reports
- 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
- Willinoy Sitorus
Kalbe Farma (KLBF IJ) - Well-Diversified Defensive Stock; Innovation A...
Share price has increased by 13.6% since KLBF released its 1Q25 results on 30 Apr 25 following a solid performance (net profit rose 12.5% yoy and accounted for 30% of both our and consensus 2025 estimates), supported by margin expansion. KLBF guides an 8- 10% revenue growth in 2025, with prescription pharma as the key driver. We remain constructive on KLBF’s prospects, given its well-diversified business segments, ongoing innovation and continued expansion. Maintain BUY. Target price: Rp1,800.
- Maskun Ramli
- Willinoy Sitorus
- Johnny Yum
Strategy - Alpha Picks: Underperformance In Feb 25
Our portfolio underperformed in Feb 25, declining 17.1% as JCI dropped 11.8% to a three-year low. There was a sell-off on banking stocks as investors were concerned that being included in Danantara could result in a similar fate to state-owned construction companies. Due to a sharp rise in DCII, IDXTECH outperformed in Feb 25. We remove BMRI, ISAT and CTRA from our portfolio and add MIKA. Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII.
- Johnny Yum
- Maskun Ramli
- Benjaphol Suthwanish
- Colin Lee
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, February 18, 2025
GREATER CHINA Strategy China And Hong Kong Property: Observations of 2025 Chinese New Year: Weakened new-home sales in Jan 25 and low growth in tourists to Hong Kong; further policy support is needed and possible. Sector Education: Widespread AI adoption to fuel education sector’s monetisation growth. Update Xiaomi Corp (1810 HK/BUY/HK$45.15/Target: HK$52.40): 4Q24 results preview: expect solid beat across all four segments. Maintain BUY. Small-mid Cap Highlight Cheerwin Group (6601 HK/NOT RATED...
- Stevanus Juanda
Kalbe Farma (KLBF IJ) - Expect 8-10% NPAT Growth In 2025; Trading Belo...
KLBF guides an indicative 17.2% yoy growth in 2024 NPAT. Compared with the implied NPAT of Rp3,243b, this indicates in-line results vs consensus forecasts of Rp3.2t. For 2025, NPAT growth is estimated at 8-10% yoy. The pharmaceutical and distribution divisions are expected to report strong growth, consumer health should see a singledigit growth, while nutritional sales should be flat. Maintain BUY with KLBF as our top pick in the pharmaceutical sector. Target price: Rp1,800 (40.1% upside).
- Maskun Ramli
- Stevanus Juanda
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Johnny Yum
- Stevanus Juanda
Strategy - Catching A Falling Knife Or Opportunity To Buy? We Say Buy
We think the current trajectory of the JCI presents a buying opportunity as: a) it is now trading at -2SD PE, similar to the levels seen during the pandemic, although the current situation may not be as severe; b) GDP is still expected to rise above 5%; and c) many programmes are driven by the government. We add defensive names with strong growth and attractive valuations to our recommendations. Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TLKM and ISAT.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
ISAT INDOSAT TBK PT
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Tuesday, February 11, 2025
Strategy: Catching A Falling Knife Or Opportunity To Buy? We Say Buy: Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TLKM and ISAT. We have a lower end-25 target of 7,500 for the JCI. TRADERS’ CORNER Unilever Indonesia (UNVR IJ): Technical BUY Merdeka Copper Gold (MDKA IJ): Technical BUY
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
ISAT INDOSAT TBK PT
- Johnny Yum
- Stevanus Juanda
Strategy - Trade War Begins
Donald Trump announced a 25% tariff on imports from Mexico and Canada. Imports of oil from Canada into the US are subject to a 10% tariff, in addition to an extra 10% tariff on imports from the US, Canada retaliated by imposing a 25% tariff on imports from the US, including beverages, cosmetics and paper products worth US$20b. Mexico and China are also expected to retaliate. The biggest risk is the potential underperformance of the JCI. Our top picks are ASII, BMRI, BBNI, BBTN, CMRY, KLBF, SIDO,...
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Tuesday, February 4, 2025
Strategy: Trade War Begins: Our top picks are ASII, BMRI, BBNI, BBTN, CMRY, KLBF, SIDO, CTRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. TRADERS’ CORNER Ciputra Development (CTRA IJ): Technical BUY Indo Tambangraya Megah (ITMG IJ): Technical BUY
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Stevanus Juanda
Kalbe Farma (KLBF IJ) - Higher Sales Growth In Pharma And Medical Devi...
KLBF expects the pharmaceutical division to record higher sales growth in 2025, driven by the penetration of biosimilar products and unbranded generics. The medical devices segment could start recording high growth in 2025. The consumer health division is expected to grow at a similar pace as GDP while KLBF could start producing liquid milk in its nutritional division. 4Q24 NPAT growth is likely to be encouraging as raw material costs have remained low yoy. Maintain BUY. Target price: Rp1,800 (4...
- Maskun Ramli
- Stevanus Juanda
- Jack Goh Tooan Orng
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, January 09, 2025
GREATER CHINA Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60): Improved 4Q24 sales; Fila the bright spot; mid-to-long term sales targets maintained. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$284.00/Target: HK$352.00): 4Q24 results preview: Strong earnings growth on reviving turnover. INDONESIA Update Kalbe Farma (KLBF IJ/BUY/Rp1,275/Target: Rp1,800): Higher sales growth in pharma and medical devices expected in 2025. MALAYSIA Sector Gloves: After the stellar share price perfo...
- Johnny Yum
- Stevanus Juanda
Strategy - 2024 JCI Return Analysis
The JCI delivered a 3.7% decline in 2024, underperforming the MSASJ after two previous years of outperformance. IDXENER was the top performing sector in the JCI with a 31.9% return. IDXFIN dropped 6.2% in 2024 with big banks delivering negative returns. Gains of over 100% have been observed in MLPT, SRAJ, JSPT, PTRO, PANI, CLEO and BRMS. The worst performers are SMGR, UNVR, MDKA, GGRM, TOWR, TLKM and HMSP. For 2025, our top picks are ASII, BMRI, BBNI, BRIS, CMRY, KLBF, SMRA, ACES and GOTO.
KLBF PT KALBE FARMA TBK
SMRA PT SUMMARECON AGUNG TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Monday, January 6, 2025
Strategy: 2024 JCI Return Analysis: Our top picks are ASII, BMRI, BBNI, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. TRADERS’ CORNER Telkom Indonesia (TLKM IJ): Technical BUY Trimegah Bangun Persada (NCKL IJ): Technical BUY
KLBF PT KALBE FARMA TBK
SMRA PT SUMMARECON AGUNG TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
SIDO INDUSTRI JAMU DAN FARMASI SI
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Johnny Yum
Strategy - Alpha Picks: Our Selections Outperform In 2024
Due to the performance in 9M24, our portfolio outperformed in 2024. Our selections recorded a 2.2% return compared with the JCI’s decline 2.7% in 2024. In Dec 24, our selections fell 6.2% while the JCI dropped only 0.5%. We add ISAT and KLBF into our portfolio to add defensiveness and foresee uncertainty in the market. We also triggered our stop-loss and dropped BBTN and NCKL. Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
ASII PT ASTRA INTERNATIONAL TBK
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ISAT INDOSAT TBK PT
- Johnny Yum
- Maskun Ramli
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
ASII PT ASTRA INTERNATIONAL TBK
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ISAT INDOSAT TBK PT
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