reports
Tenaga Nasional Berhad: 1 director
A director at Tenaga Nasional Berhad sold 15,000 shares at 14.400MYR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Strategy For ‘Trump-dora’s’ Box (Prolonged Iran Conflict)
Strategy For ‘Trump-dora’s’ Box (Prolonged Iran Conflict) Highlights While there is fresh optimism of the US’ touted 15-point plan to close the global economic Pandora’s box that was pried open by US-Israel attack on Iran, we provide a current damage report and explore a protracted conflict scenario. Malaysia remains a net exporter of oil & gas (O&G), but there are wide concerns that the government deficit will significantly widen under the scenario of the Brent crude oil price sustaining we...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - Digging Into A More Defensive Mode
Digging Into A More Defensive Mode Highlights The past week’s events require reassessment of the financial impact of the US-Israel vs Iran conflict. With Iran’s organised and persistent military response that has targeted/crippled the regional logistics/production of crude oil, the situation could morph into a war of attrition and further elevate Brent crude oil prices by more than 20% to over US$88/bbl. Such a scenario raises the probabilities of Brent crude oil prices rising to US$100/bbl, s...
- Chong Lee Len
Utilities - Assessing Risk Of High Fuel Cost: Tenaga Nasional Is Shelt...
Assessing Risk Of High Fuel Cost: Tenaga Nasional Is Sheltered; Gas Malaysia May Stand To Benefit If Crisis Prolonged Highlights Combing through our universe, if we assume the crisis leads to high crude oil prices over a long period of time (>6 months), Gas Malaysia may stand to benefit from higher NG prices. Logically, this positive flow-through may also be mitigated by weak NG demand as higher fuel prices hurt the overall economy. Tenaga Nasional is likely to be sheltered under the IBR str...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2026
Greater China Strategy | Alpha Picks: March Conviction Calls Chinese equities consolidated further in February, with the HSI and MSCI China Index declining 2.8% mom and 5.6% mom, respectively. March is expected to be volatile, as there are signs that the Middle East conflict could last for a while. We focus on names which have greater domestic exposure, adding Anta, China Duty Free, FII, Futu, Kuaishou and Tencent to our BUY list. Indonesia Strategy | Alpha Picks: Rotating To Commodities Amid M...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
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
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Staying Selectively Defensive As Volatility In...
Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Highlights Our Feb 26 Alpha Picks marginally underperformed the FBMKLCI (-1.7% vs FBMKLCI: -1.4%). Oxford (+6.1%), Tenaga (+3.2%) and Zetrix AI (+1.9%) were the only gainers while VS Industry (-17.9%) and IJM Corporation (-6.3%) led the losers. For Mar 26, we favour stocks with firm domestic earnings visibility as a defensive anchor amid lingering external uncertainties, while selectively accumulating beaten-down names wi...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 4Q25 Results Wrap-Up: Improving Breadth And Earnings Visibi...
4Q25 Results Wrap-Up: Improving Breadth And Earnings Visibility Lay Foundation For A Firmer 2026 Highlights The substantial improvements in market earnings breadth in the 4Q25 results season reinforces our view of improving corporate earnings momentum in 2026. Large-cap domestic proxies which topped expectations were amply rewarded, notably Sunway Construction, Sunway Bhd, Sime Darby, KPJ Healthcare and Tenaga Nasional. Strategy: Selective, favouring liquid large-cap proxies. Against a flu...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kai Jie Tang
- Kong Ho Meng
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 3, 2026
Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
5681 PETRONAS DAGANGAN BHD.
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
558 UMS HOLDINGS LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
5243 VELESTO ENERGY
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SATS SP SATS LTD.
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
KPJ KPJ HEALTHCARE BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
DLG DIALOG GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
DLUM DELEUM BERHAD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - US-Israel-Iran Escalation: Volatility Spike, But Limited St...
US-Israel-Iran Escalation: Volatility Spike, But Limited Structural Fallout For Malaysia Highlights Over the past few days, tensions between the US, Israel and Iran have escalated sharply following a coordinated USIsrael military campaign targeting Iranian military and nuclear-linked facilities. Multiple strategic sites were reportedly struck, marking one of the most direct confrontations among the parties in recent years. Iran’s leadership has since vowed retaliation, heightening fears of a b...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, February 27, 2026
Greater China Sector Update | Automobile China's humanoid robotics sector is accelerating, with 2025 global shipments up 508%. Key players anticipate significant revenue contributions by 2031: CATL expects 3-7% from batteries; Minth and LeaderDrive project 5-12% and 45-65% respectively; Tuopu forecasts 15-25% from motion systems; and RoboSense targets 40-60% from LiDAR. We maintain a MARKET WEIGHT rating on the sector. Top BUY recommendations include CATL, Ganfeng Lithium, Minth (target price ra...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ERW ERAWAN GROUP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AWX AEM HOLDINGS
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
AP AP THAILAND
AXIATA AXIATA GROUP BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
WHA TB WHA CORP PCL
06160 BEIGENE LTD.
09888 BAIDU INC
STM SEATRIUM LTD
MAYBANK MALAYAN BANKING BHD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Chong Lee Len
Tenaga Nasional (TNB MK) - 4Q25: A Strong Finish; Above Expectations
4Q25: A Strong Finish; Above Expectations Highlights TNB reported a 4Q25 normalised net profit of RM1,532m – a strong finish to the year on the back of higher regulatory revenue base and low effective tax rate of 9% as TNB utilises its investment allowance granted by MOF. A final net DPS of 28 sen/share was declared for 4Q25, bringing full-year 2025 net DPS to 53 sen/share (2024: 51 sen/share). Payout of 65% is slightly ahead of our expectation. Maintain BUY with a DCF-based target price o...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - US Tariff Shock: Rotation Opportunities Amid US Trade Uncer...
US Tariff Shock: Rotation Opportunities Amid US Trade Uncertainty Highlights Late Friday (US time), the US Supreme Court struck down President Donald Trump’s sweeping global tariff regime, dealing a major blow to Trump’s signature trade policy and marking his most significant legal setback since returning to the White House. In a 6-3 ruling, the court held that President Trump overstepped his authority by invoking federal emergency-powers legislation to impose broad “reciprocal” tariffs and ...
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Focusing On Laggards And Selective Catalysts
Alpha Picks: Focusing On Laggards And Selective Catalysts Highlights Our Jan 26 Alpha Picks outperformed the FBMKLCI on a price-weighted (+5.2%) and market cap-weighted (+5.9%) basis. IOI Properties Group (IOIPG) (+20.8%) and Lagenda Properties (+20.0%) led the gains while Pekat (-14.6%) and VSI (-13.4%) lagged. For Feb 26, we favour stocks with firmer domestic earnings visibility amid lingering external uncertainties and names with company-specific catalysts amid sector rotation. Feb 26...
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Chong Lee Len
Renewable Energy - Navigating Rising Costs Amid Elevated Orderbook
Navigating Rising Costs Amid Elevated Orderbook Highlights 4Q25 results will remain robust on the back of elevated orderbook and healthy margins. Beyond that, we expect share price to trade sideways in 2Q26 given rising solar PV prices (11 cents/kwh vs 9 cents/kwh a year ago) and slowerthan- expected residential rooftop take up under the ATAP programme. In the longer run, positive regulatory outlook – under NeTR – will continue to drive sector performance. Maintain OVERWEIGHT. We prefer large ...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 1H26 Strategy: Fired Up For A Risk-On Re-Acceleration
1H26 Strategy: Fired Up For A Risk-On Re-Acceleration Highlights We expect Malaysian equities to fire up for outperformance in 2026 after a muted and defensive-driven 2025, fuelled primarily by a confluence of pre- GE domestic liquidity, the ringgit’s appreciation, and corporate earnings growth recovery. Externally, easing geopolitical tensions and accommodative monetary policy backdrop should keep risk-asset sentiment buoyant while domestically, a firmer ringgit, and follow-through buying o...
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Malaysia Research Team
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 07, 2026
Greater China Company Update | Baidu (9888 HK/BUY/HK$146.60/Target: HK$166.00) We are optimistic on Baidu as the Kunlunxin spin-off could help unlock financial value for Baidu and strengthen its AI ecosystem. Baidu announced that on 1 Jan 26, Kunlunxin applied for a listing on the HK Stock Exchange. Following the spin-off, Kunlunxin will remain a consolidated subsidiary, with Baidu retaining a controlling 59% stake. Maintain BUY with a higher target price of HK$166.00 (US$185.00). Company ...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
IGBREIT IGB REAL ESTATE INVESTMENT T
SWB SUNWAY BHD
SREIT SUNWAY REAL ESTATE INVESTMEN
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
09888 BAIDU INC
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
CMMT CAPITALAND MALAYSIA TRUST
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - January 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 pic...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
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
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Chong Lee Len
Utilities - Renewable Energy: Energy Regulatory Insights; Residential ...
Energy Regulatory Insights; Residential Projects To Experience Slowdown In 1Q26 Highlights The year-end Energy Regulatory Insight 2025 (ERI 2025), organised by Energy Commission Malaysia (EC), featured dialogue sessions and insights into Malaysia’s evolving energy landscape and regulatory framework. Near-term focus including: a) an optimal tariff structure with the AFA, b) regasification plants to address depleting indigenous gas supply, and c) longer-term electricity market liberalisation. ...
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