reports
- Alden Gabriel Lam
- Willinoy Sitorus
United Tractors (UNTR IJ) - 4Q25: Martabe Gold Mine Licence Uncertaint...
Company Results | United Tractors (UNTR IJ/HOLD/Rp28,700/Target: Rp30,000) UNTR posted a 4Q25 net profit of Rp3.3t (-0.3% qoq; -15.3% yoy), bringing 2025 earnings to Rp14.8t (-24.2% yoy), in line with our estimates but below consensus. The status of Agincourt Martabe's mining licence remains uncertain as management is still in talks with the government. Even if the licence was reinstated, it would still take 1-2 months for production to normalise. The proposed coal RKAB cut has yet to be announc...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kai Jie Tang
- Kong Ho Meng
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 3, 2026
Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
5681 PETRONAS DAGANGAN BHD.
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
558 UMS HOLDINGS LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
5243 VELESTO ENERGY
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SATS SP SATS LTD.
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
KPJ KPJ HEALTHCARE BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
DLG DIALOG GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
DLUM DELEUM BERHAD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Alden Gabriel Lam
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Tuesday, March 3, 2026
Economics | Inflation Surge Due To Persistent Low-Base Effect, Middle East War Clouds Outlook Indonesia's headline inflation surged to 4.76% yoy in Feb 26, driven by a low-base effect and Ramadan food demand. Core inflation held steady at 2.63% but fell below 2.00% if gold is excluded, signalling modest domestic demand. Geopolitical tensions in the Middle East, particularly potential disruption to the Strait of Hormuz, now pose the primary risk to global monetary easing. Bank Indonesia is expect...
- 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...
- Alden Gabriel Lam
- Willinoy Sitorus
United Tractors (UNTR IJ) - Gold Licence Uncertainty And Margin Headwi...
Company Update | United Tractors (UNTR IJ/HOLD/Rp28,750/Target: Rp30,000) UNTR faces 2026 earnings pressure from the Agincourt licence uncertainty, the cut in RKAB coal target, and margin compression in the mining contracting business. Authorities have indicated that the Agincourt licence remains under review. On a positive note, UNTR has completed the Doup gold project acquisition. Maintain HOLD with a higher SOTP-target price of Rp30,000 (from Rp28,000) following the successful acquisition of ...
- Alden Gabriel Lam
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Friday, February 13, 2026
Company Update | United Tractors (UNTR IJ/HOLD/Rp28,750/Target: Rp30,000) UNTR faces 2026 earnings pressure from the Agincourt licence uncertainty, the cut in RKAB coal target, and margin compression in the mining contracting business. Authorities have indicated that the Agincourt licence remains under review. On a positive note, UNTR has completed the Doup gold project acquisition. Maintain HOLD with a higher SOTP-target price of Rp30,000 (from Rp28,000) following the successful acquisition of ...
- Bella Lu Yifei
- Jo Yee Ng
- Jonathan Koh
- Ken Lee
- Malaysia Research Team
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 12, 2025
Greater China Sector Update | Automobile China has launched a three-month MIIT-led campaign to curb online misconduct in the auto industry, using selfinspections and penalties to reduce misinformation and promote competition on product quality. China’s PV insurance registrations fell 30% wow due to seasonality and consumers’ wait-and-see sentiment. Lithium carbonate prices correct on the production resumption of CATL’s Jianxiawo lithium mine. We maintain MARKET WEIGHT on China’s auto sector; top...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
UNTR PT UNITED TRACTORS TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB MAH SING GROUP BHD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
OXMU PRIME US REIT
KORE KEPPEL PACIFIC OAK US REIT
MCH MATRIX CONCEPTS HOLDINGS BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
600699 JOYSON ELECTRONICS CORP
- Willinoy Sitorus
United Tractors (UNTR IJ) - Better 2H Momentum Already Factored Into O...
Highlights • Share price has risen 23% in the past three months, pricing in the expected earnings recovery in 2H25 after a weak 1H25 net profit (-16% yoy). • Our full-year forecast already incorporates the expected 2H25 rebound, supported by improved weather conditions and higher operational volumes. • Maintain HOLD but slightly raise our SOTP-based target price to Rp28,000 (from Rp26,000) following changes in our OB removal and gold price assumptions. Note that we downgraded our call to HOLD (f...
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Friday, September 12, 2025
Company Update | United Tractors (UNTR IJ/HOLD/Rp26,525/Target: Rp28,000) The share price has surged 23% in the past three months, already pricing in the 2H25 earnings rebound after a weak 1H25 (-16% yoy). Our forecasts factor in improved weather and higher OB volumes in 2H25. We maintain HOLD but lift our SOTP-based target price to Rp28,000 (from Rp26,000). Technical Analysis Sumber Alfaria Trijaya | AMRT IJ Trading Buy Range: Buy at Rp2,170 and take profit at Rp2,370. Matahari Department St...
- Benyamin Mikael
Mining – The Gold Game: Key Beneficiaries Of The Bull Run
Gold surged past US$3,200/oz in 1Q25 on rising global uncertainties, driving US$21b in ETF inflows. Despite a higher 16% progressive royalty, upstream players (MDKA, BRMS, PSAB, UNTR) should benefit from strong ASPs and long-term production growth, while trading-focused players (HRTA, ANTM) gain from robust domestic demand and the establishment of the bullion bank. Top picks: MDKA, UNTR. Maintain MARKET WEIGHT.
- Benyamin Mikael
- Maskun Ramli
- Willinoy Sitorus
United Tractors (UNTR IJ) - Gold And Strong Balance Sheet With Which T...
We estimate 2025-26 core profit declining by 9%/3% respectively before rebounding to 9% in 2027. The upcoming two-year earnings shortfall is partially supported by a strong contribution from its gold segment thanks to a rise in gold prices, offsetting a decline in coal prices. UNTR is trading at an undemanding 4.5x 2025F PE. We estimate a lucrative 8% dividend yield. Upgrade to BUY. Target price: Rp26,000.
- Maskun Ramli
- Willinoy Sitorus
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Guan An Tan
- Jonathan Koh
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Notes - Monday, April 14, 2025
GREATER CHINA Economics Money Supply: New credit picks up in March. Sector Healthcare: Prefer leading drug innovators and internet healthcare companies amid escalating US-China trade tensions. Transportation & Logistics: Tariff war posing significant uncertainties to global trade. Prefer domestic consumption-oriented logistics names. Maintain MARKET WEIGHT. Top pick: JD Logistics (2618 HK). INDONESIA Update United Tractors (UNTR IJ/BUY/Rp21,850/Target: Rp26,000): Gold to cushion earnings from d...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, February 27, 2025
GREATER CHINA Economics Hong Kong Budget 2025-26 The budget balances fiscal discipline with strategic growth initiatives. Results ASMPT (522 HK/BUY/HK$64.05/Target: HK$80.00) 4Q24: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. Budweiser APAC (1876 HK/BUY/HK$8.66/Target: HK$13.30) 4Q24: Results miss slightly; CEO change and increased shareho...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
- Stevanus Juanda
Automobile – Nineteenth Consecutive Monthly Volume Decline; BYD Breaks...
Indonesia’s domestic car sales came in at 61,849 units in Jan 25, down 11.3% yoy. This marked 19 consecutive months of volume decline. Weakness could persist until 1H25, and things should improve in 2H25. Toyota is still the number one brand in 2024 and Jan 25. Toyota Kijang is the number one brand. BYD has broken into the top 10 thanks to sales of BYD M6. In 2024, total unit sales of BEVs made up 4.98% of total national sales. We have a BUY rating on ASII and a HOLD rating on UNTR. Maintain OVE...
- Maskun Ramli
- Stevanus Juanda
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, January 17, 2025
GREATER CHINA Sector Automobile Weekly: PV sales down 10% yoy but up 8.5% wow; EVs gain on subsidy rollout. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Healthcare The challenging but rewarding journey of globalisation amid rising geopolitical risks. Internet ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
UNTR PT UNITED TRACTORS TBK
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TOP THAI OIL PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
AXIATA AXIATA GROUP BERHAD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
WPRTS WESTPORTS HOLDINGS BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09999 NETEASE INC
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Stevanus Juanda
United Tractors (UNTR IJ) - 2025F NPAT Expected To Be Flat yoy
UNTR guided for 4,600 units in Komatsu sales, with UD Truck and Scania volume to rise by 10-20% in 2025. Overburden removal is expected to rise by 2-3% with coal delivery of 150m tonnes. Gold volume is expected to rise from 235,000 t.oz to 240,000 t.oz. UNTR’s RKEF facility is expected to commence operations in 2H25 with selling price at 75% of LME and cash cost of US$11,000/tonne. We expect 2025 NPAT to be flat yoy (-0.7% yoy). Maintain HOLD with a target price of Rp30,000.
- Maskun Ramli
- Stevanus Juanda
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