reports
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- Joyce Chu
- Kate Luang
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, December 8, 2025
Greater China Small/Mid Cap Highlights | Plover Bay Technologies (1523 HK/BUY/HK$5.90/Target: HK$7.60) We held a pre-blackout call with Plover Bay. In 2H25, growth momentum continued across all markets and management saw growing demand from new verticals. Meanwhile, subscription take-up rates continued to improve on enhanced software features and organic growth. Plover Bay has seen strengthened brand awareness for its Peplink routers since its collaboration with Starlink in Jan 24, and will cont...
- Benyamin Mikael
Vale Indonesia (INCO IJ) - Multi-mine Ramp-up To Drive 2026 Earnings S...
Company Update | Vale Indonesia (INCO IJ/BUY/Rp3,890/Target: Rp5,200) INCO is set for strong growth with its Bahodopi, Pomalaa, and Sorowako mines boosting saprolite production to 12.9m wmt and limonite output to 30m wmt by 2027. We forecast 2026 earnings of US$181m on better matte payability, and higher sales volumes. A 12-year exploration plan targets a 2.5x resource expansion. Maintain BUY with a higher target price of Rp5,200. Highlights • INCO’s output will rise as the Bahodopi mine starts...
- Benyamin Mikael
- Maskun Ramli
- Suryaputra Wijaksana
Indonesia Daily - Monday, December 8, 2025
Economics | Indonesia's Forex Reserves Rise Amid Stabilising Signals And Global Crosscurrents Indonesia's foreign exchange reserves rose to US$150.1b in Nov 25, driven by forex bond issuances and net equity inflows. Bank Indonesia faces a policy dilemma, balancing growth-focused monetary easing against the need to stabilise the rupiah. The outlook depends on conflicting global forces: potential Fed rate cuts could provide relief, while risks from Japan's monetary policy and geopolitical tensions...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 24, 2025
GREATER CHINA Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) 1Q25: Earnings beat on revenue; raise target price from Rmb18.00 to Rmb39.60. Upgrade to BUY. New Oriental Education & Technology Group (EDU US/BUY/US$43.38/Target: US$60.00) 3QFY25: Earnings miss; subdued top-line but solid margin outlook in 4QFY25. Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.15/Target:HK$11.00) 1Q25: Results beat; maintains double-digit revenue growth target for...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
TOP THAI OIL PUBLIC CO. LTD.
INCO VALE INDONESIA
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
KREIT KEPPEL REIT
IGBREIT IGB REAL ESTATE INVESTMENT T
0763 ZTE CORPORATION CLASS H
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
WHA TB WHA CORP PCL
PEKAT PEKAT GROUP BHD
- Benyamin Mikael
Vale Indonesia (INCO IJ) - Growth Trajectory Remains Intact Despite Sh...
We believe the domestic royalty hike risk has been largely priced in by the market. While we conservatively project a 2.9% yoy earnings decline in 2025 due to lower nickel prices and higher royalty costs, INCO’s medium-term growth outlook remains intact, underpinned by new mines coming online from late-25 through to 2026. Given the recent sharp share price correction, we upgrade INCO to BUY with a lower target price of Rp3,000, implying 6.9x 2025F EV/EBITDA.
- Benyamin Mikael
- Maskun Ramli
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Ken Lee
- Kong Ho Meng
- Philip Wong
Regional Morning Meeting Notes: Friday, December 06, 2024
GREATER CHINA Sector Automobile Weekly: PV sales up 16% yoy last week, beating estimates. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao and Desay. INDONESIA Update Vale Indonesia (INCO IJ/HOLD/Rp3,640/Target: Rp3,800) Unlocking its true potential. MALAYSIA Sector Consumer Sector is trading at -1SD to it...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
ERW ERAWAN GROUP
EGH EUREKA GROUP HOLDINGS
INCO VALE INDONESIA
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
ROTH BRITISH AMERICAN TOBACCO BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
MNHB MYNEWS HOLDINGS BHD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES 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)
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
FFB FARM FRESH BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Benyamin Mikael
Vale Indonesia (INCO IJ) - Unlocking Its True Potential
INCO’s 2025 growth will be driven by initial saprolite ore sales of 1.2m-1.3m wmt from Bahadopi and Pomalaa, alongside slightly higher LME nickel prices of US$17,300 (+1.7% yoy). Earnings are expected to grow 18% yoy to US$73m, supported by higher EBIT but tempered by increased interest costs from US$700m capex. Maintain HOLD with a target price of Rp3,800, based on 7.4x forward 2025 EV/EBITDA, or five-year average EV/EBITDA.
- Benyamin Mikael
- Maskun Ramli
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes: Friday, November 08, 2024
GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...
BCP THE BANGCHAK PETROLEUM PCL
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
D05 DBS GROUP HOLDINGS LTD
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
INCO VALE INDONESIA
M3I MINTH GROUP LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
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
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
DLG DIALOG GROUP BHD
LPN LPN DEVELOPMENT PCL
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
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
ADROIJ ADARO ENERGY
- Johnny Yum
- Stevanus Juanda
Strategy - Trump Wins: What Is The Potential Impact On Indonesia?
We expect the impact on Indo-US export flows to be manageable as a 10-20% tariff is unlikely to compensate for the US’ high labour cost. The risk may come from Indo-China trade as a sizeable amount of exports to China are commodities. We focus on sectors likely to benefit from domestic policies − banks, auto, property, technology and consumer − while reducing positions in commodities. Our BUYS: BBNI, BBRI, BBTN, BSDE, CTRA, CMRY, ACES, GOTO and ASII. Trim: ADRO, ITMG and INCO.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
INCO VALE INDONESIA
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADRO ADARO ENERGY INDONESIA TBK PT
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Friday, November 8, 2024
Strategy: Trump Wins: What Is The Potential Impact On Indonesia? Positives: Banking − BBNI, BBRI, BBTN; property − BSDE, CTRA; consumer − CMRY; retail − ACES; technology − GOTO. Negatives: ADRO, ITMG, INCO. TRADERS’ CORNER Perusahaan Gas Negara (PGAS IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
INCO VALE INDONESIA
BSDE PT BUMI SERPONG DAMAI TBK
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADROIJ ADARO ENERGY
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, July 02, 2024
GREATER CHINA Economics PMI Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming Jun 24 GGR down 12% mom, missing expectations. INDONESIA Results Vale In...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
INCO VALE INDONESIA
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
123F 123FAHRSCHULE SE
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Limartha Adhiputra
Vale Indonesia (INCO IJ) - 1Q24: Weakness In Core NPAT Due To Lower Ni...
Lower nickel prices in 1Q24 caused INCO’s 1Q24 EBITDA and NPAT to fall significantly. 1Q24 EBITDA came in at US$52.4m, down 46.8% qoq and 69.8% yoy, while core net profit came in at US$19.1m, down 26.2% qoq and 80.6% yoy, below our and market expectations. Looking forward, we expect an improvement in 2Q24 profit as nickel prices inched higher, with 2024 EBITDA reaching US$272m (-42.8% yoy) and NPAT reaching US$104m (-62.0% yoy). Maintain HOLD with a lower target price of Rp3,800.
- Limartha Adhiputra
- Maskun Ramli
- Limartha Adhiputra
Vale Indonesia (INCO IJ) - Issuance Of New Shares To Complete Divestme...
INCO will issue 6.07% new shares as part of the share divestment obligation to the government of Indonesia. The ratio of the rights issue will be 500 new shares for every 8,233 old shares with an exercise price of Rp3,050/share, and the maximum proceeds could reach Rp1.8t. We think investors could consider exercising their rights given a potential capital gain of 1.7%. Maintain HOLD with a target price of Rp4,300.
- Limartha Adhiputra
- Maskun Ramli
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Kasemsun Koonnara
- Limartha Adhiputra
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, June 12, 2024
GREATER CHINA Sector Consumer Dragon Boat Festival: Consumer services, experiential spending, and lower-tier cities lead growth. INDONESIA Update Vale Indonesia (INCO IJ/HOLD/Rp4,300/Target: Rp4,300) Issuance of new shares to complete the divestment process. MALAYSIA Sector Telecommunications 1Q24 earnings up 14% yoy on the back ...
AS7 ANTA SPORTS PRODUCTS LTD.
CK CH. KARNCHANG PCL
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
6012 MAXIS BHD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
INCO VALE INDONESIA
6888 AXIATA GROUP BHD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
T TELEKOM MALAYSIA BHD
BAUTO BERMAZ AUTO BHD
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
ME 23ANDME HLDG CO
CDB CELCOMDIGI BHD
TIMECOM 029 GROUP SE
- Limartha Adhiputra
Mining – Sensitivity Analysis On The Impact Of Higher Metal Prices
The ban on Russian metals, especially aluminium, copper and nickel, could benefit Indonesian metal miners as prices hiked on fears of tighter supply. Escalating tensions in the Middle East also drove gold prices higher. Our sensitivity analysis showed that MDKA will benefit the most if metal prices continue rising, followed by INCO and NCKL. Maintain MARKET WEIGHT on the mining sector as we think that the fluctuation in metal prices might be temporary. Top pick: NCKL.
- Limartha Adhiputra
- Maskun Ramli
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