reports
- Chris Hoare
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
TRUE TRUE CORP. PUBLIC CO. LTD.
VIVT3 TELEFONICA BRASIL S.A.
VOD VODAFONE GROUP PLC
VEON VEON LTD. SPONSORED ADR
LILAB LIBERTY GLOBAL PLC LILAC
AAF AIRTEL AFRICA
AMX AMERICA MOVIL SAB DE CV
True Corporation Public Company Ltd: 1 director
A director at True Corporation Public Company Ltd bought 800,000 shares at 14.000THB and the significance rating of the trade was 83/100. 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...
- Chris Hoare
Thai Telcos Q4 25 review: Continued market repair
Thai telcos maintained 3% service revenue growth, with a solid EBITDA performance (+10% YoY), as both Mobile and Broadband ARPU recovers. TRUE’s net additions inflected to positive in Q4 in line with management’s outlook, following May’s network outage.
- Chris Hoare
Global EM Telcos & Towers The impossible dream – NSR GEM Top-10 March...
2025 was such a strong year for EM Telcos with the result that while remaining bullish we thought it was not plausible that 2026 would be as strong. Yet if anything the year has started better than 2025, with our picks up 18% ytd already, and up 113% since the start of 2025.
- Chris Hoare
EM Telcos Pricing power returns; where best; why (some) EM Telcos’ mu...
The resumption of pricing power is one of the key drivers of the rally in EM Telcos and perhaps the area where consensus is most sceptical. In this note we analyse which markets have the greatest potential for sustained pricing power, looking at key issues: affordability and regulatory and competitive structure.
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chris Hoare
True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implication...
Telenor has announced it is selling the majority of its stake in TRUE to a CP Group–affiliated company for THB 11.7, a 4% discount to the market price. In this brief note we discuss implications for TRUE, and thoughts for CelcomDigi.
- 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.
- Chris Hoare
ASEAN Telcos Outlook 2026; Singtel and TRUE remain our top picks reg...
Singtel and XLSmart were the standout performers in 2025 among ASEAN telcos as continued weak macro held back other markets even those which have seen consolidation. In 2026, we think the benefit of consolidation should be more apparent in the latter. Singtel and TRUE remain our top picks in the region.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - December 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively 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 Ja...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
02232 CRYSTAL INTERNATIONAL GROUP
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Chris Hoare
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - November 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&C an...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - October 2025
Greater China Strategy | Alpha Picks: October Conviction Calls The HSI and MSCI China gained 7.1%/8.2% mom in September on Fed easing and optimism over advancements in semiconductors and AI. We remain positive in the medium term but expect near-term consolidation after the recent strong gains. The best performer of the month was Alibaba (+53.0% mom). With some rotations expected in non-tech stocks, our October calls are: add Galaxy, Jacobson, Ping An, Trip.com and WuXi Bio to BUY; SELL Meituan. ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Chris Hoare
Malaysian Telcos Q2 25 review: Still pressured by Prepaid but reitera...
Service revenue improved to almost flat (-0.3% YoY from -1.1%), supported by Fibre growth and Postpaid growth offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Both reiterated their LSD service revenue guidance, implying a stronger second half.
- Chris Hoare
Thai Telcos – Q2 25 review: Sector discipline still in-tact
Thai telcos posted LSD service revenue growth, while EBITDA slowed to MSD. TRUE underperformed due to May’s power outage but still guided for 2H recovery on spectrum rental savings despite the guidance downgrade. While risks from soft tourism may persist, sector discipline and its value-based pricing approach remains intact.
- Arsit Pamaranont
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, September 11, 2025
Greater China Economics | Inflation China’s August CPI returned to deflation at -0.4% yoy (-0.4ppt), below consensus, led by a sharper fall in food prices (-4.3% yoy) which includes a 16.1% yoy drop in pork prices. In contrast, core CPI rose to a ytd high of 0.9% (+0.1ppt), underpinned by services inflation. PPI deflation eased to -2.9% yoy (+0.7ppt), reflecting upstream stabilisation in mining and raw materials. The CPI-PPI divergence underscores fragile consumer demand. Broader policy supp...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - September 2025
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: Add Anta, BYDE and CSCEC to our BUY list, Li Auto and OOIL to our SELL list. Take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy Alpha Picks: Wake Me Up When September Ends: Our Aug 25 Alpha Picks underperformed marginally. Sep 25 picks: Alpha IVF, Hume ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
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