reports
- Chong Lee Len
Renewable Energy - BESS: The Balancing Act For Malaysia’s RE Programme
BESS: The Balancing Act For Malaysia’s RE Programme Highlights BESS adoption is expected to see robust growth, driven by regulatory mandates and solutions on maximum demand reduction among C&I consumers. Payback periods are expected to improve on the back of tax incentives/allowances and falling battery prices. Maintain OVERWEIGHT. Sector top picks are Pekat and Malakoff.
- 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
Tenaga Nasional Berhad: 1 director
A director at Tenaga Nasional Berhad sold 10,000 shares at 13.440MYR and the significance rating of the trade was 52/100. 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 - Budget 2025 Preview: Elevation, Empowerment And Reformation
Budget 2025 Preview: Elevation, Empowerment And Reformation Highlights As the first budget under the 13MP (to be tabled on 10 October), Budget 2026 is expected to be market-neutral but expansionary, and to anchor on two key pillars – empowering Malaysia’s economy and elevating the rakyat’s wellbeing through structural reforms. While indirect tax measures alongside a more targeted subsidy framework could be introduced/reiterated, its pro-growth, pro-FDI and pro-ESG orientation that drives a n...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy: From Pressure To Possibility - A Glimpse Of Hope Amid Trump ...
A Glimpse Of Hope Amid Trump Tariff Setback In a landmark decision, a US federal appeals court voted 7–4 to strike down most of President Trump’s global tariffs imposed under the International Emergency Economic Powers Act (IEEPA), ruling that the administration lacked explicit congressional authority. The verdict delivers a heavy blow to the cornerstone of Trump’s trade policy and marks its second consecutive defeat in the closely watched case of V.O.S. Selections vs Trump. Trump blasted the ru...
- Chong Lee Len
Renewable Energy - CRESS Tariff Revision A Boon To Solar Players
CRESS Tariff Revision A Boon To Solar Players PETRA announced a 5 sen/kWh reduction (or 20%/11% for firm/non-firm output) on the system access charge for CRESS programme. This is positive for RE players but takeup for the wider customer segment (C&I) will depend on SAC escalation every three years. Following the announcement, we expect RE players to actively participate in CRESS adoption among data centre players, creating EPCC job opportunities for largescale solar farms (about 500MW). Maintain...
- Chong Lee Len
Tenaga Nasional (TNB MK) - 2Q25: Results Within Expectations; No Provi...
2Q25: Results Within Expectations; No Provision For Tax Dispute With IRB TNB reported a lacklustre 2Q25 normalised net profit of RM998m. Earnings were adversely affected by higher repair and maintenance, cyber-security spending and the absence of reinvestment tax allowance. 1H25 net profit of RM2.2b (-13% yoy) is within expectations. We note the absence of tax dispute provisioning in the quarter. Maintain BUY with a DCF-based target price of RM16.30.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 29, 2025
GREATER CHINA Results China Mengniu Dairy (2319 HK/BUY/HK$15.84/Target: HK$21.70) 1H25: Revenue slightly misses but operating profit beats; expect mid-to-high single-digit revenue decline for 2025. China Resources Gas (1193 HK/BUY/HK$19.05/Target: HK$22.60) 1H25: In line; from earnings drag to guidance-driven re-rating; upgrade to BUY. ECARX Holdings Inc (ECX US/BUY/US$1.60/Target: US$3.40) 2Q25: Net loss widens; recovery expected in 2H25. Maintain...
FCT FRASERS CENTREPOINT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
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
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ECX ECARX HOLDINGS INC
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
HRUM HARUM ENERGY TBK PT
- Chong Lee Len
Utilities: Renewable Energy - Robust Orderbook Underpinned By Positive...
Robust Orderbook Underpinned By Positive Regulatory Outlook We expect renewable energy players and offtaker Tenaga to benefit from Malaysia’s green policy. A total of 30 bidders have submitted tenders for grid-connected battery system known as MyBeST. This provides EPCC jobs up to RM1.2b. In addition, we expect total solar PV capacity to exceed 6.5GW over 2026-27 under LSS5+ and LSS6. This yields a staggering RM13b-16b of EPCC replenishment opportunities in the next three years. Maintain OVERWEI...
- 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...
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