reports
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Strategy For ‘Trump-dora’s’ Box (Prolonged Iran Conflict)
Strategy For ‘Trump-dora’s’ Box (Prolonged Iran Conflict) Highlights While there is fresh optimism of the US’ touted 15-point plan to close the global economic Pandora’s box that was pried open by US-Israel attack on Iran, we provide a current damage report and explore a protracted conflict scenario. Malaysia remains a net exporter of oil & gas (O&G), but there are wide concerns that the government deficit will significantly widen under the scenario of the Brent crude oil price sustaining we...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - Digging Into A More Defensive Mode
Digging Into A More Defensive Mode Highlights The past week’s events require reassessment of the financial impact of the US-Israel vs Iran conflict. With Iran’s organised and persistent military response that has targeted/crippled the regional logistics/production of crude oil, the situation could morph into a war of attrition and further elevate Brent crude oil prices by more than 20% to over US$88/bbl. Such a scenario raises the probabilities of Brent crude oil prices rising to US$100/bbl, s...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 4Q25 Results Wrap-Up: Improving Breadth And Earnings Visibi...
4Q25 Results Wrap-Up: Improving Breadth And Earnings Visibility Lay Foundation For A Firmer 2026 Highlights The substantial improvements in market earnings breadth in the 4Q25 results season reinforces our view of improving corporate earnings momentum in 2026. Large-cap domestic proxies which topped expectations were amply rewarded, notably Sunway Construction, Sunway Bhd, Sime Darby, KPJ Healthcare and Tenaga Nasional. Strategy: Selective, favouring liquid large-cap proxies. Against a flu...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kai Jie Tang
- Kong Ho Meng
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 3, 2026
Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
5681 PETRONAS DAGANGAN BHD.
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
558 UMS HOLDINGS LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
5243 VELESTO ENERGY
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SATS SP SATS LTD.
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
KPJ KPJ HEALTHCARE BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
DLG DIALOG GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
DLUM DELEUM BERHAD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - US-Israel-Iran Escalation: Volatility Spike, But Limited St...
US-Israel-Iran Escalation: Volatility Spike, But Limited Structural Fallout For Malaysia Highlights Over the past few days, tensions between the US, Israel and Iran have escalated sharply following a coordinated USIsrael military campaign targeting Iranian military and nuclear-linked facilities. Multiple strategic sites were reportedly struck, marking one of the most direct confrontations among the parties in recent years. Iran’s leadership has since vowed retaliation, heightening fears of a b...
- 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...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ERW ERAWAN GROUP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AWX AEM HOLDINGS
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
AP AP THAILAND
AXIATA AXIATA GROUP BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
WHA TB WHA CORP PCL
06160 BEIGENE LTD.
09888 BAIDU INC
STM SEATRIUM LTD
MAYBANK MALAYAN BANKING BHD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - 4Q25: Within Expectations; ...
4Q25: Within Expectations; Price Momentum Supported by Tight Supply And Macro Tailwinds Highlights PMETAL’s results are within expectations, backed by strong aluminium prices with relatively low alumina cost. We expect a sequentially stronger 1Q26, driven by further strengthening in aluminium prices alongside lower alumina costs. We foresee aluminium prices continuing to trend higher, supported by ongoing supply tightness and a favourable monetary policy environment. We upgrade our 2026/...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - US Tariff Shock: Rotation Opportunities Amid US Trade Uncer...
US Tariff Shock: Rotation Opportunities Amid US Trade Uncertainty Highlights Late Friday (US time), the US Supreme Court struck down President Donald Trump’s sweeping global tariff regime, dealing a major blow to Trump’s signature trade policy and marking his most significant legal setback since returning to the White House. In a 6-3 ruling, the court held that President Trump overstepped his authority by invoking federal emergency-powers legislation to impose broad “reciprocal” tariffs and ...
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 1H26 Strategy: Fired Up For A Risk-On Re-Acceleration
1H26 Strategy: Fired Up For A Risk-On Re-Acceleration Highlights We expect Malaysian equities to fire up for outperformance in 2026 after a muted and defensive-driven 2025, fuelled primarily by a confluence of pre- GE domestic liquidity, the ringgit’s appreciation, and corporate earnings growth recovery. Externally, easing geopolitical tensions and accommodative monetary policy backdrop should keep risk-asset sentiment buoyant while domestically, a firmer ringgit, and follow-through buying o...
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Malaysia Research Team
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 07, 2026
Greater China Company Update | Baidu (9888 HK/BUY/HK$146.60/Target: HK$166.00) We are optimistic on Baidu as the Kunlunxin spin-off could help unlock financial value for Baidu and strengthen its AI ecosystem. Baidu announced that on 1 Jan 26, Kunlunxin applied for a listing on the HK Stock Exchange. Following the spin-off, Kunlunxin will remain a consolidated subsidiary, with Baidu retaining a controlling 59% stake. Maintain BUY with a higher target price of HK$166.00 (US$185.00). Company ...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
IGBREIT IGB REAL ESTATE INVESTMENT T
SWB SUNWAY BHD
SREIT SUNWAY REAL ESTATE INVESTMEN
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
09888 BAIDU INC
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
CMMT CAPITALAND MALAYSIA TRUST
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 1H26 Strategy: Fired Up For Outperformance
1H26 Strategy: Fired Up For Outperformance Highlights Malaysian equities are fired up for outperformance in 2026, fuelled primarily by pre-GE domestic liquidity, the ringgit’s appreciation, and a corporate earnings growth recovery. Externally, we foresee cooling tensions over global trade and geopolitics (amid a doveish US monetary policy). We introduce our end-26 FBMKLCI target of 1,760. The index could potentially peak at the 1,800 level before the market turns risk-off towards year-end,...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Malaysia Research Team
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, December 05, 2025
Greater China Sector Update | Automobile We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGH...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
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
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
BRC BRC ASIA LTD
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
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
KETR IJ KETROSDEN TRIASMITRA (KETR IJ)
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 3Q25 Results Wrap-up: Improvement In Market Breadth And Out...
3Q25 Results Wrap-up: Improvement In Market Breadth And Outlook Highlights The substantial improvements in market earnings breadth in the 3Q25 results season reinforce our view of improving corporate earnings momentum in 2026. Companies which topped dividend expectations were amply rewarded, eg TIME.com and CIMB. Strategy: Remain risk-on. Year-end window dressing could modestly propel the FBMKLCI to exceed our end-25 FBMKLCI target of 1,640. Top picks: Fraser & Neave Holdings, Hong Leong...
- Audrey Celia
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, December 02, 2025
Greater China Sector Update | China Property Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance. Sector Update | Macau Gaming Macau’s Nov 25 GGR reached MOP 21.1b, down 12% mom but up 14% yoy, and recovering to 92% o...
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
GFPT GFPT
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
599A SANDS CHINA LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KPJ KPJ HEALTHCARE BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
PEP PPB GROUP BERHAD
BAUTO BERMAZ AUTO BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
SWB SUNWAY BHD
1368 XTEP INTERNATIONAL HOLDINGS
SCGP SCG PACKAGING PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
PEKAT PEKAT GROUP BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
ASL SP ASL MARINE (ASL SP)
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - 3Q25: Within Expectations; ...
3Q25: Within Expectations; Strong 4Q25 Anticipated Highlights Press Metal’s results are within expectations, backed by strong aluminium prices with relatively low alumina cost. We expect a sequentially stronger 4Q25, driven by further strengthening in aluminium prices following the Fed’s rate cut in Sep 25, alongside lower alumina costs. We foresee aluminium prices continuing to trend higher, supported by ongoing supply tightness and a favourable monetary policy environment. We upgrade o...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 21, 2025
Greater China Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Re...
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
2633 JACOBSON PHARMA CORP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
PTTOR PTT OIL AND RETAIL
02161 JBM (HEALTHCARE) LTD
- 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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.