reports
VEON and Hala to Explore Partnership in Ride-hailing Services
VEON and Hala to Explore Partnership in Ride-hailing Services Dubai, February 17, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), announces that it has signed a Memorandum of Understanding with Hala, Dubai’s leading local e-hailing taxi solution and a joint venture between Dubai’s Roads and Transport Authority (RTA) and Careem, to explore cooperation in expanding ride‑hailing and mobility services across VEON’s operating markets. The Memorandum of Understanding (MoU) was signed last week at VEON’s headquarters in Dubai. The MoU establishes a framework ...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 13, 2026
Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...
- Chong Lee Len
Singapore Telecommunications (ST SP) - 9MFY26: In Line; Cost Disciplin...
Singtel delivered strong earnings in 3QFY26, lifting its 3QFY26 underlying net profit by 9% yoy and 12% qoq to S$744m. Earnings were bolstered by Optus and NCS’ positive operating matrix and 15% yoy associate income uplift. Singtel’s 9MFY26 underlying net profit of S$2.1b (+12% yoy) is in line with expectations. Maintain BUY with a higher SOTP-based target price of S$5.50.
- Adrian Loh Tzum Yung
- Chong Lee Len
- Singapore Research Team
Singapore Daily: Friday, February 13, 2026
Top Stories Strategy | Bullish Foundations In Place For 2026 The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE. Company Results | Singapore Telecommunications (ST SP/...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Chris Hoare
Singtel (Buy, S$6.2, +20%) Q3 FY26 Quick Take: Slower but still decen...
With shares at all time high, Singtel delivered good results. Core profit growth slowed as Singtel Singapore deteriorated further, but NCS and Optus continue to perform well and associates’ contribution from AIS and Bharti were strong. It would appear the share price consolidation following the STT GDC acquisition is already over.
- Chris Hoare
Kyivstar (Buy, TP: $18.5) VEON (Buy, TP: $100) [Sponsored Research] K...
Kyivstar (VEON’s Ukrainian business ) has announced the acquisition of another digital healthcare related asset in Ukraine, called Tabletki.UA. This seems another sensible deal, at a good price, leveraging Kyivstar & VEON’s digital ecosystem and like previous acquisitions such as Helsi and Uklon is likely to see accelerating growth and improved returns once within the VEON stable.
VEON’s Kyivstar Expands Digital Healthcare Services in Ukraine with Ta...
VEON’s Kyivstar Expands Digital Healthcare Services in Ukraine with Tabletki.ua Acquisition Dubai, Kyiv and New York, February 10, 2026 – VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator, announces that today its subsidiary Kyivstar Group Ltd. (“Kyivstar”) (Nasdaq: KYIV; KYIVW) signed a definitive agreement and completed the transaction to acquire 100% of Tabletki.ua for USD 160 million, payable in Ukrainian hryvna in Ukraine. Tabletki.ua is one of Ukraine’s most widely used digital platforms for finding, comparing and reserving medicines and other products available at Ukrainia...
- Chris Hoare
KT Corp (Buy, KRW 105,000, +73%) Q4 25 Quick Take: Dividend hiked mor...
KT printed decent results; Total service revenue accelerated and management announced a 20% increase in dividend per share. As previously announced the company is also proceeding with a KRW 250bn share buyback and cancellation this year.
VEON and JazzWorld Launch “Invest in Pakistan, NOW!” Inviting Interna...
VEON and JazzWorld Launch “Invest in Pakistan, NOW!” Inviting International Investors to Participate in Pakistan’s Growth Dubai, New York and Islamabad, 8 February 2026: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Group”), today announced the launching of its “Invest in Pakistan, NOW!” initiative in partnership with JazzWorld, VEON’s services company in Pakistan, during World Governments Summit in Dubai, UAE. “Invest in Pakistan, NOW!” invites international investors to take a fresh look at Pakistan as the country’s economic fundamentals strengthen, and long-term gr...
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
AAL ANGLO AMERICAN PLC
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
- Stephane Beyazian
- Stephane Beyazian
- Chong Lee Len
- Jonathan Koh
Singapore Daily: Thursday, February 5, 2026
Top Stories Company Results | Frasers Logistics & Commercial Trust (FLT SP/BUY/S$1.01/Target: S$1.22) FLT’s logistics properties in Australia, Europe and the UK maintained full occupancy of 100% in 1QFY26. Its logistics properties in New South Wales, Australia clocked strong positive rental reversion of 43.3%. Occupancy at ATP improved 8.4ppt qoq to 86.3% after securing new ICT and healthcare tenants. Occupancy at Blythe Valley Park in the UK improved 6.8ppt qoq to 85.2% after securing a new tec...
- 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
- Chong Lee Len
Singapore Telecommunications (ST SP) - Value-Accretive Data Centre Por...
Singtel and KKR announced the acquisition of STT GDC at an enterprise value of US$13.8b. Singtel will pay S$740m for a 25% stake in STT-GDC, with a further injection of S$400m-500m in equity over the next 2-3 years for capacity expansion. STT GDC owns 673MW of data centre capacity worldwide. The deal is viewed positively as it provides a longer-term earnings growth trajectory and cash flows. Maintain BUY on share price weakness with an SOTP-based target price of S$5.20.
- Chris Hoare
- Chris Hoare
Singtel (Buy, S$6.2, +29%) STT GDC acquisition – Strategically sensibl...
Singtel announced it is acquiring a 25% stake in STT GDC. The deal was well flagged and we believe makes strategic sense but the detail is slightly underwhelming suggesting the stock is likely to see some profit taking near term.
- 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)
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