reports
- Chong Lee Len
Telecommunications - MOF Inc Set To Exit DNB; DNB’s Operating Losses T...
MOF Inc Set To Exit DNB; DNB’s Operating Losses To Pressure Shareholders’ Bottom Line Highlights MOF Inc has exercised its put options in relation to its existing 41.67% stake in DNB, requiring CelcomDigi, Maxis and YTL Power International (YTL Power) to each fork out RM327.9m to honour the shareholders’ agreement. We expect DNB to operate at a loss (2025 estimated loss is RM1b) in the near term. Our sensitivity analysis suggests -10% and -12% impact to 2026 earnings forecasts for CelcomDigi...
- Chong Lee Len
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Thursday, December 04, 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut improved sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom 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 Jacobson,...
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
DLUM DELEUM BERHAD
TDC TIME DOTCOM BHD
MPM MARCO POLO MARINE LTD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
WDH WATERDROP INC
06160 BEIGENE LTD.
MDKA MERDEKA COPPER GOLD TBK PT
CDB CELCOMDIGI BHD
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Chong Lee Len
Telecommunications - MOF Exercises Put Options For Its 41.67% Stake In...
MOF Exercises Put Options For Its 41.67% Stake In DNB Highlights In a recent Bursa announcement by CelcomDigi and Maxis, the Ministry of Finance (MOF) has exercised its put options in relations to its existing 41.67% stake in Digital Nasional Bhd (DNB). The put option notice requires the three investor shareholders, CelcomDigi, Maxis and YTL Power International to purchase the ordinary shares in DNB owned by MOF and take over the MOF loan together with accrued interest. The trio is required ...
- Chong Lee Len
Axiata Group (AXIATA MK) - 3Q25: In Line; Balance Sheet Optimisation P...
3Q25: In Line; Balance Sheet Optimisation Plan On Track Highlights Axiata reported 3Q25 underlying net profit from continued operations of RM137m (-40% yoy; -17% qoq), which excluded gains on early debt redemption and Linknet goodwill impairment (RM167m). This brings 9M25 underlying net profit to RM343m, accounting for 80% of our full-year forecast, which we deem to be in line. Axiata improved its balance sheet health with net debt/EBITDA reduced to 2.61x in 3Q25 (2Q25: 2.76x). Monetisation ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Sunny Chen
- Suryaputra Wijaksana
- Tham Mun Hon
Duplicate of Regional Morning Meeting Notes: Thursday, November 27, 20...
Greater China Strategy | Market Strategy Global liquidity is expected to stay supportive through 1H26 following the Fed’s Sep 25 rate cut, lifting emerging-market assets and commodities. Chinese equities should extend gains, with MSCI China targeted at 104 on 16.3x forward PE and 6% EPS growth. Growth will rely more on domestic demand amid geopolitical risks and slowing external momentum. China’s GDP growth for 2026 is projected to rise 4.2% yoy. We favour AI/semiconductors, automation/robotics,...
- Chong Lee Len
Maxis (MAXIS MK) - 3Q25: Strong Results; Margin Expansion Promotes EBI...
3Q25: Strong Results; Margin Expansion Promotes EBITDA Target Revision Highlights Maxis recorded strong 3Q25 results, with net profit reported at RM412m (+13% yoy; +4% qoq) on the back of cost discipline and higher service and enterprise revenue base. This brought 9M25 net profit to RM1,181m, making up 79% of house and street estimates. We deem the results to be in line with expectations. Maxis declared a third interim DPS of 4 sen (76% payout) and revised its EBITDA guidance to a mid-single...
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 10, 2025
Greater China Economics | Inflation October CPI turned positive at 0.2% yoy (+0.5ppt), as food deflation eased to -2.9% yoy, with fresh vegetables and fruits recovering, though pork stayed weak. Core CPI inflation rose to a year-high 1.2% yoy, with both goods and services inflation picking up. Notable strength was observed in other products & services and transportation & communication. PPI deflation narrowed to -2.1% yoy, driven by improvements in mining, raw materials, and downstream consumer ...
- Chong Lee Len
Telecommunications - Capitalising On Enterprise Segment Amid Saturated...
Capitalising On Enterprise Segment Amid Saturated Mobile Landscape Highlights The enterprise segment is expected to drive revenue expansion among telco players as the saturated mobile market experiences a muted subscriber and ARPU outlook. In the recent Budget 2026, the government is allocating up to RM780m to expand fibre coverage to more than 2,700 locations under JENDELA 2. This will benefit telco infrastructure players and MNOs. The sector trades at 8x EV/EBITDA, +2SD above the mean. M...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, October 16, 2025
Greater China Economics | Inflation September’s CPI inflation improved slightly to -0.3% yoy (+0.1ppt), with core CPI reaching a ytd high of 1.0% yoy. However, food prices remained weak (-4.4% yoy), led by a 17% yoy fall in pork prices. PPI deflation eased to -2.3% yoy (+0.6ppt), with broad recovery in mining and quarrying and raw metal materials. Looking ahead, look out for improvement in consumer goods PPI inflation, which should be indicative of a sustainable improvement in pricing power....
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
AXIATA HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
MAXIS AXIATA GROUP BERHAD
T MAXIS BHD
3933 TELEKOM MALAYSIA BHD
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
AWC GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 ASSET WORLD CORP PUBLIC COMPANY LTD
TDC CSPC PHARMACEUTICAL GROUP LTD
603259 TIME DOTCOM BHD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
CDB WUXI APPTEC CO. LTD. CLASS H
8AZ CSPC INNOVATION PHARMACEUTICAL CO L
BTG CELCOMDIGI BHD
300244 AZTECH GLOBAL LTD
DKFT IJ BETAGRO PUBLIC COMPANY LIMITED
ONC@US@ DIAN DIAGNOSTICS GROUP CO
CENTRAL OMEGA RESOURCES
BEONE MEDICINE INC
- Malaysia Research Team
Telecommunications - TM Leads Peers On The Path To Full Compliance Of ...
TM Leads Peers On The Path To Full Compliance Of Bursa Malaysia’s NSRF Highlights Malaysian telcos appear to be well-equipped to meet Bursa Malaysia’s sustainability reporting requirements, progressively aligning disclosures with Task Force on Climate-related Financial Disclosures (TCFD) pillars and the NSRF. In addition, our ESG scoring suggests that TM and Maxis are ahead of their peers when it comes to ESG undertakings. The sector trades at 8x EV/EBITDA, +2SD above mean. Maintain MARKET...
- Chong Lee Len
- Ejann Hiew
- Jonathan Koh
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Wednesday, September 24, 2025
Greater China Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with a payback period of 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exceed Rmb100m in 2026. Management expects propr...
AJBU KEPPEL DC REIT
5347 TENAGA NASIONAL BHD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
MLK MALAKOFF CORP BHD
T TELEKOM MALAYSIA BHD
PEP PPB GROUP BERHAD
GMB GAS MALAYSIA BHD
TDC TIME DOTCOM BHD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BRIS BANK BRISYARIAH TBK
CDB CELCOMDIGI BHD
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Chong Lee Len
Telecommunications - 2Q25: Results In Line; Continued Pre-To-Postpaid ...
2Q25: Results In Line; Continued Pre-To-Postpaid Migration Broadly, 2Q25 sector earnings came in within expectations, except for Axiata and CelcomDigi. After the 2Q25 results announcement, we cut our earnings forecasts by 6%. The quarter was characterised by: a) 2% qoq service revenue growth, b) cost discipline, c) encouraging enterprise business pipeline, and d) robust demand for fibre. Maintain MARKET WEIGHT; catalysts include Axiata’s infrastructure asset monetisation and CelcomDigi’s synergi...
- 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...
- Chong Lee Len
Axiata Group (AXIATA MK) - 1H25: Below Expectations; Market Repair See...
1H25: Below Expectations; Market Repair Seen In Frontier Markets Axiata’s 1H25 underlying net profit was RM206m (-36% yoy) as XLSmart was deconsolidated and earnings were affected by merger integration costs. This shadowed strong performance from SMART, Dialog and Robi. Results are below expectations and we cut 2025-26 net profit by 30% and 26%. BUY on share price weakness with a higher SOTP-based target price of RM3.00. Infrastructure asset monetisation and balance sheet optimisation are key re...
- Chong Lee Len
Maxis (MAXIS MK) - 2Q25: In Line; Cost Discipline Driving Underlying P...
2Q25: In Line; Cost Discipline Driving Underlying Profits Maxis registered robust 2Q25 net profit of RM398m (+11.8% yoy; +7.3% qoq). This brings 1H25 net profit to RM769m – a commendable 9% yoy growth. We deem the results to be in line with expectations, with 1H25 net profit making up 51% and 52% of house and street estimates. Earnings were largely driven by stable topline and good cost discipline. Maxis declared a second interim net DPS of 4 sen/share (79% payout). Maintain BUY with a DCF-based...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, August 22, 2025
GREATER CHINA Sector Automobile: Weekly: YOY PV sales growth turns positive on price cuts. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results AAC Technologies (2018 HK/BUY/HK$43.72/Target: HK$57.70): 1H25: Margins miss due to transition period; meaningful recovery in 2H25. Maintain BUY. AIA Group (1299 HK/BUY/HK$73.45/Target: HK$91.00): 1H25: In-line VONB growth; strong OPAT beat. EVE Energy (300014 HK/HOLD/ Rmb48.07/Target: Rmb50.00): 2Q25: Earnings miss due to lowe...
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
VST HOLDINGS LTD.
SATS SP SATS LTD.
MAXIS MAXIS BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
9896 MINISO GROUP HOLDING LTD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Chong Lee Len
Telecommunications - Additional RM600m Of Shareholder Advance Invested...
Additional RM600m Of Shareholder Advance Invested Into DNB In a Bursa Malaysia announcement, both CelcomDigi and Maxis announced that they have each contributed an additional shareholder advance of RM116,666,667 on 15 Aug 25 at the request of Digital Nasional (DNB). Concurrently, YTL Power International (YTL) and MOF Inc. also injected RM116,666,667 and RM250,202,928 respectively into the additional shareholder advance exercise, bringing the total to RM600,202,929. Of the total RM600m additional...
- Chong Lee Len
Telecommunications - 1Q25 Results Largely In Line; Mobile Competition ...
1Q25 Results Largely In Line; Mobile Competition Remains Intense 1Q25 sector earnings rose 5% qoq but fell 3% yoy driven by stable postpaid revenue, robust enterprise revenue and good cost control. Prepaid earnings were adversely impacted by intense unlimited data offerings. Broadly, earnings came in within expectations except for Axiata. After the results, we trim sector earnings by 7%. Maintain MARKET WEIGHT; catalysts include Axiata’s monetisation of EDOTCO and CelcomDigi’s synergistic saving...
- Chong Lee Len
Axiata Group (AXIATA MK) - 1Q25: Below Expectations; Earnings Pressure...
1Q25: Below Expectations; Earnings Pressure Seen In Key Markets Axiata reported a weak 1Q25 underlying net profit of RM123m (-27% yoy; -18% qoq) on the back of: a) a decline in opco revenue contribution, b) earnings dilution from the XLSmart merger, and c) structural changes to Link Net’s business model. Results were below expectations and we cut our 2025 net profit forecast by 7%. Towerco monetisation is likely to happen this year. The stock offers a decent yield of 4.9%. Maintain BUY with an S...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Kate Luang
- Ken Lee
- Sunny Chen
Regional Morning Meeting Notes: Friday, May 30, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: 2H25 outlook: Eyeing domestic plays and names with potential turnaround. Sector Automobile: Weekly: Is there an Evergrand in the China auto sector? Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. Results CSPC Pharmaceutical Group (1093 HK/HOLD/HK$7.62/Target: HK$7.70): 1Q25: Results miss; expects enhanced pipelines to secure major BD deals. Li Auto Inc (2015 HK/BUY/HK$108.20/Target: HK$145.00): 1Q25: Earnings and forward guidance mi...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BN2 VALUETRONICS HOLDINGS
VST HOLDINGS LTD.
AXIATA AXIATA GROUP BERHAD
IJM IJM CORP BHD
GENM GENTING MALAYSIA BHD
709 GIORDANO INTERNATIONAL LTD
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
09868 XPENG INC
1395186D HORIZON ROBOTICS
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