reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, August 8, 2025
GREATER CHINA Economics Trade: July’s data beats expectations, further near-term strength likely. Sector Automobile: Weekly: YOY PV sales growth remains negative for three straight weeks. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Initiate Coverage Zhejiang Sanhua Intelligent Controls Co (002050 CH/BUY/Rmb27.37/Target: Rmb36.50): Innovative Thermal management leader driving sustainable growth. Initiate coverage with BUY. Target price: Rmb36.50 for A-share, HK$40.00 fo...
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
G13 GENTING SINGAPORE LIMITED
HCM HUTCHISON CHINA MEDITECH LIMITED
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Chong Lee Len
Tenaga Nasional (TNB MK) - A Glimpse Of Renewable Energy Potential In ...
A Glimpse Of Renewable Energy Potential In Australia A recent visit to a Sydney solar farm suggests ample opportunity to grow RE capacity as Australia embarks on aggressive targets (82% RE mix by 2030). Separately, we believe TNB’s 1H25 net profit may see a healthy growth of 5-8% yoy in the absence of tax provisions arising from the recent court ruling. Importantly, we continue to expect an interim DPS of at least 25 sen/share in 1H25 (1H24: 25 sen/share), which will signal robust underlying cas...
- Chong Lee Len
Renewable Energy - China’s Anti-Involution Policy May Be An Emerging H...
China’s Anti-Involution Policy May Be An Emerging Headwind In RE Sector The anti-involution policy may see solar module prices rising 12% to US$0.10/watt by Dec 25, causing the overall cost of a large-scale solar plant to potentially rise 20% and negatively impact project IRRs by 1-1.5%. EPCC contractors may face margin pressure as a result. However, this will be partly offset by an elevated orderbook in the next three years. Maintain OVERWEIGHT. Pekat Group will likely demonstrate its ability t...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Winners/Losers Of China’s Anti-Involution Policy
Winners/Losers Of China’s Anti-Involution Policy While still in early days, the recent momentum in China’s anti-involution policy/ movement to curb excessive domestic competition should create winners and losers among Bursa-listed companies. This policy, which should lead to more rational pricing within China’s ultra-competitive sectors, should benefit selected Malaysian companies which export to have associates or subsidiaries in China. Losers could include some China-dependent importers (eg so...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 13MP: Elevation, Empowerment And Reformation
13MP: Elevation, Empowerment And Reformation 13MP aims to transform Malaysia into a high-tech, high value-added economy, anchored on balanced domestic development and deeper global integration that uplifts the Rakyat. While market response has remained subdued amid lingering macro uncertainties, we anticipate a market recovery in 2H25, driven by renewed risk-on sentiment following greater tariff clarity. A more favourable outcome could catalyse a rebound in selective, beaten-down export-oriented...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, August 01, 2025
GREATER CHINA Economics PMI Rebound falters, weighed down by weaker construction and input cost pressures. Sector Automobile Weekly: PV sales pressured by anti-involution initiatives. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Budweiser APAC (1876 HK/BUY/HK$8.26/Target: HK$12.00) ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
ISAT INDOSAT
1295 PUBLIC BANK BHD
ERW ERAWAN GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
1155 MALAYAN BANKING BHD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
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
PBBANK PUBLIC BANK BERHAD
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
ABANK AFFIN BANK BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
STECON STECON GROUP PUBLIC COMPANY LIMITED
BRMS IJ BUMI RESOURCES MINERALS
ECOSHOP MK ECO-SHOP MARKETING BHD
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Chong Lee Len
Tenaga Nasional (TNB MK) - Additional RM840m Tax Notice From IRB For Y...
Additional RM840m Tax Notice From IRB For Year Of Assessment 2022 In a Bursa Malaysia announcement, Tenaga Nasional (Tenaga) said that it has received the notice of additional assessment from the Inland Revenue Board (IRB) amounting to RM840.13m for the Year of Assessment (YA) 2022. This comes after losing its RM1.25b tax assessment dispute in the Federal Court for YA 2018 earlier this month, as it wrongly claimed tax relief meant for manufacturers instead of utility companies, which is smaller.
- Chong Lee Len
Renewable Energy - Government Approves RM1.87b In FIT Renewable Energy...
Government Approves RM1.87b In FIT Renewable Energy Projects PETRA recently approved 48 renewable energy generation projects (180.8MW) under the FIT programme as part of its aggressive ramp-up to achieve its net zero target. These biogas, biomass and small hydropower plant projects will benefit RE players. The expected EPCC contract from this FIT 2.0 programme is valued at approximately RM1.87b, benefitting the likes of TNB Genco. Maintain OVERWEIGHT. Top picks: Tenaga, Malakoff and Pekat Group.
- Chong Lee Len
Utilities - A Busy Season: New Gas-Fired Power Plants And New Regasifi...
A Busy Season: New Gas-Fired Power Plants And New Regasification Plants Robust demand for electricity together with net-zero emission goals by the government suggest that gas-fired will be the primary base load fuel in the future. The government is looking to extend and build 6-8GW of gas-fired plants between 2025-29. Additionally, the government is inviting bids for RGTs by 2029/30. Key beneficiaries are Petronas Gas, Gas Malaysia and TNB. Maintain OVERWEIGHT. Top picks: TNB, Malakoff and Pekat...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Carol Dou Xiao Qin
- Chong Lee Len
- Keith Wee Teck Keong
- Paula Ruth
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, July 14, 2025
GREATER CHINA Update Innovent Biologics (1801 HK/BUY/HK$80.55/Target: HK$110.00) Becoming a significant player in the weight management market in China. INDONESIA Sector Automobile Weak Jun 25 sales; BYD recently increased prices. Update XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,230/Target: Rp2,600) Focusing on long-term benefits of positive synergies from the merger, upgrade to BUY. MALAYSIA Sector...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Ride Out The Storm, Eye For The Turn
Ride Out The Storm, Eye For The Turn Despite the US’ unexpectedly harsher tariff stance on Malaysia, the country remains a relative beneficiary of trade diversion and onshoring flows within ASEAN. We also see room for potential tariff negotiations that could mitigate longer-term downside risks. While we maintain a defensive bias with a focus on domestically-oriented beneficiaries, we advocate a gradual shift toward risk-on sentiment upon policy clarity, potential dislocation on the Western marke...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 2H25 Strategy – Re-Charging For Outperformance
2H25 Strategy – Re-Charging For Outperformance While Malaysian equities predictably kicked off the year with caution, the FBMKLCI is still being re-charged by easing global risk aversion and robust domestic-driven liquidity. We anticipate the market will progressively adopt a risk-on mode as signals of pragmatic US trade accords have re-sparked business capex cycles and spending. Capitalise on the anticipated “summer lull” for western equities and the upcoming soft 2Q25 reporting season, to posi...
- Arsit Pamaranont
- Audrey Celia
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Guan An Tan
- Ken Lee
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, July 04, 2025
GREATER CHINA Sector Automobile Weekly: PV sales up 6.9% yoy on last-minute buying before promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. INDONESIA Small/Mid Cap Highlights Mastersystem Infotama (MSTI IJ/NOT RATED/Rp1,295) Prominent ICT player with strong fundamentals and undemanding valuation. MALAYSIA Strategy 2H25 Strategy - Re-Charging For Outperformance ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
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)
SAMU SP SAMUDERA SHIPPING LINE LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
MSTI IJ MASTERSYSTEM INFOTAMA
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Keith Wee Teck Keong
- Kong Ho Meng
- Lester Siew
- Philip Wong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Malaysia Strategy 2H25 - Re-Charging For Outperformance
Re-Charging For Outperformance Malaysian equities re-charging for outperformance. The FBMKLCI has partly reversed some of its 2024’s regional outperformance in 1H25 (having fallen 8.3% and 2.8% in local currency and US dollar terms respectively), as the US Trump administration’s overbearing and erratic US import tariff threats have driven up risk aversion in emerging countries. Meanwhile, the FBMKLCI is being re-energised for outperformance in 2H25 amid calmer global investment sentiments. The i...
Tenaga Nasional Berhad: 2 directors
A director at Tenaga Nasional Berhad sold 20,000 shares at 14.500MYR 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 ...
- Chong Lee Len
Tenaga Nasional (TNB MK) - Court Rules In Favour of IRB, TNB is Liable...
Court Rules In Favour of IRB, TNB is Liable To Pay RM1.25b - The Federal Court has ruled that the Court of Appeal was wrong to rule that TNB is in the business of manufacturing electricity when it should actually have been considered a utility company under Schedule 7B of the Income Tax Act 1967 (ITA). - Consequently, TNB is liable to pay IRB a total sum of RM1.25b. - Additionally, the court advised that TNB’s application for a reinvestment allowance (RA) in seeking tax relief under Schedule 7A ...
- Chong Lee Len
Utilities - New Tariff Structure Promotes Efficiency In The Power Sect...
New Tariff Structure Promotes Efficiency In The Power Sector The new tariff structure will result in bill reductions for 70% of medium voltage users while the remaining customers will have an adverse impact due to inefficient use of the system. We expect Tenaga to benefit from monthly tariff setting and solar players to benefit from improving economics of CRESS. This is expected to be partly offset by a potential slowdown in residential rooftop demand (longer payback period under new tariff). Ma...
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, July 02, 2025
GREATER CHINA Economics PMI Modest recovery with construction rebound. Sector Macau Gaming Jun 25 GGR beat consensus by 9%; GGR has regained momentum in recent months. INDONESIA Small/Mid Cap Highlights MAP Aktif Adiperkasa (MAPA IJ/NOT RATED/Rp700) Expanding active lifestyle retail business; 1Q25 NPAT up 21% yoy. MAL...
BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
BJC BERLI JUCKER PUBLIC CO. LTD.
ERW ERAWAN GROUP
BN2 VALUETRONICS HOLDINGS
IVL INDORAMA VENTURES PUBLIC CO. LTD.
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
INRI INARI AMERTRON BHD
MLK MALAKOFF CORP BHD
GAM GAMUDA BHD
MTC MUANGTHAI CAPITAL PCL
MYEG MY EG SERVICES BHD
IJM IJM CORP BHD
CPALL TB CP ALL
ECW ECO WORLD DEVELOPMENT GROUP
GMB GAS MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
DBB DUOPHARMA BIOTECH BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
SCGP SCG PACKAGING PCL
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
HUME HUME CEMENT INDUSTRIES BHD
PEKAT PEKAT GROUP BHD
TIDLOR TIDLOR HOLDINGS PCL
MAPA IJ MAP AKTIF ADIPERKASA (MAPA IJ)
- Chong Lee Len
Utilities - Positive Regulatory Outlook And Defensive Earnings
Positive Regulatory Outlook And Defensive Earnings The electricity tariff is set to be decoupled from the government’s purview, with prices to be set on a monthly basis instead of twice a year. While this is neutral to Tenaga’s earnings, it is positive on a cash flow basis. In the longer run, this will pave the way for a higher dividend payout. We upgraded Tenaga to BUY with a higher DCF-based target price of RM16.30. Upgrade the sector to OVERWEIGHT as we seek defensive bets amid market volatil...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, June 23, 2025
GREATER CHINA Sector Insurance Weighing the risks and returns. Update Sunny Optical (2382 HK/BUY/HK$65.15/Target: HK$100.00) Takeaways from 2025 Investor Day. Maintain BUY. INDONESIA Strategy Challenging Macro Environment Adds To Case For Rate Cut Our top picks are BBCA, BBRI, ANTM, AMRT, ICBP, CMRY and ERAA. MALAYSIA Sector Automobile ...
CK CH. KARNCHANG PCL
OU8 CENTURION
PRU PRUDENTIAL PLC
ANTM PT ANEKA TAMBANG TBK
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4197 SIME DARBY BHD.
01299 AIA GROUP LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
BRC BRC ASIA LTD
HLA HONG LEONG ASIA LTD
TWC TIONG WOON CORPORATION HOLDING
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
STECON STECON GROUP PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
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