reports
- 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
- Chris Hoare
- 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
- Chris Hoare
Telkom Indonesia (Buy, IDR 4,500, +76%) Q4 24 Quick Take: Buybac...
Against weak comps, trends improved, but fundamentally the picture remains challenged. The announced share buyback (IDR 3trn, 1.2% of outstanding) is welcome but probably won’t on its own be sufficient to turn the picture around. PT Telkom has disappointed with headwinds outside of Java and in Indihome. We remain Buyers on valuation but there is little in the trends here to suggest an operational turnaround is close.
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
- Chris Hoare
EM FWA-Watch S-Curve continuing to accelerate in India, with implicat...
Indian FWA net adds continue to accelerate and reached roughly c. 2.1m in the December quarter. India is probably therefore now accounting for around 50% of global shipments. We continue to think this is a critical development, and likely to drive an S-curve of adoption in Global EM.
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Johnny Yum Chung Man
- Jonathan Koh
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
Regional Morning Meeting Notes: Wednesday, February 12, 2025
GREATER CHINA Update Lenovo Group (992 HK/BUY/HK$12.16/Target: HK$14.30) 3QFY25 results preview: Expect solid beat on better-than-expected shipment. INDONESIA Results Indosat (ISAT IJ/BUY/Rp1,625/Target: Rp2,100) 4Q24: EBITDA down 2% yoy, and core NPAT drops 19% yoy. MALAYSIA Sector Plantation Jan 25: End stock remains low due to production...
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Thailand Research Team
Regional Morning Meeting Notes: Friday, January 03, 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024 Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Update VS Industry (VSI MK/BUY/RM1.16/Target: RM1.50) Despite a 17% recovery in its share price since its low in m...
TFG THAIFOODS GROUP
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ISAT INDOSAT
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
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.
MINT-R MINOR INTERNATIONAL PCL NVDR
AXIATA AXIATA GROUP BERHAD
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
TIDLOR NGERN TID LOR PCL
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Colin Lee
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Thailand Research Team
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, November 01, 2024
GREATER CHINA Economics PMI: Broad-based improvement in PMI. Results Budweiser APAC (1876 HK/BUY/HK$8.11/Target: HK$14.60): 3Q24: Premiumisation slows down in China; in-home channel to be a focus. BYD Electronic (285 HK/BUY/HK$33.50/Target: HK$40.90): 3Q24: Solid set of results; 4Q24/2025 growth may accelerate further. Maintain BUY. China Longyuan Power (916 HK/HOLD/HK$6.91/Target: HK$6.50): 3Q24: In line; 3Q24 wind power generation up 6.2% yoy. COSCO SHIPPING Holdings (1919 HK/HOLD/HK$11.54/Tar...
ISAT INDOSAT
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01299 AIA GROUP LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
MAPI MITRA ADIPERKASA
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
ROTH BRITISH AMERICAN TOBACCO BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
2747 ESTUN AUTOMATION
01876 BUDWEISER BREWING CO. APAC LTD.
HMN ASCOTT RESIDENCE TRUST
BRIS BANK BRISYARIAH TBK
- Paula Ruth
Indosat (ISAT IJ) - Core Earnings Could Jump 33% yoy In 2024; Launches...
We maintain BUY on ISAT with a target price of Rp3,100 on the back of the following: a) the GPUaaS market could grow 29% CAGR in 2024-29, b) Lintasarta’s (ISAT’s subsidiary) capability to offer GPUaaS (in collaboration with NVIDIA), c) revenue contribution of the non-mobile segment may increase to 25% in 2028, d) the number of ISAT’s home broadband (HiFi) subscribers could grow by 20% yoy in 2025, and e) core earnings growth of 33% yoy in 2024 as well as better seasonality in 4Q24.
- Maskun Ramli
- Paula Ruth
- Chong Lee Len
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, October 16, 2024
GREATER CHINA Update JD.com (9618 HK/BUY/HK$160.40/Target: HK$197.00): 3Q24 results preview: Promising outlook; benefitting from trade-in programme. INDONESIA Update Indosat (ISAT IJ/BUY/Rp2,490/Target: Rp3,100): Core earnings could jump 33% yoy in 2024; launches GPU Service for AI Computing. Maintain BUY. MALAYSIA Update Deleum (DLUM MK/HOLD/RM1.55/Target: RM1.70): Most of the share price outperformance is linked to P&M’s re-rating; we still see minor trading upside for upcoming MCM contracts...
- Paula Ruth
Telecommunications – Telcos’ Mobile Data Revenue Could Grow 7% yoy
We maintain OVERWEIGHT on the telecommunications sector in view of several factors: a) telcos’ 2024/25 mobile data revenue could grow 8%/7% yoy, b) digital channels (penetration ranging from 29% to 55%) could help improve ARPU, c) telcos’ EBITDA growth could reach 8% yoy in 2024 and 4% yoy in 2025, and d) attractive valuation with many telcos trading at -1SD EV/EBITDA. Our top pick is EXCL (BUY/Target: Rp2,900).
- Maskun Ramli
- Paula Ruth
- Chris Hoare
Indonesian Telcos Q2 24 review: Continued margin expansion from XL an...
Indonesian telcos returned to a more sustainable pace of revenue growth, with EBITDA ahead of topline for XL and Indosat again. As a result, Indosat recorded its highest ever EBITDA margin whilst XL’s margin remained well ahead of guidance. For Telkomsel, enterprise accelerated with strong Indihome net additions but was marred by continued mobile revenue share dilution (although easing) as peers grabbed shares in ex-Java.
- Paula Ruth
Telecommunications – 2Q24: 11% yoy Growth In Core Profit
The combined EBITDA of TLKM, ISAT and EXCL grew 5% yoy in 2Q24. ARPU of ISAT and EXCL rose 5% yoy and 6% yoy respectively, while the ARPU of TLKM’s subsidiary for the cellular business (Telkomsel) declined 10% yoy. During 2Q24, ISAT gained a little market share (based on EBITDA) among the top three telcos, partly because it managed to expand its EBITDA margin slightly (2Q24: 49% vs 1Q24: 47%). Maintain OVERWEIGHT with EXCL as our top pick.
- Hendri Effendi
- Paula Ruth
- Paula Ruth
Indosat (ISAT IJ) - 2Q24: Net Profit Up 47% yoy; EBITDA Margin Gradual...
ISAT booked 1H24 EBITDA of Rp13.4t (+18% yoy), in line with our and consensus fullyear estimates. Meanwhile, 1H24 NPAT jumped 43% yoy to Rp2.7t, above our estimate, but in line with consensus’. 2Q24 ARPU was up 1% qoq to Rp38,000, back to positive trajectory from the previous decline of 3% yoy in 1Q24. For the non-mobile business, the company plans to launch GPU-As-A-Service in Aug 24. Maintain BUY with a slightly higher target price of Rp12,400.
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