reports
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, July 9, 2025
GREATER CHINA Update China Resources Building Materials Technology (1313 HK/BUY/HK$1.79/Target: HK$2.30): Strong margins anchored by pricing discipline; supply reform still hinges on stricter enforcement mechanisms. Laopu Gold (6181 HK/NOT RATED/HK$1,082.00): Ongoing product innovation and channel expansion; committed to long-term single-store sales target. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,500/Target: Rp3,300): Patient volume could recover in 2Q25. MALAYSIA Strategy ...
- Posmarito Pakpahan
Mitra Keluarga Karyasehat (MIKA IJ) - Patient Volume Could Recover In ...
We expect MIKA to deliver 11% net profit growth in 2025, mainly driven by higher revenue intensity. MIKA saw a noticeable recovery in patient volume with May marking its strongest monthly performance ytd. Though June saw a slight moderation compared with May, 2Q25 patient volume remains above 1Q25’s. Higher revenue intensity will be driven by: a) a change in case mix, b) a higher private insurance contribution, and c) increased utilisation of radiology services. Maintain BUY. Target price: Rp3,3...
- Maskun Ramli
- Posmarito Pakpahan
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Johnny Yum
Strategy - Alpha Picks: Good Performances In June
Our Jun 25 portfolio outperformed the JCI and LQ45 by +5.1%/+7.1% respectively, mainly driven by DKFT (+16% performance) and outperformances by other stocks such as ANTM, CMRY and AMRT. Several major events to watch out this month include upcoming IPOs (especially the sizeable Chandra Daya Investasi (CDIA) IPO worth about US$143m) and the outcome of the US-Indo reciprocal tariffs discussion on 9 July. Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM.
- Johnny Yum
- 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
- Johnny Yum
Strategy - Alpha Picks: Underperformance In Feb 25
Our portfolio underperformed in Feb 25, declining 17.1% as JCI dropped 11.8% to a three-year low. There was a sell-off on banking stocks as investors were concerned that being included in Danantara could result in a similar fate to state-owned construction companies. Due to a sharp rise in DCII, IDXTECH outperformed in Feb 25. We remove BMRI, ISAT and CTRA from our portfolio and add MIKA. Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII.
- Johnny Yum
- Maskun Ramli
- Jonathan Koh
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 02, 2025
GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
- Posmarito Pakpahan
Mitra Keluarga Karyasehat (MIKA IJ) - Expect A Double-Digit Earnings G...
Despite the potential headwinds from stricter insurance reimbursement payment methods, MIKA could still deliver double-digit earnings growth as it plans to open two new hospitals in 2025. MIKA could benefit from the implementation of KRIS by assuming BPJS Class 1 and 2 members become private patients. Annual ASP adjustments and contribution from complex services can also improve the revenue intensity. MIKA is trading at -1.5SD to its five-year mean forward EV/EBITDA. Maintain BUY. Target price: ...
- Maskun Ramli
- Posmarito Pakpahan
- Adrian Loh Tzum Yung
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Kong Ho Meng
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
Regional Morning Notes - Tuesday, July 23, 2024
GREATER CHINA Sector Property: The Third Plenum has released the roadmap to a new model for China property. Update Jiumaojiu International Holdings (9922 HK/BUY/HK$3.06/Target: HK$3.80): Weaker-than-expected SSS yet to pick up; expect near-term earnings growth to be under pressure. INDONESIA Results Mitra Keluarga (MIKA IJ/BUY/Rp2,940/Target: Rp3,300): 2Q24: Net profit up 7.9% qoq on cost efficiencies and changes in payer mix. Upgrade to BUY. MALAYSIA Sector Oil & Gas: Petros takes over Petron...
- Posmarito Pakpahan
Mitra Keluarga (MIKA IJ) - 2Q24: Net Profit Up 7.9% qoq On Cost Effici...
2Q24 net profit grew 7.9% qoq (+40.4% yoy), lifting 1H24 net profit by 32.5% yoy, which is above our/market expectations. Margins expanded due to: a) cost efficiencies, b) higher contributions from private patients, and c) improving profitability from three new hospitals. We upgrade 2024/25 net profit forecasts by 4.6%/1.1% as management raises its revenue and EBITDA margin guidance with the ramp-up of the three new hospitals and changes in payer mix. Upgrade MIKA to BUY. Target price: Rp3,300.
- Hendri Effendi
- Posmarito Pakpahan
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Wei Xiang Ku
Regional Morning Notes - Friday, May 31, 2024
GREATER CHINA Sector Banking: Implications of property rescue package and dividend tax exemption. Update New Oriental Education & Technology Group (EDU US/BUY/US$81.38/Target: US$105.00): Diverse revenue streams; margin improvement in sight. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/HOLD/Rp3,100/Target: Rp3,300): Earnings upgrade, but downgrade to HOLD on expensive valuation, with a higher target price. MALAYSIA Results Genting Malaysia (GENM MK/BUY/RM2.80/Target: RM3.50): 1Q24: Soli...
- Posmarito Pakpahan
Mitra Keluarga Karyasehat (MIKA IJ) - Earnings Upgrade, But Downgrade ...
We raise our 2024/25 net profit estimates by 7.6%/6.5% respectively following the strong 1Q24 results, leading to a higher target price of Rp3,300. MIKA could deliver a 26% net profit growth in 2024, driven by: a) ASP increase in early-24, b) 250-300 additional beds, and c) margin expansion. MIKA could benefit from the implementation of KRIS by assuming BPJS Class 1 becoming private patients. Nevertheless, we downgrade MIKA to HOLD as its valuation is +1.3SD to the mean three-year forward EV/EBI...
- Maskun Ramli
- Posmarito Pakpahan
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