reports
- Kenny Yong Hui Lim
Futu Holdings (FUTU US): The shovel seller in a bull run. BUY
Highlights The ongoing Fed easing cycle and abating US-China tensions will continue to support the equity market outlook in 2026 and boost the company’s earnings. Successful overseas expansion and continued growing crypto business will enhance the online broker’s growth visibility. Initiate coverage with a BUY rating and target price of US$242.00, pegged to 21x 2026F PE. Analysis Capitalising on improved stock market turnover and IPO market amid rate cut cycle. Looking ahead, we believe...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Budweiser APAC (1876 HK): 4Q25 Preview: Continued Softness In China An...
Budweiser APAC will report its 4Q25 results on 12 Feb 26. For the China market, we expect volume and ASP pressure to persist, with even greater challenges on the ASP front. For the South Korea market, we foresee higher yoy volume pressure together with slower ASP growth vs 3Q25. We expect revenue to decline by 13% yoy to US$991m and EBITDA to decline by 28% to US$165m in 4Q25. Maintain BUY but cut target price by 4% to HK$9.90.
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Inflation -- Broad-Based Improvement In December
December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although deflation pressures in the property and tran...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong AI-driven IPO Wave Set To Unfold In 2026.
We reckon that the AI wave is driven by key themes including: a) recurring AI LLM/applications and cloud revenue growth, and b) a wider deployment of proprietary and data driven AI agents by vertical players to strengthen competitive moats. Amid an uncertain competitive backdrop, we opine that cloud hyper-scalers are key beneficiaries underpinned by their ecosystem scale and technological capabilities, underscoring growing investor confidence in the AI-driven sector’s re-rating. Maintain OVERWEI...
- Thanawat Thangchadakorn
Tidlor Holdings (TIDLOR TB) - 4Q25 Results Preview: Resilient Top-Line...
Company Update | Tidlor Holdings (TIDLOR TB/BUY/Bt16.30/Target: Bt22.00) We expect TIDLOR to post 4Q25 net profit of Bt1.33b +27% yoy, -6% qoq). TIDLOR’s loan portfolio is expected to grow 2% yoy and 6% qoq in 4Q25 supported by non-truck loans. Asset quality is still intact despite a slight pickup in credit cost of 13bp qoq to 233bp. The insurance brokerage business continues to grow, resulting in non-II reaching Bt1.06b (-1% yoy, +4% qoq). Upgrade to BUY with an unchanged target price of Bt22....
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 4Q25 Earnings Are Expected To Remain In A Net L...
Company Update | Siam Cement (SCC TB/BUY/Bt199.00/Target: Bt250.00) We expect SCC to post a net loss of Bt3.2b in 4Q25, widening both qoq and yoy, driven by impairment charges and inventory losses. Core earnings are projected to turn to a loss in 4Q25, reflecting deeper losses in the petrochemical business. We estimate a 2H25 dividend of Bt2.50/share. Looking ahead, core earnings in 1Q26 are expected to recover qoq, supported by the cement and packaging business. Maintain BUY. Target price: Bt2...
- Wei Xiang Ku
Hume Cement Industries (HUME MK) - Business Remains Resilient Despite ...
Business Remains Resilient Despite Recent Headwinds Highlights The impact of stricter overloading truck enforcement is expected to be mitigated through price pass-through, operational efficiencies, and improved truck utilisation, supported by management’s strong execution track record. Any potential relaxation of cement import conditions is unlikely to materially impact the domestic cement market, given ample local excess capacity, the cost disadvantage of imported cement, and cement’s short...
- Lester Siew
Plantation - Inventory Levels To Revert Towards Mean
Inventory Levels To Revert Towards Mean Highlights We see limited downside to CPO prices moving into 1Q26, as palm stockpiles are expected to correct sharply over the next few months. For 2026, we continue to forecast a higher yoy CPO average price of RM4,400/tonne, underpinned by constructive supply-demand drivers – including Indonesia’s planned rollout of its B50 biodiesel programme. Maintain OVERWEIGHT. Top picks: SD Guthrie, Hap Seng Plantations.
- Malaysia Research Team
Malaysia Daily - Monday, January 12, 2026
Top Stories Sector Update | Plantation Palm oil inventory levels have likely peaked and could decline sharply in the following months, supporting CPO market prices. We hence expect spot prices to be firmly supported at present levels of RM4,000/tonne, before picking up in the next few months as supply-demand balances tighten once more. For 2026, we continue to forecast a higher yoy CPO average price of RM4,400/tonne, underpinned by constructive supply-demand drivers – including Indonesia’s plann...
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Monday, January 12, 2026
Top Stories Company Update | Siam Cement (SCC TB/BUY/Bt199.00/Target: Bt250.00) We expect SCC to post a net loss of Bt3.2b in 4Q25, widening both qoq and yoy, driven by impairment charges and inventory losses. Core earnings are projected to turn to a loss in 4Q25, reflecting deeper losses in the petrochemical business. We estimate a 2H25 dividend of Bt2.50/share. Looking ahead, core earnings in 1Q26 are expected to recover qoq, supported by the cement and packaging business. Maintain BUY. Targ...
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Monday, January 12, 2026
Top Stories Initiate Coverage | Reclaims Global (RGL SP/BUY/S$0.405/Target: S$0.560) Reclaims is one of Singapore’s top three earthworks and excavation players, providing essential early-stage construction services that underpin low default risk. We expect sustained demand driven by a construction upcycle in Singapore. Despite superior ROE and yield, Reclaims currently trades at around a 20% discount to peers. Initiate coverage with BUY and a target price of S$0.56. Market Spotlight • US stocks...
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, January 12, 2026
Top Stories Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although deflation...
- Audrey Celia
- Willinoy Sitorus
Strategy - Potential LNG Infrastructure Investment Boom
Strategy | Potential LNG Infrastructure Investment Boom Indonesia is structurally shifting from pipeline gas to LNG due to declining legacy gas fields in Java and Sumatra and limited pipeline infrastructure. This shift is reinforced by power-sector decarbonisation and PLN’s capacity expansion, driving multi-year LNG demand and infrastructure investment. LNG-related stocks have rallied about 113% over the past three months. GTS Internasional (GTSI, Not Rated) remains the only pure-play LNG logist...
- Suryaputra Wijaksana
Economics - 2025 Budget Realisation: A Deficit Beyond Targets, Stabili...
Economics | The 2025 Budget Realisation: A Deficit Beyond Targets, Stability Amid Spending The 2025 deficit widened to 2.92% of GDP, driven by a tax shortfall, though strong non-tax revenue provided an offset. Spending underperformed overall but showed a clear priority for social and capital projects. Markets remained stable due to the central bank’s intervention. For 2026, while the government targets a 2.7% of GDP deficit, we forecast a more realistic 2.8-3.0% gap. Financing will remain substa...
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, January 12, 2026
Greater China Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although defl...
002230 IFLYTEK CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
HUME HUME CEMENT INDUSTRIES BHD
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
RGL RECLAIMS GLOBAL
- Heidi Mo Jinghui
- Kai Jie Tang
Reclaims Global (RGL SP) - Laying Strong Foundation For Booming Constr...
Reclaims is one of Singapore’s top three earthworks and excavation players, providing essential early-stage construction services that underpin low default risk. We expect sustained demand driven by a construction upcycle in Singapore. Despite superior ROE and yield, Reclaims currently trades at around a 20% discount to peers. Initiate coverage with BUY and a target price of S$0.56.
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Monday, January 12, 2026
Economics | The 2025 Budget Realisation: A Deficit Beyond Targets, Stability Amid Spending The 2025 deficit widened to 2.92% of GDP, driven by a tax shortfall, though strong non-tax revenue provided an offset. Spending underperformed overall but showed a clear priority for social and capital projects. Markets remained stable due to the central bank’s intervention. For 2026, while the government targets a 2.7% of GDP deficit, we forecast a more realistic 2.8-3.0% gap. Financing will remain substa...
- Heidi Mo Jinghui
- Kai Jie Tang
Reclaims Global (RGL SP) - Laying Strong Foundation For Booming Constr...
Highlights • Reclaims Global (Reclaims) is one of Singapore’s top three players in earthworks and excavation. It plays a critical role in the early stage of construction projects, making its default risk extremely low. • Continued strong demand for earthworks, demolition, and excavation services, supported by a construction industry upcycle in Singapore. • Reclaims has no research coverage and trades at >30% discount vs peers despite higher ROE and yield. Initiate coverage with BUY and a target ...
- Kasemsun Koonnara
AP (Thailand) (AP TB) - Expect Earnings To Peak In 4Q25, Maintain Aggr...
Company Update | AP (Thailand) (AP TB/BUY/Bt8.90/Target: Bt10.10) 4Q25 presales are expected to improve yoy, driven by aggressive launches. However, on a qoq basis, presales are anticipated to decline slightly due to the long holidays and exceptionally high base in 3Q25. 4Q25 earnings are projected to reach its peak for the year, underpinned by backlogs and the newly-completed condominium. AP is expected to maintain a proactive launch strategy in 2026, focusing on portfolio expansion with risk...
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) Concerns Over Potential R...
Company Update | Aeon Thana Sinsap (Thailand) (AEONTS TB/SELL/Bt102.50/Target: Bt92.00) We came away from AEONTS’s analyst meeting with a negative view. We are concerned about the company’s direction toward expanding hire-purchase loans, especially in motorcycles. We are concerned about credit costs, the asset quality outlook, and the possibility of repeating a vicious cycle similar to that experienced by its peers in the past. Downgrade to SELL with a lower target price of Bt92.00 (from Bt110...
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