reports
- Kong Ho Meng
Dialog Group (DLG MK) - 2QFY26: Progressing Downstream+Upstream Operat...
2QFY26: Progressing Downstream+Upstream Operations Highlights 1HFY26 core profit deemed above expectations. The positive deviation on downstream segment profit momentum appears more sustainable and stronger vs our expectation. Plant Services is now operating at full steam for three Petronas turnarounds, while melamine plant completion was also revealed. The upstream division continued to progress well in existing projects. The Baram Junior Cluster (BJC) will have its first wellhead platform (S...
- Chong Lee Len
CelcomDigi (CDB MK) - 2025: Results In Line; Synergistic Savings Into ...
2025: Results In Line; Synergistic Savings Into 2026 Highlights CelcomDigi reported 4Q25 net profit of RM350m for 4Q25. Stripping out accelerated depreciation and asset impairment, 4Q25 core net profit came in at RM400m (-1% yoy; flat qoq). This brings 2025 net profit to RM1,660m (-4% yoy), in line with house and street’s estimates. 2025’s total dividend of 14.7 sen/share reflects a 104% core earnings payout. We trim 2026-27 earnings forecasts marginally by 1-3% as we housekeep for elevate...
- Jack Lai Yuan Khai
Heineken Malaysia (HEIM MK) - 2025: Ending The Year Strong
2025: Ending The Year Strong Highlights 2025 results marginally beat our forecasts on stronger-than-expected year-end sales. Revenue remained flat yoy as impact from the declining sales was cushioned by the price hikes. We lift our 20 26/27 earnings forecasts by 2%/3% respectively, largely on housekeeping after the full-year results announcement. Maintain BUY with a higher target price of RM28.00 (previously RM27.00).
- Jack Lai Yuan Khai
Carlsberg Brewery Malaysia (CAB MK) - 2025: Marginally Above On Lower ...
2025: Marginally Above On Lower Marketing Spend Highlights 2025 results marginally beat our forecasts as margins widened on lower marketing spend Overall beer sales declined as consumer sentiment remained jittery in 2025. We lift our 2026/27 forecasts by +3%/2% respectively, largely on housekeeping after the announcement of its full-year results. Maintain BUY with a higher target price of RM22.50 (previously RM22.10).
- Jo Yee Ng
KIP REIT (KIP MK) - More Than Meets The Yield
More Than Meets The Yield Highlights The defensive REIT offers investors an attractive yield of 7.6% in FY26, with re-rating potential from its acquisition-led growth and improving liquidity. DPU has grown under the current CEO, and we forecast a 4% three-year CAGR in DPU during FY25-28F, underscoring management’s execution capability and focus on unitholder returns. Initiate coverage with BUY and a DDM-based target price of RM1.15.
- Malaysia Research Team
Malaysia Daily - Thursday, February 12, 2026
Top Stories Initiate Coverage | KIP REIT (KIP MK/BUY/RM0.94/Target: RM1.15) The defensive REIT offers investors an attractive yield of 7.6% in FY26, with re-rating potential from its acquisition-led growth and improving liquidity. DPU has grown under the current CEO, and we forecast a 4% three-year CAGR in DPU during FY25-28F, underscoring management’s execution capability and focus on unitholder returns. Initiate coverage with BUY and a DDM-based target price of RM1.15. Company Results | Carlsb...
- Kitpon Praipaisarnkit
- Kitpon Praipaisarnkit
- Julia Pan Mengyao
NetEase (9999 HK) - 4Q25: Earnings Miss On Low Game Season; AI To Empo...
NetEase’s 4Q25 earnings came in below expectations. Revenue grew 3% yoy to Rmb27.5b, 5% below consensus estimates. Gross profit increased 8.7% yoy to Rmb17.7b, with gross margin rising 3ppt yoy to 64.2%. Non-GAAP operating profit grew 5% yoy to Rmb9.2b. Non-GAAP net profit plunged 27% yoy to Rmb7.1b, missing consensus estimate. Net margin shrank 10ppt yoy to 26% in 4Q25. Maintain BUY with a lower target price of HK$250.00 (US$154.00).
- Tham Mun Hon
China Economics: Inflation -- PPI Deflation Eases, CPI Retreats On Sea...
January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI softness, while upstream price pres...
- Claire Wang Kelai
- Curtis Yeung
- Greater China Research Team
- Julia Pan Mengyao
- Tham Mun Hon
Greater China Daily: Thursday, February 12, 2026
Top Stories Economics | Inflation January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI s...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Claire Wang Kelai
- Jack Lai Yuan Khai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 12, 2026
Greater China Economics | Inflation January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI...
- Jonathan Koh
NTT DC REIT (NTTDCR SP) - 9MFY26: Leasing Momentum Generates Uptrend I...
NTTDCR signed 2,400kW of new leases across CA1 (1MW), CA3 (1MW) and SG1 (200kW) in 3QFY26. Portfolio occupancy would increase by 2.7ppt to 97.3% if we include these new leases committed in 3QFY26. Rental reversion rose to 9.2% in 9MFY26 (1HFY26: 5.1%). The new leasing incentive scheme funded by the sponsor started in Jan 26 and has already contributed to new leases signed at CA1 and CA3. Maintain BUY. Target price: US$1.42.
- Adrian Loh Tzum Yung
CapitaLand Investment (CLI SP) - Not Deal Junkies: CLI’s Recurring Inc...
The headline profit decline was driven by non-cash revaluation losses mainly centred on CLI’s China assets, thus masking a resilient operating performance. Fee-related businesses and private funds supported recurring income growth, while lodging expansion strengthened long-term visibility. Maintain BUY with an upgraded target price of S$4.05.
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Thursday, February 12, 2026
Top Stories Company Results | NTT DC REIT (NTTDCR SP/BUY/US$1.01/Target: US$1.42) NTTDCR signed 2,400kW of new leases across CA1 (1MW), CA3 (1MW) and SG1 (200kW) in 3QFY26. Portfolio occupancy would increase by 2.7ppt to 97.3% if we include these new leases committed in 3QFY26. Rental reversion rose to 9.2% in 9MFY26 (1HFY26: 5.1%). The new leasing incentive scheme funded by the sponsor started in Jan 26 and has already contributed to new leases signed at CA1 and CA3. Maintain BUY. Target pric...
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, February 11, 2026
Top Stories Sector Update | Property Singapore’s property sector has outperformed in the past six months. Ytd, 15 stocks have beaten the STI’s ytd return of 6.7%. A number of large caps have structurally rerated due to their respective value unlocking programmes. We analyse the next big value unlock potential with CLI’s rumoured merger with Mapletree. Our top picks in the sector are CLI, PROP and CDL. Maintain OVERWEIGHT. Market Spotlight • US stocks were mixed on Tuesday, with the Do...
- Jonathan Koh
Singapore Daily: Tuesday, February 10, 2026
Top Stories Company Results | DBS Group Holdings (DBS SP/BUY/S$58.19/Target: S$66.75) Wealth management and loans-related fees saw a significant sequential pullback of 19% and 25% qoq respectively due to seasonal weakness. Specific provisions for chunky Hong Kong real estate exposure were cushioned by a write-back in general provisions. NIM compression moderated by a smaller 3bp qoq in 4Q25 and exit NIM was stable at 1.92% in Jan 26. Management expects two Fed rate cuts in 2026 but sees firm...
- Jonathan Koh
Singapore Daily: Monday, February 09, 2026
Top Stories Company Results | CapitaLand Ascendas REIT (CLAR SP/BUY/S$2.80/Target: S$3.70) CLAR’s DPU dipped 2% yoy to 7.528 S cents in 2H25 due to the time lag for its acquisitions of 5 Science Park Drive and 9 Tai Seng Drive that were completed in Aug 25, two months after completing its equity fund-raising in Jun 25. Occupancy for the UK/Europe dipped 6.8ppt qoq to 92.0% due to logistics property Hawleys Lane at Northwest England being slated for redevelopment. Maintain BUY. Target price: ...
- Posmarito Pakpahan
Bank Tabungan Negara (BBTN IJ) - 4Q25: Strong Earnings, Upgrade To BUY
Company Results | Bank Tabungan Negara (BBTN IJ/BUY/Rp1,345/Target: Rp1,565) BBTN’s 4Q25 profits surged, with net profit doubling qoq to Rp1.2t, bringing full-year net profit to Rp3.5t, above expectations. This growth was driven by higher NIMs and improved funding costs, with monthly deposit CoF dropping to 2.9% in Dec 25. Loan growth hit 11.9%, supported by non-housing expansion. Asset quality remained solid (3.08% NPL) with a strong 20.9% CAR. With management targeting steady 2026 growth and h...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Thursday, February 12, 2026
Company Results | Bank Tabungan Negara (BBTN IJ/BUY/Rp1,345/Target: Rp1,565) BBTN’s 4Q25 profits surged, with net profit doubling qoq to Rp1.2t, bringing full-year net profit to Rp3.5t, above expectations. This growth was driven by higher NIMs and improved funding costs, with monthly deposit CoF dropping to 2.9% in Dec 25. Loan growth hit 11.9%, supported by non-housing expansion. Asset quality remained solid (3.08% NPL) with a strong 20.9% CAR. With management targeting steady 2026 growth and h...
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