reports
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, August 13, 2025
GREATER CHINA Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) 2Q25: Normalised EBITDA up 7% qoq; expects reinvestment efficiency to optimise. Increased dividend payout to remain sustainable. Kweichow Moutai (600519 CH/BUY/Rmb1,437.04/Target: Rmb1,722.00) 2Q25: On track to achieve full-year target; expect wholesale price pressure to persist into 2H25. Tencent Music Entertainment Group (1698 HK/BUY/HK$88.30/Target: HK$105.00) ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
QH QUALITY HOUSES
F34 WILMAR INTERNATIONAL LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
CAB CARLSBERG BREWERY MALAYSIA B
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
SREIT SUNWAY REAL ESTATE INVESTMEN
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SE US SEA LIMITED
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
BBYB BANK NEO COMMERCE
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Posmarito Pakpahan
Banking – 2Q25 Results Roundup: Easing CoF To Drive 2H25 Recovery
Liquidity saw an early improvement in Jun 25 as LDR at major SOE banks eased, current account balances rose, and M2 growth accelerated as government funds shifted out of BI. Coupled with lower SRBI yields, this led to easing monthly CoF. The trend could persist on the back of: a) continued unwinding of SRBI and lower yields, b) potential rate cuts in 2H25, and c) stronger fiscal spending in 2H25, supporting modest sequential earnings improvements ahead. Maintain OVERWEIGHT with top picks BBNI an...
- Maskun Ramli
- Posmarito Pakpahan
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Posmarito Pakpahan
Bank Rakyat Indonesia (BBRI IJ) - Resilient NIM and Shift In Lending S...
BBRI’s 2Q25 results are showing early signs of stabilisation in funding and asset quality, though earnings remain under pressure from high provisioning and soft micro growth. The bank is shifting towards consumers and corporate lending to diversify its risks. NIM is expected to remain strong, supported by funding mix and a higher contribution from Pegadaian. We reduce our 2025 net profit forecast by 5.0% and lower our target price to Rp4,250. BBRI offers an 8.3% dividend yield (DPR: 85%). Mainta...
- Maskun Ramli
- Posmarito Pakpahan
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - August 2025
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy Alpha Picks: Underperformance In July: Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, KLBF, MTEL, and MYOR. MALAYSIA Strategy Alpha Picks: Some Opportunities Amid A “Summer Lull”: Our July 25 Alpha Picks outperformed. Aug 25 picks: Coraza, Eco World, Gamuda, Hume Cement, IJM, Inari, RHB and Zetrix. SINGAPORE ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Posmarito Pakpahan
Banking – 1H25 Results Preview: Diverging Earnings Growth
We expect the banking sector’s 1H25 results to be broadly in line with expectations, despite a possible underperformance from BBRI and BRIS. BBCA remains strong while BBNI and BMRI should post muted earnings growth. NIM pressure is likely to persist due to tight liquidity. Loan growth decelerated but is expected to recover in 2H25. NPLs for auto and mortgage are inching up, but overall asset quality remains sound. We maintain OVERWEIGHT, supported by a dovish BI policy, easing SRBI yields and ex...
- Maskun Ramli
- Posmarito Pakpahan
- Posmarito Pakpahan
Banking – Loan Growth Slows, All Eyes On Fiscal Spending Acceleration
Loan growth slowed to 8.1% yoy in May 25 due to tight liquidity and weak credit appetite. Deposit growth remained soft at 3.9% yoy, weighed down by front-loaded government bond issuance, diverting liquidity. We expect BI to continue unwinding SRBI and deliver further rate cuts in 2H25. Fiscal spending showed early signs of acceleration to Rp1,406t in 6M25 (5M25: Rp1,016t). With the deficit revised to 2.78% of GDP, further fiscal spending is anticipated. Maintain OVERWEIGHT on the sector.
- Maskun Ramli
- Posmarito Pakpahan
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - July 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls: Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. INDONESIA Strategy Alpha Picks: Good Performances In June: Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM. MALAYSIA Strategy Alpha Picks: Positioning For Positive US Trade Deals: Our Jun 25 Alpha Picks outperform. Jul 25 picks: Coraza, Duopharma, Eco World, Gamuda, Hume Cement, IJM, Inari and MYEG. SINGAP...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, June 23, 2025
GREATER CHINA Sector Insurance Weighing the risks and returns. Update Sunny Optical (2382 HK/BUY/HK$65.15/Target: HK$100.00) Takeaways from 2025 Investor Day. Maintain BUY. INDONESIA Strategy Challenging Macro Environment Adds To Case For Rate Cut Our top picks are BBCA, BBRI, ANTM, AMRT, ICBP, CMRY and ERAA. MALAYSIA Sector Automobile ...
CK CH. KARNCHANG PCL
OU8 CENTURION
PRU PRUDENTIAL PLC
ANTM PT ANEKA TAMBANG TBK
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4197 SIME DARBY BHD.
01299 AIA GROUP LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
BRC BRC ASIA LTD
HLA HONG LEONG ASIA LTD
TWC TIONG WOON CORPORATION HOLDING
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
STECON STECON GROUP PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Johnny Yum
- Willinoy Sitorus
Strategy - Challenging Macro Environment Adds To Case For Rate Cut
The JCI rebounded to about 7,000 after bottoming out at 5,968 on 9 April, following a series of developments including corporate buyback announcements, the creation of Danantara, and market anticipation of a BI rate cut which materialised on 21 May (25bp cut). Catalysts to monitor in 2H25 include: a) further BI rate cut(s), b) a slowdown in SRBI reissuance which would free up banking liquidity, c) further government economic stimulus measures, and d) heavier government spending.
- Johnny Yum
- Maskun Ramli
- Willinoy Sitorus
- Johnny Yum
- Willinoy Sitorus
Strategy - Challenging Macro Environment, More Reason For A Rate Cut
The JCI rebounded to about 7,000 after bottoming out at 5,968 on 9 April, following a series of developments including corporate buyback announcements, the creation of Danantara, and market anticipation of a BI rate cut which materialised on 21 May (25bp cut). Catalysts to monitor in 2H25 are further rate BI cut(s), a slowdown in SRBI reissuance which would free up banking liquidity, further government economic stimulus measures, and heavier government spending. • In need of a rate cut and an in...
- Willinoy Sitorus
Strategy - Takeaways From Our Marketing Trip To Kuala Lumpur
We met with 12 investors in Kuala Lumpur, and the overall tone among Malaysian-based funds can be best described as cautious but engaged. Indonesia remains firmly on their radar, but several overhangs persist, particularly around the evolving political landscape, policy clarity, the free meal programme and weak purchasing power. 2H25 government spending and a further rate cut are catalysts, in our view. Our year-end target for the JCI is 7,500.
- Benyamin Mikael
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Philip Wong
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 18, 2025
GREATER CHINA Sector Property Takeaways from channel check at The Southside. INDONESIA Strategy Higher Oil Prices Bode Well For Some Participants Beneficiaries of higher oil prices. Takeaways From Our Marketing Trip To Kuala Lumpur Cautious but engaged. MALAYSIA Sector Construction Sector resists tensions from global uncerta...
00016 SUN HUNG KAI PROPERTIES LIMITED
AKRA PT AKR CORPORINDO TBK
ANTM PT ANEKA TAMBANG TBK
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
5226 GABUNGAN AQRS
TRUE TRUE CORP. PUBLIC CO. LTD.
GAM GAMUDA BHD
ROTH BRITISH AMERICAN TOBACCO BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
MRC MALAYSIAN RESOURCES CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KPG KERJAYA PROSPEK GROUP BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
WCTHG WCT HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
FFB FARM FRESH BHD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAR CAPITALAND ASCENDAS REIT
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Benyamin Mikael
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, June 18, 2025
Strategy: Higher Oil Prices Bode Well For Some Market Participants: Beneficiaries of higher oil prices. Takeaways From Our Marketing Trip To Kuala Lumpur: Cautious but engaged. TRADERS’ CORNER Astra Agro Lestari (AALI IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY
- Posmarito Pakpahan
Banking - Banking Liquidity: Measures Underway
Liquidity remains tight with deposit growth slowing and industry LDR rising to 90% in Apr 25. Banks relied on BI repo facilities while the overnight rate has consistently surpassed BI rate in recent weeks. Nevertheless, we expect liquidity to improve in 2H25 due to the recent rate cut, lower PLM, and higher foreign borrowing limits. SRBI issuance has eased though it remains substantial. Expected higher fiscal spending in 2H25 could facilitate greater liquidity. Maintain OVERWEIGHT on the sector.
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