reports
- 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 ...
- Anas Fitri Bin Ahmad
Automobile - MAA TIV Feb 25: Sales Rebound Led By National Brands; Com...
MAA TIV Feb 25: Sales Rebound Led By National Brands; Commercial Lags MAA’s Feb 25 TIV was higher mom but flat yoy, lifted by a recovery in national brands, although commercial vehicles remained weak. The non-national segment remains impacted by intense competition from Chinese players; however, demand for national brands remains robust. We maintain MARKET WEIGHT due to the limited catalysts, despite the continuous launches. Our top pick is Pecca.
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Anas Fitri Bin Ahmad
Sime Darby (SIME MK) - 1HFY25: Below Expectations; Motors Division To ...
1HFY25: Below Expectations; Motors Division To Remain Challenging Sime’s 1HFY25 results came in below expectations with the key deviation from our forecasts driven by a lower assumption on minority interest and lower taxes. Higher core PBIT in 2QFY25 was largely due to UMW’s full contribution. However, the industrial and motors divisions recorded lower PBIT. The outlook remains challenging for the motors division, but strong demand and growing orderbook support the industrial division. Downgrade...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, February 25, 2025
GREATER CHINA Sector Property Channel checks and observations of Shenzhen and Shanghai primary markets. INDONESIA Strategy Danantara – Who Could Benefit Beneficiaries: PGEO, ANTM, TINS, BMRI, BBNI, BBRI and TLKM. We have an end-25 target of 7,500 for the JCI. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.14/Target: RM2.60) 4Q24: Delivers on earnings...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
CC3 STARHUB LTD
ANTM PT ANEKA TAMBANG TBK
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
TOP THAI OIL PUBLIC CO. LTD.
4197 SIME DARBY BHD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
KCE KCE ELECTRONICS PUBLIC CO. LTD.
RFMD RAFFLES MEDICAL GROUP LTD
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
CTOS CTOS DIGITAL BHD
BBNI BANK NEGARA INDONESIA PERSER
PGEO PERTAMINA GEOTHERMAL ENERGY
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Anas Fitri Bin Ahmad
Automobile - MAA TIV 2024: Another Year, Another Record-breaking Sales...
MAA TIV 2024: Another Year, Another Record-breaking Sales Performance; Forecast Lower TIV In 2025 MAA’s 2024 TIV registered another record-breaking sales figure, driven by a slight increase in passenger vehicle sales (+4% yoy). We expect TIV in 2025 to fall 9% due to limited catalysts, normalisation of demand, and increased competition from Chinese brands. However, demand for budget-friendly vehicles, especially from Perodua, remains strong. We have cut our earnings expectations for BAUTO and Si...
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