reports
- Kong Ho Meng
Oil & Gas - Navigating Out Of US-Iran’s “Operation Epic Fury”
Navigating Out Of US-Iran’s “Operation Epic Fury” Highlights The US-Iran conflict may be compared to the Russia-Ukraine war. In both cases, energy stocks may correlate to near-term spikes in O&G prices at the start. In the case of Russia-Ukraine, eventually the renewable theme stocks outperformed the energy stocks. However, uncertainties arise as the war drags on. For example, MISC benefits from the sentiment from spikes in rates for crude tankers and LNG carriers. However, markets may price i...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Audrey Celia
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 17, 2026
Greater China Economics | Economic Activity Economic activity in 2M26 broadly surprised to the upside. Industrial production accelerated to 6.3% yoy, while retail sales recovered to 2.8% yoy. FAI ytd rebounded to 1.8% yoy, beating expectations of a contraction, supported by strong infrastructure spending and a marked improvement in property FAI ytd to −11.1% yoy. However, it remains to be seen if the rebound is sustainable, as February’s PMI remained in contractionary territory at 49.0. Se...
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
2488 ALLIANCE BANK MALAYSIA BHD.
5681 PETRONAS DAGANGAN BHD.
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
1155 MALAYAN BANKING BHD.
3816 MISC BHD
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
5243 VELESTO ENERGY
01478 Q TECHNOLOGY (GROUP) CO. LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
DLUM DELEUM BERHAD
ABANK AFFIN BANK BHD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
02423 KE HOLDINGS INC.
MDKA MERDEKA COPPER GOLD TBK PT
BIMB BANK ISLAM MALAYSIA BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
AADI IJ ADARO ANDALAN INDONESIA
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Kong Ho Meng
Oil & Gas - Petronas: Emerging Stronger After 2025
Petronas: Emerging Stronger After 2025 Highlights Emerging stronger after weathering through 2025. Described as a year of polycrisis that caused a 19% decline in profits, and necessitates the group to execute right-sizing exercises (two more phases in Mar and Jul 26), Petronas’ cash flow preservation remains commendable. Looking ahead, with much lower dividend obligation and minor upside to normalised capex commitment levels, 2026 can be viewed as a year for Petronas to refocus on its renewed,...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kai Jie Tang
- Kong Ho Meng
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 3, 2026
Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
5681 PETRONAS DAGANGAN BHD.
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
558 UMS HOLDINGS LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
5243 VELESTO ENERGY
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SATS SP SATS LTD.
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
KPJ KPJ HEALTHCARE BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
DLG DIALOG GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
DLUM DELEUM BERHAD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Kong Ho Meng
Velesto Energy (VEB MK) - 4Q25: Results In Line; Dividend Surprises On...
4Q25: Results In Line; Dividend Surprises On the Upside Highlights 2025 EBITDA and core profit within expectations, at 95% of our/consensus estimates. Rig average daily charter rate (DCR) of US$118,000/day and utilisation of 72%, are close to our assumption of US$110,000/day and 75% respectively. The DCR downtrend was well-guided given that softer jackup (JU) rig market conditions are anticipated. Velesto Energy (VEB) declared an interim DPS of 2.25 sen, bringing 2025 DPS to 3 sen, which signi...
- Kong Ho Meng
Oil & Gas - MBR 2026: A Key Enabler Towards 2m BOEPD Goal
MBR 2026: A Key Enabler Towards 2m BOEPD Goal Highlights MBR 2026 to explore new frontiers in unlocking the full potential of Malaysia’s basin. A positive surprise was that local production increased to about 1.9m boepd in 2025 despite 1H25 setbacks. While the long-term sustainable target remains at 2m boepd, the increased funnel of field development plans that are made possible through the collaboration of new PSCs, innovations and simplifications, are showing results. The ambitious scope of ...
- Kong Ho Meng
Oil & Gas - PAO 2026-28: Walking The Talk On OGSE Ecosystem Imperative
PAO 2026-28: Walking The Talk On OGSE Ecosystem Imperative Highlights Unlike previous PAO editions, the OGSE Imperative may be the right ingredient for both Petronas and the industry to move forward. Petronas is sending a clear message that the OGSE ecosystem is not ancillary, but a vital component to Petronas’ own sustainability. As OGSE evolves into a globally competitive value chain, it will directly boost Petronas’ global market relevance and ability to deliver energy security by upholding...
- Audrey Celia
- Benjaphol Suthwanish
- Gigi Cheuk
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kong Ho Meng
- Lester Siew
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, January 28, 2026
Greater China Company Update | NAURA Technology Group (002371 CH/BUY/Rmb497.68/Target: Rmb571.70) We see multiple upside risks to our assumption about NAURA for 2026-27. Domestic foundries and memory IDMs are likely to further raise their capex plans for advanced nodes given robust downstream demand and capacity shortage, while the mature node capex may end up better than feared thanks to overflow demand from global Tier 1 foundries. On the other hand, localisation efforts are accelerating signi...
- Kong Ho Meng
Velesto Energy (VEB MK) - Catalysts Priced In On Outlook And Cash Cons...
Catalysts Priced In On Outlook And Cash Conservation Highlights 2026 may be a reset year for the global jackup (JU) rig industry. While 2025 was a period of market softness, Velesto Energy’s (VEB) outlook should be supported by a recovery in global JU rig demand in 2026 as well as a definitive timeline for the N3 rig disposal. The latter may generate a special dividend of 3 sen. Although we think this was the key catalyst driving up the share price lately, we do not factor the special dividend...
- Kong Ho Meng
Velesto Energy (VEB MK) - 3QFY25: EBITDA On Track
3QFY25: EBITDA On Track Highlights 3QFY25 EBITDA met expectations, although core profit beat our earlier forecast as we adjusted depreciation forecasts to better reflect its balance sheet post reorganisation. There is no change to its rig outlook, which remains positive amid tight market conditions. Likewise, we do not see major risk due to the movement by direct local competitor Petrovietnam Drilling (PVD) partnering with a local offshore support vessel (OSV) player. Despite changes in our pr...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 30, 2025
Greater China Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HMN ASCOTT RESIDENCE TRUST
BMRI BANK MANDIRI
600699 JOYSON ELECTRONICS CORP
- Kong Ho Meng
Velesto Energy (VEB MK) - In Better Position For Sustainable Dividend ...
In Better Position For Sustainable Dividend Returns Highlights Reassessed forecast and concluded ability for higher dividend justified. We see no major changes to a positive JU rig outlook, as a normalisation of rig rates and 75% utilisation assumption is still our base case scenario. We also do not assume “bonus” contracts beyond those utilising its fleet of six JU rigs. However, the minimal capex requirement is what prompted us to upgrade our DPS forecast substantially, as there are no costl...
- Kong Ho Meng
Velesto Energy (VEB MK) - 1H25: Stable Dividend Expected To Support Cu...
1H25: Stable Dividend Expected To Support Current Price 1H25 EBITDA is within expectations, given potentially weaker 2H25 DCR. However, profits and DPS beat expectations. Clearer prospects from regional opportunities (alongside multi-year contract tenures) further strengthen VEB’s ability to maintain over 75% utilisation. VEB’s commendable financial discipline shows it can afford a dividend payout of over 100% (and exceed 2024’s DPS) under our new stress test forecast, if DCR remains above US$90...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, July 24, 2025
Results ASMPT (522 HK/BUY/HK$63.20/Target: HK$92.40): 2Q25: Results largely in line. Solid bookings beat as mainstream tools recover; AP tools progressing well in logic and at HBM clients. Update Prudential (2378 HK/BUY/HK$98.10/Target: HK$128.00): 1H25 results preview: Expecting solid NBP growth and focusing on capital management. INDONESIA Small/Mid Cap Highlights Medco Energi Internasional (MEDC IJ/NOT RATED/Rp1,260): Disciplined strategy and portfolio diversification. MALAYSIA Update CIMB ...
PRU PRUDENTIAL PLC
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
MEDC PT MEDCO ENERGI INTERNASIONAL TBK
5243 VELESTO ENERGY
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
WHA TB WHA CORP PCL
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
8AZ AZTECH GLOBAL LTD
- Kong Ho Meng
Velesto Energy (VEB MK) - Heading Into New Territory As A Leading ASEA...
Heading Into New Territory As A Leading ASEAN Rig Player We concluded that VEB will be able to maintain reasonably high utilization >75%, despite softer rig market conditions vs 2022-24 and the disruption of local offshore activities. Therefore, it also lends higher confidence to sustain dividends at 2024 levels (7% yield). Although not a deliberate strategy, VEB was able to mitigate the “local geopolitical risk” by benefiting from ASEAN opportunities, especially rig demand in Indonesia, Vietnam...
- Kong Ho Meng
Oil & Gas - Industry Consolidation Continues In 2025: The Age Of Elect...
Industry Consolidation Continues In 2025: The Age Of Electricity As the International Energy Agency (IEA) terms 2025 as the “Age Of Electricity” where investments focusing on AI, data centers and grid/storage/battery upgrades take centerstage, we see continued consolidation in the local O&G industry, driven by Petronas’ right-sizing exercise, recalibration following the Petros issue, and the shift towards new industries such as CCS, despite near-term upside risk to oil prices from geopolitical e...
- Adrian Loh Tzum Yung
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, June 30, 2025
GREATER CHINA Strategy Property Weakening sales in China has raised hopes of policy support in July; rebound in HIBOR will test the strength of recovery in Hong Kong property sales. INDONESIA Update Bank Mandiri (BMRI IJ/BUY/Rp5,025/Target: Rp6,000) 5M25: Steady earnings amid NIM pressure. MALAYSIA Sector Oil & Gas ...
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
5218 SAPURA ENERGY BHD
AIY IFAST
558 UMS HOLDINGS LIMITED
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
AP AP THAILAND
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
DLUM DELEUM BERHAD
RSTON RIVERSTONE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
PETGAS PETRONAS GAS BHD
- Kong Ho Meng
Velesto Energy (VEB MK) - 1Q25: Commendable Start At Peak DCR; Upside ...
1Q25: Commendable Start At Peak DCR; Upside Depends On Diversification VEB’s 1Q25 profit and EBITDA appeared to comprise >25% of our/consensus forecasts but are within expectations as 1Q25 is expected to be a strong showing relative to the rest of 2025. Utilisation for 2Q25 may weaken temporarily, while the average realised rig rates will fall in 2H25. VEB’s ability to diversify outside of Petronas (by breaking into Vietnam and Indonesia) will be crucial for our scenario of 75% utilisation rate....
- Kong Ho Meng
Oil & Gas - Geopolitical Risk May Extend to CCS, Allowing Sector Conso...
Geopolitical Risk May Extend to CCS, Allowing Sector Consolidation Regardless the details to be announced in PM Anwar and Sarawak Premier Jo’s new agreement later this week, we take a view that the Petronas-Petros geopolitical risk may prolong, extending to carbon storage (the next business frontier for the sector), until the shift of monetary flows are more balanced between the regions. If this happens, the sector will have breathing space to consolidate; hence, we continue to advise focusing o...
- Kong Ho Meng
Velesto Energy (VEB MK) - Behold, The Dragon With Robotic Arms
Behold, The Dragon With Robotic Arms Although 1Q25 was a bad quarter for global JU rigs in terms of utilisation, we understand that the metrics have stabilised recently, thus supporting a buoyant market with a utilisation rate of >80%. Recognising that this is the time to expand and despite operating in a tough market environment, VEB aims to have regional presence, and continues to adapt to market needs, including embracing automation and robotic arms. Retain BUY. Target price: RM0.22. Its curr...
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