reports
- Thanawat Thangchadakorn
Finance: 1Q26 Results Preview: Credit Costs Are Expected To Decrease q...
Sector Update | Finance We expect the finance sector's 1Q26 net profit to increase 12% yoy and 4% qoq. Credit costs are expected to decrease qoq in 1Q26 due to a high base in 4Q25. We found that when oil prices have jumped in the past, the finance sector's NPL ratio increased with some magnitude but not significantly. Finance companies indicated that they are maintaining good asset quality. Maintain OVERWEIGHT on the sector. Our top picks are MTC and KTC.
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 03, 2026
Top Stories Sector Update | Finance We expect the finance sector's 1Q26 net profit to increase 12% yoy and 4% qoq. Credit costs are expected to decrease qoq in 1Q26 due to a high base in 4Q25. We found that when oil prices have jumped in the past, the finance sector's NPL ratio increased with some magnitude but not significantly. Finance companies indicated that they are maintaining good asset quality. Maintain OVERWEIGHT on the sector. Our top picks are MTC and KTC.
- Amerul Iqmal
- Lester Siew
Plantation - Bullish Biofuel Catalysts; Upgrade Sector To OVERWEIGHT
Bullish Biofuel Catalysts; Upgrade Sector To OVERWEIGHT Highlights We upgrade our sector call to OVERWEIGHT from MARKET WEIGHT, as we see 2026 CPO prices rising to RM4,500/tonne on the back of positive demand drivers from the US and Indonesia’s biofuel policy expansions. Despite some cost headwinds arising from higher fuel and fertiliser costs, these are expected to be more than offset by higher CPO prices, as spot prices climbed from RM4,000/tonne to RM4,700/tonne over the past month. Key...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Staying Selectively Defensive As Volatility In...
Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Highlights Our Mar 26 Alpha Picks marginally underperformed the FBMKLCI (-2.2% vs FBMKLCI: -1.5%). Bermaz Auto (+4.1%) and MISC (+4.6%) were the leaders but Gamuda was the main drag (-11.0%) followed by Yinson (-4.3%). On a quarterly basis, 1Q26 Alpha Picks’ returns outperformed on both priceand market cap-weighted bases, both outperforming by 2ppt each vs the FBMKLCI. For Apr 26, we adopt a barbell strategy – balancing r...
- Malaysia Research Team
Malaysia Daily - Friday, April 3, 2026
Top Stories Strategy | Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Mar 26 Alpha Picks slightly underperformed the FBMKLCI, but 1Q26 performance outpaced by 2ppt on both price- and market cap-weighted bases. For Apr 26, we adopt a barbell approach – anchoring on domestically driven earnings for stability while selectively accumulating beaten-down stocks with catalyst-driven rebound potential. We also position in Brent oil beneficiaries and sector leaders with supportive t...
- Bella Lu Yifei
- Ken Lee
Ningbo Joyson Electronic Corporation (600699 CH): 4Q25: Core Earnings ...
4Q25 adjusted net profit missed our estimate but met consensus at Rmb374m (+9.8% yoy/-10.2% qoq). We trim our 2025- 27 core net profit estimates by 8%/10% to Rmb1.78b/Rmb2.03b respectively. Joyson’s earnings growth will be driven by the ADAS and robotics business, together with the Rmb97b in order backlog at end-25. Maintain BUY but cut target price from Rmb45.00 to Rmb43.00.
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
China Longyuan Power Group (916 HK): 2025: Below Expectations; Earning...
Longyuan reported 2025 earnings of Rmb4,638m (-27.3% yoy), below expectations, due to lower realised power tariffs amid ongoing electricity market reforms and reduced utilisation hours from higher curtailment, despite a 1.2% yoy growth in total power generation to 76,469GWh. Management plans to add 4.5GW of new capacity in 2026. However, power tariffs are likely to trend lower as renewable generation increasingly participates in market-based electricity trading, although accelerated subsidy reco...
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Mar 26 GGR Beats Consensus By 4%.
Macau’s Mar 26 GGR reached MOP22.6b, up 15% yoy and 10% mom, recovering to 88% of the 2019 level. The figure exceeded market consensus by 4%, supported by an easier base and a strong tailwind following the Chinese New Year holiday. In Feb 26, visitations to Macau increased 14% mom and 33% yoy to 4.2m, up 18% vs 2019 levels. Maintain OVERWEIGHT; Galaxy remains our top pick.
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Tanapon Cholkadidamrongkul
Retail - March SSSG A Positive Surprise
Sector Update | Retail Same-store sales in Mar 26 turned positive across the board, driven by panic stockpiling and a low base in Mar 25. Valuations are attractive, already pricing in the risk of potential product shortages in 2Q26, particularly in plastic packaging. Most stocks will pay dividends in Apr 26, which should help provide a buffer against uncertainties. Maintain MARKET WEIGHT. Upgrade GLOBAL to BUY. Top picks are CRC and GLOBAL.
- Thailand Research Team
Strategy: Alpha Picks: Expect A Recovery From Key Stocks Impacted By M...
Strategy | Alpha Picks: Reload On Domestically-Oriented Sectors After Middle East Tensions Ease Our portfolio returns outperformed the market in Mar 26 (our portfolio: +2.5% vs SET Index: -5.2%). For Apr 26, we have a positive outlook on the SET Index, supported by banking stocks that are expected to remain at elevated levels ahead of dividend payments in late-April, alongside a recovery in domestically-oriented sectors following the easing of the Middle East tensions. Apr 26 Alpha Picks: AOT, B...
- Tanapon Cholkadidamrongkul
- Thailand Research Team
Thailand Daily - Thursday, April 02, 2026
Top Stories Strategy | Alpha Picks: Reload On Domestically-Oriented Sectors After Middle East Tensions Ease Our portfolio returns outperformed the market in Mar 26 (our portfolio: +2.5% vs SET Index: -5.2%). For Apr 26, we have a positive outlook on the SET Index, supported by banking stocks that are expected to remain at elevated levels ahead of dividend payments in late-April, alongside a recovery in domestically-oriented sectors following the easing of the Middle East tensions. Apr 26 Alpha ...
- Philip Wong
Consumer - Largely Resilient Outlook But Not Cheap Enough
Largely Resilient Outlook But Not Cheap Enough Highlights Impact from the Middle East conflict appears digestible for now while MySara cash aid sees a more moderated and broadened impact across retailers. Valuations resilient but uncertainties cap upside. Maintain MARKET WEIGHT. Top picks for the sector: Fraser & Neave Holdings, Heineken Malaysia and Oriental Kopi Holdings.
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Thursday, April 02, 2026
Top Stories Strategy | Alpha Picks: Trump Tweets, Portfolio Bleeds Our Alpha Picks portfolio declined 8.6% mom in Mar 26, lagging the STI amid a risk-off environment and heightened policy uncertainty. Weakness was led by property and cyclical names, while OCBC and China Aviation Oil provided limited support. We add NTTDCR and First Resources and take profit on ASL and CSE, while remaining focused on high-conviction picks with clear catalysts. Market Spotlight • US stocks were higher on Wed...
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
NTTDCR SP NTT DC REIT
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Malaysia Research Team
Malaysia Daily - Thursday, April 2, 2026
Top Stories Sector Update | Consumer The impact from the Middle East conflict appears digestible for now while MySara cash aid sees a more moderated and broadened impact across retailers. Valuations remain resilient despite geopolitical shocks, but structural derating and external risks limit upside, supporting a cautious MARKET WEIGHT stance overall. Oriental Kopi Holdings is added to our top picks for the sector, complementing Fraser & Neave Holdings and Heineken Malaysia. Market Spotlight T...
- Andrew Agita Buntoro
- Willinoy Sitorus
Erajaya Swasembada (ERAA IJ) - 2025: Full-Year Earnings Better Than Ex...
Company Results | Erajaya Swasembada (ERAA IJ/BUY/Rp374/Target: Rp600) ERAA delivered strong 2025 results above our and consensus estimates, with 17% yoy revenue growth and 16% yoy net profit growth driven by iPhone 16/17 launches and robust 4Q25 performance. Momentum has carried into 2026 with January SSSG up 39.2%, supported by premium demand and seasonality, although we expect growth to normalise from 2Q26 amid a higher base effect. Maintain BUY; target price: Rp600. Highlights • Flagship la...
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, April 2, 2026
Top Stories Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium an...
- Suryaputra Wijaksana
Economics - March Inflation Cools As Base Effects Fade And Gold Prices...
Economics | March Inflation Cools As Base Effects Fade And Gold Prices Moderate Headline inflation eased to 3.48% yoy in Mar 26, below expectations, as administered prices normalised and food prices moderated. Core inflation cooled to 2.52% despite Ramadan demand. Markets reacted positively, with bond yields falling. Inflation is expected to moderate in the coming months as base effects fade, with rising oil prices posing upside risks. BI is now expected to hold rates at 4.75% through 2026, revi...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, April 2, 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
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