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
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
- 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
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Johnny Yum
Strategy - Alpha Picks: Good Performances In June
Our Jun 25 portfolio outperformed the JCI and LQ45 by +5.1%/+7.1% respectively, mainly driven by DKFT (+16% performance) and outperformances by other stocks such as ANTM, CMRY and AMRT. Several major events to watch out this month include upcoming IPOs (especially the sizeable Chandra Daya Investasi (CDIA) IPO worth about US$143m) and the outcome of the US-Indo reciprocal tariffs discussion on 9 July. Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM.
- Johnny Yum
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
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