reports
- 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
- Chong Lee Len
Telecommunications - 2024: Earnings Within Expectations; Higher-than-e...
2024: Earnings Within Expectations; Higher-than-expected Dividends 2024 earnings rose 9% yoy on Axiata’s better-than-expected earnings. In addition, TIME continued to deliver a high single-digit earnings growth and special dividend. Amid balance sheet optimisation and robust cash flow, TIME, TM and Maxis declared higher dividends in 2024. Key events in 1H25 include the rollout of the 5G network by U Mobile and resolution of DNB’s shareholding. Maintain MARKET WEIGHT. Our top picks are Axiata, Ce...
- Chong Lee Len
- Claire Wang Kelai
- Llelleythan Tan Tan
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, March 10, 2025
GREATER CHINA Economics Inflation Deflationary pressures intensify as CPI turns negative. Trade A weaker start for 2025. INDONESIA Small/Mid Cap Highlights WIR Asia (WIRG IJ/NOT RATED/Rp116) Digital reality tech company with AI features; 9M24 NPAT up 18% yoy. MALAYSIA Sector T...
AMATA AMATA CORP
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
T TELEKOM MALAYSIA BHD
MTC MUANGTHAI CAPITAL PCL
SPOST SINGAPORE POST LTD
TDC TIME DOTCOM BHD
TIDLOR NGERN TID LOR PCL
688536 3PEAK INCORPORATED
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
WIRG IJ WIR ASIA
- Chong Lee Len
Axiata Group (AXIATA MK) - 4Q24: Above Expectations; Focuses On Balanc...
4Q24: Above Expectations; Focuses On Balance Sheet Discipline 4Q24 core net profit fell to RM169m (-12% yoy; -26% qoq) on the back of widened LinkNet losses and lower edotco contribution. XL Axiata, Robi and Dialog continued to drive the performance of the group. 2024 core net profit of RM852m is above our expectation on better-than-expected cost discipline among the opcos. Axiata declared second interim net DPS of 5 sen, bringing full-year DPS to 10 sen (4.8% dividend yield). Maintain BUY with ...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, February 27, 2025
GREATER CHINA Economics Hong Kong Budget 2025-26 The budget balances fiscal discipline with strategic growth initiatives. Results ASMPT (522 HK/BUY/HK$64.05/Target: HK$80.00) 4Q24: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. Budweiser APAC (1876 HK/BUY/HK$8.66/Target: HK$13.30) 4Q24: Results miss slightly; CEO change and increased shareho...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
- Chong Lee Len
Maxis (MAXIS MK) - 4Q24: Results In Line With Expectations, Dividend H...
4Q24: Results In Line With Expectations, Dividend Higher Than Expected Maxis reported a 4Q24 net profit of RM321m (-11% yoy; -12% qoq). This brings 2024 net profit to RM1,396m, a healthy growth of 3% yoy on the back of strong postpaid and enterprise performance and good cost control. The results are in line with house and street estimates. Positively, its good cashflow management has prompted Maxis to declare a 5 sen final DPS, which brings total DPS for 2024 to 17.0sen (2023: 16 sen). Maintain ...
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Singapore Research Team
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, February 19, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$90.20/Target: HK$93.00): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025. Hysan Development (14 HK/BUY/HK$12.58/Target: HK$14.19): 2024: Positive growth in rental income supported stable DPS. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,440): Expect continuation of all-time high marketing sales in 2025 (+10% yoy). MALAYSIA Results Hartalega Holdings (HART MK/BUY/RM2.61/Target: RM3.14): 3QFY25:...
- Chong Lee Len
Axiata Group (AXIATA MK) - Near-term Focus On Sustainable Cashflow And...
Near-term Focus On Sustainable Cashflow And Balance Sheet Axiata recently hosted its investor day. The three key focus areas are: a) higher dividends – 4% dividend yield currently; b) high single digit returns to shareholders; and c) net debt/EBITDA of 2.5x by 2026. We project three-year earnings CAGR of 13%, driven by market repair in opcos and interest savings (from debt repayment). Key risks include Link Net home pass expansion and merger costs for the XL-Smarfren merger. Maintain BUY. Target...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, January 17, 2025
GREATER CHINA Sector Automobile Weekly: PV sales down 10% yoy but up 8.5% wow; EVs gain on subsidy rollout. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Healthcare The challenging but rewarding journey of globalisation amid rising geopolitical risks. Internet ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
UNTR PT UNITED TRACTORS TBK
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TOP THAI OIL PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
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
AXIATA AXIATA GROUP BERHAD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
WPRTS WESTPORTS HOLDINGS BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09999 NETEASE INC
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Thailand Research Team
Regional Morning Meeting Notes: Friday, January 03, 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024 Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Update VS Industry (VSI MK/BUY/RM1.16/Target: RM1.50) Despite a 17% recovery in its share price since its low in m...
TFG THAIFOODS GROUP
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ISAT INDOSAT
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
MINT-R MINOR INTERNATIONAL PCL NVDR
AXIATA AXIATA GROUP BERHAD
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
TIDLOR NGERN TID LOR PCL
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Chong Lee Len
Axiata Group (AXIATA MK) - Merger Of XL Axiata And Smartfren In Indone...
Merger Of XL Axiata And Smartfren In Indonesia Axiata proposed to merge XL Axiata and Smartfren in Indonesia into an entity with an enterprise value of US$6.5b (4.6x EV/EBITDA). After the merger, Axiata will own 34.8% of the enlarged entity and receive cash of US$475m to equalise its shareholding with that of Sinar Mas (shareholder of Smartfren). There is minimal earnings impact as earnings dilution will be offset by cash inflow. In the long run, the mergeco is expected to realise US$300m-400m i...
- Chong Lee Len
- Jo Yee Ng
Telecommunications - 9M24: In Line; Rollout Of A Second 5G Network In ...
9M24: In Line; Rollout Of A Second 5G Network In 2025 9M24 results came in broadly within expectations, with sector earnings growing 4% yoy, driven by: a) 2% yoy service revenue growth, with Maxis achieving 4% yoy growth; b) strong underlying demand for home broadband; and c) good cost discipline. Key events to look out for in 1H25 include: a) fixed line competition; b) U Mobile potential 5G consortium; c) government’s exit from DNB, and d) CelcomDigi’s synergistic savings in 2025. Maintain MARK...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Singapore Research Team
- Stevanus Juanda
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Tuesday, December 10, 2024
GREATER CHINA Economics Inflation: PPI deflation moderates; weaker-than-expected CPI inflation. Sector Property: Latest Politburo meeting vows stronger fiscal and monetary stimulus as well as unconventional counter-cyclical adjustments for 2025. INDONESIA Strategy Key Takeaways From Regional Strategy Conference: Our top picks are ASII, BMRI, BBNI, BBTN, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. MALAYSIA Sector Telecommunications: 9M24 earnings grew 4...
- Chong Lee Len
Axiata Group (AXIATA MK/) - 3Q24: In Line; Near Term Focus On Cost And...
3Q24: In Line; Near Term Focus On Cost And Balance Sheet Discipline A strong 3Q as revenue decline was mitigated by cost savings. Axiata reported 3Q24 core net profit of RM228m (+32% qoq; +201% yoy). The 3Q24 core net profit excludes a one-off forex gain of RM433m and EMTN redemption gain of RM306m. The sequential growth in earnings was primarily due to lower finance costs (with the partial early redemption of Euro Medium Term Note at Holdco level) and good cost control despite a revenue decline...
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