reports
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 2025: Delivers Profit Despite Exploration Write...
RHP’s 2025 profit fell 81% yoy to US$3.5m on oil price weakness and exploration write-offs. A strong balance sheet and cash of US$31m provide flexibility for future exploration and development. Maintain BUY with a higher target price of S$0.263 (previously S$0.245).
- Malaysia Research Team
Malaysia Daily - Friday, March 13, 2026
Top Stories Company Results | Bermaz Auto (BAUTO MK/BUY/RM0.86/Target: RM1.08) Bermaz Auto delivered a decent set of results for 3QFY26 with a higher core net profit of RM32.6m, which exceeded our expectation due to a higher-than-expected sales volume and a significant improvement in margin. We expect the positive sales momentum to continue, backed by a healthy backlog of orders and robust demand for Mazda 3. We raise our FY26- 27 earnings forecasts by 13%/9% respectively and maintain BUY with a...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily: Friday, March 13, 2026
Top Stories Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt9.75/Target: Bt14.00) We attended BCH’s 4Q25 analyst meeting where the tone was neutral. BCH expects 1Q26 earnings growth to be driven by Middle Eastern patients treated before Ramadan, though the outlook from Apr 26 onward would depend on war developments. For 2026, BCH targets mid-single-digit revenue growth supported by new specialised centres and hospital expansions. Potential upside could come from higher treatment fees from...
- Bella Lu Yifei
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Tham Mun Hon
Greater China Daily: Friday, March 13, 2026
Top Stories Company Results | Futu Holdings (FUTU US/BUY/US$152.64/Target: US$260.00) Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trends...
- Adrian Loh Tzum Yung
Singapore Daily: Friday, March 13, 2026
Top Stories Company Results | RH Petrogas (RHP SP/BUY/S$0.245/Target: S$0.263) RHP’s 2025 profit fell 81% yoy to US$3.5m on oil price weakness and exploration write-offs. A strong balance sheet and cash of US$31m provide flexibility for future exploration and development. Maintain BUY with a higher target price of S$0.263 (previously S$0.245). Market Spotlight US stocks were lower on Thursday, with all indexes falling as industrials, consumer discretionary and healthcare sectors slid. There ...
- Posmarito Pakpahan
Banking - Sovereign Risk Premium Rising, Kopdes Weighs On SOE Banks
Sector Update | Banking We downgrade the Indonesian banking sector to MARKET WEIGHT as rising sovereign risk premiums and fiscal uncertainty increase macro volatility and cap near-term sector re-rating. While the direct earnings impact from higher bond yields remains limited, second-order risk, rupiah pressure and a shorter BI easing cycle, could weigh on NIM, credit growth, and asset quality. Kopdes loans introduce structural NIM pressure, with BBNI most exposed. Valuations stand at 1.67x P/B, ...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Friday, March 13, 2026
Sector Update | Banking We downgrade the Indonesian banking sector to MARKET WEIGHT as rising sovereign risk premiums and fiscal uncertainty increase macro volatility and cap near-term sector re-rating. While the direct earnings impact from higher bond yields remains limited, second-order risk, rupiah pressure and a shorter BI easing cycle, could weigh on NIM, credit growth, and asset quality. Kopdes loans introduce structural NIM pressure, with BBNI most exposed. Valuations stand at 1.67x P/B, ...
- Julia Pan Mengyao
Tencent Holdings (700 HK): Launch Of WorkBuddy And One-Click Deploymen...
We continue to view Tencent as a core holding for investors seeking exposure to AI applications. Tencent launched WorkBuddy on 9 March, an AI agent developed by the Tencent Cloud CodeBuddy team, alongside QQ Open Platform’s integration with OpenClaw. AI applications are also increasingly delivering both cost reductions and revenue uplift across Tencent ecosystems, enabling new monetisation opportunities, with gaming and advertising among the earliest beneficiaries. Maintain BUY with an unchanged...
- Shirley Wang Xueyi
- Stella Guo Yuting
Chongqing Brewery (600132 CH): 2025: Core Net Profit Down 3% yoy; On-P...
In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive development for the industry, as it helps to attract more consumers.
- Thanawat Thangchadakorn
Finance - 4Q25: Results In Line; Credit Cost Down yoy In 2025
Sector Update | Finance Finance companies under our coverage reported a combined net profit of Bt6.2b in 4Q25, up 9% yoy but down 3% qoq, in line with our and consensus estimates. We expect the cabinet to commence implementing the government disbursement and stimulus policy in 2H26. The spike in global oil prices is unlikely to impact retail oil prices in Thailand. We reckon that the market was too pessimistic on the finance sector. Maintain OVERWEIGHT on the sector. Top picks: MTC and KTC.
- Thanawat Thangchadakorn
Thailand Daily: Thursday, March 12, 2026
Top Stories Sector Update | Finance Finance companies under our coverage reported a combined net profit of Bt6.2b in 4Q25, up 9% yoy but down 3% qoq, in line with our and consensus estimates. We expect the cabinet to commence implementing the government disbursement and stimulus policy in 2H26. The spike in global oil prices is unlikely to impact retail oil prices in Thailand. We reckon that the market was too pessimistic on the finance sector. Maintain OVERWEIGHT on the sector. Top picks: MTC ...
- Jack Goh Tooan Orng
Top Glove Corporation (TOPG MK) - Setbacks From Macro Challenges; Mode...
Setbacks From Macro Challenges; Modest Growth In FY26 Highlights 2QFY26 results will see a modest sales volume growth, but profitability likely faces pressure from the weakening MYR/USD rate and higher input costs. 2026-27 earnings recovery remains intact despite various challenges, lifted by better sales volume and various production optimisation efforts. Risk-reward still appears unattractive at this juncture. Maintain HOLD and target price of RM0.57.
- Malaysia Research Team
Malaysia Daily - Thursday, March 12, 2026
Top Stories Company Update | Top Glove Corporation (TOPG MK/HOLD/RM0.56/Target: RM0.57) Top Glove is set to deliver modest 2QFY26 earnings growth, mainly lifted by a better sales volume. Nevertheless, the weakening MYR/USD rate will likely result in margin compression in the near term. Meanwhile, we foresee a potential spike in raw material and other input costs due to the recent Middle East tension, which will further pressure margins in 2HFY26. As such, we remain neutral on Top Glove for its u...
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, March 12, 2026
Top Stories Company Results | Chongqing Brewery (600132 CH/NOT RATED/Rmb56.22) In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive developme...
- Audrey Celia
- Posmarito Pakpahan
Asuransi Tugu Pratama Indonesia (TUGU IJ) - Consolidation Upside At De...
Small/Mid Cap Highlights | Asuransi Tugu Pratama Indonesia (TUGU IJ/NOT RATED/Rp1,245) TUGU, 58.5% owned by Pertamina, is Indonesia’s leading corporate insurer with an AM Best A-rating and RBC of 360%. Trading at 0.45x trailing P/B with a 6-7% dividend yield, it appears deeply undervalued. Two structural catalysts ‒ POJK 23 capital consolidation forcing weaker peers to exit, and Danantara restructuring SOE insurance ‒ could trigger significant re-rating, mirroring the BRIS precedent. Key overhan...
- Suryaputra Wijaksana
Economics - Fragile Consumption Recovery Amid Rising External Risks
Economics | Fragile Consumption Recovery Amid Rising External Risks Retail sales growth accelerated to 6.9% in Feb 26, the highest since Mar 24, driven by discretionary spending on services and entertainment. However, this recovery remains fragile, fuelled primarily by fiscal spending rather than organic household strength. Underlying labour market conditions are weak, with layoffs continuing and consumer confidence flat. Households are prioritising savings over spending, keeping durable goods s...
- Heidi Mo Jinghui
Singapore Daily: Thursday, March 12, 2026
Top Stories Company Results | Soon Hock Enterprise (SHOCK SP/BUY/S$0.61/Target: S$0.71) SHE’s 2025 net profit of S$38m came in 2% above our expectation, while revenue of S$228m matched our forecast following the partial TOP of Stellar@Tampines. Looking ahead, 2026-27 earnings are well supported by the remaining recognition from Stellar@Tampines, alongside contributions from Skye@Tuas and Senang Crescent. Maintain BUY with an unchanged target price of S$0.71, supported by an attractive 6% yield...
- Audrey Celia
- Maskun Ramli
- Posmarito Pakpahan
- Suryaputra Wijaksana
Indonesia Daily - Thursday, March 12, 2026
Economics | Fragile Consumption Recovery Amid Rising External Risks Retail sales growth accelerated to 6.9% in Feb 26, the highest since Mar 24, driven by discretionary spending on services and entertainment. However, this recovery remains fragile, fuelled primarily by fiscal spending rather than organic household strength. Underlying labour market conditions are weak, with layoffs continuing and consumer confidence flat. Households are prioritising savings over spending, keeping durable goods s...
- Audrey Celia
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, March 12, 2026
Greater China Company Results | Chongqing Brewery (600132 CH/NOT RATED/Rmb56.22) In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive developm...
- Heidi Mo Jinghui
Soon Hock Enterprise (SHOCK SP) - 2025: Slight Beat; Attractive 6% Yie...
SHE’s 2025 net profit of S$38m came in 2% above our expectation, while revenue of S$228m matched our forecast following the partial TOP of Stellar@Tampines. Looking ahead, 2026-27 earnings are well supported by the remaining recognition from Stellar@Tampines, alongside contributions from Skye@Tuas and Senang Crescent. Maintain BUY with an unchanged target price of S$0.71, supported by an attractive 6% yield.
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.