reports
Regional Morning Meeting Notes: Thursday, July 03, 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. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Johnny Yum
Strategy - Alpha Picks: Good Performances In June
Our Jun 25 portfolio outperformed the JCI and LQ45 by +5.1%/+7.1% respectively, mainly driven by DKFT (+16% performance) and outperformances by other stocks such as ANTM, CMRY and AMRT. Several major events to watch out this month include upcoming IPOs (especially the sizeable Chandra Daya Investasi (CDIA) IPO worth about US$143m) and the outcome of the US-Indo reciprocal tariffs discussion on 9 July. Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM.
- Johnny Yum
- 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
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Singapore Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 10, 2025
GREATER CHINA Economics Inflation: Upstream deflationary pressures intensify. Trade: May data weighed down by higher tariffs. Sector Property: Shenzhen taps HPF for down payments to stabilise the property market; land market sees divergence among cities. INDONESIA Update Aneka Tambang (ANTM IJ/BUY/Rp3,450/Target: Rp4,600): Capitalising on gold’s momentum despite environmental headwinds. MALAYSIA Sector Plantation: 1Q25 results largely met expectations. We expect 2Q25 earnings to be supported b...
- Benyamin Mikael
Aneka Tambang (ANTM IJ) - Capitalising On Gold’s Momentum Despite Envi...
UOB Bank expects gold prices to reach US$3,700 by 2Q26 amid geopolitical risks and strong demand. Despite a temporary halt at ANTM’s PT Gag Nikel mine, our 2025 earnings forecast remains intact. We raise our target price to Rp4,600, based on 10.1x EV/EBITDA (+1SD vs three-year average, previously at average). We use a conservative gold price of US$3,200 (2025F) and US$3,400 (2026F). Expectations of persistently high gold prices above US$3,700 in 2Q26 provide greater upside visibility.
- Benyamin Mikael
- Maskun Ramli
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Keith Wee Teck Keong
- Singapore Research Team
Regional Morning Meeting Notes: Tuesday, June 03, 2025
GREATER CHINA Strategy China Property & Hong Kong Property & Hong Kong Landlord Manageable pressure in mainland property market; improved tourism and retail sales momentum in Hong Kong. INDONESIA Strategy Alpha Picks: Good Performances in May Good performances from most with the exception of GOTO and BUKA. MALAYSIA Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) 1Q25: Earnings in line, underpinned by lower provisions. Mai...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ANTM PT ANEKA TAMBANG TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DKFT IJ CENTRAL OMEGA RESOURCES
- Johnny Yum
Strategy - Alpha Picks: Good Performances In May
Excluding GOTO, our portfolio outperformed the JCI and LQ45 by 3.8% and 2.9% respectively (simple average) in May 25. We remove all of our portfolio picks including BBCA, BBTN, ERAA, BUKA and GOTO. We add our new alpha picks which are AMRT, ICBP, ANTM, CMRY and DKFT.
- Johnny Yum
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
Strategy - Surplus Returns, Reform Ahead
Indonesia’s state budget turned into a surplus of Rp4.3t in Apr 25, reversing the deficit trend seen in Jan-Mar 25. Revenue reached Rp810.5t, down 12.4% yoy (27% of target), while spending was Rp806t, down 5.1% yoy (22% of target), mainly on reduced ministry outlays. Although tax revenue declined 8.7% yoy, it improved from previous months while non-tax revenue fell 24.7% due to redirected SOE dividends. Changes in leadership at tax and customs offices were made to accelerate tax reform and boost...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, May 22, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) 1Q25: Solid earnings beat, fuelled by AI cloud growth and monetisation visibility. XPeng Inc (9868 HK/BUY/HK$77.55/Target: HK$150.00) 1Q25: Results beat expectations. Maintain BUY with a target price of HK$150.00. INDONESIA Strategy Indonesia’s State Budget Position As Of Apr 25 Surplus returns, mom improvement in revenue collections, spen...
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
P34 DELFI
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ACES PT ACE HARDWARE INDONESIA TBK
ICBP INDOFOOD CBP SUKSES MAKMUR T
SPSB SP SETIA BHD
FRKN FRENCKEN GROUP LTD
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
09868 XPENG INC
ECOSHOP MK ECO-SHOP MARKETING BHD
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
Indonesia Daily - Thursday, May 22, 2025
Strategy: Indonesia’s State Budget Position As Of Apr 25: Surplus returns, mom improvement in revenue collections, spending focused on regional transfers and non-K/L spending. Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp525/Target: Rp565): SSSG down in April; growth backed by expansion and cost normalisation. TRADERS’ CORNER AKR Corporindo (AKRA IJ): Technical BUY Bumi Serpong Damai (BSDE IJ): Technical BUY
- Benyamin Mikael
Aneka Tambang (ANTM IJ) - Raising 2025 Earnings Forecast On Strong Gol...
We raise our 2025 net profit forecast for ANTM to Rp7t (from Rp5.75t) on the back of the positive tone during its recent 1Q25 analyst meeting, especially with the positive outlook for gold and nickel ore. ANTM remains attractive with solid fundamentals and potential dividend yields of 5.7-11% over 2025-26. The company has booked strong foreign fund inflows of US$195m ytd. We maintain BUY with a higher target price of Rp3,300, based on 7.2x EV/EBITDA (three-year average) on higher earnings.
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