reports
- Chris Hoare
Malaysian Telcos Q3 25 review: Still pressured by Prepaid but reitera...
Service revenue bounced back (1.4% YoY from -0.3%), supported by Fibre and Postpaid offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Maxis raised its EBITDA guidance to MSD growth, from LSD and CelcomDigi reiterated their LSD service revenue guidance, implying a stronger 4Q for both.
- Chong Lee Len
CelcomDigi (CDB MK) - Shift from Integration to Operational Efficienci...
Shift from Integration to Operational Efficiencies In 2026 Highlights 2026 synergistic savings will stem largely from lower cost of sales, lower rental charges and savings from retail consolidation, traffic optimisation and contract negotiations. Capex avoidance will fall from 63% (of synergistic savings in 2025) to 12% by 2026. By 2027, the steady state of savings could reach up to RM700m-800m. We project a relatively robust three-year earnings CAGR of 9% (2025-27) with 2026 projected earni...
- Andrew Agita Buntoro
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Suryaputra Wijaksana
- Thailand Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 06, 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RATCH RATCH GROUP PUBLIC CO. LTD.
KTB KONTOOR BRANDS
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
SCB SCB X PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ECOSHOP MK ECO-SHOP MARKETING BHD
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Chong Lee Len
Telecommunications - MOF Inc Set To Exit DNB; DNB’s Operating Losses T...
MOF Inc Set To Exit DNB; DNB’s Operating Losses To Pressure Shareholders’ Bottom Line Highlights MOF Inc has exercised its put options in relation to its existing 41.67% stake in DNB, requiring CelcomDigi, Maxis and YTL Power International (YTL Power) to each fork out RM327.9m to honour the shareholders’ agreement. We expect DNB to operate at a loss (2025 estimated loss is RM1b) in the near term. Our sensitivity analysis suggests -10% and -12% impact to 2026 earnings forecasts for CelcomDigi...
- 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
- Chong Lee Len
Telecommunications - MOF Exercises Put Options For Its 41.67% Stake In...
MOF Exercises Put Options For Its 41.67% Stake In DNB Highlights In a recent Bursa announcement by CelcomDigi and Maxis, the Ministry of Finance (MOF) has exercised its put options in relations to its existing 41.67% stake in Digital Nasional Bhd (DNB). The put option notice requires the three investor shareholders, CelcomDigi, Maxis and YTL Power International to purchase the ordinary shares in DNB owned by MOF and take over the MOF loan together with accrued interest. The trio is required ...
- Chong Lee Len
CelcomDigi (CDB MK) - 3Q25: Below Expectations; Margin Compression To ...
3Q25: Below Expectations; Margin Compression To Persist Highlights CelcomDigi reported a 3Q25 core net profit of RM400m (-7% qoq; -8% yoy), excluding a one-off bad debt provision expense and device rebate reversal. This brings 9M25 core net profit to RM1,262m, accounting for 70% and 73% of our and consensus full-year estimates respectively. We deem the results below expectations. We cut our 2025-27 earnings estimates by 3-6% on the back of higher depreciation charges, bad debt charges and hi...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Ejann Hiew
- Gigi Cheuk
- John Cheong Ming Chern
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, November 18, 2025
Greater China Company Results | Geely Auto (175 HK/BUY/HK$17.20/Target: HK$42.00 Geely’s 3Q25 results meet expectations with GAAP net profit/core net profit growing 58%/19% yoy and 6%/24% qoq to Rmb3.82b/Rmb3.96b respectively. Earnings growth will be driven by a strong product cycle, optimisation of sales mix, penetration into overseas markets, and consolidation of its brand portfolios. We maintain our 2025-27 earnings estimates. Maintain BUY with an unchanged target price of HK$42.00 pegged...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
1295 PUBLIC BANK BHD
TOP THAI OIL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
CENTEL CENTRAL PLAZA HOTEL
YUMC YUM CHINA HOLDINGS INC.
FRKN FRENCKEN GROUP LTD
CDB CELCOMDIGI BHD
02161 JBM (HEALTHCARE) LTD
09868 XPENG INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
TIDLOR TIDLOR HOLDINGS PCL
- Chong Lee Len
Maxis (MAXIS MK) - 3Q25: Strong Results; Margin Expansion Promotes EBI...
3Q25: Strong Results; Margin Expansion Promotes EBITDA Target Revision Highlights Maxis recorded strong 3Q25 results, with net profit reported at RM412m (+13% yoy; +4% qoq) on the back of cost discipline and higher service and enterprise revenue base. This brought 9M25 net profit to RM1,181m, making up 79% of house and street estimates. We deem the results to be in line with expectations. Maxis declared a third interim DPS of 4 sen (76% payout) and revised its EBITDA guidance to a mid-single...
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 10, 2025
Greater China Economics | Inflation October CPI turned positive at 0.2% yoy (+0.5ppt), as food deflation eased to -2.9% yoy, with fresh vegetables and fruits recovering, though pork stayed weak. Core CPI inflation rose to a year-high 1.2% yoy, with both goods and services inflation picking up. Notable strength was observed in other products & services and transportation & communication. PPI deflation narrowed to -2.1% yoy, driven by improvements in mining, raw materials, and downstream consumer ...
- Chong Lee Len
Telecommunications - Capitalising On Enterprise Segment Amid Saturated...
Capitalising On Enterprise Segment Amid Saturated Mobile Landscape Highlights The enterprise segment is expected to drive revenue expansion among telco players as the saturated mobile market experiences a muted subscriber and ARPU outlook. In the recent Budget 2026, the government is allocating up to RM780m to expand fibre coverage to more than 2,700 locations under JENDELA 2. This will benefit telco infrastructure players and MNOs. The sector trades at 8x EV/EBITDA, +2SD above the mean. M...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, October 16, 2025
Greater China Economics | Inflation September’s CPI inflation improved slightly to -0.3% yoy (+0.1ppt), with core CPI reaching a ytd high of 1.0% yoy. However, food prices remained weak (-4.4% yoy), led by a 17% yoy fall in pork prices. PPI deflation eased to -2.3% yoy (+0.6ppt), with broad recovery in mining and quarrying and raw metal materials. Looking ahead, look out for improvement in consumer goods PPI inflation, which should be indicative of a sustainable improvement in pricing power....
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
AXIATA HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
MAXIS AXIATA GROUP BERHAD
T MAXIS BHD
3933 TELEKOM MALAYSIA BHD
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
AWC GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 ASSET WORLD CORP PUBLIC COMPANY LTD
TDC CSPC PHARMACEUTICAL GROUP LTD
603259 TIME DOTCOM BHD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
CDB WUXI APPTEC CO. LTD. CLASS H
8AZ CSPC INNOVATION PHARMACEUTICAL CO L
BTG CELCOMDIGI BHD
300244 AZTECH GLOBAL LTD
DKFT IJ BETAGRO PUBLIC COMPANY LIMITED
ONC@US@ DIAN DIAGNOSTICS GROUP CO
CENTRAL OMEGA RESOURCES
BEONE MEDICINE INC
- Malaysia Research Team
Telecommunications - TM Leads Peers On The Path To Full Compliance Of ...
TM Leads Peers On The Path To Full Compliance Of Bursa Malaysia’s NSRF Highlights Malaysian telcos appear to be well-equipped to meet Bursa Malaysia’s sustainability reporting requirements, progressively aligning disclosures with Task Force on Climate-related Financial Disclosures (TCFD) pillars and the NSRF. In addition, our ESG scoring suggests that TM and Maxis are ahead of their peers when it comes to ESG undertakings. The sector trades at 8x EV/EBITDA, +2SD above mean. Maintain MARKET...
- Chong Lee Len
- Ejann Hiew
- Jonathan Koh
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Wednesday, September 24, 2025
Greater China Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with a payback period of 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exceed Rmb100m in 2026. Management expects propr...
AJBU KEPPEL DC REIT
5347 TENAGA NASIONAL BHD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
MLK MALAKOFF CORP BHD
T TELEKOM MALAYSIA BHD
PEP PPB GROUP BERHAD
GMB GAS MALAYSIA BHD
TDC TIME DOTCOM BHD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BRIS BANK BRISYARIAH TBK
CDB CELCOMDIGI BHD
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Chris Hoare
Malaysian Telcos Q2 25 review: Still pressured by Prepaid but reitera...
Service revenue improved to almost flat (-0.3% YoY from -1.1%), supported by Fibre growth and Postpaid growth offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Both reiterated their LSD service revenue guidance, implying a stronger second half.
- Chong Lee Len
Telecommunications - 2Q25: Results In Line; Continued Pre-To-Postpaid ...
2Q25: Results In Line; Continued Pre-To-Postpaid Migration Broadly, 2Q25 sector earnings came in within expectations, except for Axiata and CelcomDigi. After the 2Q25 results announcement, we cut our earnings forecasts by 6%. The quarter was characterised by: a) 2% qoq service revenue growth, b) cost discipline, c) encouraging enterprise business pipeline, and d) robust demand for fibre. Maintain MARKET WEIGHT; catalysts include Axiata’s infrastructure asset monetisation and CelcomDigi’s synergi...
- Arsit Pamaranont
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, September 11, 2025
Greater China Economics | Inflation China’s August CPI returned to deflation at -0.4% yoy (-0.4ppt), below consensus, led by a sharper fall in food prices (-4.3% yoy) which includes a 16.1% yoy drop in pork prices. In contrast, core CPI rose to a ytd high of 0.9% (+0.1ppt), underpinned by services inflation. PPI deflation eased to -2.9% yoy (+0.7ppt), reflecting upstream stabilisation in mining and raw materials. The CPI-PPI divergence underscores fragile consumer demand. Broader policy supp...
- Chong Lee Len
Maxis (MAXIS MK) - 2Q25: In Line; Cost Discipline Driving Underlying P...
2Q25: In Line; Cost Discipline Driving Underlying Profits Maxis registered robust 2Q25 net profit of RM398m (+11.8% yoy; +7.3% qoq). This brings 1H25 net profit to RM769m – a commendable 9% yoy growth. We deem the results to be in line with expectations, with 1H25 net profit making up 51% and 52% of house and street estimates. Earnings were largely driven by stable topline and good cost discipline. Maxis declared a second interim net DPS of 4 sen/share (79% payout). Maintain BUY with a DCF-based...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, August 22, 2025
GREATER CHINA Sector Automobile: Weekly: YOY PV sales growth turns positive on price cuts. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results AAC Technologies (2018 HK/BUY/HK$43.72/Target: HK$57.70): 1H25: Margins miss due to transition period; meaningful recovery in 2H25. Maintain BUY. AIA Group (1299 HK/BUY/HK$73.45/Target: HK$91.00): 1H25: In-line VONB growth; strong OPAT beat. EVE Energy (300014 HK/HOLD/ Rmb48.07/Target: Rmb50.00): 2Q25: Earnings miss due to lowe...
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
VST HOLDINGS LTD.
SATS SP SATS LTD.
MAXIS MAXIS BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
9896 MINISO GROUP HOLDING LTD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Chong Lee Len
CelcomDigi (CDB MK) - 2Q25: Slightly Below Expectations; On Track to A...
2Q25: Slightly Below Expectations; On Track to Achieve FY25 Guidance CelcomDigi reported 2Q25 core net profit of RM439m (+7% yoy; +2% qoq), attributed to solid contributions from the enterprise and home and fibre segments, coupled with operating cost savings. However, this came in slightly below our expectations on the back of weak prepaid revenue contributions and elevated provisions for doubtful debts. We trim 2025 net profit forecasts by 5%. Maintain BUY with a DCF-based target price of RM4.3...
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