reports
- Amerul Iqmal
Automobile - Jan 26 TIV Moderates; Earnings Growth Intact for 4Q25
Jan 26 TIV Moderates; Earnings Growth Intact for 4Q25 Highlights Sector earnings are expected to register a sequential growth of 3.5% to 7.5% qoq in 4Q25 driven by higher sales volumes. MAA’s TIV for Jan 26 declined mom to 64,298 units due to the normalisation of sales, but improved yoy on spillover demand from new model launches at end-25. We expect slower sales momentum throughout 1Q26 due to the festive season, in line with our forecast of TIV moderating to 790,000 units (-3.6% yoy) in ...
- Amerul Iqmal
Sime Darby (SIME MK) - Robust Outlook For Industrial Division; China M...
Robust Outlook For Industrial Division; China Motors Remains A Drag Highlights Management remains focused on achieving its ROE target of 11% by FY30 through disciplined cost optimisation and margin enhancement across the main divisions. Industrials and UMW divisions underpin earnings visibility while prolonged recovery of the motors division remains uncertain. Maintain HOLD with a higher target price of RM2.40. We revised the valuation to reflect the underlying value of MVV land for potent...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 13, 2026
Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...
- Malaysia Research Team
Automobile - MAA 2025 TIV: Another Record-breaking Sales Figure; Forec...
MAA 2025 TIV: Another Record-breaking Sales Figure; Forecast Lower TIV In 2026 Highlights MAA’s 2025 TIV registered another record-breaking sales figure, driven by resilient demand for budget models and aggressive promotional activities. We expect minimal impact on vehicle selling prices following the implementation of OMV tax mechanism and new tax rate for CBU EV. We forecast TIV moderating in 2026 to 790,000 units (-3.6% yoy) due to limited catalysts to further support demand growth. We ...
- Malaysia Research Team
Sime Darby (SIME MK) - 1QFY26: Above Expectations
1QFY26: Above Expectations Highlights Above expectations. Sime Darby reported a 1QFY26 core net profit of RM341.0m (+0.3% qoq, -6.7% yoy). We deem this above our expectations, accounting for 29% of our full year earnings forecasts, but in line with consensus estimate. The deviation was mainly attributed to higher-than-expected UMW contribution, driven by sustained sales volume from Toyota and expansion in margin due to cost optimisation and strengthening of RM against USD.
- Malaysia Research Team
Automobile - MAA TIV Sep 25: Sales Down mom, But Flat yoy
MAA TIV Sep 25: Sales Down mom, But Flat yoy Highlights MAA’s TIV for Sep 25 declined mom to 58,490 units due to fewer working days; a significant drop in sales volume was recorded across Japanese marques. We expect TIV to improve in the coming months, supported by new model launches, aggressive promotional campaigns and forward purchase of EVs ahead of the expiry of tax incentives. Hence, we raise our 2025 TIV projection to 780,000 units (previously 760,000 units). That said, we maintain ...
- Chong Lee Len
- Jonathan Koh
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, October 22, 2025
Greater China Company Update | PICC P&C (2328 HK/BUY/HK$19.04/Target: HK$22.20) PICC P&C issued a positive profit alert, expecting its net profit to surge 40-60% in 9M25, attributed to a significant increase in underwriting profit and strong investment gains amid the stock market rally. We forecast continued CoR improvement in 4Q25, supported by the implementation of non-auto commission reforms effective from 1 Nov 25. We lift our 2025 earnings estimates by 8.9% to factor in the 3Q25 positiv...
KTB KRUNG THAI BANK PUBLIC CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
4197 SIME DARBY BHD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
5271 PECCA GROUP
BAUTO BERMAZ AUTO BHD
SCB SCB X PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Malaysia Research Team
Automobile - MAA TIV Aug 25: Sales Improve mom, But Flat yoy
MAA TIV Aug 25: Sales Improve mom, But Flat yoy Highlights MAA’s TIV for Aug 25 showed a mom improvement in sales, driven by aggressive promotions and sales of new model launches. We are positive on the new fuel subsidy mechanism but the overall impact on industry sales is expected to be minimal. We increase our 2025 TIV forecast to 760,000 units (from 740,000 units) following the positive sales figures in July and August, but maintain a cautious near-term outlook. Maintain UNDERWEIGHT as ...
- Damon Shen
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Malaysia Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, September 23, 2025
Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
4197 SIME DARBY BHD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
VSI V.S. INDUSTRY BERHAD
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
BBNI BANK NEGARA INDONESIA PERSER
SCB SCB X PUBLIC COMPANY LIMITED
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
HRUM HARUM ENERGY TBK PT
PECCA MK PECCA GROUP BHD
NTTDCR SP NTT DC REIT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
BNASTRA BINASTRA (BNASTRA MK)
- Anas Fitri Bin Ahmad
Sime Darby (SIME MK) - 4QFY25: Slightly Above Expectations; Pressure P...
4QFY25: Slightly Above Expectations; Pressure Persists On Motors Division Sime’s 12MFY25 results came in above expectations, with the key deviation driven by higher profits from the industrial and umw divisions, which were partly offset by lower contribution from the motors division. The outlook remains challenging for the motors division especially for the china market, despite support from the industrial and umw divisions. Sime declared a second interim dividend of 10 sen. Maintain hold with a...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Winners/Losers Of China’s Anti-Involution Policy
Winners/Losers Of China’s Anti-Involution Policy While still in early days, the recent momentum in China’s anti-involution policy/ movement to curb excessive domestic competition should create winners and losers among Bursa-listed companies. This policy, which should lead to more rational pricing within China’s ultra-competitive sectors, should benefit selected Malaysian companies which export to have associates or subsidiaries in China. Losers could include some China-dependent importers (eg so...
- Anas Fitri Bin Ahmad
Automobile - MAA TIV Jun 25: Sales Decline mom And yoy
MAA TIV Jun 25: Sales Decline mom And yoy MAA’s Jun 25 TIV declined mom, driven by the shorter working month and festive break, while 1H25 sales saw a 5% yoy drop. 2Q25 sector earnings are expected to come in flattish or show a slight growth driven by the lower sales volume and intense competition in some of the key markets. Maintain UNDERWEIGHT with limited catalysts and continued strong competition among existing players. Our top pick remains Pecca
- Anas Fitri Bin Ahmad
Automobile: MAA TIV May 25: Sales rebound mom in May 25, but lag yoy. ...
MAA’s May 2025 TIV rose mom, driven by higher deliveries and more working days, but lagged yoy. Non-national brands remained weak, with Japanese players under pressure from strong Chinese competition. We officially downgrade the sector to UNDERWEIGHT with limited catalysts and continued strong competition to existing players. Our top pick remains Pecca.
- Anas Fitri Bin Ahmad
Automobile - MAA TIV May 25: Sales Rebound mom, But Lag yoy
MAA TIV May 25: Sales Rebound mom, But Lag yoy MAA’s May 2025 TIV rose mom, driven by higher deliveries and more working days, but lagged yoy. Non-national brands remained weak, with Japanese players under pressure from strong Chinese competition. We officially downgrade the sector to UNDERWEIGHT with limited catalysts and continued strong competition to existing players. Our top pick remains Pecca.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, June 23, 2025
GREATER CHINA Sector Insurance Weighing the risks and returns. Update Sunny Optical (2382 HK/BUY/HK$65.15/Target: HK$100.00) Takeaways from 2025 Investor Day. Maintain BUY. INDONESIA Strategy Challenging Macro Environment Adds To Case For Rate Cut Our top picks are BBCA, BBRI, ANTM, AMRT, ICBP, CMRY and ERAA. MALAYSIA Sector Automobile ...
CK CH. KARNCHANG PCL
OU8 CENTURION
PRU PRUDENTIAL PLC
ANTM PT ANEKA TAMBANG TBK
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4197 SIME DARBY BHD.
01299 AIA GROUP LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
BRC BRC ASIA LTD
HLA HONG LEONG ASIA LTD
TWC TIONG WOON CORPORATION HOLDING
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
STECON STECON GROUP PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Anas Fitri Bin Ahmad
Sime Darby (SIME MK) - 9MFY25: Below Expectations; Pressure Persists O...
9MFY25: Below Expectations; Pressure Persists On Its Core Division Sime’s 9MFY25 results came in below expectations with the key deviation driven by the lower contributions from its core business, particularly Industrial and Motors. The outlook remains uncertain as margin pressure in the Motors division and short-term challenges in Industrial continue to weigh on performance, despite support from UMW’s strong order backlog and a stable Industrial order book. Maintain HOLD with a new target price...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- Anas Fitri Bin Ahmad
Automobile - MAA Apr 25 TIV: Sales Dip On Festive Break, 4M25 Softens
MAA Apr 25 TIV: Sales Dip On Festive Break, 4M25 Softens Sales fell due to a shorter work month in Apr 25, 4M25 sales down yoy. The Malaysia Automotive Association’s (MAA) total industry volume (TIV) registered sales of 60,527 units, declining by 16.7% mom but slightly increasing by 1% yoy in Apr 25. The lower sales performance in Apr 25 was due to the shorter working period during the Hari Raya festive season in early-April, coupled with a high base in Mar 25 driven by increased deliveries ahea...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Opportunities In A Ringgit Resurgence Environment
Opportunities In A Ringgit Resurgence Environment The sharp ringgit appreciation driven by de-dollarisation and thus a broader reallocation of capital toward emerging market currencies support our view of a moderate upside for Malaysian equities. Key beneficiaries include importers and companies with high US dollar debt, while exporters may face margin pressure. While historical parallel suggests temporary trading opportunities, we recommend a tactical trading stance, focusing on value-driven op...
OMH OM HOLDINGS
4197 SIME DARBY BHD.
7160 PENTAMASTER CORP. BHD
5347 TENAGA NASIONAL BHD
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
0097 VITROX
AXIATA AXIATA GROUP BERHAD
YNS YINSON HOLDINGS BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
TDC TIME DOTCOM BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
CAPITALA CAPITAL A BHD
GENTMK GENTING BERHAD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
NE NORTHEAST GROUP BHD (NE MK)
- Anas Fitri Bin Ahmad
Automobile - MAA March 25 TIV: Higher Sales Driven by Festive Promotio...
MAA March 25 TIV: Higher Sales Driven by Festive Promotions; Maintain 2025 TIV Forecast Sales rebounds in Mar 25, but slips in 3M25. The Malaysia Automotive Association’s (MAA) Feb 25 total industry volume (TIV) registered sales of 72,704 units (+14% mom, +2% yoy). The jump in Mar 25 sales was attributed to promotional offers during the festive season (Hari Raya), which boosted sales. Passenger vehicles sales increased by 13% mom and 5% yoy, supported by the strong festive promotion across both ...
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