reports
- Audrey Celia
- Willinoy Sitorus
Buana Lintas Lautan (BULL IJ) - Monetising Profit Windfall Proceeds
Highlights • We expect a strong 2026 profit windfall for BULL on the back of a substantial jump in shipping tanker rates, given its high exposure to overseas spot contracts and the de-leveraging trend after its asset sales in 2021. • BULL’s planned quasi-reorganisation will pave the way for future dividends, though near-term distributions remain unlikely. Analysis • Strong 2026 earnings recovery on rate upcycle. After four years of balance sheet de-leveraging via asset sales, amid geopolitical ...
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): Full-year guidance unchanged; c...
Highlights In 1Q26, the core Xtep brand recorded low single-digit yoy retail sell-through growth, with e-commerce recording double-digit growth. Management indicated that sell-through trends have remained broadly in line with expectations since April. The company will continue to optimise its offline channels by closing underperforming stores while expanding its presence in shopping malls. The selected outlets have already delivered positive initial results. In 1Q26, Saucony delivered over...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Earnings Set To Turn Profitable For T...
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt35.25/Target: Bt41.00) We expect PTTGC’s 1Q26 net profit to increase qoq and yoy, driven by a broad recovery across all key businesses. This improvement should be sufficient to offset the extra losses arising from impairment. Looking ahead, supported by sustained strength in GRM and petrochemical spreads, 2Q26 core profit is likely to increase both qoq and yoy. We have therefore revised up our 2026 earnings forecast, reflecting higher assumpti...
- Tanapon Cholkadidamrongkul
Betagro (BTG TB) - 1Q26 Earnings To Remain Flat qoq; Short-Term Recove...
Company Update | Betagro (BTG TB/HOLD/Bt23.00/Target: Bt21.00) We expect BTG’s 1Q26 earnings to be flat qoq. 1Q26 core profit should come in at Bt941m (-48.7% yoy and flat qoq) due to the flattish gross profit margin caused by domestic swine prices remaining flat qoq in 1Q26. Although we expect core earnings to improve qoq in 2Q26, we believe the positive factors have already been priced in, with limited new catalysts and unexciting near-term earnings momentum. Maintain HOLD with a target price ...
- Thanawat Thangchadakorn
TMBThanachart Bank (TTB TB) - 1Q26: Results In Line; Higher Provisions...
Company Results | TMBThanachart Bank (TTB TB/HOLD/Bt2.22/Target: Bt2.30) TTB posted 1Q26 net profit of Bt5.17b (+1.4% yoy, -1.3% qoq). The results are in line with our and consensus estimates. Loan portfolio contracted 2.7% yoy and 2.2% qoq. The company set aside provisions of Bt3.99b (-13% yoy, +10% qoq) including a management overlay of Bt1.56b (vs 4Q25’s Bt996m), which led to an increase in credit cost to 136bp (+16bp qoq). TTB still has a remaining tax benefit of Bt4.7b. Maintain HOLD with a...
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 1Q26: Results Beat; A Positive Surpri...
Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt80.00/Target: Bt78.00) KKP reported a net profit of Bt1.96b for 1Q26, increasing 84% yoy and 10% qoq. The results beat our and consensus expectations by 34% and 23% respectively. The key positive surprise was a non-II coming in 97% higher than our expectation, mainly due to dividend income. KKP's provisions rose qoq, partly due to a special provision made to cushion against the potential impact from the Middle East tensions. Maintain HOLD wi...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily: Tuesday, April 21, 2026
Top Stories Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt80.00/Target: Bt78.00) KKP reported a net profit of Bt1.96b for 1Q26, increasing 84% yoy and 10% qoq. The results beat our and consensus expectations by 34% and 23% respectively. The key positive surprise was a non-II coming in 97% higher than our expectation, mainly due to dividend income. KKP's provisions rose qoq, partly due to a special provision made to cushion against the potential impact from the Middle East tensions. Mai...
- Julia Pan Mengyao
Baidu Inc (9888 HK): 1Q26 Results Preview: Accelerating Cloud Revenue ...
Baidu will report its 1Q26 results in mid-May. We project a 3% yoy decline in group revenue, with AI-powered businesses contributing about 50% of total revenue. AI cloud infrastructure will be the key growth driver, offsetting continued weakness in legacy search advertising. Margins are expected to improve on operating efficiency gains. The outlook remains solid, with the Kunlun Chip spinoff on track and continued growth in AI applications and marketing. Maintain BUY with a lower target price of...
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 1Q26: Strong Results; Multiple Growth Engines...
Han’s Laser’s core net profit surged 468% yoy to Rmb408m, beating our expectations. Growth was driven by PCB business’ 103.7% yoy revenue surge and a 2.1ppt yoy gross margin expansion to 34.0%, partially offset by forex and fair value losses. Management provided robust guidance overall, of which PCB and consumer electronics revenue is expected to surge to Rmb10b (+73% yoy) and Rmb3.5b (+41.6% yoy) with room for further upside. Upgrade to BUY with a new target price of Rmb105.90.
- Jo Yee Ng
IOI Properties Group (IOIPG MK) - Asia Square Tower 2 Acquisition Posi...
Asia Square Tower 2 Acquisition Positive To Earnings Highlights IOIPG’s Asia Square Tower 2 acquisition appears opportunistic, with a 2% discount to market valuation and cap rate of 3.3%, largely in line with that of core CBD at 3.3%-3.4%. The acquisition translates to a net yield of about 1%, or annual earnings forecast of RM74m for FY27, with its Singapore interest rate assumption at 2.25%. This provides buffer against potential interest rate volatility. Maintain BUY with higher target p...
- Amerul Iqmal
Hap Seng Plantations (HAPL MK) - 1Q26 Results Preview: Softer Earnings...
1Q26 Results Preview: Softer Earnings Despite Improved Operational Performance Highlights HAPL is expected to deliver lower earnings yoy in 1Q26 due to softer CPO prices despite improved operational performance, while earnings are also expected to decline qoq in tandem with seasonally lower production. Earnings are expected to pick up in the subsequent quarters, underpinned by a positive net impact from higher CPO prices and improving production. Maintain BUY with an unchanged target price...
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - Potential Risks Largely Priced In
Potential Risks Largely Priced In Highlights Asset quality risk assessed to be manageable, with first order loan exposure at only 2% of group loans. Non-interest income momentum is promising, driven by strong trading and forex income. Maintain BUY and target price of RM9.30 (1.28x 2026F P/B, 11.7% ROE). The stock offers the highest dividend yield among domestic large-cap banks at 6.6% for 2026 and 7.1% for 2027 (inclusive of special dividends). Valuations also remain inexpensive on both P/...
- Damon Shen
- Jieqi Liu
China Property: Weak Fundamentals In 1Q26, But Initial Signs Of Stabil...
Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consistent earnings outperformance.
- Malaysia Research Team
Malaysia Daily - Tuesday, April 21, 2026
Top Stories Company Update | CIMB Group (CIMB MK/BUY/RM7.59/Target: RM9.30) Management opines that the company has sufficient levers to manage potential asset quality risks from the knock-on effect of high oil prices on inflation. Maintain BUY on CIMB Group with a target price of RM9.30. Company Update | Hap Seng Plantations (HAPL MK/BUY/RM2.21/Target: RM2.65) We project that HAPL’s earnings could moderate yoy in 1Q26 due to softer CPO prices despite the group delivering a robust operational per...
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
Greater China Daily: Tuesday, April 21, 2026
Top Stories Sector Update | China Property Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consisten...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Keith Wee Teck Keong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 21, 2026
Greater China Sector Update | China Property Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consiste...
OU8 CENTURION
1023 CIMB GROUP HOLDINGS BHD
TMB TMB BANK PUBLIC COMPANY LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09888 BAIDU INC
1416286D AMMAN MINERAL INTERNASIONAL
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
2008 HANS LASER TECHNOLOGY CO LTD
BKM BENG KUANG MARINE (BKM SP)
- Adrian Loh Tzum Yung
Centurion Corporation (CENT SP) - Mining A New Vein Of Accommodation-b...
The Karratha PBWA acquisition, at appraised value with pro forma 5% EPS accretion for 2025 and at 7.1x PE, appears to be a logical PBWA extension. The Pilbara and Karratha’s resources industry provides a compelling demand backdrop for PBWA assets with the Port Hedland landbank offering a visible medium-term expansion option. Maintain BUY with a target price of S$1.90, implying a 14.5% upside.
- Heidi Mo Jinghui
- Kai Jie Tang
Beng Kuang Marine (BKM SP) - Asset-Light O&G Player Well-Positioned To...
BKM is well positioned to benefit from strong demand for FPSO repair services, supported by an ageing fleet. The acquisition of the remaining 49% stake in ASOM is expected to drive earnings accretion, potentially increasing profits by 2027. BKM trades at 9.0x 2027F PE, below the 14.6x peer average, implying undervaluation. We initiate coverage with BUY and a target price of S$0.64.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Tuesday, April 21, 2026
Top Stories Initiate Coverage | Beng Kuang Marine (BKM SP/BUY/S$0.48/Target: S$0.64) BKM is well positioned to benefit from strong demand for FPSO repair services, supported by an ageing fleet. The acquisition of the remaining 49% stake in ASOM is expected to drive earnings accretion, potentially increasing profits by 2027. BKM trades at 9.0x 2027F PE, below the 14.6x peer average, implying undervaluation. We initiate coverage with BUY and a target price of S$0.64. Company Update | Centurion ...
- Alden Gabriel Lam
- Benyamin Mikael
Amman Mineral Internasional (AMMN IJ) - A Sleeping Giant Awakens
Small/Mid Cap Highlights | Amman Mineral Internasional (AMMN IJ/NOT RATED/Rp 5,550) AMMN posted a turnaround in 4Q25 as smelter recovery and exports lifted earnings. While 1Q26 should soften due to maintenance and rainfall, utilisation should normalise in 2Q26 and strengthen in 2H26. Consensus expects net profit to grow 426% yoy in 2026. Despite this, AMMN trades at 12x 2026F EV/EBITDA, below peers and near -2SD to its three-year EV/EBITDA. Highlights • Strong 4Q25 recovery restored earnings. S...
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