reports
- 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 FY26F, 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.
- Thanawat Thangchadakorn
Bangkok Commercial Asset Management (BAM TB) - 4Q25 Results Preview: ...
Company Update | Bangkok Commercial Asset Management (BAM TB/BUY/Bt7.60/Target: Bt9.00) We expect BAM to report a 4Q25 net profit of Bt275m, down 47% yoy but up 50% qoq. We forecast total debt collection in 2025 to be Bt17.8b, hitting the company’s debt collection target. However, we are concerned about the continued high level of ECL in 4Q25. The CEO expects 1-2 new JV AMCs to be established in 1Q26. Maintain BUY with an unchanged target price of Bt9.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 2026 Earnings Driven By Low...
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt129.50/Target: Bt150.00) The energy market remains under pressure in 2026 on oversupply in both crude oil and LNG. However, geopolitical risks remain a key factor in limiting the downside of crude oil prices. We are positive on the earnings outlook for 1Q26 and full-year 2026, supported by record-high sales volumes and declining unit costs. PTTEP announced a 2H25 dividend of Bt4.65/share. Maintain BUY with a higher target price of B...
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Subtle Earnings Growth Expected In 4...
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.40/Target: Bt14.00) BCH is expected to post earnings of Bt241m in 4Q25, with net profit rising slightly yoy but declining qoq due to weaker foreign patient revenue and margin pressure. Thai patient revenue benefitted from disease outbreaks, while Cambodian revenue remained weak but should begin recovering from 1Q26 through patient referrals to Kasemrad Vientiane. Longer-term upside includes higher SSO wage ceilings and potential fee increa...
- Tanapon Cholkadidamrongkul
Siam Global House (GLOBAL TB) - 4Q25: Results In Line; No Upside On Sh...
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.80/Target: Bt8.00) Results were down 18% yoy, in line with expectations, mainly due to negative SSSG and higher SG&A. The share price went up sharply, rising 25% over the past 30 days, outperforming retail peers and reaching our target price. Hence, we downgrade to HOLD with an unchanged target price of Bt8.00
- Benjaphol Suthwanish
PTT Oil and Retail (OR TB) - 4Q25: Net Profit In Line With Our Expecta...
Company Results | PTT Oil and Retail (OR TB/HOLD/Bt13.90/Target: Bt14.50) OR reported a 4Q25 net profit of Bt2.1b, down both qoq and yoy, in line with our expectations but 33% above consensus forecasts. The mobility business remained seasonally strong, with higher sales volumes, while the marketing margin in 4Q25 was flat qoq. Although we expect core profit to recover qoq in 1Q26, we are still cautious about rising impairment risks, particularly those related to assets in Cambodia. Maintain HOLD...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily: Wednesday, February 11, 2026
Top Stories Company Results | PTT Oil and Retail (OR TB/HOLD/Bt13.90/Target: Bt14.50) OR reported a 4Q25 net profit of Bt2.1b, down both qoq and yoy, in line with our expectations but 33% above consensus forecasts. The mobility business remained seasonally strong, with higher sales volumes, while the marketing margin in 4Q25 was flat qoq. Although we expect core profit to recover qoq in 1Q26, we are still cautious about rising impairment risks, particularly those related to assets in Cambodia....
- Wei Xiang Ku
Hume Cement Industries (HUME MK) - 2QFY26: Above Expectations; Strong ...
2QFY26: Above Expectations; Strong Logistics Execution Highlights 2QFY26 results came in above expectations with core net profit of RM63.8m (+4% qoq; +32% yoy) due to better-than-expected logistics management despite disruptions from the enforcement of the national transport policy. Following the disposal of its non-core concrete business, we expect further capital management upside, with improved dividend payouts in subsequent quarters. We upgrade our FY26-27 earnings forecasts by 4-5% to...
- Jack Goh Tooan Orng
Hartalega Holdings (HART MK) - 3QFY26: Stabilising Outlook, But Lack O...
3QFY26: Stabilising Outlook, But Lack Of Re-rating Catalysts Highlights Hartalega’s 3QFY26 earnings improved on a gradual volume sales growth and lower costs, but top-line remains under pressure from the weakening MYR/USD rate and oversupply dynamics. Internal cost optimisation remains as the group’s core focus, with further headcount reduction and efficiency enhancement within production lines. Intensifying China competition and oversupply dynamics continue to impact earnings. Maintain HO...
- Greater China Research Team
- Tham Mun Hon
AIA Group (1299 HK): Eyeing Solid 2025 Results.
Despite some pullback in Hong Kong and Thailand, we still expect AIA to deliver a 16% VONB growth in 4Q25, bringing full-year VONB growth to 19%. EV per share is projected to grow 13%, thanks to a solid VONB contribution and favourable macro tailwinds. We also foresee OPAT per share rising 12% yoy, on track to achieve management’s growth target. Maintain BUY with a higher target price of HK$109.00 following the positive revision of our VONB and EV forecasts.
- Amerul Iqmal
- Lester Siew
Plantation - Inventory Beginning To Ease From Record High
Inventory Beginning To Ease From Record High Highlights MPOB’s Jan 26 data revealed that palm oil inventory declined to 2.82m tonnes, driven by lower production and stronger exports. Maintain MARKET WEIGHT on the sector as downside risks to current CPO prices of ~RM4,100/tonne appear limited amid expectations of declining inventory, although upside remains capped by the lack of demand catalysts. Top picks: Hap Seng Plantations (BUY/Target: RM2.45) and Kuala Lumpur Kepong (BUY/Target: RM22....
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
China Metals and Mining: China Carbon Market Moves Into Industrial Com...
China’s ETS expansion brings copper smelting into the carbon regulatory pipeline, with newly-covered sectors currently in the MRV stage and facing no immediate compliance or quota costs. Over time, benchmark efficiency standards and tighter approval conditions should restrain refining capacity growth. This shifts industry adjustment away from volatile TC/RC cycles toward stronger copper prices, improving earnings leverage for major miners while stabilising utilisation and margins for leading sme...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small/Mid Cap Monthly: 2025 Results Preview
We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4% dividend yield), potential for higher dividends and long-term wallet...
- Malaysia Research Team
Malaysia Daily - Wednesday, February 11, 2026
Top Stories Sector Update | Plantation MPOB’s Jan 26 data show inventory beginning to moderate from record highs, as monthly production declined while exports came in stronger mom. Maintain MARKET WEIGHT on the sector. Company Results | Hartalega Holdings (HART MK/HOLD/RM0.92/Target: RM0.92) Despite Hartalega’s focus on internal cost optimisation resulting in earnings improving qoq in 3QFY26, the current challenging industry outlook continues to pressure sales demand. Earnings will likely remain...
- Claire Wang Kelai
- Curtis Yeung
- Gigi Cheuk
- Greater China Research Team
- Joyce Chu
- Kate Luang
- Tham Mun Hon
Greater China Daily: Wednesday, February 11, 2026
Top Stories Strategy | Small/Mid Cap Monthly ‒ 2025 Results Preview We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4%...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Gigi Cheuk
- Greater China Research Team
- Jack Goh Tooan Orng
- Joyce Chu
- Kate Luang
- Lester Siew
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, February 11, 2026
Greater China Strategy | Small/Mid Cap Monthly ‒ 2025 Results Preview We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4...
- Adrian Loh Tzum Yung
Property - A Rising Tide To Continue To Float The Property Boat
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.
- Alden Gabriel Lam
- Benyamin Mikael
Surya Semesta Internusa (SSIA IJ) - Reopening The Growth Cycle
Small/Mid Cap Highlights | Surya Semesta Internusa (SSIA IJ/NOT RATED/Rp1,420) SSIA’s outlook remains supported by deferred SCS land sales shifting into 2026, strong Subang Smartpolitan demand led by EV and tech tenants, and toll-road development improving access to Patimban Port. Melia Bali’s reopening should drive a hospitality recovery. Trading at 1.1x 2026F P/B (+0.4SD), valuation remains at a premium, reflecting multi-year earnings visibility and asset-driven growth prospects. Highlights •...
- Alden Gabriel Lam
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Wednesday, February 11, 2026
Small/Mid Cap Highlights | Surya Semesta Internusa (SSIA IJ/NOT RATED/Rp1,420) SSIA’s outlook remains supported by deferred SCS land sales shifting into 2026, strong Subang Smartpolitan demand led by EV and tech tenants, and toll-road development improving access to Patimban Port. Melia Bali’s reopening should drive a hospitality recovery. Trading at 1.1x 2026F P/B (+0.4SD), valuation remains at a premium, reflecting multi-year earnings visibility and asset-driven growth prospects. Technical An...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Tuesday, February 10, 2026
Key Calls 2025 Results Preview We expect names we cover to report resilient earnings growth in 2025 in late- February and March amid moderating macro headwinds. Investors’ focus would be companies’ 2026 guidance and their long-term outlook. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025, backed by robust balance sheets and solid results: a) Crystal International (2232 HK): We forecast a 65% payout ratio in 2025 (vs 70% in 2024, incl...
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