reports
- Philip Wong
Alliance Bank Malaysia (ABMB MK) - 2QFY26: Stable Earnings Amid NIM Pr...
2QFY26: Stable Earnings Amid NIM Pressure Highlights In line. Alliance Bank Malaysia (Alliance Bank) reported 2QFY26 net profit of RM206.6m (+8.8% yoy, +4.0 qoq), bringing 1HFY26 earnings to RM405.2m (+10.6% yoy). 1HFY26 earnings are deemed to be in line, representing 51% of both our and consensus’ full-year forecasts.
- Keith Wee Teck Keong
Banking - Improving Fundamentals Depite Macro Headwinds
Improving Fundamentals Depite Macro Headwinds Highlights The banking sector’s Sep 25 stats remained resilient despite macro headwinds. Loan growth inched upwards to 5.5%, asset quality improved further with GIL at historical lows and liquidity stayed healthy with LDR below 89%. We expect sector earnings to grow 3%/5% in 2025/26 respectively. Earnings resilience is underpinned by an around 5% loan growth, stable credit costs, manageable NIM pressure, and potential non-interest income upside. ...
- Audrey Celia
- Bella Lu Yifei
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kai Jie Tang
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 03, 2025
Greater China Sector Update | Macau Gaming Macau’s Oct 25 GGR was MOP$24.1b, increasing 32% mom and 16% yoy, and recovering to 91% of 2019’s level (vs a recovery of 83% in Sep 25). Oct 25’s GGR number beat market consensus by 4%, and set another post-COVID-19 record. For 10M25, GGR climbed to MOP$205.4b, up 8% yoy, and recovered to 83% of 2019’s level. Maintain OVERWEIGHT; Galaxy remains our top pick. Company Results | China Merchants Bank (3968 HK/HOLD/HK$48.64/Target: HK$51.00) CMB rep...
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
JPFA JAPFA COMFEED INDONESIA
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
C61U CAPITALAND COMMERCIAL TRUST
ADRO PT ADARO ENERGY TBK
599A SANDS CHINA LTD.
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
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
LPN LPN DEVELOPMENT PCL
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
06690 HAIER SMART HOME CO. LTD. CLASS H
GOTO GOJEK TOKOPEDIA TBK PT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MAYBANK MALAYAN BANKING BHD
VST VSTECS BHD
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
AADI IJ ADARO ANDALAN INDONESIA
002747 CH ESTUN AUTOMATION
EREIT ESR REIT
- Keith Wee Teck Keong
Banking - Stable Performance Amid Macro Pressures
Stable Performance Amid Macro Pressures Highlights The banking sector’s Aug 25 stats remained resilient despite macro headwinds. Loan growth held steady at 5.4%, asset quality improved with GIL at historical lows, and liquidity stayed healthy with LDR below 90%. We expect sector earnings to grow 3%/5% in 2025/26 respectively. Earnings resilience is underpinned by an around 5% loan growth, stable credit costs, manageable NIM pressure, and potential non-interest income upside. Maintain OVERW...
- Keith Wee Teck Keong
Banking - Solid Under Pressure
Solid Under Pressure We expect sector earnings to grow 3%/5% in 2025/26 respectively, with a stronger rebound in 2026 as deposits reprice lower, lifting NIM (+2bp). Earnings resilience is underpinned by an about 5% loan growth, stable credit costs, manageable NIM pressure, and potential non-interest income upside. Maintain OVERWEIGHT. We remain constructive on the sector. Valuations remain appealing, with the sector trading at a mean P/B of 1.10x and offering an attractive dividend yield o...
- 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.
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