reports
- Chong Lee Len
Telecommunications - MOF Inc Fully Exits DNB; Cut Telco Earnings To Re...
MOF Inc Fully Exits DNB; Cut Telco Earnings To Reflect Nearterm DNB Losses Highlights CelcomDigi and Maxis have each paid RM327.9m to purchase a third of MOF Inc’s shares in DNB and take over its loan. YTL is assumed to have finalised the purchase of the option as well. We expect DNB to operate at a loss up to 2028, which should progressively narrow due to the deep cost-cutting measures implemented. We assume losses of RM604m (2026) and RM431m (2027), and cut our net profit forecasts for Cel...
- Chong Lee Len
Telecommunications - 2025: In Line; 5G Remains An Overhang On The Indu...
2025: In Line; 5G Remains An Overhang On The Industry Highlights 2025 sector earnings came in broadly in line, declining 3% yoy due to Axiata’s underperformance. TIME, TM and Maxis delivered double-digit earnings growth supporting their healthy dividend payout. 2025 was characterised by: a) persistent postpaid revenue growth from preto- postpaid migration; b) moderating prepaid churn, supported by ARPU uplift (+4% yoy); c) robust demand for fibre; and d) cost discipline. Maintain MARKET WE...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Gigi Cheuk
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, March 06, 2026
Greater China Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
01050 KARRIE INTERNATIONAL HOLDINGS (P CHIP)
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
HANA HANA MICROELECTRONICS PCL
GLOBAL SIAM GLOBAL HOUSE PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY 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
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
TENAGA TENAGA NASIONAL BHD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
T TELEKOM MALAYSIA BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
HCM HUTCHISON CHINA MEDITECH LIMITED
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
TDC TIME DOTCOM BHD
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
STM SEATRIUM LTD
EPIC 1CM INC
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
IRSX FOLAGO GLOBAL NUSANTARA
- Chong Lee Len
CelcomDigi (CDB MK) - 2025: Results In Line; Synergistic Savings Into ...
2025: Results In Line; Synergistic Savings Into 2026 Highlights CelcomDigi reported 4Q25 net profit of RM350m for 4Q25. Stripping out accelerated depreciation and asset impairment, 4Q25 core net profit came in at RM400m (-1% yoy; flat qoq). This brings 2025 net profit to RM1,660m (-4% yoy), in line with house and street’s estimates. 2025’s total dividend of 14.7 sen/share reflects a 104% core earnings payout. We trim 2026-27 earnings forecasts marginally by 1-3% as we housekeep for elevate...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Claire Wang Kelai
- Jack Lai Yuan Khai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 12, 2026
Greater China Economics | Inflation January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI...
- Chris Hoare
CelcomDigi (Buy, RM 5.6, +72%) Q4 25 Quick Take: Slow recovery in pro...
: CelcomDigi saw the recovery in service revenue trends continue, backed by continued Postpaid and Fibre strength. Profitability was weaker however due to higher traffic and bad debt costs, and margin guidance is disappointing.
- Chris Hoare
Malaysian Telcos Q3 25 review: Still pressured by Prepaid but reitera...
Service revenue bounced back (1.4% YoY from -0.3%), supported by Fibre and Postpaid offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Maxis raised its EBITDA guidance to MSD growth, from LSD and CelcomDigi reiterated their LSD service revenue guidance, implying a stronger 4Q for both.
- Chong Lee Len
CelcomDigi (CDB MK) - Shift from Integration to Operational Efficienci...
Shift from Integration to Operational Efficiencies In 2026 Highlights 2026 synergistic savings will stem largely from lower cost of sales, lower rental charges and savings from retail consolidation, traffic optimisation and contract negotiations. Capex avoidance will fall from 63% (of synergistic savings in 2025) to 12% by 2026. By 2027, the steady state of savings could reach up to RM700m-800m. We project a relatively robust three-year earnings CAGR of 9% (2025-27) with 2026 projected earni...
- Andrew Agita Buntoro
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Suryaputra Wijaksana
- Thailand Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 06, 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...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RATCH RATCH GROUP PUBLIC CO. LTD.
KTB KONTOOR BRANDS
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
SCB SCB X PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ECOSHOP MK ECO-SHOP MARKETING BHD
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Chong Lee Len
Telecommunications - MOF Inc Set To Exit DNB; DNB’s Operating Losses T...
MOF Inc Set To Exit DNB; DNB’s Operating Losses To Pressure Shareholders’ Bottom Line Highlights MOF Inc has exercised its put options in relation to its existing 41.67% stake in DNB, requiring CelcomDigi, Maxis and YTL Power International (YTL Power) to each fork out RM327.9m to honour the shareholders’ agreement. We expect DNB to operate at a loss (2025 estimated loss is RM1b) in the near term. Our sensitivity analysis suggests -10% and -12% impact to 2026 earnings forecasts for CelcomDigi...
- Chong Lee Len
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Thursday, December 04, 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut improved sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson,...
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
DLUM DELEUM BERHAD
TDC TIME DOTCOM BHD
MPM MARCO POLO MARINE LTD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
WDH WATERDROP INC
06160 BEIGENE LTD.
MDKA MERDEKA COPPER GOLD TBK PT
CDB CELCOMDIGI BHD
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Chong Lee Len
Telecommunications - MOF Exercises Put Options For Its 41.67% Stake In...
MOF Exercises Put Options For Its 41.67% Stake In DNB Highlights In a recent Bursa announcement by CelcomDigi and Maxis, the Ministry of Finance (MOF) has exercised its put options in relations to its existing 41.67% stake in Digital Nasional Bhd (DNB). The put option notice requires the three investor shareholders, CelcomDigi, Maxis and YTL Power International to purchase the ordinary shares in DNB owned by MOF and take over the MOF loan together with accrued interest. The trio is required ...
- Chong Lee Len
CelcomDigi (CDB MK) - 3Q25: Below Expectations; Margin Compression To ...
3Q25: Below Expectations; Margin Compression To Persist Highlights CelcomDigi reported a 3Q25 core net profit of RM400m (-7% qoq; -8% yoy), excluding a one-off bad debt provision expense and device rebate reversal. This brings 9M25 core net profit to RM1,262m, accounting for 70% and 73% of our and consensus full-year estimates respectively. We deem the results below expectations. We cut our 2025-27 earnings estimates by 3-6% on the back of higher depreciation charges, bad debt charges and hi...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Ejann Hiew
- Gigi Cheuk
- John Cheong Ming Chern
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, November 18, 2025
Greater China Company Results | Geely Auto (175 HK/BUY/HK$17.20/Target: HK$42.00 Geely’s 3Q25 results meet expectations with GAAP net profit/core net profit growing 58%/19% yoy and 6%/24% qoq to Rmb3.82b/Rmb3.96b respectively. Earnings growth will be driven by a strong product cycle, optimisation of sales mix, penetration into overseas markets, and consolidation of its brand portfolios. We maintain our 2025-27 earnings estimates. Maintain BUY with an unchanged target price of HK$42.00 pegged...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
1295 PUBLIC BANK BHD
TOP THAI OIL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
CENTEL CENTRAL PLAZA HOTEL
YUMC YUM CHINA HOLDINGS INC.
FRKN FRENCKEN GROUP LTD
CDB CELCOMDIGI BHD
02161 JBM (HEALTHCARE) LTD
09868 XPENG INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
TIDLOR TIDLOR HOLDINGS PCL
- Chong Lee Len
Telecommunications - Capitalising On Enterprise Segment Amid Saturated...
Capitalising On Enterprise Segment Amid Saturated Mobile Landscape Highlights The enterprise segment is expected to drive revenue expansion among telco players as the saturated mobile market experiences a muted subscriber and ARPU outlook. In the recent Budget 2026, the government is allocating up to RM780m to expand fibre coverage to more than 2,700 locations under JENDELA 2. This will benefit telco infrastructure players and MNOs. The sector trades at 8x EV/EBITDA, +2SD above the mean. M...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, October 16, 2025
Greater China Economics | Inflation September’s CPI inflation improved slightly to -0.3% yoy (+0.1ppt), with core CPI reaching a ytd high of 1.0% yoy. However, food prices remained weak (-4.4% yoy), led by a 17% yoy fall in pork prices. PPI deflation eased to -2.3% yoy (+0.6ppt), with broad recovery in mining and quarrying and raw metal materials. Looking ahead, look out for improvement in consumer goods PPI inflation, which should be indicative of a sustainable improvement in pricing power....
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
AXIATA HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
MAXIS AXIATA GROUP BERHAD
T MAXIS BHD
3933 TELEKOM MALAYSIA BHD
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
AWC GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 ASSET WORLD CORP PUBLIC COMPANY LTD
TDC CSPC PHARMACEUTICAL GROUP LTD
603259 TIME DOTCOM BHD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
CDB WUXI APPTEC CO. LTD. CLASS H
8AZ CSPC INNOVATION PHARMACEUTICAL CO L
BTG CELCOMDIGI BHD
300244 AZTECH GLOBAL LTD
DKFT IJ BETAGRO PUBLIC COMPANY LIMITED
ONC@US@ DIAN DIAGNOSTICS GROUP CO
CENTRAL OMEGA RESOURCES
BEONE MEDICINE INC
- Malaysia Research Team
Telecommunications - TM Leads Peers On The Path To Full Compliance Of ...
TM Leads Peers On The Path To Full Compliance Of Bursa Malaysia’s NSRF Highlights Malaysian telcos appear to be well-equipped to meet Bursa Malaysia’s sustainability reporting requirements, progressively aligning disclosures with Task Force on Climate-related Financial Disclosures (TCFD) pillars and the NSRF. In addition, our ESG scoring suggests that TM and Maxis are ahead of their peers when it comes to ESG undertakings. The sector trades at 8x EV/EBITDA, +2SD above mean. Maintain MARKET...
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