reports
- Willinoy Sitorus
Strategy - KTA From 1H26 Strategy Conference In Kuala Lumpur
Strategy | KTA From 1H26 Strategy Conference In Kuala Lumpur We conducted a marketing trip to Kuala Lumpur and met with more than 20 investors to present our 1H26 strategy. Among our four key themes, the strongest interest centred on the copper-related narrative, with many investors also asking if this is the right time to re-enter the banking and consumer sectors. Highlights • Interest largely centred on the copper-related theme. • Attractive risk-reward in selected large caps, with dividend y...
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, December 9, 2025
Strategy | KTA From 1H26 Strategy Conference In Kuala Lumpur We conducted a marketing trip to Kuala Lumpur and met with more than 20 investors to present our 1H26 strategy. Among our four key themes, the strongest interest centred on the copper-related narrative, with many investors also asking if this is the right time to re-enter the banking and consumer sectors. Technical Analysis Sumber Alfaria Trijaya | AMRT IJ Trading Buy Range: We have a technical Buy at Rp1,920, and take profit at Rp2,0...
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- 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
- Willinoy Sitorus
Strategy - A Broader Market Narrative
Strategy | A Broader Market Narrative The JCI enters 2026 with improving liquidity, firmer fiscal execution and gradually improving earnings, supporting our 9,200 index target on a 9% EPS growth. Large-cap underperformance in 2025 was driven by positioning, but rotation should broaden as macro conditions stabilise. Our 2026 strategy balances structural growers (ASSA, CMRY, HEAL, JPFA), dollar-earning commodity names (ARCI, BRMS, DEWA, MDKA) and quality defensives such as BBCA and TLKM. Key risks...
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Wednesday, December 3, 2025
Economics | Indonesia's Trade Surplus Contracts On Surging Imports Indonesia's trade surplus narrowed to $2.39b in Oct 25 as a surge in imports, driven by strong domestic demand and government spending, outpaced a modest export decline. While underlying cumulative trends remain positive, the surplus is expected to shrink further through 2025 due to a slowing global economy and robust import growth. Looking ahead, the 2026 outlook faces headwinds from protectionist policies targeting key exports ...
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Telekomunikasi Indonesia (P.T.) and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 27 November 2025 in which we reassessed the appropriateness of the ratings ...
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Audrey Celia
- Benyamin Mikael
- Johnny Yum
- Posmarito Pakpahan
- Willinoy Sitorus
Strategy - A Broader Market Narrative
Highlights • Stock rotations to broaden in 2026 as macroeconomic environment and liquidity improve, easing the flow-driven divergence seen in 2024-25. • Balanced portfolio of defensives, flow proxies, compelling growth and US dollar earners supports our 2026 year-end JCI target of 9,200. Analysis • Non-LQ45 outperformance defines 2025. The LQ45 Index has underperformed the JCI by 16% ytd, extending the lag that began in 2024 (-12% vs JCI) amid muted big bank earnings. The gap has been driven mo...
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Felix Fischer
Asia Monthly – November 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in November 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Implications Of Indonesia’s FWA Rollout With WIFI...
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, December 1, 2025
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
- Andrew Agita Buntoro
- Willinoy Sitorus
Telkom Indonesia (TLKM IJ) - Restructuring Efforts And ARPU Trends
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp3,500/Target: Rp4,000) We maintain our BUY call with a new target price of Rp4,000 from Rp3,800 previously, based on 5.6x EV/EBITDA multiple (+0.25SD) five-year historical average of 5.4x. TLKM plans to transfer Rp79t of fibre assets to TIF (Telkom Infraco) to unlock value by attracting a strategic partner for a 20–30% stake. The move supports its broader restructuring and asset optimisation, including potential data centre stake sale, despite nea...
- Andrew Agita Buntoro
- Arsit Pamaranont
- Audrey Celia
- Chong Lee Len
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 05, 2025
Greater China Company Results | COSCO SHIPPING Holdings (1919 HK/HOLD/HK$13.67/Target: HK$14.54) CSH’s 3Q25 net profit fell 55% yoy to Rmb9.5b but beat expectations on resilient freight rates and higher volumes. The recent rebound in freight indices and suspension of US-China port fees should support 4Q25 earnings. While oversupply risks remain in 2026, accelerated scrapping could ease pressure. Its strong net cash position (63% of market cap) should allow CSH to navigate the downcycle with ...
CK CH. KARNCHANG PCL
IRPC IRPC PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KORE KEPPEL PACIFIC OAK US REIT
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Andrew Agita Buntoro
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Wednesday, November 5, 2025
Economics | Rising Imports Narrow Indonesia's Long-Standing Trade Surplus In Sep 25, Indonesia's trade surplus narrowed to US$4.34b as robust import growth, fuelled by government spending and domestic demand, outpaced a slight export decline. While yearly growth remains positive, the outlook is clouded by global headwinds, including softening economic activity and weak coal prices. With imports expected to rise on a nascent domestic rebound and exports facing pressure, the trade surplus is proje...
- Felix Fischer
Asia Monthly – October 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in October 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
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