reports
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Ken Lee
- Malaysia Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 24, 2025
Greater China Sector Update | Automobile The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but long-term risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Sector Upda...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
TISCO TISCO FINANCIAL GROUP
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
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
2338 WEICHAI POWER CO. LTD. CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
ECW ECO WORLD DEVELOPMENT GROUP
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
00017 NEW WORLD DEVELOPMENT CO. LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SCB SCB X PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
02015 LI AUTO INC
300244 DIAN DIAGNOSTICS GROUP CO
600699 JOYSON ELECTRONICS CORP
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 3Q25: Results Beat; Guides Continued ...
Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt65.00/Target: Bt68.00) KKP reported a net profit of Bt1.67b for 3Q25, increasing 28% yoy and 19% qoq. The results beat our and consensus expectations by 41% and 33%, respectively. The key positive surprise was a qoq jump in investment gain and a reduction in provision expenses. The CEO guides that the bank will focus on asset quality and lend selectively. We should see a continuous improvement in the loan portfolio’s quality. Maintain HOLD...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, October 21, 2025
Top Stories Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt65.00/Target: Bt68.00) KKP reported a net profit of Bt1.67b for 3Q25, increasing 28% yoy and 19% qoq. The results beat our and consensus expectations by 41% and 33%, respectively. The key positive surprise was a qoq jump in investment gain and a reduction in provision expenses. The CEO guides that the bank will focus on asset quality and lend selectively. We should see a continuous improvement in the loan portfolio’s quality. ...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Philip Wong
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 21, 2025
Greater China Economics | Economic Activity China’s 3Q25 GDP growth slowed to 4.8% yoy, 9M25 growth to 5.1%. Ytd FAI fell 0.5% yoy, dragged by property FAI (-13.9% ytd yoy). September's industrial production rose 6.5% yoy, but retail sales growth eased to 3.0% yoy. With the stronger-than-expected 9M25 growth, we raise the full-year real GDP growth forecast to 5.0% yoy. That said, further policy support is still needed and we expect proposals for the 15th Five-year Plan to provide further clu...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5225 IHH HEALTHCARE BHD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Damon Shen
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Malaysia Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, September 23, 2025
Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
4197 SIME DARBY BHD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
VSI V.S. INDUSTRY BERHAD
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
BBNI BANK NEGARA INDONESIA PERSER
SCB SCB X PUBLIC COMPANY LIMITED
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
HRUM HARUM ENERGY TBK PT
PECCA MK PECCA GROUP BHD
NTTDCR SP NTT DC REIT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
BNASTRA BINASTRA (BNASTRA MK)
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - Revises 2025 Targets; Expects Credit...
The tone of the analyst meeting on Tuesday was positive. Management has revised the financial targets for 2025. KKP guided a positive outlook for credit cost, which will be offset by a 2025 loan reduction of 5-8% yoy. KKP revealed that a selective growth strategy has yielded impressive returns. Meanwhile, the company is actively seeking opportunities to increase shareholder returns through various capital management initiatives, but has yet to give any details. Maintain HOLD with a target p...
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, July 24, 2025
KEY HIGHLIGHTS Sector Banking 2Q25: Results beat; investment income lifts the bottom line above forecasts. Update Bangkok Bank (BBL TB/HOLD/Bt147.50/Target: Bt154.00) Maintain 2025 financial year targets but revise 2025 GDP forecast downward. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt52.75/Target: Bt50.00) Revise 2025 targets; credit costs expected to decline. WHA Corporation (WHA TB/BUY/Bt3.48/Target: Bt4.80) 2Q25 results preview: Expect softer net profit momentum.
- 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
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 2Q25: Results Beat Expectations; Prov...
KKP posted a 2Q25 net profit of Bt1.06b (-30% yoy, -25% qoq). The results beat our and consensus expectations by 29% and 26% respectively. The key positive surprise was a qoq jump in investment gains and a reduction in provision expenses. Provision expenses fell 45% yoy and 12% qoq in 2Q25. Credit cost declined 19bp qoq to 178bp in 2Q25. We maintain a cautious view on the used car price index. Maintain HOLD. Target price: Bt50.00.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily: Tuesday, July 22, 2025
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt160.00/Target: Bt185.00) 2Q25: Results in line with market forecasts; provision expenses increased qoq. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt48.00/Target: Bt50.00) 2Q25: Results beat expectations; provisions declined yoy and qoq. Krung Thai Bank (KTB TB/HOLD/Bt21.40/Target: Bt24.00) 2Q25: Results beat; investment gains boosted a strong bottom line. SCB X (SCB TB/HOLD/Bt121.00/Target: Bt134.00) 2Q25: Results beat; investment and trading incom...
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, July 22, 2025
GREATER CHINA Sector Property: Channel check on Guangzhou’s and Shenzhen’s primary residential markets; 1H25 earnings preview for Longfor. INDONESIA Sector Banking: 1H25 results preview: Diverging earnings growth. MALAYSIA Sector Renewable Energy: PETRA announced the approval of 180.8MW of FIT RE projects and EPCC jobs worth RM1.87b. Maintain OVERWEIGHT. Top picks: Tenaga, Malakoff and Pekat. Results CapitaLand Malaysia Trust (CLMT MK/BUY/RM0.65/Target: RM0.78): Q25: Results in line. The stock...
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
Kiatnakin Phatra Bank Public Company Ltd: 1 director
A director at Kiatnakin Phatra Bank Public Company Ltd bought 100,000 shares at 45.625THB and the significance rating of the trade was 53/100. 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 ove...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 1Q25: Results Miss Market Expectation...
KKP posted a 1Q25 net profit of Bt1.06b (-30% yoy, -25% qoq). The results were in line with our forecast but missed consensus expectation by 15%. KKP could reduce losses from the sale of repossessed vehicles by 52% yoy and 37% qoq. However, we raise our provision expense assumption due to the uncertainties surrounding the US tariffs. We have factored in the expected policy rate of 1.5%. Maintain HOLD. Target price: Bt48.00.
- Thanawat Thangchadakorn
Thailand Daily: Tuesday, April 22, 2025
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt148.50/Target: Bt175.00) 1Q25: Results beat expectation; a significant decrease in credit costs. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt50.00/Target: Bt48.00) 1Q25: Results miss market expectations; provisions jump yoy and qoq. SCB X (SCB TB/BUY/Bt112.50/Target: Bt130.00) 1Q25: Results in line; intends to maintain a high dividend payout ratio.
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 22, 2025
GREATER CHINA Sector Property Supportive policy remarks by Premier Li Qiang point to further upside; upcoming Politburo meeting to be an important policy window. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: HK$68.00) 1Q25: Earnings up 46% yoy, in line with estimates. Maintain BUY. Target price: HK$68.00. Han’s Laser (002008 CH/BUY/Rmb24.27/Target: Rmb32.20) 1Q25: Net pro...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
3816 MISC BHD
KBANK KASIKORNBANK PUBLIC CO. LTD.
NANO NANOCO GROUP
ACES PT ACE HARDWARE INDONESIA TBK
FRKN FRENCKEN GROUP LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
01024 KUAISHOU TECHNOLOGY CLASS B
SCB SCB X PUBLIC COMPANY LIMITED
8AZ AZTECH GLOBAL LTD
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 4Q24: Results A Huge Positive Surpris...
KKP posted 4Q24 net profit of Bt1.4b (+110% yoy, +8% qoq). The results are far above our and consensus expectations by 39% and 37% respectively. However, the notable qoq increase was due to a net gain on financial instruments measured at fair value through profit or loss (FVPL). Meanwhile, provision expenses spiked 34% qoq in 4Q24. Nevertheless, we expect KKP’s share price to have limited downside due to the remaining share repurchase. Maintain HOLD with a target price of Bt52.00.
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, January 21, 2025
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.50/Target: Bt52.00) 4Q24: Results a huge positive surprise, but provisions jump qoq. TMBThanachart Bank (TTB TB/BUY/Bt1.82/Target: Bt2.16) 4Q24: Results in line; well-controlled asset quality in 2024.
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Lester Siew
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
Regional Morning Notes - Tuesday, January 21, 2025
GREATER CHINA Sector Property: Per capita tourism spending weakens further despite a yoy increase in visitor numbers; 2025 will continue to be a challenging year. Update Jiumaojiu International Holdings (9922 HK/BUY/HK$2.74/Target: HK$4.00): Business operations deteriorate in 4Q24; being cautious on new store openings; continuous closures of underperforming stores may happen in 2025. INDONESIA Sector Property: Undemanding valuation amid increased uncertainty. MALAYSIA Update Hap Seng Plantati...
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