reports
UEM Sunrise (UEMS MK) - 3Q25: In Line; Gerbang Nusajaya Launches Expec...
3Q25: In Line; Gerbang Nusajaya Launches Expected In 1Q27 Highlights In line. UEM Sunrise (UEMS) reported a 3Q25 core net profit of RM17m (-30% qoq; -45% yoy) on the back of revenue of RM418m (-6% qoq; +13% yoy). This brings 9M25 core net profit to RM62m, accounting for 61% of our and consensus full-year forecasts, which we deem within expectations as we expect an estimated RM32m net gain from East Ledang land sales to be recognised by end-25. Unbilled sales for local projects remained flattis...
- Malaysia Research Team
Sime Darby (SIME MK) - 1QFY26: Above Expectations
1QFY26: Above Expectations Highlights Above expectations. Sime Darby reported a 1QFY26 core net profit of RM341.0m (+0.3% qoq, -6.7% yoy). We deem this above our expectations, accounting for 29% of our full year earnings forecasts, but in line with consensus estimate. The deviation was mainly attributed to higher-than-expected UMW contribution, driven by sustained sales volume from Toyota and expansion in margin due to cost optimisation and strengthening of RM against USD.
- Keith Wee Teck Keong
RHB Bank (RHBBANK MK) - 3Q25: Strong Non-Interest Income Growth
3Q25: Strong Non-Interest Income Growth Highlights Above expectations. RHB Bank posted 3Q25 net profit of RM904m (+8.5% yoy, +12.4% qoq), lifting 9M25 earnings to RM2.46b (+7.5% yoy). Results were slightly above expectations at 77% of full-year estimates, driven by stronger-than-expected non-interest income from robust investment and trading gains. 9M25 earnings growth was supported by lower provisions (-56% yoy), with net credit cost normalising to 17bps (vs 22bps in 9M24). These positives we...
- Philip Wong
QL Resources (QLG MK) - 2QFY26: Sluggish Performance Across Multiple F...
2QFY26: Sluggish Performance Across Multiple Fronts Highlights Results are within our but below consensus expectations. QL Resources’ (QL) 2QFY26 core net profit came in at RM116.2m (+15.5% qoq, -9.4% yoy). This brought 1HFY26 core net profit to RM216.8m (-8.0% yoy). Earnings are within our but below consensus expectations, accounting for 50% and 46% of full-year forecasts respectively.
- Lester Siew
PPB Group (PEP MK) - 3Q25: Core Earnings Within Expectations; Good Set...
3Q25: Core Earnings Within Expectations; Good Set Of Operating Results Highlights Within expectations. PPB Group (PPB) reported 9M25 core net profit of RM990m (+21% yoy) which met both our and consensus estimates at 71%/74% of respective forecasts. For 3Q25, core net profit came in at RM351m (+50% yoy) after adjusting for non-recurring items including associate Wilmar’s one-off legal fine (approximately -RM562m to the group).
- Chong Lee Len
Pekat Group (PEKAT MK) - 3Q25: In Line; CGPP EPCC Contributions Lift T...
3Q25: In Line; CGPP EPCC Contributions Lift Top-line Highlights 3Q25: Within expectations. Pekat Group (Pekat) reported robust 3Q25 net profit of RM10.3m (+64% yoy; -7% qoq). Earnings were primarily driven by: a) healthy progress of its CGPP EPCC project, b) favourable revenue and margin contributions from EPE Switchgear, and c) increased project execution for the ELP and trading divisions. The sequential net profit drop is due to demand weakness from the residential solar segment following th...
- Jo Yee Ng
Mah Sing Group (MSGB MK) - 3Q25: Below Our Estimate But In Line With C...
3Q25: Below Our Estimate But In Line With Consensus; Ramping Up Launches Towards Year End Highlights Below our forecast but in line with consensus. Mah Sing Group (Mah Sing) recorded a 3Q25 core net profit of RM65m (-4% qoq, +3% yoy) on the back of revenue of RM636m (+12% qoq, -1% yoy). This brings 9M25 core net profit to RM195m (+10% yoy), accounting for 67% and 73% of our and consensus full-year forecasts respectively. The results were below our expectations due to slower-than-expected reven...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Malaysian Resources Corporation (MRC MK) - 9M25: Within Expectations; ...
9M25: Within Expectations; More Patienced Needed Highlights WIthin expectations. Malaysia Resources Corporation (MRCB) reported a 3Q25 core net profit of RM5m (-68% qoq; - 45% yoy)) on the back of lower revenue of RM310m (+4% qoq, -27% yoy). 9M25 earnings declined yoy, mainly dragged by the construction segment’s lower EBIT following lower progress billing from the LRT3 project which nears completion, besides lower property sales. 9M25 earnings made up only 61% and 50% of ours and consensus’ 2...
- Chong Lee Len
Malakoff Corporation (MLK MK) - 3Q25: Below Expectations; TBE Experien...
3Q25: Below Expectations; TBE Experienced Unscheduled Outage Highlights 3Q25 net profit came in at RM28m… The group reported a 68% yoy decline in 3Q25, reflecting lower despatch from Segari Energy Venture, lower capacity payment from TBE following the steam turbine crossover pipe leakage incident and lower associate contributions. Yoy, there was an absence of a RM71m insurance claim for TBE’s low pressure turbine blade failure recognised in 3Q24. Additionally, during this quarter, the company ...
- Keith Wee Teck Keong
Hong Leong Financial Group (HLFG MK) - 1QFY26: Commendable Underlying ...
1QFY26: Commendable Underlying Performance Highlights In line. Hong Leong Financial Group (HLFG) reported a 1QFY26 net profit of RM841.3m (-0.7% yoy, -1.4% qoq). We deemed the results to be broadly in line with expectations with 1QFY26 core earnings representing 26% of our full-year forecast.
- Jack Goh Tooan Orng
Genting Bhd (GENT MK) - 3Q25: Strength In RWG and RWS Offset RWLV Weak...
3Q25: Strength In RWG and RWS Offset RWLV Weakness Highlights Within expectations. Genting Bhd (GENT) reported a 3Q25 core adjusted EBITDA of RM2.26b (+19% yoy, +8% qoq), after adjusting for exceptional items. 9M25 core EBITDA represents 76% and 77% of our and consensus full-year forecasts respectively. The yoy earnings strength mostly reflects improving contributions from Genting Singapore (GENS) and Resorts World Genting (RWG). RWG’s EBITDA improved yoy due to higher VIP gaming volume and vi...
- Jack Goh Tooan Orng
Kossan Rubber Industries (KRI MK) - 3Q25: Solid Performance, Bucking I...
3Q25: Solid Performance, Bucking Industry Trend Highlights 3Q25 results improved on volume sales recovery and margin expansion following better operating efficiency. 9M25 core earnings accounted for 78% of our and 63% of consensus full-year forecasts. Maintain BUY with a lower target price of RM1.46 (from RM1.57), as we adjust our valuation yardstick from 18x PE (-0.5SD) to 16x PE (-1SD).
- Desmond Chong Chee Wai
Inari Amertron (INRI MK) - 1QFY26: Misses Expectations; Navigating Cho...
1QFY26: Misses Expectations; Navigating Choppy Seas Highlights Results missed expectations owing to weaker-than-expected revenue and margin compression. We cut our FY26-27 earnings forecasts by 12-14%. Inari is positioning to capture the upcycle in AI-enabled smartphones and rising demand for high-bandwidth optoelectronics across networks and data centres, while broadening its earnings base via the Lumileds acquisition. With the share price having rebounded 21% since our last BUY rating re...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
IJM Corporation (IJM MK) - 1HFY26: Below Expectations As Property Drag...
1HFY26: Below Expectations As Property Drags Highlights 1HFY26 earnings missed expectations as property earnings remained soft following the delays in launches. Construction earnings remained robust while the infrastructure segment was dragged by lower cargo throughput at the ports. We trim our FY26/27/28 forecasts 12%/7%/4% respectively, as we now expect slower property sales.
- Keith Wee Teck Keong
Hong Leong Bank (HLBK MK) - 3Q25: Solid Underlying Performance
3Q25: Solid Underlying Performance Highlights Hong Leong Bank’s (HLB) reported 1QFY26 net profit was broadly in line. HLB’s core operations (ex-associate) delivered a solid performance, with underlying 1QFY26 PBT rising 8% and pre-provision operating profit expanding 11% yoy despite the drag from the 25bp OPR cut. Maintain BUY and target price of RM23.80 (11.5% ROE and 1.19x FY26F P/B). Valuations remains compelling at 1.0 SD below its historical mean PBV.
- Jack Goh Tooan Orng
Genting Malaysia (GENM MK) - 3Q25: Turning The Odds; US Catalysts Unde...
3Q25: Turning The Odds; US Catalysts Under Spotlight Highlights 3Q25 results were above expectations, lifted by record-high revenue, better gaming volume and visitations from RWG. Plenty of US event catalysts have yet to be factored in within depressed valuations, with privatisation likely unsuccessful given unattractive offer price. Maintain BUY with a higher target price of RM2.68 (from RM2.35), as we raised 2025-26 earnings and are optimistic about Visit Malaysia year in 2026 (VM2026).
- Kong Ho Meng
Bumi Armada (BAB MK) - 3Q25: Wait For India Catalyst; Upgrade to BUY
3Q25: Wait For India Catalyst; Upgrade to BUY Highlights 9M25 core profit deem inline. While 3Q25 EBITDA showed qoq recovery, to RM232m, it is still weaker vs the historical quarterly base of >RM300m. This is also largely due to the nature of finance lease accounting and without any new contract contribution, as warned by management in its 3Q25 quarterly v zort. BAB continues to develop its New Ventures technology in focus regions like Indonesia and India. Since the dispelling of MISC-BAB merg...
- Chong Lee Len
Axiata Group (AXIATA MK) - 3Q25: In Line; Balance Sheet Optimisation P...
3Q25: In Line; Balance Sheet Optimisation Plan On Track Highlights Axiata reported 3Q25 underlying net profit from continued operations of RM137m (-40% yoy; -17% qoq), which excluded gains on early debt redemption and Linknet goodwill impairment (RM167m). This brings 9M25 underlying net profit to RM343m, accounting for 80% of our full-year forecast, which we deem to be in line. Axiata improved its balance sheet health with net debt/EBITDA reduced to 2.61x in 3Q25 (2Q25: 2.76x). Monetisation ...
- Carol Dou Xiao Qin
- Sunny Chen
Alibaba Health Information Technology (241 HK): 1HFY26: Results Beat; ...
Ali Health’s 1HFY26 revenue and adjusted net profit grew 17.0% and 38.7% yoy respectively, beating our and consensus FY26 estimates. It reaffirmed FY26 revenue and adjusted net profit growth targets of 10-15% and 20-30% yoy respectively. We expect robust FY26-28 CAGRs of 13% and 24% for its revenue and adjusted net profit, driven by sustained innovative drugs/healthcare products momentum, deepened synergies with Alibaba’s ecosystem, and expanding AI adoption. Maintain BUY and target price of HK$...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Takeaways From Guangzhou Auto Show 2025.
Auto Guangzhou 2025 highlighted intelligent electrification, all-scenario NOA, smart cockpits, EREVs, and futuristic concepts like flying cars and humanoid robots. Stock winners: Geely, XPeng, GWM; supply chain beneficiaries: CATL, Fuyao, Tuopu, Desay SV, Minth, BYD and Li Auto are expected to face margin pressures in 2026. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, XPeng and Minth. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
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