reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, August 8, 2025
GREATER CHINA Economics Trade: July’s data beats expectations, further near-term strength likely. Sector Automobile: Weekly: YOY PV sales growth remains negative for three straight weeks. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Initiate Coverage Zhejiang Sanhua Intelligent Controls Co (002050 CH/BUY/Rmb27.37/Target: Rmb36.50): Innovative Thermal management leader driving sustainable growth. Initiate coverage with BUY. Target price: Rmb36.50 for A-share, HK$40.00 fo...
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
G13 GENTING SINGAPORE LIMITED
HCM HUTCHISON CHINA MEDITECH LIMITED
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Paula Ruth
Telkom Indonesia (TLKM IJ) - 2Q25 EBITDA Slightly Declines By 3% yoy
6M25 EBITDA reached Rp36t, somewhat in line with our expectations (47.0%) and consensus’ (47.3%), but 6M25 NPAT (Rp11t) was slightly below our estimate (45.6%) and consensus’ (45.8%). There are early signs of optimism on Indonesia’s macroenvironment given the government spending in June 25, but it may take several quarters to drive a full multiplier effect. TLKM trims its 2025 revenue growth (yoy) target to flat (vs low-single digit previously). Maintain HOLD. Target price: Rp2,900.
- Maskun Ramli
- Paula Ruth
- 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
- Paula Ruth
Telkom Indonesia (TLKM IJ) - Gradual Simplification Of Product Portfol...
Telkomsel launched a new starter pack with higher headline pricing (40% above previous starter pack) in Mar 25. This is also part of its gradual effort to simplify its product portfolio (target: 200SKUs). Telkomsel views the current market consolidation as a positive sign going forward. We expect a dividend payout of 65% from 2026 NPAT, implying a DPS of Rp158 (5.6% yield). This partly reflects analysts’ session with TLKM’s new management. Maintain HOLD with a higher target price of Rp2,900.
- Maskun Ramli
- Paula Ruth
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Johnny Yum
Strategy - Alpha Picks: Good Performances In June
Our Jun 25 portfolio outperformed the JCI and LQ45 by +5.1%/+7.1% respectively, mainly driven by DKFT (+16% performance) and outperformances by other stocks such as ANTM, CMRY and AMRT. Several major events to watch out this month include upcoming IPOs (especially the sizeable Chandra Daya Investasi (CDIA) IPO worth about US$143m) and the outcome of the US-Indo reciprocal tariffs discussion on 9 July. Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM.
- Johnny Yum
- Paula Ruth
Telecommunications – 1Q25: EBITDA Stable At -0.8% qoq
In 1Q25, the combined EBITDA of Indonesia’s big telcos dropped 6% yoy, but was stable qoq. Combined 1Q25 NPAT was also slightly lower (2% yoy). Among the big three telcos, ISAT and Telkomsel (majority owned by TLKM) gained market share in 1Q25 (based on EBITDA) vs 4Q24. We are monitoring TLKM’s upcoming AGM (27 May) as we expect a potential dividend yield of around 7% (assuming an 80% payout). Maintain MARKET WEIGHT on the telecommunications sector with ISAT as our top pick.
- Maskun Ramli
- Paula Ruth
XLSmart Telecom Sejahtera Tbk Pt: 2 directors
Two Directors at XLSmart Telecom Sejahtera Tbk Pt sold 6,722,914 shares at 2,350.000IDR. The significance rating of the trade was 95/100. 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...
- Paula Ruth
Telecommunications – 4Q24: NPAT Down Slightly By 2% yoy
Big Telcos’ 4Q24 EBITDA was roughly stable (-0.2%) qoq, but declined slightly by 4% yoy Meanwhile, combined 4Q24 net profit fell slightly by 2% yoy, but rose 11% qoq. During 4Q24, EXCL slightly increased its market share (based on EBITDA) among the top three telcos. We downgrade the telecommunications sector to MARKET WEIGHT from OVERWEIGHT as we expect TLKM, the parent company of Telkomsel (market leader), to book only a slightly moderate top-line growth of 2% yoy in 2025. Our top pick is ISAT.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Maskun Ramli
- Paula Ruth
- Posmarito Pakpahan
Indonesia Daily - Friday, April 25, 2025
Telecommunications: 4Q24: NPAT down slightly by 2% yoy. Downgrade to MARKET WEIGHT. Bank Central Asia (BBCA IJ/BUY/Rp8,475/Target: Rp10,500): 1Q25: Net profit grows 9.8% yoy on the back of NIM expansion. TRADERS’ CORNER Pertamina Geothermal Energy (PGEO IJ): Technical BUY Indosat (ISAT IJ): Technical BUY
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Paula Ruth
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, April 23, 2025
GREATER CHINA Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) World’s largest music platform with evolving social ecosystem. Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) 2024: Results in line; maintain 2025 revenue growth estimate of 8.8% yoy. iFlytek (002230 CH/SELL/Rmb45.18/Target: Rmb35.00) 2024 and 1Q25: Earnings miss on heightened R&D spending; solid top-line growth. Update Sunn...
0166 INARI AMERTRON
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002230 IFLYTEK CO. LTD. CLASS A
7160 PENTAMASTER CORP. BHD
NANO NANOCO GROUP
0097 VITROX
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VSI V.S. INDUSTRY BERHAD
SKP SKP RESOURCES BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
NATGATE NATIONGATE HOLDINGS BHD
OPPSTAR OPPSTAR BERHAD
300244 DIAN DIAGNOSTICS GROUP CO
0303 ALPHA IVF GROUP
NE NORTHEAST GROUP BHD (NE MK)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Paula Ruth
Telkom Indonesia (TLKM IJ) - 4Q24: NPAT Up 18% yoy
TLKM recorded 2024 EBITDA of Rp75t. This was in line with our and consensus full-year estimates. The strong yoy growth in 4Q24 NPAT was primarily supported by the digital investments’ appreciation (non-cash income) of Rp664b. Cellular (mobile) ARPU rose slightly by 2% qoq in 4Q24, but fell 7% yoy. The company guides lower capex to revenue (at 17-19%) in 2025 compared with its 2024 guidance (at 22-24%). Maintain HOLD with a higher target price of Rp2,700.
- Maskun Ramli
- Paula Ruth
Indosat Tbk Pt: 1 director
A director at Indosat Tbk Pt bought 300,000 shares at 1,520.000IDR and the significance rating of the trade was 51/100. 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 two years cl...
- Chris Hoare
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