negative side, with most major indices posting declines as investors reassessed their positions amid heightened volatility across global markets. The local blue-chip index SOFIX slipped by 0.7% to close at 1 071.8 points, as the broader BGBX40 (192.56, -0.8%) and BGTR30 (941.65, -0.7%) mirrored the overall downward trend. Among the stocks we track, the top performers were Trace Group Hold (T57, BGN 5.20, +4.0%), the consistently strong Shelly Group...
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