reports
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Budget 2026: The People’s Budget
Budget 2026: The People’s Budget Highlights While the Fourth MADANI Budget, themed “The People’s Budget”, is broadly market-neutral as anticipated. Its expansionary stance anchored by tighter fiscal discipline provides a more resilient buffer against external uncertainties. Key highlights include marginally higher development expenditure, a stronger boost to high-value industries, continued cash assistance, Visit Malaysia Year 2026 handouts, higher sin taxes, the introduction of a carbon tax...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Budget 2026 Preview: Elevation, Empowerment And Reformation
Budget 2026 Preview: Elevation, Empowerment And Reformation Highlights As the first budget under the 13MP (to be tabled on 10 October), Budget 2026 is expected to be market-neutral but expansionary, and to anchor on two key pillars – empowering Malaysia’s economy and elevating the rakyat’s wellbeing through structural reforms. While indirect tax measures alongside a more targeted subsidy framework could be introduced/reiterated, its pro-growth, pro-FDI and pro-ESG orientation that drives a n...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - 2Q25 Results Wrap-up: A Steadier 2H25 Expected
2Q25 Results Wrap-up: A Steadier 2H25 Expected As feared, the 2Q25 results season remained underwhelming which we attribute to the US’ highly disruptive trade policies as well as soft domestic consumption. Accordingly, we trim our bottom-up 2025-26 forecasts by 2.8%/2.6% respectively. Nevertheless, with the worst of the US trade policy threats behind us (and factoring in hopes that the Trump administration’s trade policies could be at least partially reversed), we raise our end-25 FBMKLCI target...
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - 2Q25: Within Expectations; ...
2Q25: Within Expectations; Expect Stronger 2H With New Alumina Expansion 1H25 results came in within expectations with earnings mainly driven by higher all-in aluminium prices. We expect a stronger 2H25 with the additional 1m tonnes of alumina capacity from its associate. PMETAL remains committed to long-term vertical growth via: a) developing a new alumina refinery in Indonesia (KAN) to strengthen supply integration, and b) expanding VAP production to enhance margins and profitability. Maintain...
- 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
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Winners/Losers Of China’s Anti-Involution Policy
Winners/Losers Of China’s Anti-Involution Policy While still in early days, the recent momentum in China’s anti-involution policy/ movement to curb excessive domestic competition should create winners and losers among Bursa-listed companies. This policy, which should lead to more rational pricing within China’s ultra-competitive sectors, should benefit selected Malaysian companies which export to have associates or subsidiaries in China. Losers could include some China-dependent importers (eg so...
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - Ongoing Supply Constraints ...
Ongoing Supply Constraints And Falling Raw Material Costs To Fuel 2025 Growth While aluminium demand is likely to remain subdued in the near term, we foresee supply disruptions due to China’s production cap, the removal of VAT rebates and US tariffs. Key growth drivers for PMETAL in 2025 include: a) the commencement of new alumina refineries in Indonesia (Nanshan Aluminium), b) lower alumina input costs, c) the expansion of VAP volume, and d) the ongoing supply constraints in aluminium productio...
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - 1Q25: Within Expectations; ...
1Q25: Within Expectations; Expect Stronger 2H With New Alumina Expansion While 1Q25 earnings accounted for 23% of our full-year estimates, we expect a stronger 2H25 with the additional 1m tonnes of alumina capacity from its associate. PMETAL remains committed to long-term vertical growth via: a) developing a new alumina refinery in Indonesia (PT KAN) to strengthen supply integration; b) the listing of Nanshan to secure funding for further capacity expansion; and c) expanding VAP production to en...
- Bella Lu Yifei
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, May 23, 2025
GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
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
2338 WEICHAI POWER CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
SWB SUNWAY BHD
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)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- 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)
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - Vertical Expansion And Fall...
Vertical Expansion And Falling Raw Material Costs Set to Fuel 2025 Growth We expect PMETAL’s growth to resume in 2025, driven by: a) the development of a new alumina refinery in Indonesia to strengthen supply integration; b) lower alumina input costs in 2025; and c) expanding VAP production to improve margins and profitability. While Trump's reciprocal tariffs may reduce downstream aluminium demand, supply constraints from China are expected to mitigate this impact. Maintain BUY with a revised t...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Steering Through The Shifts Of A New Global Order
Steering Through The Shifts Of A New Global Order Contrary to the earlier rhetoric hinting at milder blanket tariffs, the actual measures were considerably harsher, particularly to countries with significant trade surpluses. However, the exclusion of the semiconductor and pharmaceutical sectors was a welcome surprise. While this removes an initial overhang, equity risk premium is likely to stay elevated on potential tit-for-tat responses among major economies. Our picks adopt a barbell approach,...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Infusing Some Of China’s Bull Run
Infusing Some Of China’s Bull Run Malaysian beneficiaries of China’s economic recovery may gain the spotlight, ahead of the anticipated China fiscal stimulus programmes and China president Xi Jinping’s planned visit to Malaysia. Key Bursa-listed companies include companies with China operations (Hong Leong Bank), industrial metal exporters (Press Metal), blockchain platform creator MYEG, and tourism plays (Alpha IVF, Genting Malaysia, Pavilion REIT).
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy: Bloodbath Deepens As Slowdown Fears Intensify; Stay Defensiv...
Strategy: Bloodbath Deepens As Slowdown Fears Intensify; Stay Defensive Defensive Play In Focus For Malaysian Investors Overnight, US stock markets suffered a brutal selloff, with major indices plunging deep into the red. The Dow Jones Industrial Average tumbled 2.08%, while the S&P 500 slid 2.69%. The Nasdaq Composite took the hardest hit, sinking 4.0%, as rate-sensitive technology stocks bore the brunt of the selloff.
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
ECW ECO WORLD DEVELOPMENT GROUP
RGB RGB INTERNATIONAL BHD
MRDIY MR DIY GROUP M BHD
0303 ALPHA IVF GROUP
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 4Q24 Results Wrap-up: An Abysmal Quarter We cut our 2024-25...
4Q24 Results Wrap-up: An Abysmal Quarter We cut our 2024-25 forecasts by 1.3%/2.0% respectively as the 4Q24 results season endured a perfect storm of many non-systemic company-specific issues, resulting in 28% of our universe coverage delivering disappointing results or/and outlook. Although we remain bullish for meaningful recoveries from 2Q25 onwards from the current overly pessimistic risk aversion and in anticipation of easing external headwinds, and retain our valuation methodology, we cut ...
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - 2024: Above Expectations; S...
2024: Above Expectations; Strong Associate Contribution And MJP Premium 2024 results came in above expectations, mainly due to stronger-than-expected profitability from Bintan and higher MJP premium. PMETAL remains committed to longterm vertical growth. Key initiatives include: a) developing a new alumina refinery in Indonesia to strengthen supply integration; b) listing Bintan to secure funding for further capacity expansion; and c) expanding VAP production to enhance margins and profitability....
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