reports
- Johnny Yum
Strategy - Alpha Picks: December Bias Positive, Adding BBCA, DEWA,TLKM
Strategy | Alpha Picks: December Bias Positive, Adding BBCA, DEWA, TLKM The JCI rebounded strongly in November, supported by improved liquidity, risk-on sentiment, and US$730m foreign inflows. Our portfolio lagged (+0.8% vs JCI’s +4.0%) due to weakness in AADI, JPFA, MDKA, and ADRO. While December historically delivers positive returns, its reliability now hinges more on liquidity and global risk appetite. We turn selective, removing AADI and ADRO due to coal-duty uncertainty, and adding BBCA, T...
- Chong Lee Len
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Thursday, December 04, 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut improved sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson,...
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
DLUM DELEUM BERHAD
TDC TIME DOTCOM BHD
MPM MARCO POLO MARINE LTD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
WDH WATERDROP INC
06160 BEIGENE LTD.
MDKA MERDEKA COPPER GOLD TBK PT
CDB CELCOMDIGI BHD
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Johnny Yum
- Maskun Ramli
Indonesia Daily - Thursday, December 4, 2025
Strategy | Alpha Picks: December Bias Positive, Adding BBCA, DEWA, TLKM The JCI rebounded strongly in November, supported by improved liquidity, risk-on sentiment, and US$730m foreign inflows. Our portfolio lagged (+0.8% vs JCI’s +4.0%) due to weakness in AADI, JPFA, MDKA, and ADRO. While December historically delivers positive returns, its reliability now hinges more on liquidity and global risk appetite. We turn selective, removing AADI and ADRO due to coal-duty uncertainty, and adding BBCA, T...
- Johnny Yum
Strategy - Alpha Picks: Another Outperformance In October
Strategy | Alpha Picks: Another Outperformance In October In Oct 25, our portfolio outperformed the JCI by 11.1%. All of our stock picks saw positive gains, with ASSA seeing the most at +26.8%. Events to look out are the MSCI rebalancing announcement on 5 November, and BI’s rate decision on 19 Nov 25. We maintain exposure to gold and US dollar earners, and add JPFA for its solid 2H25 growth. Our Alpha Picks: AADI, ASSA, ADRO, ARCI ENRG, JPFA and MDKA. Highlights • Our stock portfolio outperfo...
- 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
- Audrey Celia
- Johnny Yum
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, November 3, 2025
Strategy | Alpha Picks: Another Outperformance In October In Oct 25, our portfolio outperformed the JCI by 11.1%. All of our stock picks saw positive gains, with ASSA seeing the most at +26.8%. Events to look out are the MSCI rebalancing announcement on 5 November, and BI’s rate decision on 19 Nov 25. We maintain exposure to gold and US dollar earners, and add JPFA for its solid 2H25 growth. Our Alpha Picks: AADI, ASSA, ADRO, ARCI ENRG, JPFA and MDKA. Company Results | GoTo Gojek Tokopedia (G...
- Alden Gabriel Lam
- Benyamin Mikael
Energi Mega Persada (ENRG IJ) - Gebang Block: The New Gateway To Growt...
ENRG is at a turning point after cutting funding costs to 9.9% in 2024 from 15.05% in 2018 and acquiring Siak and Kampar. A disciplined US$1.4b 2025-30 plan targets 10% yoy production growth via 30 exploration and 130 development wells. Gebang Block adds first gas in 1H27 at 40 MMCFD, ramping up to 100 MMCFD by 2030. We forecast earnings rising from US$73m in 2024 to US$183m in 2030, with a 14.1% six-year CAGR. Initiate coverage with BUY, target price: Rp1,600. Highlights • ENRG held 434 MMBOE ...
- Alden Gabriel Lam
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 17, 2025
Greater China Sector Update | Automobile China’s auto sector faces a geopolitical bind: Europe demands tech transfers for new investments, while China restricts such transfers. We see no earnings impact from the EU’s tech transfer requirement, but that allows first movers like CATL to enjoy unrivalled advantages. China raises market access requirements for automakers, targeting inexperienced players. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Small/Mid Ca...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
ENRG ENERGI MEGA PERSADA
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
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
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BAL BUMITAMA AGRI LTD
BURSA BURSA MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
2633 JACOBSON PHARMA CORP LTD
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)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Alden Gabriel Lam
- Audrey Celia
- Benyamin Mikael
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Friday, October 17, 2025
Economics | Indonesia's External Debt Growth Cools As Borrowing Eases In Aug 25, Indonesia's external debt growth slowed significantly to 1.97% yoy, despite a slight monthly increase to US$431.9b. This deceleration was driven by declining public sector debt and a private sector contraction, improving key debt ratios. Looking ahead, debt growth is expected to accelerate with increased domestic spending, but will face challenges from a strong US dollar and high global bond yields, posing risks to ...
- Alden Gabriel Lam
- Benyamin Mikael
Energi Mega Persada (ENRG IJ) - Gebang Block: The New Gateway To Growt...
Highlights • ENRG held 434 MMBOE of resources as of 1H25, including 232 MMBOE of 2P reserves, implying about 26 years of reserve life. Contract-based oil and gas sales to SOE buyers support ENRG’s operations. • Gebang Block has significant growth potential − first gas at 7 MMBOED in 1H27 and 17 MMBOED by 2030 (lifting to grow at 7% CAGR from 2024-30). • Initiate coverage with BUY. DCF-based target price is Rp1,600. Analysis • A clear turning point. After years of high borrowing costs, Energi Me...
- 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
- Benyamin Mikael
Energi Mega Persada (ENRG IJ) - A Clear Turning Point
The company aggressively acquires mature blocks from Pertamina, boosting oil output and optimising legacy fields. In 2025, the company guided a 10-15% increase in production. ENRG’s revenue is diversified with stable long-term contracts and floorceiling pricing tied to ICP, ensuring revenue visibility. Capital needs are supported by private placements, targeting IRRs above 35% with a three-year payback. Despite its improving fundamentals, ENRG trades at a wide discount to regional peers.
- Benyamin Mikael
- Maskun Ramli
- GlobalData Department
Energix Renewable Energies Ltd (ENRG) - Power - Deals and Alliances Pr...
Summary Energix Renewable Energies Ltd (Energix Renewable Energies), a subsidiary of Alony Hetz Properties and Investments Ltd, is a renewable energy company. The company operates through its two divisions such as solar energy and wind energy divisions. Its solar energy division produces radiant heat light from sun, offers solar PV sites development, and initiation, management, and development of solar PV projects. Energix Renewable Energies' wind energy division produces wind energy from airfl...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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