reports
- Adrian Loh Tzum Yung
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Singapore Research Team
Regional Morning Meeting Notes: Monday, May 05, 2025
INDONESIA Strategy Alpha Picks: Outperformance In Apr 25 Remove ICBP, EXCL, and MIKA; add BBTN and GOTO. MALAYSIA Sector Property Amid tariff overhang concerns, we favour companies with clear earnings visibility, solid exposure to affordable housing, and clear re-rating catalysts. Maintain OVERWEIGHT. Update Axiata (AXIATA MK/BUY/RM2.09/Target: RM2.50) ...
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
AXIATA AXIATA GROUP BERHAD
SIE SIA ENGINEERING CO LTD
MINT MAPLETREE INDUSTRIAL TRUST
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
PROP PROPNEX LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
BUKA BUKALAPAK.COM PT TBK
MCH MATRIX CONCEPTS HOLDINGS BHD
9CI CAPITALAND INVESTMENT LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
STM SEATRIUM LTD
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Johnny Yum
- Johnny Yum
- Maskun Ramli
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - iPhone 16 Series To Be Available In 2Q2...
ERAA’s retail group stated that it will offer the iPhone 16 series. The pre-order started on 28 March with availability starting from 11 Apr 25. The price range for iPhone 16 is Rp12.5m-33.0m (a 6% discount from the normal price), according to iBox. The company recorded 2024 NPAT of Rp1t, above our and consensus full-year estimates. However, its 2024 operating profit (Rp1.7t) was in line with our full-year forecast and consensus’. Maintain BUY. Target price: Rp480. ERAA trades at 7.1x 2025F PE, ...
- Maskun Ramli
- Paula Ruth
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
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
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Johnny Yum
Strategy - Alpha Picks: Outperform In Mar 25
Our portfolio in Mar 25 outperformed relative to the JCI and LQ45 by +3.3%/+2.7% respectively (simple average). In terms of the weighted average free float market cap, the portfolio outperformed the JCI and LQ45 by +10.9%/+10.3% respectively due to a large rebound in BBRI. We remove BBNI, BBRI, ASII, JSMR and KLBF, and add BBCA, ICBP, ERAA and BUKA to our portfolio. Given Trump’s 32% reciprocal tariffs on Indonesia, our portfolio picks lean towards defensive stocks: BBCA, ICBP, ERAA, EXCL, MIKA,...
- Johnny Yum
- Maskun Ramli
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - TKDN Certificates Issued for Key Brand’...
We maintain BUY with a target price of Rp480 for the following reasons: a) encouraging progress in lowering regulatory risk (from TKDN) for one key brand (Apple); b) new director Mr Patrick Adhiatmadja joining the company and bringing along his experience in the two-wheel EV ecosystem business in Indonesia and c) 2026 NPAT growth of 8% yoy, partly supported by the opening of new stores and higher productivity from existing stores. ERAA trades at 7.1x 2025F PE, similar to -1SD.
- Maskun Ramli
- Paula Ruth
Erajaya Swasembada: 1 director
A director at Erajaya Swasembada bought 65,883,600 shares at 363.924IDR and the significance rating of the trade was 67/100. 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 yea...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Philip Wong
- Singapore Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, March 04, 2025
GREATER CHINA Strategy China And Hong Kong Property: Preview of property policies from two sessions; improvement in sentiment for Hong Kong's primary market. Sector Internet: Potential implications from implementation of social security insurances. Update Plover Bay Technologies (1523 HK/BUY/HK$5.22/Target: HK$7.71): Takeaways from luncheon: On the way to becoming a connectivity hub. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp390/Target: Rp480): Key brand might gradually mitigate regula...
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - Key Brand Might Gradually Mitigate Regu...
We maintain BUY on ERAA with a target price of Rp480 for the following factors: a) potentially lower regulatory risk as Apple has completed TKDN’s investment obligation for 2020-23; b) ERAA’s subsidiary and XPENG officially launching two EV car models; c) Indonesia’s EV market expected to grow at a 59% CAGR in 2023-30; and d) 2026 NPAT growth of 8% yoy, partly supported by new stores’ opening and existing stores’ higher productivity.
- Maskun Ramli
- Paula Ruth
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Thursday, January 16, 2025
GREATER CHINA Update China Merchants Bank (3968 HK/BUY/HK$41.20/Target: HK$49.00) 4Q24 preliminary results: Every cloud has a silver lining. Lenovo Group (992 HK/BUY/HK$9.18/Target: HK$12.00) Management expects IDG business’ growth to accelerate in 2025-26. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp384/Target: Rp480) New cooperation with XPENG and HONOR; maintain BUY. MALAYSIA Update Gamuda (GAM MK/BUY/RM...
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - New Cooperation With XPENG And HONOR
We maintain BUY on ERAA (target price: Rp480) in view of three factors: a) ERAL (majority owned by ERAA) stated that its subsidiary had signed a distributor agreement with prominent Chinese EV player XPENG; b) Indonesia’s EV market is projected to grow at a 58.5% CAGR for 2023-30, according to a report by AC Ventures, a related industries’ association, and the Ministry of Industry; and c) ERAA’s strategic cooperation with HONOR smartphone amid the pending extension of Apple’s TKDN certification.
- Maskun Ramli
- Paula Ruth
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Llelleythan Tan Tan
- Malaysia Research Team
- Paula Ruth
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, December 05, 2024
GREATER CHINA Sector IT Hardware Import substitution and geopolitical events will be key focal points for China semis going forward. Maintain OVERWEIGHT. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp404/Target: Rp480) Apple might invest US$1b in Indonesia, potentially mitigating regulatory risk. Upgrade to BUY. MALAYSIA Strategy 1H25 Strategy ...
ASM PACIFIC TECHNOLOGY LIMITED
ERAA ERAJAYA SWASEMBADA
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BRC BRC ASIA LTD
RGB RGB INTERNATIONAL BHD
688012 ADVANCED MICRO-FABRICATION EQUIPMENT (A)
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
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