reports
- Willinoy Sitorus
- Benyamin Mikael
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, September 9, 2025
Strategy: Impact Of Cabinet Reshuffle There are changes in the formation of ministers, with the Minister of Finance being a notable replacement. Share prices for big banks go down while cigarette stocks are up. The 2026 budget outlook and fiscal stance are key catalysts. Company Update | Aneka Tambang (ANTM IJ/BUY/Rp3,610/Target: Rp4,000) ANTM’s 2H25 production is set to slow on supply constraints, with 2025 gold sales guided at about 43.8 tonnes (similar to 2024 level) and nickel ore at arou...
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, September 09, 2025
Greater China Economics | Trade China’s export momentum softened in August as front-loaded US demand has faded, exposing the vulnerability of shipments to the US market. While the trade diversion supported flows to ASEAN and the EU, overall growth moderated. Imports also weakened amid subdued agricultural demand, despite firmer commodity-related inflows. Pro...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
GGRM PT GUDANG GARAM TBK
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
X2S SINOPHARM GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
DBB DUOPHARMA BIOTECH BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
OXMU PRIME US REIT
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
09888 BAIDU INC
BBNI WUXI APPTEC CO. LTD. CLASS H
300765 BANK NEGARA INDONESIA PERSER
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - September 2025
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: Add Anta, BYDE and CSCEC to our BUY list, Li Auto and OOIL to our SELL list. Take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy Alpha Picks: Wake Me Up When September Ends: Our Aug 25 Alpha Picks underperformed marginally. Sep 25 picks: Alpha IVF, Hume ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 27, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb13.83/Target: Rmb16.70) 1H25: Satisfactory results; seeking growth by improving service capability and operating efficiency. China Tourism Group Duty Free (601888 CH/HOLD/Rmb71.41/Target: Rmb75.30) 2Q25: Net profit down 32% yoy and 66% qoq; fair valuation. Downgrade to HOLD. Haidilao International Holding (6862 HK/BUY/HK$14.47/Target: HK$17.00) 1H25: Revenue in line but net profit misses; generous dividend payout likely to b...
1295 PUBLIC BANK BHD
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
MPM MARCO POLO MARINE LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
02423 KE HOLDINGS INC.
IOIPG IOI PROPERTIES GROUP BHD
600699 JOYSON ELECTRONICS CORP
- Posmarito Pakpahan
Banking – Liquidity Stabilising, Credit Appetite Still Muted
Indonesia’s banking sector shows stabilising liquidity but muted credit appetite, with M2 up 6.5% yoy in Jul 25 on foreign inflows while loan growth slowed to 6.6%. Working capital and SME lending remain weak, and continue to weigh on BBRI’s earnings (SMEheavy exposure). Although its CoC rose mom, BBCA remains resilient with its strong liquidity buffers. With the BI’s 75bp ytd cuts and fiscal disbursements, loan demand should recover in 2026. Maintain OVERWEIGHT with BBNI and BBCA as our top pic...
- Maskun Ramli
- Posmarito Pakpahan
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, August 25, 2025
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) 1H25: Results miss; expects hoh sales recovery and two more BD deals in 2H25. Ganfeng Lithium (1772 HK/BUY/HK$30.80/Target: HK$40.00) 2Q25: Net loss in line; 3Q25 turnaround on the back of lithium carbonate price recovery. Maintain BUY, target price: HK$40.00. Li Ning (2331 HK/HOLD/HK$19.70/Target: HK$18.90) 1H25: Results beat but challenges remain in 2H25; fa...
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
02331 LI NING COMPANY LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
7153 KOSSAN RUBBER INDUSTRIES BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
UHU UNITED HAMPSHIRE US REIT
GREATEC GREATECH TECHNOLOGY BHD
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
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Alden Gabriel Lam
- Benyamin Mikael
- Posmarito Pakpahan
Strategy - From Bars To ETFs: Gold’s Next Chapter
Indonesia plans to launch its first gold ETF in 4Q25, led by IDX and OJK, to channel culturally accepted gold investment into a regulated digital investment product. Strong retail appetite, as seen in BRIS and Pegadaian’s gold growth, underpins a potential AUM expansion. As one of the largest gold producers in the world, Indonesia can source bullion locally and integrate domestic miners, Pegadaian, BRIS, refiners (ANTM) and banks into an ecosystem, creating a virtuous circle across the value cha...
- Alden Gabriel Lam
- Benyamin Mikael
- Maskun Ramli
- Posmarito Pakpahan
- Posmarito Pakpahan
- Willinoy Sitorus
Strategy - Equity-Bond Yield Gap: A Renewed Opportunity
Indonesia’s 10-year government bond yield has fallen to 6.3% and could ease further to 6.1% by end-25, narrowing the yield gap with equities. Around 19 JCI stocks offer dividend yields above bond yields, led by SOE banks (>8%) and selected consumers and commodities (filtered by decent liquidity). However, we think HMSP and UNVR are dividend traps, while cyclical resource dividend yields carry risks and rewards that highly depend on the commodity price cycle. Top dividend picks: BBNI and AKRA.
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, August 13, 2025
GREATER CHINA Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) 2Q25: Normalised EBITDA up 7% qoq; expects reinvestment efficiency to optimise. Increased dividend payout to remain sustainable. Kweichow Moutai (600519 CH/BUY/Rmb1,437.04/Target: Rmb1,722.00) 2Q25: On track to achieve full-year target; expect wholesale price pressure to persist into 2H25. Tencent Music Entertainment Group (1698 HK/BUY/HK$88.30/Target: HK$105.00) ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
QH QUALITY HOUSES
F34 WILMAR INTERNATIONAL LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
CAB CARLSBERG BREWERY MALAYSIA B
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
SREIT SUNWAY REAL ESTATE INVESTMEN
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SE US SEA LIMITED
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
BBYB BANK NEO COMMERCE
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Posmarito Pakpahan
Banking – 2Q25 Results Roundup: Easing CoF To Drive 2H25 Recovery
Liquidity saw an early improvement in Jun 25 as LDR at major SOE banks eased, current account balances rose, and M2 growth accelerated as government funds shifted out of BI. Coupled with lower SRBI yields, this led to easing monthly CoF. The trend could persist on the back of: a) continued unwinding of SRBI and lower yields, b) potential rate cuts in 2H25, and c) stronger fiscal spending in 2H25, supporting modest sequential earnings improvements ahead. Maintain OVERWEIGHT with top picks BBNI an...
- Maskun Ramli
- Posmarito Pakpahan
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Posmarito Pakpahan
Bank Rakyat Indonesia (BBRI IJ) - Resilient NIM and Shift In Lending S...
BBRI’s 2Q25 results are showing early signs of stabilisation in funding and asset quality, though earnings remain under pressure from high provisioning and soft micro growth. The bank is shifting towards consumers and corporate lending to diversify its risks. NIM is expected to remain strong, supported by funding mix and a higher contribution from Pegadaian. We reduce our 2025 net profit forecast by 5.0% and lower our target price to Rp4,250. BBRI offers an 8.3% dividend yield (DPR: 85%). Mainta...
- Maskun Ramli
- Posmarito Pakpahan
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - August 2025
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy Alpha Picks: Underperformance In July: Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, KLBF, MTEL, and MYOR. MALAYSIA Strategy Alpha Picks: Some Opportunities Amid A “Summer Lull”: Our July 25 Alpha Picks outperformed. Aug 25 picks: Coraza, Eco World, Gamuda, Hume Cement, IJM, Inari, RHB and Zetrix. SINGAPORE ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Posmarito Pakpahan
Banking – 1H25 Results Preview: Diverging Earnings Growth
We expect the banking sector’s 1H25 results to be broadly in line with expectations, despite a possible underperformance from BBRI and BRIS. BBCA remains strong while BBNI and BMRI should post muted earnings growth. NIM pressure is likely to persist due to tight liquidity. Loan growth decelerated but is expected to recover in 2H25. NPLs for auto and mortgage are inching up, but overall asset quality remains sound. We maintain OVERWEIGHT, supported by a dovish BI policy, easing SRBI yields and ex...
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