reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Earnings Recovery Underway After 2025...
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt20.80/Target: Bt25.00) We view PTTGC as attractively valued, with its P/B currently trading at more than -2.0SD, below the historical average. We expect earnings to have already bottomed in 2025. While we think PTTGC’s strategic partner plan will be concluded by 1Q26, PTTGC’s financial position remains solid following deleveraging in 2025. Accordingly, we upgrade PTTGC to BUY, with a higher target price of Bt25.00.
- Tanapon Cholkadidamrongkul
i-Tail Corporation (ITC TB) - 4Q25 Results Preview: Resilient Earnings...
Company Update | i-Tail Corporation (ITC TB/BUY/Bt16.30/Target: Bt19.50) We expect ITC to report a core profit of Bt806m for 4Q25 (flat yoy, but up 2.5% qoq). 4Q25 gross profit margin is projected to remain at 25%, supported by a strong premium product mix, despite forex headwinds and the implementation of a sales rebate scheme. The 2026 outlook remains positive, supported by favourable industry trends and a higher premium mix. Maintain BUY with a lower target price of Bt19.50 (previously Bt19...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, January 07, 2026
Top Stories Company Update | i-Tail Corporation (ITC TB/BUY/Bt16.30/Target: Bt19.50) We expect ITC to report a core profit of Bt806m for 4Q25 (flat yoy, but up 2.5% qoq). 4Q25 gross profit margin is projected to remain at 25%, supported by a strong premium product mix, despite forex headwinds and the implementation of a sales rebate scheme. The 2026 outlook remains positive, supported by favourable industry trends and a higher premium mix. Maintain BUY with a lower target price of Bt19.50 (pre...
- Jo Yee Ng
REITs - Withholding Tax Rate Remains A Sector Overhang
Withholding Tax Rate Remains A Sector Overhang Highlights Uncertainty on the extension of the withholding tax rate represents an overhang to the sector, despite positive development from the partial SST pullback on rental and leasing services from 8% to 6%. Remain cautiously optimistic on the sector as the slower luxury sales growth and rising cost pressures should be cushioned by growing retail vibrancy from VMY2026, MICE events as well as resilient industrial demand. Maintain MARKET WEIG...
- 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...
- Malaysia Research Team
Malaysia Daily - Wednesday, January 7, 2026
Top Stories Strategy | 1H26 Strategy: Fired Up For A Risk-On Re-Acceleration Malaysian equities are poised for a strong 2026 rebound after a defensive 2025, driven by pre-GE liquidity, a firmer ringgit, corporate earnings growth recovery and low foreign ownership. We set our end-26 FBMKLCI target at 1,760, with scope to overshoot 1,800 before turning cautious ahead of GE16 in 2027. We advocate a risk-on strategy, focusing on banks, power and building materials, followed by consumer, plantation a...
- Claire Wang Kelai
- Ziv Ang Sze Champ
Zijin Mining Group (2899 HK): Copper Breaks US$13,000/tonne; Solid 202...
Copper moved above US$13,000/tonne, as tight inventories and US tariff concerns pushed the market into a deficit-driven pricing regime, while gold remained firm on safe-haven demand. Zijin’s 2025 profit alert was within expectations, with earnings growth of 59-62% yoy. The 2026 outlook was a positive surprise, led by gold output pulled forward into the prior 2028 target range (+16.7% yoy), with copper up +10.1% yoy on Kamoa-Kakula normalisation and Julong ramp-up. We maintain BUY and raise targe...
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): HK Listing Of Kunlunxin To Unlock Value Of Baidu ...
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).
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, January 7, 2026
Top Stories 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 Update...
- Jonathan Koh
Singapore Daily: Wednesday, January 7, 2026
Top Stories Sector Update | Banks We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) ...
- 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
- Jonathan Koh
Singapore Banks Sparkle In The Goldilocks Economy
We envisage a Goldilocks economy with steady growth accompanied by low inflation, the ideal balance for sustainable and lengthy economic expansion, supported by the Trump Administration’s new focus on affordability. We anticipate two rate cuts in 1H26 but none in 2H26. Banks provide resilient earnings with growth in non-interest income, including wealth management, offsetting negative impact from NIM compression. Upgrade to OVERWEIGHT. BUY DBS (Target: S$68.95) and OCBC (Target: S$23.65) for att...
- Alden Gabriel Lam
- Willinoy Sitorus
Astra International (ASII IJ) - Policy Tailwinds And Stronger TSR Narr...
Company Update | Astra International (ASII IJ/BUY/Rp6,900/Target: Rp7,700) The Ministry of Industry is preparing automotive incentives that may benefit ASII, including potential VAT or PPnBM exemptions under two scenarios. Additionally, the expiry of CBU BEV incentives from 31 Dec 25 eases EV disruption and indirectly benefits ICE vehicles. Together with a clearer TSR focus, more disciplined capital allocation, and higher dividend payout expectations, we upgrade ASII to BUY with a higher SOTP-ba...
- Alden Gabriel Lam
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, January 7, 2026
Company Update | Astra International (ASII IJ/BUY/Rp6,900/Target: Rp7,700) The Ministry of Industry is preparing automotive incentives that may benefit ASII, including potential VAT or PPnBM exemptions under two scenarios. Additionally, the expiry of CBU BEV incentives from 31 Dec 25 eases EV disruption and indirectly benefits ICE vehicles. Together with a clearer TSR focus, more disciplined capital allocation, and higher dividend payout expectations, we upgrade ASII to BUY with a higher SOTP-ba...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - January 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December pic...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Sunny Optical (2382 HK): Proposal To Spin-Off Vehicle-Related Optical ...
Sunny Optical proposed to spin-off and list its vehicle-related segment, which has been a key growth driver for the business over the past year. The newly listed company will remain a subsidiary of Sunny. Based on our calculations, the value of the vehicle-related business could reach around HK$41b-50b. We view this spin-off as a positive event for the company, but do note that the exercise is still in its preliminary stage. Maintain BUY and keep target price at HK$100.00.
- Greater China Research Team
Greater China Strategy Alpha Picks: January Conviction Calls
Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December picks, add Baidu and Midea to BUY, and take profit on Li Auto and ...
K3SD BAIDU INC SPONSORED ADR CLASS A
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Damon Shen
- Jieqi Liu
China Property: Key Party Media Qiushi Emphasises Government’s Commitm...
Qiushi published an article on 1 Jan 26, emphasising the government's renewed commitment to stabilise the property market, suggesting a higher likelihood of stronger policy support in 1H26; however, implementation risks remain, in our view. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 37% yoy and second-hand home prices in three Tier 1 cities down by 24% yoy. We maintain UNDERWEIGHT on China’s property sector and expect a continued consolidation toward SOEs. We keep CR Lan...
- Philip Wong
Eco-Shop Marketing (ECOSHOP MK) - Upgrade After Pullback; Prospects In...
Upgrade After Pullback; Prospects Intact Highlights Upcoming 2QFY26 SSSG appears soft but is improving. Sentiment coupled with improved store initiatives should underpin a further recovery. SSSG softness will be more than offset by gained margins, which could potentially be further enhanced by favourable forex. Upgrade to BUY as valuations appear attractive following some pullback, with a target price of RM1.70. The stock offers an appealing three-year CAGR earnings growth of 16.9% as well...
- Chong Lee Len
CelcomDigi (CDB MK) - Shift from Integration to Operational Efficienci...
Shift from Integration to Operational Efficiencies In 2026 Highlights 2026 synergistic savings will stem largely from lower cost of sales, lower rental charges and savings from retail consolidation, traffic optimisation and contract negotiations. Capex avoidance will fall from 63% (of synergistic savings in 2025) to 12% by 2026. By 2027, the steady state of savings could reach up to RM700m-800m. We project a relatively robust three-year earnings CAGR of 9% (2025-27) with 2026 projected earni...
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