reports
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Audrey Celia
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 17, 2026
Greater China Economics | Economic Activity Economic activity in 2M26 broadly surprised to the upside. Industrial production accelerated to 6.3% yoy, while retail sales recovered to 2.8% yoy. FAI ytd rebounded to 1.8% yoy, beating expectations of a contraction, supported by strong infrastructure spending and a marked improvement in property FAI ytd to −11.1% yoy. However, it remains to be seen if the rebound is sustainable, as February’s PMI remained in contractionary territory at 49.0. Se...
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
2488 ALLIANCE BANK MALAYSIA BHD.
5681 PETRONAS DAGANGAN BHD.
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
1155 MALAYAN BANKING BHD.
3816 MISC BHD
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
5243 VELESTO ENERGY
01478 Q TECHNOLOGY (GROUP) CO. LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
DLUM DELEUM BERHAD
ABANK AFFIN BANK BHD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
02423 KE HOLDINGS INC.
MDKA MERDEKA COPPER GOLD TBK PT
BIMB BANK ISLAM MALAYSIA BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
AADI IJ ADARO ANDALAN INDONESIA
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Audrey Celia
- Willinoy Sitorus
Strategy - Feedback From Taipei Trip
Strategy | Feedback From Taipei Trip Investor tone has shifted from expectations of rate cuts toward rising inflationary concerns, making the upcoming post-1Q26 earnings results a key focus for the market. Feedback from our Taiwan trip suggests a broadly cautious stance, with most investors remaining in a wait-and-see mode until there is clearer improvement across macro conditions, fiscal outlook, and IDX-specific issues. In this environment of high oil prices and a strong DXY, our preferred pic...
- Audrey Celia
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
Indonesia Daily - Tuesday, March 17, 2026
Strategy | Feedback From Taipei Trip Investor tone has shifted from expectations of rate cuts toward rising inflationary concerns, making the upcoming post-1Q26 earnings results a key focus for the market. Feedback from our Taiwan trip suggests a broadly cautious stance, with most investors remaining in a wait-and-see mode until there is clearer improvement across macro conditions, fiscal outlook, and IDX-specific issues. In this environment of high oil prices and a strong DXY, our preferred pic...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2026
Greater China Strategy | Alpha Picks: March Conviction Calls Chinese equities consolidated further in February, with the HSI and MSCI China Index declining 2.8% mom and 5.6% mom, respectively. March is expected to be volatile, as there are signs that the Middle East conflict could last for a while. We focus on names which have greater domestic exposure, adding Anta, China Duty Free, FII, Futu, Kuaishou and Tencent to our BUY list. Indonesia Strategy | Alpha Picks: Rotating To Commodities Amid M...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Benyamin Mikael
Oil & Gas - Reawakening The Animal Spirits
Sector Update | Oil & Gas Indonesia’s upstream revival is gaining momentum as structural import dependence drives policy support and “animal spirits” across operators. Pertamina anchors a multi-year growth cycle with rising production, expanding capex, and restructuring backed by Danantara. Listed beneficiaries such as ELSA, ENRG, WINS, SOCI, RAJA, RATU, and PGAS offer exposure across upstream services, offshore logistics, and gas infrastructure as sector activity improves. Highlights • Upstrea...
- Benyamin Mikael
- Hendri Effendi
Indonesia Daily - Wednesday, February 18, 2026
Sector Update | Oil & Gas Indonesia’s upstream revival is gaining momentum as structural import dependence drives policy support and “animal spirits” across operators. Pertamina anchors a multi-year growth cycle with rising production, expanding capex, and restructuring backed by Danantara. Listed beneficiaries such as ELSA, ENRG, WINS, SOCI, RAJA, RATU, and PGAS offer exposure across upstream services, offshore logistics, and gas infrastructure as sector activity improves. Technical Analysis H...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - January 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December pic...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Johnny Yum
Strategy - Alpha Picks: Strong Performance In December
Strategy | Alpha Picks: Strong Performance In December The JCI closed strong at the end of Dec 25 (+1.6% mom, +22.1% yoy). Our portfolio outperformed the JCI by 17.7% mom, driven by ENRG, DEWA, ARCI, JPFA, and ASSA, while MDKA was flat and TLKM and BBCA underperformed. We maintain our portfolio focus on US dollar-linked earnings and resilient bottom-up picks. We drop DEWA as it has reached our target price, and add HRUM and NCKL. Highlights • The JCI closed strong at the end of Dec 25 (+1.6% mo...
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
Indonesia Daily - Monday, January 5, 2026
Economics | Indonesia Economy 2026: The Path To Igniting "Animal Spirits" Our baseline 2026 outlook forecasts a moderate 5.3% GDP growth and a mildly weaker rupiah (~Rp 16,900/USD). However, a credible alternative “animal spirits” scenario exists. This could be triggered by FDI surges into minerals, aggressive reforms, foreign borrowing and a supportive global backdrop of Fed easing, and could spark a positive feedback loop, strengthening the rupiah to Rp15,600-15,800. This optimistic path, whil...
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Adrian Loh Tzum Yung
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum
- Johnny Yum Chung Man
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, January 05, 2026
Greater China Sector Update | IT Hardware We see an acceleration in China’s AI development progress in 2026, with NVIDIA successfully obtaining the US government’s approval on H200 sales to China, which will provide a major boost to the Chinese the AI application users. We also believe that the shipment volume of domestic AI chips will receive minimal impact, with foreign chips acting as a “demand gap filler” while the establishment of a capable local supply chain remains the highest priorit...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 ENERGI MEGA PERSADA
TISCO VALUETRONICS HOLDINGS
JPFA TISCO FINANCIAL GROUP
TMB JAPFA COMFEED INDONESIA
5347 TMB BANK PUBLIC COMPANY LIMITED
BBCA TENAGA NASIONAL BHD
O39 PT BANK CENTRAL ASIA TBK
BN4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM KEPPEL CORPORATION LIMITED
SE PT TELKOM INDONESIA (PERSERO) TBK CLASS B
D01 SEA ADS
01810 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 XIAOMI CORP. CLASS B
YNS GENTING SINGAPORE LIMITED
RHBBANK YINSON HOLDINGS BHD
MLK RHB BANK BHD
VSI MALAKOFF CORP BHD
BURSA V.S. INDUSTRY BERHAD
GMB BURSA MALAYSIA BHD
0763 GAS MALAYSIA BHD
FEH ZTE CORPORATION CLASS H
601138 FOOD EMPIRE HOLDINGS LTD
9CI FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CLAR CAPITALAND INVESTMENT LTD
MDKA CAPITALAND ASCENDAS REIT
NCKL MERDEKA COPPER GOLD TBK PT
IOIPG PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
0303 IOI PROPERTIES GROUP BHD
LAGENDA ALPHA IVF GROUP
PEKAT LAGENDA PROPERTIES BHD
HRUM PEKAT GROUP BHD
ZETRIX MK HARUM ENERGY TBK PT
ARCI IJ ZETRIX AI (ZETRIX MK)
002371 CH ARCHI INDONESIA (ARCI IJ)
ASL SP NAURA TECHNOLOGY GROUP CO LTD
CAREIT ASL MARINE (ASL SP)
ENRG CENTURION ACCOMMODATION REIT (CAREIT SP)
ASSA NEW ENERGY METALS CORP
ASSA ABLOY AB
- Alden Gabriel Lam
- Benyamin Mikael
- Claire Wang Kelai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Lester Siew
- Malaysia Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, December 11, 2025
Greater China Economics | Inflation November CPI inflation strengthened to 0.7% yoy (+0.5ppt mom), the highest since Feb 24, led by food inflation turning positive. Core inflation stayed at a year-high of 1.2% yoy, with goods inflation rising, but with services inflation easing slightly. PPI deflation deepened to -2.2% yoy (-0.1ppt mom), as raw materials’ inflation weakened despite notable gains in mining and quarrying. Overall, the persistent PPI deflation reflects the ongoing impact of weak en...
- Alden Gabriel Lam
- Benyamin Mikael
Energi Mega Persada (ENRG IJ) - Sengkang Ignites New Gas Upside
Company Update | Energi Mega Persada (ENRG IJ/BUY/Rp1,415/Target: Rp1,700) ENRG announced a new gas discovery at Sengkang, delivering 25-36 mmcfd (equivalent to 13-19% of 2025’s total production).This is expected to lift production by 10 mmcfd in 2028, 25 mmcfd in 2029, and 40 mmcfd in 2030 (3-11% above our original forecasts), with a first phase capex of US$30m. JAPEX has formally joined as ENRG’s 50% partner in Gebang, strengthening ENRG’s upstream portfolio. We maintain BUY with a higher targ...
- Alden Gabriel Lam
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Thursday, December 11, 2025
Company Update | Energi Mega Persada (ENRG IJ/BUY/Rp1,415/Target: Rp1,700) ENRG announced a new gas discovery at Sengkang, delivering 25-36 mmcfd (equivalent to 13-19% of 2025’s total production).This is expected to lift production by 10 mmcfd in 2028, 25 mmcfd in 2029, and 40 mmcfd in 2030 (3-11% above our original forecasts), with a first phase capex of US$30m. JAPEX has formally joined as ENRG’s 50% partner in Gebang, strengthening ENRG’s upstream portfolio. We maintain BUY with a higher targ...
- 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...
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