reports
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 1QFY26: Strong Loan Growth Amid Sof...
1QFY26: Strong Loan Growth Amid Softer NIM And Higher Provisions 1QFY26 earnings in line. Alliance Bank Malaysia (Alliance Bank) reported a 1QFY26 net profit of RM198.7m (+12.5% yoy, +0.6% qoq). 1QFY26 earnings are deemed in line, representing 25% of both our/consensus full-year forecasts.
- Keith Wee Teck Keong
Banking - Prime Beneficiary Of A Soft Landing
Prime Beneficiary Of A Soft Landing Despite an uncertain macro backdrop from US tariffs, we upgrade the sector to OVERWEIGHT after its ytd underperformance. Resilient earnings, attractive dividends, and its position as a prime beneficiary of EM rotation from Fed easing are, in our view, key catalysts. The sector offers defensive shelter while retaining upside potential in the early phase of a cyclical recovery. We also take the opportunity to upgrade CIMB to a BUY and our sector recommendation t...
- Keith Wee Teck Keong
Banking - Loans Growth Tapers Amid Caution
Loans Growth Tapers Amid Caution Loan growth softened to 5.1% in Jun 25 (May 25: +5.3%), driven by weaker business lending. Loan applications, particularly from businesses, also declined, likely reflecting a cautious stance amid tariff uncertainties. We maintain our 2025 loan growth forecast at 5-6%, implying a 1.4x loan-to-GDP multiplier, consistent with the historical 1.0x-1.7x range. Maintain MARKET WEIGHT, with a preference for defensive names like Hong Leong Bank and Public Bank.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, August 01, 2025
GREATER CHINA Economics PMI Rebound falters, weighed down by weaker construction and input cost pressures. Sector Automobile Weekly: PV sales pressured by anti-involution initiatives. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Budweiser APAC (1876 HK/BUY/HK$8.26/Target: HK$12.00) ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
ISAT INDOSAT
1295 PUBLIC BANK BHD
ERW ERAWAN GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
1155 MALAYAN BANKING BHD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
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
PBBANK PUBLIC BANK BERHAD
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
ABANK AFFIN BANK BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
STECON STECON GROUP PUBLIC COMPANY LIMITED
BRMS IJ BUMI RESOURCES MINERALS
ECOSHOP MK ECO-SHOP MARKETING BHD
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Keith Wee Teck Keong
- Keith Wee Teck Keong
Banking - Loans Growth Improves
Loans Growth Improves Loans growth improved to 5.3% in May 25 (Apr 25: 5.1%), driven by stronger construction loans. We are keeping our 2025 loans growth estimates at 5-6% (recently revised downwards from 6-7% on slower GDP growth forecasts). This implies a 1.4x loans to GDP growth multiplier which is broadly in line with the historical range of 1.0x- 1.70x. Maintain a MARKET WEIGHT stance, favouring defensive plays like Hong Leong Bank and Public Bank.
- Alden Gabriel Lam
- Benyamin Mikael
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Philip Wong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, July 01, 2025
INDONESIA Small/Mid Cap Highlight Energi Mega Persada (ENRG IJ/NOT RATED/Rp328) A clear turning point. MALAYSIA Sector Banking Loans growth improved to 5.3% from 5.1% in May 25. The absence of strong earnings catalysts has prompted us to maintain MARKET WEIGHT. Results Sapura Energy (SAPE MK/BUY/RM0.05/Target: RM0.07) 1QFY26: Core losses are in line on poorer rig utilisation and lu...
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
AMATA AMATA CORP
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
5218 SAPURA ENERGY BHD
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ECOSHOP MK ECO-SHOP MARKETING BHD
- Keith Wee Teck Keong
Banking - Digital Banks – A Complement, Not A Threat
Digital Banks – A Complement, Not A Threat Three of Malaysia’s five licensed digital banks have begun operations. However, with lending still limited and a RM3b asset cap in place during their early years, they are unlikely to pose a near-term threat to traditional banks. Established banks continue to advance their own digital agendas, and retain broader product capabilities and distribution networks. Maintain MARKET WEIGHT, with our sector top picks skewed more to defensive and undervalued bank...
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 4QFY25: Delivers on Earnings, Right...
4QFY25: Delivers on Earnings, Rights Issue in Focus FY25 earnings in line. Alliance Bank Malaysia (Alliance Bank) reported a 4QFY25 net profit of RM197.5m (+5.8% qoq, 11.1% yoy), bringing FY25 earnings to RM750.7m (+8.7% yoy). Earnings are deemed in line, representing 101% and 96% of our and consensus full-year forecasts respectively. A DPS of 9.9sen was declared, bringing the cumulative DPS to 19.4sen, or a 40% payout.
- Keith Wee Teck Keong
Banking - Loan Growth Tapers Off
Loan Growth Tapers Off Loan growth moderated slightly to 5.2% in Mar 25 (Feb 25: +5.3%), driven by softer household lending. In tandem with our downward revision of the 2025 GDP forecast to 4.0% (from 4.8%), we lower our system loan growth projection to a more tempered 5-6% range (previously 6-7%). We maintain our MARKET WEIGHT stance, favouring top sector picks with resilient earnings profiles and potential upside from capital management initiatives.
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - Robust Lending Outlook Balanced By ...
Robust Lending Outlook Balanced By Capital Dilution Alliance’s loan book is largely insulated against export shocks. Medium-term loans growth is expected to outpace the industry. A proposed RM600m rights issue could lift CET1 to 13.6%, fuelling future growth and providing sufficient capital buffer. While NIMs may compress slightly due to deposit competition, they should remain stable in FY26. Net credit cost rose to 30.6bp but remains prudent. Maintain HOLD and target price of RM4.84, as valuati...
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Philip Wong
- Wei Xiang Ku
Regional Morning Notes - Wednesday, April 16, 2025
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$328.40/Target: HK$394.00): Expecting solid 1Q25 earnings growth but trade war risk lingers. INDONESIA Sector Mining: The gold game: Key beneficiaries of the bull run. MALAYSIA Malaysia Gems Conference Highlights Alliance Bank Malaysia (ABMB MK/HOLD/RM4.35/Target: RM4.84): Loan growth outpaces industry but rights issue caps upside. Maintain HOLD and target price of RM4.84. ITMAX Systems (ITMAX MK/BUY/RM3.72/Target: RM4.30): Ex...
Alliance Bank Malaysia Berhad: 1 director
A director at Alliance Bank Malaysia Berhad bought 25,000 shares at 4.650MYR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
- Keith Wee Teck Keong
Banking - 2H24 Financial Stability Report: Banking System Remains Soun...
2H24 Financial Stability Report: Banking System Remains Sound BNM’s 2H24 Financial Stability Report highlights that while Malaysia is not fully insulated from external risks like US trade policies and geopolitical tensions, the banking system is well-positioned to weather potential headwinds given the strong provision buffers and liquidity position. We maintain MARKET WEIGHT as the risk-reward remains balanced.
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - Capital Boosting Rights Issue
Capital Boosting Rights Issue RM600m being raised. Alliance Bank Malaysia (Alliance Bank) announced its proposal to carry out a renounceable rights issue (RI) to raise gross proceeds of RM600m. Vertical Theme S/B (VTSB), the largest shareholder with a 29.1% stake, has committed to fully subscribing to its entitlement (~RM174m). RM595.2m is earmarked for working capital, ie bolstering Alliance Bank’s capital base, enhancing financial flexibility and supporting future growth while RM4.8m is expens...
- Keith Wee Teck Keong
Banking - Finely Balanced – Focus On Laggards
Finely Balanced – Focus On Laggards We expect sector earnings growth to ease to 7% in 2025 (from 9% in 2024) due to slower non-interest income growth. While earnings resilience and attractive dividends support the investment case, valuations at +0.5SD above mean and foreign shareholding that is near a five-year high may limit upside. We maintain a MARKET WEIGHT stance, favouring laggards RHB Bank, Hong Leong Bank, and Public Bank for their better riskreward, while adding AMMB for potential capit...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Kampon Akaravarinchai
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Singapore Research Team
- Sunny Chen
Regional Morning Meeting Notes: Friday, March 14, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly Reiterate BUY on JBM Healthcare. Sector Automobile Weekly: PV sales decline wow due to seasonal factors. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay SV. Results Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.72/Target:HK$11.00) 2024: Satisfactory results; expect ...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
BMRI PT BANK MANDIRI (PERSERO) 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
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK 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)
HLA HONG LEONG ASIA LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
TWC TIONG WOON CORPORATION HOLDING
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
532605 JBM AUTO LIMITED
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 3QFY25: In Line, As NIMs Slip As Ex...
3QFY25: In Line, As NIMs Slip As Expected 9MFY25 earnings in line. Alliance Bank Malaysia (Alliance Bank) reported 3QFY25 net profit of RM186.7m (+5.5% yoy, -1.7% qoq), bringing 9MFY25 earnings to RM553.2m (+7.9% yoy). 9MFY25 earnings are deemed in line, representing 74% and 75% of our and consensus full-year forecasts respectively.
- Keith Wee Teck Keong
Banking - Loan Growth Tapers Off
Loan Growth Tapers Off Loan growth slowed to 5.5% in Dec 24 (Nov 24: +5.8%), ending the year at the lower end of our 5.5-6.0% forecast due to weaker-than-expected business loan growth. We maintain our 2025 loan growth target of 6.0-7.0%, although the sluggish corporate loans remain a risk. With sector earnings growth likely to trail the broader market’s, we maintain a MARKET WEIGHT stance, favouring laggards like Public Bank, RHB Bank, and Hong Leong Bank.
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