reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
AS7 ANTA SPORTS PRODUCTS LTD.
FR FIRST INDUSTRIAL REALTY TRUST INC.
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
02331 LI NING COMPANY LIMITED
TOP THAI OIL PUBLIC CO. LTD.
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION LIMITED
GLOBAL SIAM GLOBAL HOUSE PCL
AKRN ACRON
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
RATCH RATCH GROUP PUBLIC CO. LTD.
FUTU FUTU HOLDINGS ADS
PROP PROPNEX LTD
0606923D CHINA DUTY FREE GROUP CO LTD
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
HLA HONG LEONG ASIA LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
09888 BAIDU INC
GOTO GOTO GOJEK TOKOPEDIA
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
HRUM HARUM ENERGY TBK PT
NTTDCR SP NTT DC REIT
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Damon Shen
- Jieqi Liu
LINK REIT (823 HK): Disposal of non-core Singapore retail assets at ga...
Highlights On 8 Apr 26, Link REIT agreed to sell Swing By @ Thomson Plaza in Singapore for S$250m, implying a 45% profit margin on acquisition cost of S$172.5m and a premium to its latest book value. This deal leads to balance sheet enhancement and buyback potential, and also marks the start of LINK REIT’s capital recycling cycle. Maintain BUY with an unchanged target price of HK$42.60.
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - Preventing Three Consectut...
Company Update | Aeon Thana Sinsap (Thailand) (AEONTS TB/HOLD/Bt89.00/Target: Bt100.00) We came away from AEONTS’ analyst meeting with a neutral view. Management will tighten credit policy to preserve good asset quality in FY27. However, AEONTS intends to prevent three consecutive years of loan contraction by setting a double-digit loan growth target in FY27. The company set some buffers for the uncertainties from Middle East tensions, but we might see additional provisioning in FY27. Maintain H...
- Tanapon Cholkadidamrongkul
Thai Union Group (TU TB) - 1Q26 Results Preview: Earnings To Increase ...
Company Update | Thai Union Group (TU TB/HOLD/Bt11.70/Target: Bt12.80) We expect TU to report a core profit at Bt804m, up 27% yoy, but down 13% qoq. Looking ahead, we remain cautious on the ambient business due to potential cost pressures. We expect price adjustments in the ambient segment to be insufficient to fully offset rising costs and could negatively impact volumes. Maintain HOLD, with a lower target price of Bt12.80.
- Kitpon Praipaisarnkit
Delta (Thailand) (DELTA TB) - 1Q26 Remains A Softer Season; Liquid Coo...
Company Update | Delta (Thailand) (DELTA TB/HOLD/Bt284.00/Target: Bt280.00) We expect DELTA to report a 1Q26 net profit of Bt7.55b (+38% yoy, +4% qoq). 1Q is typically a softer quarter due to the long holiday period. We revised up our 2026-2028 earnings forecasts by 3%/6%/8% driven by stronger liquid cooling contribution in 2H26 and strong demand visibility in power supply over 2026-2028. Hence, we maintain HOLD with a higher target price of Bt280. DELTA’s valuation already reflects strong funda...
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - 1Q26 Results Preview: Earnings Rise ...
Company Update | Charoen Pokphand Foods (CPF TB/BUY/Bt20.80/Target: Bt25.00) CPF is expected to report core earnings of Bt3,108m, an increase from Bt178m in 4Q25, but down from Bt8,314m in 1Q25. We are positive on CPF, as earnings have been projected to continue improving qoq in 2Q26, supported by the positive momentum in livestock prices and the gradual stabilisation of China’s swine prices. We believe the negative news has been priced in. Upgrade to BUY; target price: Bt25.00.
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Expect Weaker Net Profit yoy In 1Q26
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt173.00/Target: Bt196.00) BH is expected to report 1Q26 net profit of Bt1.65b (-4.6% yoy, -12.3% qoq), pressured by the Middle East conflict disrupting patient flows. Revenue should fall to Bt5.9b, with margin pressure from fewer high-margin Middle East patients, partly offset by cost controls. The Middle East patients, contributing 22-24% of revenue exposure, drive a cut in 2026 forecasts. BIH Phuket opening is delayed to 2H27, easing cost pressu...
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Thursday, April 09, 2026
Top Stories Company Update | Bumrungrad Hospital (BH TB/BUY/Bt173.00/Target: Bt196.00) BH is expected to report 1Q26 net profit of Bt1.65b (-4.6% yoy, -12.3% qoq), pressured by the Middle East conflict disrupting patient flows. Revenue should fall to Bt5.9b, with margin pressure from fewer high-margin Middle East patients, partly offset by cost controls. The Middle East patients, contributing 22-24% of revenue exposure, drive a cut in 2026 forecasts. BIH Phuket opening is delayed to 2H27, easin...
- Jonathan Koh
Singapore Daily: Thursday, April 9, 2026
Top Stories Company Update | Keppel DC REIT (KDCREIT SP/BUY/S$2.29/Target: S$2.82) In the near term, KDCREIT focuses on acquisitions from third-party vendors as potential acquisitions from its sponsor pipeline, such as SGP9 in Singapore and a data centre in Western Tokyo, would only be stabilised in 2028/29. FDCs are an interesting new asset class but do not fall within the ambit of permissible investments for S-REITs. Maintain BUY on resiliency of the data centre market in Singapore and support...
- Lester Siew
PPB Group (PEP MK) - Negative Surprises Likely Out Of The Way
Negative Surprises Likely Out Of The Way Highlights We remain positive on PPB’s 2026 earnings outlook, driven by both its core businesses as well as Wilmar’s associate earnings. Agribusiness’ profitability is still expected to remain supported by a relatively stable cost base, whereas the film segment is likely to leverage on another robust line-up of movie releases this year. Maintain BUY with an unchanged SOTP-derived target price of RM14.10.
- Greater China Research Team
- Tham Mun Hon
China Banking: Defensive Play Regains Traction.
China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving top-line growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a defensive play amid heightened geopolitical...
- Malaysia Research Team
Malaysia Daily - Thursday, April 9, 2026
Top Stories Company Update | PPB Group (PEP MK/BUY/RM12.20/Target: RM14.10) Core businesses are expected to sustain their positive momentum, after charting a strong performance in 2025, particularly for its agribusiness and film operations. Agribusiness’ profitability is expected to remain supported by a relatively stable cost base, whereas PPB’s film segment would leverage on another solid line-up of movie releases for 2026. As for Wilmar, management expects no further impairment charges after ...
- Greater China Research Team
- Joyce Chu
- Tham Mun Hon
Greater China Daily: Thursday, April 9, 2026
Top Stories Sector Update | Banking China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving top-line growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a defens...
- Andrew Agita Buntoro
- Willinoy Sitorus
Sarana Menara Nusantara (TOWR IJ) - Stable Outlook With Potential Tail...
Company Update | Sarana Menara Nusantara (TOWR IJ/BUY/Rp496/Target: Rp620) We upgrade our call to BUY from HOLD with a target price of Rp620, revised from Rp600, based on 7.5x 2026 EV/EBITDA (-1.5SD to its five-year average). TOWR’s disciplined expansion, stable 2025 earnings, and strong balance sheet support its defensive profile. Near-term colocation growth faces pressure from industry consolidation, while improving tenancy quality, rising data traffic, and potential 5G/FWA rollout should supp...
- Suryaputra Wijaksana
Economics - Indonesia’s Foreign Reserves Hit Two-Year Low On Rupiah De...
Economics | Indonesia’s Foreign Reserves Hit Two-Year Low On Rupiah Defence Foreign reserves fell to US$148.2b (lowest since Jul 24), pushing the import coverage ratio below its historical average. This weakens rupiah defence, raises vulnerability to speculative attacks, and erodes confidence in BI’s forex intervention capacity. The rupiah sank to an all-time low of Rp17,100, pressured by a strong US dollar, Middle East tensions, rapid M2 growth, and widening fiscal and current account deficits....
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, April 9, 2026
Economics | Indonesia’s Foreign Reserves Hit Two-Year Low On Rupiah Defence Foreign reserves fell to US$148.2b (lowest since Jul 24), pushing the import coverage ratio below its historical average. This weakens rupiah defence, raises vulnerability to speculative attacks, and erodes confidence in BI’s forex intervention capacity. The rupiah sank to an all-time low of Rp17,100, pressured by a strong US dollar, Middle East tensions, rapid M2 growth, and widening fiscal and current account deficits....
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Greater China Research Team
- Jonathan Koh
- Kitpon Praipaisarnkit
- Lester Siew
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, April 9, 2026
Greater China Sector Update | Banking China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving topline growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a de...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
PEP PPB GROUP BERHAD
DELTA DELTA ELECTRONICS
- Shirley Wang Xueyi
- Stella Guo Yuting
Budweiser APAC (1876 HK): 1Q26 Preview: Improving Volume And ASP Trend...
For the China market, we expect volume decline to narrow and ASP pressure to ease sequentially but EBITDA to fall more sharply than the top-line. For the South Korea market, we expect volume to remain under pressure but ASP to continue to benefit from the price hike, while EBITDA will face greater challenges. Budweiser APAC expects the new beer consumption tax to have no incremental impact, as it has already strictly adhered to this principle. Maintain BUY; target price: HK$9.90.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Innovation And Margin Gains Fuel Earnings Growth.
Most China healthcare companies under our coverage reported satisfactory 2025 results. Leading biopharmas, CRDMOs and internet healthcare players saw robust revenue and earnings expansion supported by rapid product sales growth and significant licence income contribution. 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...
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS 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.
02192 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
MEDLIVE TECHNOLOGY CO LTD
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Ching Ming Holiday Consumption – Mild Recovery...
During the Ching Ming holiday (4-6 Apr 26), consumption-related sectors demonstrated a mild recovery trend. However, the introduction of the spring break, which overlapped with the Ching Ming holiday, boosted travel demand. Our preferred stocks include: Anta, CTG Duty-Free, Haidilao, Li Ning, Mengniu, Yili and Yum China. Maintain OVERWEIGHT
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
YUMC YUM CHINA HOLDINGS INC.
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
9896 MINISO GROUP HOLDING LTD
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