reports
- Audrey Celia
- Willinoy Sitorus
Mayora Indah (MYOR IJ) - Expect An Earnings Turnaround As Input Costs ...
Company Update | Mayora Indah (MYOR IJ/BUY/Rp2,420/Target: Rp2,770) We expect a near-term positive momentum to be driven by festive seasonality and a gradual improvement in purchasing power. MYOR’s earnings are projected to turn around to double-digit growth this year as input costs normalise, supported by continued solid top-line growth. We maintain a BUY recommendation with a target price of Rp2,770, based on 19.5x 2026F PE. Highlights • We expect near-term positive momentum to be driven by ...
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Monday, February 9, 2026
Economics | Moody's Warning As A Catalyst For Renewal In Indonesia Moody's negative outlook for Indonesia signals eroding investor confidence in policy predictability and governance, citing opaque state interventions and fiscal communication. This will pressure the rupiah and trigger a bond market repricing, raising yields. Indonesia must respond decisively with fiscal expansion and credible revenue reforms, ensuring high-impact social spending, and restoring transparent rule of law. The governm...
- Audrey Celia
- Desmond Chong Chee Wai
- Johnny Yum Chung Man
- Jonathan Koh
- Malaysia Research Team
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 9, 2026
Greater China Sector Update | IT Hardware US hyperscalers’ capex guidance for 2026 far exceeds market expectations, and should fuel a new round of earnings upgrades for China-listed supply chain players, with server OEMs/ODMs being some of the biggest beneficiaries. We also believe that the concerns about a peaking AIDC investment are unfounded, as the robust capex is backed by highly visible demand for AI compute, and a quantifiable boost to productivity. Maintain OVERWEIGHT on the sector. Ind...
- Audrey Celia
- Willinoy Sitorus
Consumer - Positive Near-term Seasonality Momentum
Sector Update | Consumer Most consumer stocks are trading at undemanding valuations, offering a tactical rotation opportunity, which are further supported by potential pension and insurance inflows. Seasonal Lebaran and Chinese New Year demand, normalising input costs, improving purchasing power, and an accommodative fiscal stance provide near-term catalysts. We expect 4Q25 results to improve qoq, with full-year performance broadly in line. Top picks are CMRY, MYOR, and AMRT. Highlights • Most ...
- Johnny Yum
Strategy - Alpha Picks: From MSCI Shock To Policy-Driven Rebalancing
Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebalancing Our portfolio outperformed the JCI by 10.2%. January volatility hit the JCI after MSCI flagged free float transparency and investability risks, reversing record highs into foreign-led sell-offs and a late-month correction. In response, regulators are shifting from short-term stabilisation toward structural repair, with greater emphasis on transparency and investability. The strategy pivots towards liquid and dividend-paying blu...
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Thailand Research Team
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 03, 2026
Greater China Sector Update | China Property CRIC data show that the top 100 developers’ contracted sales fell 24.7% yoy in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below the five-year mean, and PE and yield near the five-year average....
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
WPRTS MAPLETREE INDUSTRIAL TRUST
06088 WESTPORTS HOLDINGS BHD
ICBP FIT HON TENG LIMITED
RATCH INDOFOOD CBP SUKSES MAKMUR T
UHU RATCH GROUP PUBLIC CO. LTD.
CRPU UNITED HAMPSHIRE US REIT
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
OXMU LENDLEASE GLOBAL COMMERCIAL REIT
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
BBNI KEPPEL PACIFIC OAK US REIT
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
MXNU PT CISARUA MOUNTAIN DAIRY TBK
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Audrey Celia
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Tuesday, February 3, 2026
Economics | Indonesia Headline Inflation Rises On Low-base Effect, Core Inflation Remains Stable Indonesia's headline inflation rose to 3.55% yoy in Jan 26, primarily driven by temporary base effects from last year's low electricity tariffs and high global gold prices. However, core inflation remained stable at 2.45%, and prices fell mom due to a strong food harvest. This indicates underlying demand pressures are still contained. Consequently, Bank Indonesia is expected to maintain its benchmark...
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
BBCA PT BANK CENTRAL ASIA TBK
ASII PT ASTRA INTERNATIONAL TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ICBP INDOFOOD CBP SUKSES MAKMUR T
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- 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
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 ...
- Audrey Celia
- Willinoy Sitorus
Mayora Indah (MYOR IJ) - Expect Better 2H25 Results Despite Persistent...
Highlights • MYOR’s 1H25 net profit fell 32% yoy on margin compression, although revenue remained solid, supported by stronger export growth. • Expect a seasonal recovery in 3Q25, with 2H25 domestic demand likely to be more favourable than that in 1H25, supported by expected improvements in macro conditions. • We revise 2025-26 EPS by -13.1%/-13.0% due to margin pressure from the rise in raw material prices. Maintain HOLD with Rp2,400 target price and roll over valuation to 2026 with a multiple ...
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Wednesday, September 17, 2025
Economics | External Debt Indonesia's external debt fell to US$432.5b in Jul 25, with growth slowing to 4.1% yoy. The decline was driven by reduced government and central bank borrowings, while private sector debts contracted due to high global interest rates and domestic liquidity. This improved the nation's interest payment costs. Debt is projected to grow at a faster pace, supported by easing global interest rates and stronger domestic economic activity. Company Update | Mayora Indah (MYOR I...
- Arsit Pamaranont
- Audrey Celia
- Benjaphol Suthwanish
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kate Luang
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, September 17, 2025
Greater China Sector Update | Consumer On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spri...
- 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
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