reports
- 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...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Trim China’s 2026 PV Sales Growth To 3% On Bi...
We trim China’s 2026 PV sales growth to 3% yoy, based on a 2% yoy drop in domestic sales and 20% export growth, as the bigger-than-expected stimulus rollback weighs on demand. Based on lower 2026 sales, we cut 2026 net profit forecasts for OEMs by 3-10%, and cut target prices for Geely, BYD, GWM, XPeng and Li Auto to HK$36.00/HK$81.00/HK$18.50/HK$145.00/HK$50.00 respectively. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: 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
2338 WEICHAI POWER CO. LTD. 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)
- Tanapon Cholkadidamrongkul
Retail - Value Play Amid Uncertainties
Sector Update | Retail Dec 25 SSSG remained negative, pressured by negative events and weak consumer spending. However, home improvement retail appeared to improve in Dec 25, benefitting from post-flood demand in the south. A short-term SSSG recovery is likely in 2Q26, supported by a low base in 2Q25, particularly within the home improvement segment. Maintain MARKET WEIGHT. Top pick is GLOBAL as it has resilient SSSG momentum in 1Q26, thanks to a very low base in 1Q25.
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Friday, January 09, 2026
Top Stories Sector Update | Retail Dec 25 SSSG remained negative, pressured by negative events and weak consumer spending. However, home improvement retail appeared to improve in Dec 25, benefitting from post-flood demand in the south. A short-term SSSG recovery is likely in 2Q26, supported by a low base in 2Q25, particularly within the home improvement segment. Maintain MARKET WEIGHT. Top pick is GLOBAL as it has resilient SSSG momentum in 1Q26, thanks to a very low base in 1Q25. Company Upd...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2026: Look Beyond Congestion For Long-...
2026: Look Beyond Congestion For Long-term Positioning Highlights Achieved commendable 2025 volume growth (+3.4%) despite losing market share. Port statistics showed Westports Holdings (WPRTS) lost market share to other renowned SOM ports such as PTP (2025 growth: 14%) and PSA (11M25 growth: 8%). An unexpected surge in port congestion towards Dec 25 may extend this competitive disparity, during which WPRTS executed countermeasures by deploying maximum resources (in other words, effective capac...
- Malaysia Research Team
Malaysia Daily - Friday, January 9, 2026
Top Stories Company Update | Westports Holdings (WPRTS MK /HOLD/RM5.66/Target: RM5.55) WPRTS achieved commendable 2025 volume growth (+3.4%) despite losing market share. An unexpected surge in port congestion towards Dec 25 forced WPRTS to deploy maximum resources. The congestion may boost VAS revenues, but opex could also surge. We continue to believe that WPRTS will only become more relevant. Risk-reward remains fair, hence we maintain HOLD and RM5.55 target price. Market Spotlight The FBMKL...
- Bella Lu Yifei
- Greater China Research Team
- Ken Lee
Greater China Daily: Friday, January 9, 2026
Top Stories Sector Update | Automobile We trim China’s 2026 PV sales growth to 3% yoy, based on a 2% yoy drop in domestic sales and 20% export growth, as the bigger-than-expected stimulus rollback weighs on demand. Based on lower 2026 sales, we cut 2026 net profit forecasts for OEMs by 3-10%, and cut target prices for Geely, BYD, GWM, XPeng and Li Auto to HK$36.00/HK$81.00/HK$18.50/HK$145.00/HK$50.00 respectively. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SEL...
- Jonathan Koh
Singapore Daily: Friday, January 9, 2026
Top Stories Initiate Coverage | NTT DC REIT (NTTDCR SP/BUY/US$1.01/US$1.42) NTTDCR is planning a potential acquisition of a hyperscale data centre in Frankfurt, Germany with NPI yield of 6% and WALE of 10 years in 1H26. Portfolio occupancy could improve as much as 2.5ppt to 97.7% in 2HFY26 due to scheduled ramp-up by existing tenants and addition of new tenants. NTTDCR’s largest tenant is a Fortune 100 US EV company. Its recent launch of autonomous humanoid robots could create more demand. Initi...
- Benyamin Mikael
Darma Henwa (DEWA IJ) - Endless Possibilities
Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding has been secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Highlights • O...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Friday, January 9, 2026
Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding has been secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Technical Anal...
- Bella Lu Yifei
- Benyamin Mikael
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, January 09, 2026
Indonesia Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding is secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Malay...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM 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
2338 WEICHAI POWER CO. LTD. 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
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Jonathan Koh
NTT DC REIT (NTTDCR SP) - Lucrative Yield With Incremental Upside From...
NTTDCR is planning a potential acquisition of a hyperscale data centre in Frankfurt, Germany with NPI yield of 6% and WALE of 10 years in 1H26. Portfolio occupancy could improve as much as 2.5ppt to 97.7% in 2HFY26 due to scheduled ramp-up by existing tenants and addition of new tenants. NTTDCR’s largest tenant is a Fortune 100 US EV company. Its recent launch of autonomous humanoid robots could create more demand. Initiate coverage with BUY and target price of US$1.42.
- Jonathan Koh
NTT DC REIT (NTTDCR SP) - Lucrative Yield With Incremental Upside From...
Highlights • NTTDCR is planning a potential acquisition of a hyperscale data centre in Frankfurt, Germany with NPI yield of 6% and WALE of 10 years in 1H26. • Portfolio occupancy could improve as much as 2.5ppt to 97.7% in 2HFY26 due to scheduled ramp-up by existing tenants and addition of new tenants. • NTTDCR’s largest tenant is a Fortune 100 US EV company. Their recent launch of autonomous humanoid robot could create more demand. • Initiate coverage with a BUY recommendation and target price ...
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): New Year, New Vibrancy.
We expect HKEX to achieve a 4% yoy earnings growth in 4Q25, driven by a 16% yoy core revenue growth amid a yoy headline ADT increase, partly offset by a sharp NII decline (-35% yoy) arising from narrowing spread. However, we remain constructive on the ADT outlook for 2026, supported by the global liquidity easing cycle, robust IPO pipeline and potential new stimulus measures in China. Thus, we see further re-rating potential for HKEX. Maintain BUY. Target price: HK$550.00.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Globalisation And Improving Operating Efficiency To ...
The sector experienced a fruitful year of innovation in 2025, and we expect globalisation and improving operating efficiency to continue to drive rapid earnings growth for drug innovators and CRO leaders from 2026 onwards. Seeing strong online demand, internet healthcare players are likely to sustain solid revenue and earnings expansion in 2026. We also anticipate that domestic medical device manufacturers will experience a gradual sales growth recovery, fuelled by technological advancements and...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - Higher Sales Volume And Low...
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt108.50/Target: Bt136.00) We expect PTTEP’s 4Q25 net profit to reach Bt16.6b, up 31% qoq. Core profit is projected to edge up qoq, supported by higher sales volumes and lower unit costs, which should be sufficient to offset the decline in ASP. As a result, we forecast 2025 net profit at Bt59.4b, down 25% yoy. In our view, PTTEP remains an attractive dividend play, with an expected 2H25 dividend of Bt4.40/share. We maintain BUY with...
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 3QFY26: Results Miss; QOQ ...
Company Results | Aeon Thana Sinsap (Thailand) (AEONTS TB/HOLD/Bt102.50/Target: Bt110.00) AEONTS posted a 3QFY26 net profit of Bt618m, down 22% yoy and 22% qoq, missing consensus expectations by 14%. The NPL ratio increased from 5.2% to 5.5% in 3QFY26. Provision expenses grew 10% yoy and 4% qoq. Credit costs rose 34bp qoq to 880bp in 3QFY26. We reiterate our cautious view on AEONTS' credit cost outlook, similar to the previous quarter’s view. Downgrade to HOLD with a lower target price of Bt110....
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, January 08, 2026
Top Stories Company Results | Aeon Thana Sinsap (Thailand) (AEONTS TB/HOLD/Bt102.50/Target: Bt110.00) AEONTS posted a 3QFY26 net profit of Bt618m, down 22% yoy and 22% qoq, missing consensus expectations by 14%. The NPL ratio increased from 5.2% to 5.5% in 3QFY26. Provision expenses grew 10% yoy and 4% qoq. Credit costs rose 34bp qoq to 880bp in 3QFY26. We reiterate our cautious view on AEONTS' credit cost outlook, similar to the previous quarter’s view. Downgrade to HOLD with a lower target ...
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