reports
- 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
- Chong Lee Len
Maxis (MAXIS MK) - 1Q25: Strong Results On Good Cost Discipline And En...
1Q25: Strong Results On Good Cost Discipline And Enterprise Segment Growth 1Q25 net profit rose 16% qoq to RM371m (+5% yoy), making up 25% of house and street estimates. The sequential growth was driven by cost discipline, enterprise business growth and lower finance charges. Postpaid revenue was stable yoy on the back of continuous pre-to-postpaid migration. Prepaid competition remained intense into the quarter. Maxis declared its first interim net DPS of 4 sen/share (84% payout). BUY on weakne...
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, May 19, 2025
GREATER CHINA Update Foxconn Industrial Internet (601138 CH/BUY/Rmb19.22/Target: Rmb25.30) 2Q25 guidance in line; GB200/GB300 smooth production ramp as the key driver for 2025-26. Maintain BUY. INDONESIA Strategy JCI rallies from global tailwinds Market rebound gains momentum amid global tailwinds and rate cut hopes. MALAYSIA Results Maxis (MAXIS MK/BUY/RM3.76/Target: RM4.20) 1Q25: Strong set of results; earnings d...
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
PLANB PLAN B MEDIA
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
MAXIS MAXIS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, May 14, 2025
GREATER CHINA Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00): 1Q25: Strong earnings beat; intact 2025 outlook; vague visibility on food delivery. JD Logistics, Inc (2618 HK/BUY/HK$12.24/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. Tencent Music Entertainment Group (1698 HK/BUY/HK$54.50/Target: HK$68.00): 1Q25: Solid earnings beat; encouraging margin outlook in 2025. INDONESIA Update Trimegah Bangun Persada (NCKL IJ/BUY/Rp670/Tar...
558 UMS HOLDINGS LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SE SEA ADS
MAXIS MAXIS BHD
SIE SIA ENGINEERING CO LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
FEH FOOD EMPIRE HOLDINGS LTD
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Chong Lee Len
Maxis (MAXIS MK) - Cost Discipline And Core Business Focus To Drive Ea...
Cost Discipline And Core Business Focus To Drive Earnings We expect Maxis to book a sequentially stronger 1Q25 core net profit of RM330m- 350m. Key drivers include: a) continuation of pre-to-postpaid customer migration, b) bundling of home fibre and other connectivity products to lower the churn rate, and c) stronger growth in the enterprise segment. Margins are expected to be partly dampened by a higher 5G access fee in 2025. Maxis trades at 9x 2025F EV/EBITDA and offers a 4.7% dividend yield. ...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Opportunities In A Ringgit Resurgence Environment
Opportunities In A Ringgit Resurgence Environment The sharp ringgit appreciation driven by de-dollarisation and thus a broader reallocation of capital toward emerging market currencies support our view of a moderate upside for Malaysian equities. Key beneficiaries include importers and companies with high US dollar debt, while exporters may face margin pressure. While historical parallel suggests temporary trading opportunities, we recommend a tactical trading stance, focusing on value-driven op...
OMH OM HOLDINGS
4197 SIME DARBY BHD.
7160 PENTAMASTER CORP. BHD
5347 TENAGA NASIONAL BHD
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
0097 VITROX
AXIATA AXIATA GROUP BERHAD
YNS YINSON HOLDINGS BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
TDC TIME DOTCOM BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
CAPITALA CAPITAL A BHD
GENTMK GENTING BERHAD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
NE NORTHEAST GROUP BHD (NE MK)
- Chong Lee Len
Axiata Group (AXIATA MK) - Assessing Potential Stake Sale Of Edotco
Assessing Potential Stake Sale Of Edotco There have been media reports of a potential stake sale of Axiata’s 63% equity stake in edotco. At 10-12x EV/EBITDA sale multiple, Axiata stands to benefit from an equity illumination of RM7b-9b. A stake sale is also deemed earnings accretive, and will lift our 2025 profit forecast by 8-18% as the notional interest savings are greater than the loss of a profit stream from edotco. Maintain BUY. Target price: RM2.50. The stock yields 4.8%. A key risk is wid...
- 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)
- Chong Lee Len
Telecommunications - A Defensive Bet; Rational Competition In The Near...
A Defensive Bet; Rational Competition In The Near Term In a risk-off environment, the sector has outperformed the FBMKLCI by 8% ytd. Our recent channel checks suggest competition is rational and telcos are likely to focus on profitability and cash flow. We expect an above-market dividend yield of 5% while sector earnings are expected to grow 4% and 6% in 2025 and 2026 respectively. Maintain MARKET WEIGHT as we watch for pockets of catalysts including monetisation of edotco by Axiata and CelcomDi...
- Chong Lee Len
Axiata Group (AXIATA MK) - Group PATAMI Under Pressure In The Near Ter...
Group PATAMI Under Pressure In The Near Term Before Synergies Materialise The merger between XL Axiata with Smartfren and Smart Telcom will be finalised on 16 April, after receiving shareholder approval. After the merger, Axiata will own 34.8% of the enlarged entity (XLSmart) and receive a cash equalisation of US$475m. Initial earnings dilution of close to 34% is expected given the deconsolidation of XL Axiata and Smartfren’s losses. We trim 2025-27 EPS by 14-29%. Maintain BUY with a lower targe...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, March 26, 2025
GREATER CHINA Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) 4Q24: Earnings up 73% yoy, beating our estimates on margins. Maintain BUY. Raise target price from HK$410.00 to HK$510.00. BYD Electronic (285 HK/BUY/HK$42.45/Target: HK$47.70) 2H24: Earnings miss on margins; future growth will be driven by automotive and AI. Maintain BUY. Kuaishou (1024 HK/BUY/HK$56.80/Target: HK$75.00) 4Q24: Results in line with...
LH LAND & HOUSES PUBLIC CO. LTD.
00823 LINK REAL ESTATE INVESTMENT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
3933 THE UNITED LABORATORIES INTE
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
TGIF 1933 INDUSTRIES
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
MCH MATRIX CONCEPTS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
- Vincent Khoo Boo Aik
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