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Chong Lee Len
  • Chong Lee Len

Telecommunications - MOF Inc Fully Exits DNB; Cut Telco Earnings To Re...

MOF Inc Fully Exits DNB; Cut Telco Earnings To Reflect Nearterm DNB Losses Highlights  CelcomDigi and Maxis have each paid RM327.9m to purchase a third of MOF Inc’s shares in DNB and take over its loan. YTL is assumed to have finalised the purchase of the option as well.  We expect DNB to operate at a loss up to 2028, which should progressively narrow due to the deep cost-cutting measures implemented. We assume losses of RM604m (2026) and RM431m (2027), and cut our net profit forecasts for Cel...

Chong Lee Len
  • Chong Lee Len

Telecommunications - 2025: In Line; 5G Remains An Overhang On The Indu...

2025: In Line; 5G Remains An Overhang On The Industry Highlights  2025 sector earnings came in broadly in line, declining 3% yoy due to Axiata’s underperformance. TIME, TM and Maxis delivered double-digit earnings growth supporting their healthy dividend payout.  2025 was characterised by: a) persistent postpaid revenue growth from preto- postpaid migration; b) moderating prepaid churn, supported by ARPU uplift (+4% yoy); c) robust demand for fibre; and d) cost discipline.  Maintain MARKET WE...

Andrew Agita Buntoro ... (+19)
  • Andrew Agita Buntoro
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Claire Wang Kelai
  • Gigi Cheuk
  • Joyce Chu
  • Julia Pan Mengyao
  • Kate Luang
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Singapore Research Team
  • Sunny Chen
  • Suryaputra Wijaksana
  • Tanapon Cholkadidamrongkul
  • Thailand Research Team
  • Tham Mun Hon
  • Willinoy Sitorus

Regional Morning Meeting Notes: Friday, March 06, 2026

Greater China Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and ...

300014 EVE ENERGY CO. LTD. CLASS A
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
01050 KARRIE INTERNATIONAL HOLDINGS (P CHIP)
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
HANA HANA MICROELECTRONICS PCL
GLOBAL SIAM GLOBAL HOUSE PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
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
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
TENAGA TENAGA NASIONAL BHD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
T TELEKOM MALAYSIA BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
HCM HUTCHISON CHINA MEDITECH LIMITED
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
TDC TIME DOTCOM BHD
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
STM SEATRIUM LTD
EPIC 1CM INC
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
IRSX FOLAGO GLOBAL NUSANTARA
Adrian Loh Tzum Yung ... (+26)
  • Adrian Loh Tzum Yung
  • Arsit Pamaranont
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Damon Shen
  • Desmond Chong Chee Wai
  • Gigi Cheuk
  • Greater China Research Team
  • Jieqi Liu
  • John Cheong Ming Chern
  • Jonathan Koh
  • Joyce Chu
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Kate Luang
  • Keith Wee Teck Keong
  • Ken Lee
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Wei Xiang Ku

Regional Morning Meeting Notes: Friday, February 27, 2026

Greater China Sector Update | Automobile China's humanoid robotics sector is accelerating, with 2025 global shipments up 508%. Key players anticipate significant revenue contributions by 2031: CATL expects 3-7% from batteries; Minth and LeaderDrive project 5-12% and 45-65% respectively; Tuopu forecasts 15-25% from motion systems; and RoboSense targets 40-60% from LiDAR. We maintain a MARKET WEIGHT rating on the sector. Top BUY recommendations include CATL, Ganfeng Lithium, Minth (target price ra...

Chong Lee Len
  • Chong Lee Len

Axiata Group (AXIATA MK) - 4Q25: Below Expectations; Main Drag From In...

4Q25: Below Expectations; Main Drag From Indonesia Highlights  Axiata reported a 4Q25 net profit on continued operations of RM106m – a weak set of numbers due to XLSmart integration costs and LinkNet losses. 2025 net profit of RM365m on continued operations was below expectations.  Associate dividends to the group amounted to RM1.7b, supporting dividends. Axiata’s balance sheet health continued to improve with net debt/EBITDA falling to 2.46x in 4Q25 (3Q25: 2.61x). The group declared a 5 sen i...

Chong Lee Len
  • Chong Lee Len

Maxis (MAXIS MK) - 4Q25: In Line; Robust Earnings Driven By Cost Disci...

4Q25: In Line; Robust Earnings Driven By Cost Discipline Highlights  Maxis recorded robust 4Q25 results, with core net profit of RM380m (+18% yoy; -8% qoq), underpinned by cost discipline, operational efficiencies and higher service and enterprise revenue base. This brings 2025 net profit to RM1,561m (+12% yoy), in line with expectations.  The group declared a final interim DPS of 4 sen/share, and a special 1.5 sen/share DPS for 4Q25. This brings full-year 2025 net DPS to 17.5 sen/share (2024:...

Adrian Loh Tzum Yung ... (+16)
  • Adrian Loh Tzum Yung
  • Alden Gabriel Lam
  • Amerul Iqmal
  • Arsit Pamaranont
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Johnny Yum Chung Man
  • Ken Lee
  • Shirley Wang Xueyi
  • Singapore Research Team
  • Stella Guo Yuting
  • Sunny Chen
  • Tanaporn Visaruthaphong
  • Willinoy Sitorus

Regional Morning Meeting Notes: Friday, February 13, 2026

Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...

Chong Lee Len ... (+2)
  • Chong Lee Len
  • HIFZHAN RAZIQ BIN HARIS FADZLAN

Axiata Group (AXIATA MK) - Portfolio Optimisation To Unlock Growth And...

Portfolio Optimisation To Unlock Growth And Value Creation Highlights  The edotco monetisation can happen in 2026, while Linknet may take a longer time to find a suitable investor. Valuation of the edotco - if it is sold - will not be on a fire-sale basis, and we expect a valuation of 10-12x EV/EBITDA.  Axiata Group’s (Axiata) 2026-28 Investor Day highlighted that management will focus on the following three key areas: a) growing annual dividends by at or over 10% yoy; b) maintaining net debt/...

Andrew Agita Buntoro ... (+14)
  • Andrew Agita Buntoro
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Damon Shen
  • HIFZHAN RAZIQ BIN HARIS FADZLAN
  • Jack Lai Yuan Khai
  • Jieqi Liu
  • Jonathan Koh
  • Kasemsun Koonnara
  • Posmarito Pakpahan
  • Suryaputra Wijaksana
  • Tanapon Cholkadidamrongkul
  • Tanaporn Visaruthaphong
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, February 10, 2026

Greater China Sector Update | China Property Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacte...

Chong Lee Len
  • 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 ... (+8)
  • 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,...

Chong Lee Len
  • 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
  • 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 ... (+15)
  • 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
  • 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 ... (+11)
  • 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
  • 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 ... (+11)
  • 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....

Malaysia Research Team
  • 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 ... (+10)
  • 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...

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