reports
- Audrey Celia
- Willinoy Sitorus
Consumer - Free-Meal Programme Showing Fruitful Developments
Sector Update | Consumer Our visit to an MBG central kitchen indicates improving on-ground operations supported by clearer funding mechanics. MBG budget realisation began to accelerate in 3Q25, with early signs of demand visible across dairy and poultry names and in higher CPI. Danantara also plans to allocate Rp20t to fund broiler and layer farms to support supply sufficiency. With MBG spending set to surge to Rp330t (~9% of the 2026 budget), execution will become the key risk to monitor. Top p...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Thursday, November 20, 2025
Sector Update | Consumer Our visit to an MBG central kitchen indicates improving on-ground operations supported by clearer funding mechanics. MBG budget realisation began to accelerate in 3Q25, with early signs of demand visible across dairy and poultry names and in higher CPI. Danantara also plans to allocate Rp20t to fund broiler and layer farms to support supply sufficiency. With MBG spending set to surge to Rp330t (~9% of the 2026 budget), execution will become the key risk to monitor. Top p...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 20, 2025
Greater China Company Results | Kingsoft Corp (3888 HK/BUY/HK$30.72/Target: HK$44.00) Kingsoft’s 3Q25 results missed expectations. Revenue dropped 17% yoy to Rmb2.4b, 6% below consensus estimate. Gross margin shrank 4ppt yoy to 80.4%, in line with consensus expectation. Operating profit plunged 76% yoy to Rmb277m, while operating margin fell 28ppt yoy to 11%, dampened by subdued revenue growth. Net profit declined 49% yoy to Rmb213m, with net margin shrinking 5ppt yoy to 8.8%. Maintain BUY w...
OU8 CENTURION
PTT PTT PUBLIC COMPANY LIMITED
3K1 KINGSOFT CORP. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
ICBP INDOFOOD CBP SUKSES MAKMUR T
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ZETRIX MK ZETRIX AI (ZETRIX MK)
- Audrey Celia
- Willinoy Sitorus
Kalbe Farma (KLBF IJ) - 3Q25: Top-line Remains Solid, But Earnings Wea...
Company Results | Kalbe Farma (KLBF IJ/BUY/Rp1,320/Target: Rp1,800) 3Q25 net profit fell 27% qoq to Rp657b due to higher selling expenses to support brand rejuvenation efforts and product innovation, though 9M25 profit came in at Rp2,632b, up 10.6% yoy. Going forward, the pharmaceutical segment is expected to remain the key growth driver, supported by specialty products. On the distribution front, the company is pursuing medical device localisation, including the development of a CT Scan manufac...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 06, 2025
Greater China Company Results | ECARX Holdings Inc (ECX US /BUY/ US$2.22/Target: US$3.40) ECARX’s 3Q25 earnings make a turnaround, with net profit of US$0.9m in 3Q25, marking its first-ever quarterly profitability. Going forward, we believe ECARX's earnings will be driven by sales volume growth and product mix optimisation. We maintain our forecast of a net loss of US$49m for 2025 and a turnaround to a net profit of US$36m and US$100m for 2026 and 2027, based on a 27% revenue CAGR. Maintain ...
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KLBF PT KALBE FARMA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
SIE SIA ENGINEERING CO LTD
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
MCH MATRIX CONCEPTS HOLDINGS BHD
ECX ECARX HOLDINGS INC
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
SDG SD GUTHRIE BHD
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, November 6, 2025
Economics | Indonesia's Growth Decelerates Amid Domestic Headwinds Indonesia's economic growth moderated to 5.04% yoy in 3Q25, a slight deceleration driven by weakening household consumption and investment. This domestic softness outweighed robust net exports and higher government spending. The slowdown is now impacting the labour market, with a shift towards part-time and informal work dampening consumer confidence. While a mild rebound is expected in 4Q25, a sustainable recovery hinges on effe...
- Audrey Celia
- Willinoy Sitorus
Consumer - Tactical Rotation Lingers; Re-iterate OVERWEIGHT on Consume...
Our ground checks suggest improving business sentiment following Purbaya’s appointment, as his pro-growth and consultative stance has begun to restore optimism. Macro indicators point to firmer momentum toward the year-end, supported by typical seasonality and more accommodative fiscal measures that should reinforce consumption-led growth. We re-iterate our tactical allocation to big-cap laggards and consumer names. Top picks: JPFA, CMRY and AMRT. Highlights • Our ground check suggests that bus...
- Audrey Celia
- Hendri Effendi
- Posmarito Pakpahan
- Willinoy Sitorus
Indonesia Daily - Thursday, October 30, 2025
Sector Update | Consumer Our ground checks suggest improving business sentiment following Purbaya’s appointment, as his pro-growth and consultative stance has begun to restore optimism. Macro indicators point to firmer momentum toward the year-end, supported by typical seasonality and more accommodative fiscal measures that should reinforce consumption-led growth. We re-iterate our tactical allocation to big-cap laggards and consumer names. Top picks: JPFA, CMRY and AMRT. Company Results | Bank...
- Audrey Celia
- Willinoy Sitorus
Consumer - Consumer Sector 3Q25 Results Preview
Most 3Q25 results are expected to be in line, except for ACES, which may fall short due to heightened competition. JPFA is likely to stand out, supported by higher broiler prices and continued cost efficiency. The recent proposed VAT reduction by the government provides positive sentiment. Our channel checks indicate improving consumer confidence, supported by recent pro-growth policies, with sentiment turning more constructive towards year-end. Top picks: JPFA, AMRT, and CMRY. Highlights • Mos...
- 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 ...
- Anas Fitri Bin Ahmad
- Audrey Celia
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, August 20, 2025
GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$28.28/Target: HK$33.80): 1H25: Results beat; Heineken and sub-premium the core for next stage. Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb20.60/Target: Rmb30.00): 2Q25: Earnings miss on ASP and margins; Maintain BUY. Cut target price from Rmb39.60 to Rmb30.0. Xiaomi Corp (1810 HK/BUY/HK$52.40/Target: HK$69.20): 2Q25: Record-high bottom line; EV business to be boosted by YU7 deliveries. Maintain BUY. XPeng Inc (9868 HK/BUY/HK$7...
- Audrey Celia
- Willinoy Sitorus
Kalbe Farma (KLBF IJ) - Expect Margins To Normalise In 2H25
KLBF has reduced its guidance for 2025 revenue and net profit to 6-8% (from 8-10% previously), while still remaining cautiously optimistic (our estimates are slightly higher). Its specialty pharma should be one of its key growth drivers, while its nutritional segment is still facing stiff competition. Maintain BUY with a target price of Rp1,800.
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
- Johnny Yum
Strategy - Alpha Picks: Underperformance In July
In Jul 25, our portfolio underperformed the JCI by -11.1%, mainly due to the rally in conglomerate-related stocks (with the largest contributors being DCII, BREN, BRPT, DSSA and CDIA). Assuming no price movement in the top 10 conglomerate-related stocks, our portfolio underperformed the JCI by -5.3%. Events to monitor next week include Indonesia’s 2Q25 GDP figure and MSCI announcements on 5 and 7 August. Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, MTEL, KLBF and MYOR.
- Johnny Yum
- Maskun Ramli
- Audrey Celia
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Jonathan Koh
- Posmarito Pakpahan
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, July 28, 2025
GREATER CHINA Update Baoshan Iron & Steel (600019 CH/BUY/Rmb7.44/Target: Rmb8.20) Riding the policy wave, watching for undercurrents. Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb231.84/Target: Rmb325.00) Regaining growth momentum from Q3 2025, on track for top 10 global medtech status. INDONESIA Sector Consumer 2Q25 preview: Mixed results. Results Bank Negara Indonesia (BBNI IJ/BUY/Rp4,090/Target: Rp5,...
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
MYOR MAYORA INDAH
MAPI MITRA ADIPERKASA
ERAA ERAJAYA SWASEMBADA
ACES PT ACE HARDWARE INDONESIA TBK
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
CTOS CTOS DIGITAL BHD
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Audrey Celia
- Willinoy Sitorus
Consumer – 2Q25 Preview: Mixed Results
Despite macroeconomic headwinds, we expect 1H25 results across the consumer sector to reflect resilient momentum in selective segments, with performance diverging by product category, pricing power, margin management and adaptability. While weak purchasing power likely weighed on mass-market demand, easing soft commodity prices may improve sentiment. We upgrade the sector to OVERWEIGHT. Top picks: KLBF, CMRY and ERAA.
- Audrey Celia
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
Indonesia Daily - Monday, July 28, 2025
Consumer: 2Q25 preview: Mixed results. Bank Negara Indonesia (BBNI IJ/BUY/Rp4,090/Target: Rp5,100): 2Q25: NIM likely to have bottomed, with recovery expected in 2H25. TRADERS’ CORNER Tower Bersama Infrastructure (TBIG IJ): Technical BUY Indofood CBP Sukses Makmur (ICBP IJ): Technical BUY
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
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