reports
- Malaysia Research Team
Scicom (MSC) (SCIC MK) - AI-Driven Inflection Year Backed By Resilient...
AI-Driven Inflection Year Backed By Resilient BPO And GovTech Base Highlights Scicom (MSC)'s (Scicom) landmark AI-enabled Telekon Malaysia contract accelerates its shift toward scalable, higher-margin Agentic AI solutions, moving beyond traditional call centres. This competency also positions it strongly for new GovTech opportunities, potentially securing further concessions. The current EMGS arrangement, backed by fee revision and robust, highvolume student inflows, provides a solid foundat...
- Lester Siew
Hap Seng Plantations (HAPL MK) - Production Growth Seen Resuming in 20...
Production Growth Seen Resuming in 2026 Highlights We came away from Hap Seng Plantations’ (Hap Seng) 3Q25 briefing feeling sanguine about their 4Q25 prospects, with production expected to come in stronger vs the usual year-end harvests. Despite this year’s production woes, management is expecting FFB production to rise higher to mid single-digits yoy vs their 2025 target. Cash flow generation should remain strong and supportive of high dividend payouts. Maintain BUY on Hap Seng with a tar...
- Malaysia Research Team
Malaysia Daily - Wednesday, December 10, 2025
Top Stories Company Update | Hap Seng Plantations (HAPL MK/BUY/RM2.06/Target: RM2.65) We came away from Hap Seng Plantations’ 3Q25 briefing feeling sanguine about their 4Q25 prospects while also expecting rebounding production growth next year. Small/Mid Cap Highlights | Scicom (MSC) (SCIC MK/NOT RATED/RM1.42) Scicom’s AI-enabled Telekom Malaysia contract is set to drive a shift toward scalable, higher-margin AI solutions, supported by a strengthened EMGS. The stock remains attractively valued a...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Mao Geping Cosmetics (1318 HK): NDR Takeaways.
We hosted an NDR group call with Mao Geping. During the 11.11 campaign, the company achieved 32% revenue growth, despite last year’s high base, in line with its internal targets. The company targets a net addition of 30 counters annually, and focuses on just around 50 SKUs with proven market feedback in online channels. In Oct 25, it opened its first self-operated counter in Hong Kong SAR. Looking ahead, it plans to expand into Singapore, Japan, Paris, and London.
- Ejann Hiew
- Heidi Mo Jinghui
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Wednesday, December 10, 2025
Greater China Company Update | Mao Geping Cosmetics (1318 HK/NOT RATED/HK$83.95) We hosted an NDR group call with Mao Geping. During the 11.11 campaign, the company achieved 32% revenue growth, despite last year’s high base, in line with its internal targets. The company targets a net addition of 30 counters annually, and focuses on just around 50 SKUs with proven market feedback in online channels. In Oct 25, it opened its first self-operated counter in Hong Kong SAR. Looking ahead, it plans...
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Wednesday, December 10, 2025
Top Stories Company Update | Delfi (DELFI SP/HOLD/S$0.815/Target: S$0.82) Cocoa prices have eased sharply but remain elevated, keeping cost pressures high for Delfi. While 3Q25 drove an improvement in 9M25 top-line (+2% yoy), margins stayed soft due to higher promotional spending, forex weakness and high cocoa costs. EBITDA reached only 60% of our forecast, leading to a 20% earnings cut across 2025-27. Maintain HOLD with an unchanged target price of S$0.82. Market Spotlight • US stocks were mix...
- Heidi Mo Jinghui
- Kai Jie Tang
Delfi (DELFI SP) - Cocoa Prices Dip, But Still No Sweet Relief
Cocoa prices have eased sharply but remain elevated, keeping cost pressures high for Delfi. While 3Q25 drove an improvement in 9M25 top-line (+2% yoy), margins stayed soft due to higher promotional spending, forex weakness and high cocoa costs. EBITDA reached only 60% of our forecast, leading to a 20% earnings cut across 2025-27. Maintain HOLD with an unchanged target price of S$0.82.
- Posmarito Pakpahan
Banking - Contained Banking-Sector Risk From Sumatra Floods
Sector Update | Banking The Sumatra floods have caused severe local disruptions and exacted a tragic humanitarian toll, resulting in a GDP drag of 0.1% in 4Q25. Banking-system exposure is modest at 5% of loans, with near-term pressure concentrated in micro and SME borrowers. Provisioning may rise slightly in 1Q26 but remains manageable given strong sector buffers. Exposure varies across banks, with BRIS and BBRI being the most affected. Despite short-term noise, the event does not alter the sect...
- Suryaputra Wijaksana
Economics - Directive Approach, Structural Limits: Assessing Indonesia...
Economics | Directive Approach, Structural Limits: Assessing Indonesia's New Forex Proceed Rules Indonesia's 2026 revision of its export proceeds (DHE) rules mandates that all export earnings be placed exclusively in state-owned banks, while cutting the rupiah conversion limit to 50%. This state-directed strategy aims to mechanically boost forex reserves and stabilise the onshore currency market. However, it risks distorting the banking sector, creating liabilities for state banks and squeezing ...
- Ejann Hiew
- Greater China Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, December 10, 2025
Top Stories Company Update | Mao Geping Cosmetics (1318 HK/NOT RATED/HK$83.95) We hosted an NDR group call with Mao Geping. During the 11.11 campaign, the company achieved 32% revenue growth, despite last year’s high base, in line with its internal targets. The company targets a net addition of 30 counters annually, and focuses on just around 50 SKUs with proven market feedback in online channels. In Oct 25, it opened its first self-operated counter in Hong Kong SAR. Looking ahead, it plans to...
- Maskun Ramli
- Posmarito Pakpahan
- Suryaputra Wijaksana
Indonesia Daily - Wednesday, December 10, 2025
Economics | Directive Approach, Structural Limits: Assessing Indonesia's New Forex Proceed Rules Indonesia's 2026 revision of its export proceeds (DHE) rules mandates that all export earnings be placed exclusively in state-owned banks, while cutting the rupiah conversion limit to 50%. This state-directed strategy aims to mechanically boost forex reserves and stabilise the onshore currency market. However, it risks distorting the banking sector, creating liabilities for state banks and squeezing ...
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - Softer Loan Growth Target Guidance In 2026 W...
Company Update | Krungthai Card (KTC TB/BUY/Bt28.00/Target: Bt45.00) KTC guided a loan growth target of 1-2% in 2026. The CEO guided that the economic outlook in 2026 remains gloomy, and the company will focus on bottom line growth and robust asset quality in 2026. Meanwhile, there has been no guidance on the impact of selling unsecured NPLs to AMCs. BOT announced that it would be maintaining the credit card minimum payment at 8% until 31 Dec 26. Maintain BUY. Target price: Bt45.00.
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, December 09, 2025
Top Stories Company Update | Krungthai Card (KTC TB/BUY/Bt28.00/Target: Bt45.00) KTC guided a loan growth target of 1-2% in 2026. The CEO guided that the economic outlook in 2026 remains gloomy, and the company will focus on bottom line growth and robust asset quality in 2026. Meanwhile, there has been no guidance on the impact of selling unsecured NPLs to AMCs. BOT announced that it would be maintaining the credit card minimum payment at 8% until 31 Dec 26. Maintain BUY. Target price: Bt45.00.
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): Launch Of Kling AI’s Unified Multimodal...
We had a follow-up call with Kuaishou after it launched its first unified multimodal video model and provided several updates on complementary models, spanning audio generation, virtual avatars, and intelligent creation tools. We anticipate a higherthan- expected revenue contribution from Kling AI in 2026, as it continues to focus on user volume growth over profitability. We believe the company’s strong monetisation progress will create a moat against the competitive environment. Maintain BUY wi...
- Damon Shen
- Jieqi Liu
China Property: Latest Pre-CEWC Politburo Meeting Sidesteps Supports F...
At the latest pre-CEWC Politburo meeting, not a word about property policy and urbanisation was mentioned. This points to a much lower possibility of strong stimulus for the property industry in the near term. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 55% yoy and second-hand home prices in most cities falling. We maintain UNDERWEIGHT on China’s property sector, with CR Land as our top pick for its consistent earnings outperformance.
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Trade -- November Exports Buoyed By Stronger EU And J...
Exports growth rebounded to 5.9% yoy in November, beating consensus estimates, driven by a recovery in EU and Japan shipments, although exports to the US weakened further. Imports rose 1.9% yoy, below consensus expectations, amid mixed commodity performances. The trade surplus widened to US$111.7b. Exports of motor vehicle, hi-tech and mechanical & electrical goods improved, while integrated circuit imports strengthened. Overall, trade data showed resilience via diversification despite the ongoi...
- Desmond Chong Chee Wai
- Wei Xiang Ku
VS Industry (VSI MK) - Early Signs Of Stability Emerging After Shake-o...
Early Signs Of Stability Emerging After Shake-out Highlights While the tariff cost-sharing arrangement may continue to cap near-term margins, stronger volumes and sticky customer relationships provide underlying earnings resilience over the medium term. We expect a seasonally softer quarter ahead, followed by a stronger recovery in 2HFY26 as new models ramp up. Trade-diversion tailwinds and potential new MNC wins remain key longer-term re-rating catalysts. Valuation is compelling, trading ...
- Malaysia Research Team
Malaysia Daily - Tuesday, December 9, 2025
Top Stories Company Update | VS Industry (VSI MK/BUY/RM0.46/Target: RM0.70) While the tariff cost-sharing arrangement may continue to cap near-term margins, stronger volumes and sticky customer relationships provide underlying earnings resilience over the medium term. We expect a seasonally softer quarter ahead, followed by a stronger recovery in 2HFY26 as new models ramp up. Trade-diversion tailwinds and potential new MNC wins remain key longer-term re-rating catalysts. Valuation is compelling,...
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Tuesday, December 9, 2025
Top Stories Economics | Trade Exports growth rebounded to 5.9% yoy in November, beating consensus estimates, driven by a recovery in EU and Japan shipments, although exports to the US weakened further. Imports rose 1.9% yoy, below consensus expectations, amid mixed commodity performances. The trade surplus widened to US$111.7b. Exports of motor vehicle, hi-tech and mechanical & electrical goods improved, while integrated circuit imports strengthened. Overall, trade data showed resilience via di...
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Tuesday, December 9, 2025
Top Stories Company Results | LHN (LHN SP/BUY/S$0.675/Target: S$0.84) LHN delivered FY25 core PATMI of S$34.5m (+24% yoy), in line with expectations. The group declared a final and special dividend of 1 and 2 S cents respectively, bringing total dividend to 4 S cents, with a 48.8% payout and 4.3% yield. LHN trades at 10.0x adjusted FY26F PE, a 40% discount to peers. Maintain BUY with a lower target price of S$0.84. Market Spotlight • US stocks were lower on Monday, with all three indexes slidin...
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