reports
- 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)
VEON Welcomes Expanded Kyivstar Free Float After the Successful Kyivst...
VEON Welcomes Expanded Kyivstar Free Float After the Successful Kyivstar Secondary Offering Dubai and New York, February 3, 2026 -- VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW), Ukraine’s leading digital operator (“Kyivstar”), is pleased to announce the closing of a secondary public offering of 14,375,000 common shares of Kyivstar (the “Offering”), at a public offering price of USD 10.50 per share. The Offering, which was over-subscribed by 5 times, was closed on February 2, 2026, and included Kyivstar shares held by VEON...
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
VEON Partners with MindBridge to Enhance Financial Analytics, Audit an...
VEON Partners with MindBridge to Enhance Financial Analytics, Audit and Internal Controls with Augmented Intelligence Capabilities Dubai and Ottawa, January 30, 2026: VEON Ltd. (NASDAQ: VEON), a global digital operator, and MindBridge, the leader in AI-powered financial intelligence, today announced a strategic collaboration to deploy artificial intelligence-powered analytics tools across VEON’s global operations. Under the collaboration, MindBridge will support VEON’s operating companies in finance, internal controls and internal audit with solutions that create standardized, scalable an...
- Chris Hoare
VEON (Buy, TP: $100, +79%) VEON & Kyivstar – Guidance upgrade and sec...
Kyivstar upgraded their guidance for FY25 ahead of earnings in March and also announced a secondary offering. This dilutes VEON's stake in Kyivstar to ~84% from ~90%, but has a negligible effect on our sum of the parts valuation. We think VEON and Kyivstar are likely to re-rate due to their digital exposure with VEON being one of our GEM Top Picks.
Kyivstar Announces Pricing of Secondary Offering of Common Shares Held...
Kyivstar Announces Pricing of Secondary Offering of Common Shares Held by VEON NEW YORK, New York, January 29, 2026 -- VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or, together with its subsidiaries, the “VEON Group”) notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW) (“Kyivstar” or the “Company”), Ukraine’s leading digital operator, today announced the pricing of the public offering of 12,100,000 common shares held by VEON Amsterdam B.V., the principal shareholder of the Company, and 400,000 common shares held by certain other selling shareholders (collectively, the “Selli...
VEON Notes Kyivstar Group Publication of Selected Full Year 2025 Fina...
VEON Notes Kyivstar Group Publication of Selected Full Year 2025 Financial Information Dubai, January 28, 2026 — VEON Ltd. (Nasdaq: VEON) (“VEON”) notes that Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW) ( “Kyivstar” or “the Group”), Ukraine’s leading digital operator, has announced the Group’s preliminary estimates of selected unaudited financial information for the year ended December 31, 2025 compared to the Group’s actual financial results for the year ended December 31, 2024. Based on information currently available to management, and subject to uncertainties, for the year ended December...
- Chris Hoare
EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa
Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.
VEON Unveils the New Beeline Uzbekistan Network Operations Center, Lau...
VEON Unveils the New Beeline Uzbekistan Network Operations Center, Launches BuildX to Accelerate Software Development in Uzbekistan Dubai and Tashkent, January 26, 2026: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or, together with its subsidiaries, the “VEON Group”), today unveiled the new network operations center for Beeline Uzbekistan in Tashkent, in a ceremony attended by Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, and Kaan Terzioglu, VEON Group CEO as well as Beeline Uzbekistan board members and its executive team. Today, VEON also launched Build...
- Chris Hoare
True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implication...
Telenor has announced it is selling the majority of its stake in TRUE to a CP Group–affiliated company for THB 11.7, a 4% discount to the market price. In this brief note we discuss implications for TRUE, and thoughts for CelcomDigi.
- Chris Hoare
VEON (Buy, TP: $100, +85%) VEON – Feedback from Management NDR in Asi...
We hosted VEON management including the CFO and Head of Strategic Development in Hong Kong and Singapore last week. Operationally the message from the company continues to be strong. VEON operates in high risk countries, but has a quality, and technical capability that far exceeds similar sized EM Telcos in our view. We still see substantial upside in the stock and retain our Buy recommendation and US$100/ADR price target.
VEON’s Kyivstar Reaches 3.0 million Customers with Starlink Direct to ...
VEON’s Kyivstar Reaches 3.0 million Customers with Starlink Direct to Cell Services Dubai and Kyiv, January 15, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that Kyivstar (Nasdaq: KYIV; KYIVW), Ukraine's leading digital operator, has now reached over 3.0 million registered users for Direct to Cell satellite connectivity services, powered by Starlink. This user base corresponds to over 10% of Kyivstar’s mobile subscribers. Since the launching of the service on November 24, 2025, over 1.2 million SMS messages have been delivered via satellite connect...
- Chris Hoare
VEON’s Kyivstar Launches 5G Pilot in Lviv
VEON’s Kyivstar Launches 5G Pilot in Lviv Lviv, January 12, 2026 – VEON, a global digital operator (Nasdaq: VEON), today announces that Kyivstar (Nasdaq: KYIV), Ukraine's leading digital operator and a VEON Group company, has launched a 5G test zone in the historical center of the city of Lviv in Ukraine. This marks Kyivstar’s first local pilot 5G project and is being implemented in coordination with the Ministry of Digital Transformation of Ukraine. The goal of the 5G pilot is to evaluate network performance in real-world urban conditions. Pending successful pilot testing in Lviv, Kyivsta...
- Chris Hoare
African & EMEA Telcos & Towers Outlook 2026; expecting another good y...
2025 was a very strong year for African Telcos, as macro stabilized and pricing recovered across the continent but especially in Nigeria. We think 2026 should be more of the same as stocks re-rate due to strength in the core coupled with exposure to digital. Very strong performance by Airtel Africa means Vodacom becomes our top pick in Africa, and VEON our top pick overall.
- Chris Hoare
ASEAN Telcos Outlook 2026; Singtel and TRUE remain our top picks reg...
Singtel and XLSmart were the standout performers in 2025 among ASEAN telcos as continued weak macro held back other markets even those which have seen consolidation. In 2026, we think the benefit of consolidation should be more apparent in the latter. Singtel and TRUE remain our top picks in the region.
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers 2025 wrapped. NSR GEM 2026 Top-10 unveiled:...
2025 was when the EM Telco bull market really took off. Two of our top picks returned >100% and four more 50%+. We make one change to our top picks for 2026 from 2025, introducing Megacable in exchange for IHS Towers. In a separate note out today we run through the Themes that we think will drive performance in 2026.
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