reports
- 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.
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Lester Siew
- Thailand Research Team
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, January 13, 2025
GREATER CHINA Sector IT Hardware Solid 2024 Shipment Data; recovery in 2025 remains intact. Maintain OVERWEIGHT . INDONESIA Small/Mid Caps Highlights Bukit Asam (PTBA IJ/NOT RATED/Rp2,690) Strong production outlook towards 2029. MALAYSIA Sector Banking Malaysian banks are likely to take a cautious and gradual approach to capital managemen...
CK CH. KARNCHANG PCL
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
AMATA AMATA CORP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
PTBA PT BUKIT ASAM TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
PBBANK PUBLIC BANK BERHAD
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
MTC MUANGTHAI CAPITAL PCL
KIML KIM LOONG RESOURCES BHD
KTB-R KRUNG THAI BANK PCL NVDR
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
BNII PT BANK MAYBANK INDONESIA TBK
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OXMU PRIME US REIT
TIDLOR NGERN TID LOR PCL
KORE KEPPEL PACIFIC OAK US REIT
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Keith Wee Teck Keong
Banking - Assessing Capital Management Potential
Assessing Capital Management Potential We believe that despite their healthy capital adequacy ratios, Malaysian banks are likely to take a cautious and gradual approach to capital management, prioritising sustainability given the uncertainty surrounding the full impact of Basel 4 implementation on capital ratios. Maintain a MARKET WEIGHT stance, favouring laggards RHB, Hong Leong Bank and Public Bank for their better risk-reward.
- Keith Wee Teck Keong
Banking - Positive Outlook Priced In – Focus On Laggards
Positive Outlook Priced In – Focus On Laggards The sector delivered 3Q24 earnings growth of 11% yoy, driven by lower provisions and robust trading and forex income. 9M24 earnings growth of 8% aligns with our fullyear assumption of 8%. With the sector trading at +1.0SD to its historical mean P/B and earnings growth lagging the KLCI (set to ease in 2025), much of the favourable macro outlook seems priced in. Maintain a MARKET WEIGHT stance, favouring laggards RHB, Hong Leong Bank and Public Bank f...
- Keith Wee Teck Keong
Alliance Bank Malaysia (ABMB MK) - 2QFY25: In Line
2QFY25: In Line 1HFY25 earnings in line. Alliance Bank Malaysia (Alliance Bank) reported 2QFY25 net profit of RM176.7m (+2.4% yoy, +7.3 qoq), bringing 1HFY25 earnings to RM366.5m (+9.1% yoy). 1HFY25 earnings are deemed to be in line, representing 49% of both our and consensus’ full-year forecasts.
- Keith Wee Teck Keong
Banking - Loans Growth Tapers Off
Loans Growth Tapers Off Loan growth slowed to 5.6% in Sep 24 (Aug 24: 6.0%) due to weaker business loans. We maintain our full-year loan growth target of 6.5-7.0%, supported by strong GDP growth, though weaker-than-expected corporate loans could pose a risk. The sector's riskreward remains balanced in the absence of strong earnings, with 2024/25 earnings growth likely to lag the broader market. Maintain a MARKET WEIGHT stance, focusing on sector laggards such as Public Bank, RHB Bank, and Hong L...
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Llelleythan Tan Tan
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Friday, October 18, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales rebound as the impact of holiday diminishes; 3Q24 results preview. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Minth, Tuopu and Desay SV. IT Hardware: AI investment remains robust, non-AI recovery sluggish but starting to see positive signals. Maintain OVERWEIGHT. Update CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb29.28/Target: Rmb37.00): Proposes acquisition of CSPC Baike for Rmb7.6b. INDONESIA Update Bank Neo Commerce (BBYB IJ/BUY/R...
- Keith Wee Teck Keong
Banking - Loan Growth Tapers Off
Loan Growth Tapers Off Loan growth slowed to 6.0% in Aug 24 (July: 6.4%) due to weaker business loans. We maintain our full-year loan growth target of 6.5-7.0%, supported by strong GDP growth, though weaker-than-expected corporate loans could pose a risk. The sector's riskreward remains balanced in the absence of strong earnings, with 2024/2025 earnings growth likely to lag the broader market. Maintain a MARKET WEIGHT stance, focusing on sector laggards such as Public Bank, RHB Bank and Hong Leo...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, August 01, 2024
GREATER CHINA Economics PMI Stuck in a soft patch. Results New Oriental Education & Technology Group (EDU US/BUY/US$69.25/Target: US$90.00) 4QFY24: Earnings miss; impact from East Buy to carve out after 1QFY25. Xinyi Solar Holdings (968 HK/HOLD/HK$3.71/Target: HK$4.00) 1H24: In line; murky demand outlook ahead. Downgrade to HOLD. Update Prudential (2378 HK/BUY/HK$69.90/Target: HK$12...
OU8 CENTURION
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
ONEE THE ONE ENTERPRISE PCL
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 PERTAMINA GEOTHERMAL ENERGY
PGEO 029 GROUP SE
CVL PT. PERTAMINA GEOTHERMAL ENERGY
CIVMEC LIMITED
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Singapore Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, July 01, 2024
INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp4,600/Target: Rp5,800) 5M24: Net profit up 8.9% yoy from strong other income. MALAYSIA Sector Banking May 24 loans growth declined to 5.8% from 6.1% in Apr 24. We maintain MARKET WEIGHT due to the absence of strong earnings catalysts. Update Sunway Construction (SCGB MK/BUY/RM3.79/Target: RM4.32) Song Hau 2 Thermal Power Plant proj...
POMO4 MARCOPOLO S/A PREF
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
1155 MALAYAN BANKING BHD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
SIE SIA ENGINEERING CO LTD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
BIMB BANK ISLAM MALAYSIA BHD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
ITMAX ITMAX SYSTEMS BHD
CVL CIVMEC LIMITED
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