reports
- 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
- 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
- Alden Gabriel Lam
- Willinoy Sitorus
Strategy - Positive Sentiment On LQ45
Strategy | Positive Sentiment On LQ45 Following MSCI’s freeze on index inclusions and deletions, the government plans to raise equity investment limits for pension funds and insurance companies from 8% to 20%, broadly in line with OECD practices. Investment allocation is expected to focus on LQ45 constituents. For context, the LQ45 index has underperformed the JCI by approximately 16.0% over the past year. Highlights • JCI declined by -7.2% over the past three trading days after the freeze on ...
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BMRI PT BANK MANDIRI (PERSERO) TBK
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
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Alden Gabriel Lam
- Benyamin Mikael
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, February 2, 2026
Strategy | Positive Sentiment On LQ45 Following MSCI’s freeze on index inclusions and deletions, the government plans to raise equity investment limits for pension funds and insurance companies from 8% to 20%, broadly in line with OECD practices. Investment allocation is expected to focus on LQ45 constituents. For context, the LQ45 index has underperformed the JCI by approximately 16.0% over the past year. Company Results | Darma Henwa (DEWA IJ/BUY/Rp540/Target: Rp1,500) DEWA delivered in-line ...
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BMRI PT BANK MANDIRI (PERSERO) TBK
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
DEWA IJ DARMA HENWA (DEWA IJ)
- Posmarito Pakpahan
Bank Central Asia (BBCA IJ) - 4Q25: Fundamentals Intact, But Overshado...
Company Results | Bank Central Asia (BBCA IJ/BUY/Rp7,025/Target: Rp10,100) BBCA delivered in-line results, reinforcing earnings resilience despite a yield decline and higher write-offs. Performance remains anchored by a dominant funding franchise, with CASA at 84.6% and very high liquidity (LCR: 310.8%), alongside sound asset quality and strong cost discipline. However, near-term share price pressure may persist due to MSCI uncertainty and weaker country sentiment, as foreign ownership remains h...
- Posmarito Pakpahan
Banking - 11M25: 2025 On Track, Composition Sets 2026 Outlook
Sector Update | Banking 11M25 results confirm that FY25 earnings are broadly in line, but the sector’s earnings framework has shifted. All major banks saw declines in NIMs and asset yields and moderating core profitability, reflecting a broader normalisation in earnings drivers. As liquidity conditions improve, the sector moves into 2026 with earnings more dependent on loan growth delivery, funding mix optimisation, and operating execution. Highlights • 11M25 broadly in line; but earnings compo...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Wednesday, January 21, 2026
Sector Update | Banking 11M25 results confirm that FY25 earnings are broadly in line, but the sector’s earnings framework has shifted. All major banks saw declines in NIMs and asset yields and moderating core profitability, reflecting a broader normalisation in earnings drivers. As liquidity conditions improve, the sector moves into 2026 with earnings more dependent on loan growth delivery, funding mix optimisation, and operating execution. Technical Analysis AKR Corporindo | AKRA IJ Trading Bu...
- Posmarito Pakpahan
Banking - Liquidity Is Back, But Growth Must Be Earned
Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Monday, January 19, 2026
Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...
- Willinoy Sitorus
Strategy - Liquidity Tailwinds And Flow Momentum Drive JCI Upside
Strategy | Liquidity Tailwinds And Flow Momentum Drive JCI Upside Equity markets are supported by renewed foreign inflows, rising commodity prices, and improving liquidity. Net equity inflows turned positive at US$169.6m over the past one month, while key commodities posted strong gains. Narrowing yield spreads (10-year bond yield minus LQ45 dividend yield) and improving money supply growth reinforce a preference for equity over bonds. Greater intervention by Bank Indonesia to support the rupiah...
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 13, 2026
Greater China Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably toward the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high polic...
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IJM IJM CORP BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
FUTU FUTU HOLDINGS ADS
SWB SUNWAY BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
HEAL MEDIKALOKA HERMINA
09988 ALIBABA GROUP HOLDING LTD.
SCGP SCG PACKAGING PCL
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
SDG SD GUTHRIE BHD
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, January 13, 2026
Strategy | Liquidity Tailwinds And Flow Momentum Drive JCI Upside Equity markets are supported by renewed foreign inflows, rising commodity prices, and improving liquidity. Net equity inflows turned positive at US$169.6m over the past one month, while key commodities posted strong gains. Narrowing yield spreads (10-year bond yield minus LQ45 dividend yield) and improving money supply growth reinforce a preference for equity over bonds. Greater intervention by Bank Indonesia to support the rupiah...
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- 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
- Johnny Yum
Strategy - Alpha Picks: Strong Performance In December
Strategy | Alpha Picks: Strong Performance In December The JCI closed strong at the end of Dec 25 (+1.6% mom, +22.1% yoy). Our portfolio outperformed the JCI by 17.7% mom, driven by ENRG, DEWA, ARCI, JPFA, and ASSA, while MDKA was flat and TLKM and BBCA underperformed. We maintain our portfolio focus on US dollar-linked earnings and resilient bottom-up picks. We drop DEWA as it has reached our target price, and add HRUM and NCKL. Highlights • The JCI closed strong at the end of Dec 25 (+1.6% mo...
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
Indonesia Daily - Monday, January 5, 2026
Economics | Indonesia Economy 2026: The Path To Igniting "Animal Spirits" Our baseline 2026 outlook forecasts a moderate 5.3% GDP growth and a mildly weaker rupiah (~Rp 16,900/USD). However, a credible alternative “animal spirits” scenario exists. This could be triggered by FDI surges into minerals, aggressive reforms, foreign borrowing and a supportive global backdrop of Fed easing, and could spark a positive feedback loop, strengthening the rupiah to Rp15,600-15,800. This optimistic path, whil...
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Adrian Loh Tzum Yung
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum
- Johnny Yum Chung Man
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, January 05, 2026
Greater China Sector Update | IT Hardware We see an acceleration in China’s AI development progress in 2026, with NVIDIA successfully obtaining the US government’s approval on H200 sales to China, which will provide a major boost to the Chinese the AI application users. We also believe that the shipment volume of domestic AI chips will receive minimal impact, with foreign chips acting as a “demand gap filler” while the establishment of a capable local supply chain remains the highest priorit...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 ENERGI MEGA PERSADA
TISCO VALUETRONICS HOLDINGS
JPFA TISCO FINANCIAL GROUP
TMB JAPFA COMFEED INDONESIA
5347 TMB BANK PUBLIC COMPANY LIMITED
BBCA TENAGA NASIONAL BHD
O39 PT BANK CENTRAL ASIA TBK
BN4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM KEPPEL CORPORATION LIMITED
SE PT TELKOM INDONESIA (PERSERO) TBK CLASS B
D01 SEA ADS
01810 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 XIAOMI CORP. CLASS B
YNS GENTING SINGAPORE LIMITED
RHBBANK YINSON HOLDINGS BHD
MLK RHB BANK BHD
VSI MALAKOFF CORP BHD
BURSA V.S. INDUSTRY BERHAD
GMB BURSA MALAYSIA BHD
0763 GAS MALAYSIA BHD
FEH ZTE CORPORATION CLASS H
601138 FOOD EMPIRE HOLDINGS LTD
9CI FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CLAR CAPITALAND INVESTMENT LTD
MDKA CAPITALAND ASCENDAS REIT
NCKL MERDEKA COPPER GOLD TBK PT
IOIPG PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
0303 IOI PROPERTIES GROUP BHD
LAGENDA ALPHA IVF GROUP
PEKAT LAGENDA PROPERTIES BHD
HRUM PEKAT GROUP BHD
ZETRIX MK HARUM ENERGY TBK PT
ARCI IJ ZETRIX AI (ZETRIX MK)
002371 CH ARCHI INDONESIA (ARCI IJ)
ASL SP NAURA TECHNOLOGY GROUP CO LTD
CAREIT ASL MARINE (ASL SP)
ENRG CENTURION ACCOMMODATION REIT (CAREIT SP)
ASSA NEW ENERGY METALS CORP
ASSA ABLOY AB
- Posmarito Pakpahan
Banking - Contained Banking-Sector Risk From Sumatra Floods
Sector Update | Banking The Sumatra floods have caused severe local disruptions and exacted a tragic humanitarian toll, resulting in a GDP drag of 0.1% in 4Q25. Banking-system exposure is modest at 5% of loans, with near-term pressure concentrated in micro and SME borrowers. Provisioning may rise slightly in 1Q26 but remains manageable given strong sector buffers. Exposure varies across banks, with BRIS and BBRI being the most affected. Despite short-term noise, the event does not alter the sect...
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Thank you, your report is ready.