reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - Strong 1Q26 Core Profit, Dr...
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt157.00/Target: Bt185.00) We expect PTTEP’s 1Q26 net profit to decline qoq and yoy due to significant hedging losses, while core profit could remain strong, supported by higher sales volume and improved selling prices. Looking ahead, we anticipate 2Q26 net profit increasing qoq and yoy, driven by stronger crude oil prices. We have revised our crude oil price assumption to US$80/bbl and raised our 2026 net profit forecast by 23%. Main...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 07, 2026
Top Stories Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt157.00/Target: Bt185.00) We expect PTTEP’s 1Q26 net profit to decline qoq and yoy due to significant hedging losses, while core profit could remain strong, supported by higher sales volume and improved selling prices. Looking ahead, we anticipate 2Q26 net profit increasing qoq and yoy, driven by stronger crude oil prices. We have revised our crude oil price assumption to US$80/bbl and raised our 2026 net profit forecast ...
- Jack Lai Yuan Khai
- Jo Yee Ng
Property & Construction - Sunway-IJM VTO Falls Through
Sunway-IJM VTO Falls Through Highlights Sunway Bhd’s (Sunway) VTO bid for IJM Corporation (IJM) has officially lapsed with Sunway securing only 33.4% of IJM, failing to secure a majority stake in IJM. We revise our target price for IJM downwards to RM2.60, imputing a wider SOTP discount and trimming earnings to reflect rising raw material prices. Meanwhile, we upgrade Sunway from HOLD to BUY on recent share price weakness, as the deal overhang appears largely priced in. Maintain OVERWEIG...
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
MSGB MAH SING GROUP BHD
MRC MALAYSIAN RESOURCES CORP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
KPG KERJAYA PROSPEK GROUP BHD
SWB SUNWAY BHD
WCTHG WCT HOLDINGS BHD
MCH MATRIX CONCEPTS HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
BNASTRA BINASTRA (BNASTRA MK)
- Malaysia Research Team
Malaysia Daily - Tuesday, April 7, 2026
Top Stories Sector Update | Property & Construction Sunway’s VTO bid for IJM has closed with Sunway securing a 33.4% acceptance rate. Given Sunway failed to hit the 50%+1 share threshold, the offer has lapsed and all IJM shares transacted are to be returned to the original owners. From IJM’s perspective, while there could be substantial value locked in its assets, we trim our target price to RM2.60 to reflect short-to-medium-term headwinds. Meanwhile, we upgrade Sunway to BUY on recent share pri...
- Benyamin Mikael
Oil & Gas - Regains Relevance Amid Supply Risks
Sector Update | Oil & Gas The rising Middle East tensions underscore Indonesia’s vulnerability to fluctuations in energy imports, with Brent oil prices increasing to US$85, potentially adding US$7b in subsidy burden. Abadi Masela is moving closer to execution, backed by stronger policy support and regulatory progress. The project offers meaningful fiscal and strategic upside, with early benefits for Petrosea and potential upside for Wintermar Offshore Marine and Elnusa. Maintain MARKET WEIGHT on...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Tuesday, April 7, 2026
Sector Update | Oil & Gas The rising Middle East tensions underscore Indonesia’s vulnerability to fluctuations in energy imports, with Brent oil prices increasing to US$85, potentially adding US$7b in subsidy burden. Abadi Masela is moving closer to execution, backed by stronger policy support and regulatory progress. The project offers meaningful fiscal and strategic upside, with early benefits for Petrosea and potential upside for Wintermar Offshore Marine and Elnusa. Maintain MARKET WEIGHT on...
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, April 7, 2026
Indonesia Sector Update | Oil & Gas Rising Middle East tensions underscore Indonesia’s vulnerability to energy imports, with Brent oil prices increasing to US$85, potentially adding US$7b in subsidy burden. Abadi Masela is moving closer to execution, backed by stronger policy support and regulatory progress. The project offers meaningful fiscal and strategic upside, with early benefits for Petrosea and potential upside for Wintermar Offshore Marine and Elnusa. Maintain MARKET WEIGHT. Malay...
WINS WINTERMAR OFFSHORE MARINE
GAM GAMUDA BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
MSGB MAH SING GROUP BHD
MRC MALAYSIAN RESOURCES CORP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
KPG KERJAYA PROSPEK GROUP BHD
SWB SUNWAY BHD
WCTHG WCT HOLDINGS BHD
MCH MATRIX CONCEPTS HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
OTEK OILTEK INTERNATIONAL (OTEK SP)
BNASTRA BINASTRA (BNASTRA MK)
- Heidi Mo Jinghui
Singapore Daily: Tuesday, April 07, 2026
Top Stories Company Update | Oiltek International (OTEK SP/BUY/S$1.87/Target: S$2.78) Oiltek has entered into an agreement with Bioseaga to build a RM1.4b sustainable aviation fuel plant in Sabah. This could lift Oiltek’s orderbook fivefold to RM1.8b from RM350m and we expect 2027 earnings to jump almost fourfold yoy to RM132m. Maintain BUY with a 166% higher target price of S$2.78 (28x 2027 PE). We raise our 2027 earnings forecast by 187%. Market Spotlight US stocks were higher on Monday, w...
- Kong Ho Meng
MISC (MISC MK) - Crude Tanker Party Not Over; LNGC Risks May Be Next
Crude Tanker Party Not Over; LNGC Risks May Be Next Highlights Several long-term implications from US-Iran conflict are positive for tankers. Although the situation remains highly uncertain, we think: a) the energy security theme will extend towards strategic supply chain/routes, hence prolonging the multi-cycle highs for crude tanker time charter demands; b) Straits of Hormuz will no longer be just a chokepoint; and c) war insurance premiums surged from negligible to 5-10% of tanker values. S...
- Chong Lee Len
Telecommunications - Emerging MVNOs Capitalising On Niche Market Segme...
Emerging MVNOs Capitalising On Niche Market Segments Highlights China Mobile, through CMLINK, has made its official debut in the Malaysian telecommunications (telco) market as an MVNO. It leverages on Maxis’ nationwide 4G and 5G network to deliver voice and data services. It targets students and working professionals with cross-border mobility between China and Malaysia, supported by incremental demand from a rebound in inter-country tourism. We expect incoming MVNOs to pressure the prepaid ...
- Malaysia Research Team
Malaysia Daily - Monday, April 6, 2026
Top Stories Sector Update | Telecommunications China Mobile, through CMLINK, has made its official debut in the Malaysian telco market as an MVNO. It leverages on Maxis’ nationwide 4G and 5G networks to deliver voice and data services to its subscribers. The proliferation of more MVNOs in the market suggests intensifying prepaid competition and we expect incumbents CelcomDigi and Maxis to pull away by focusing on pre-to-postpaid conversion to defend market share. Maintain MARKET WEIGHT. Top pick...
- Johnny Yum
Strategy - Alpha Picks: Maintaining Commodity Exposure Amid Volatility
Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw a massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation into commodit...
- Johnny Yum
- Maskun Ramli
Indonesia Daily - Monday, April 6, 2026
Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw a massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation into commodit...
- Adrian Loh Tzum Yung
Singapore Daily: Monday, April 06, 2026
Top Stories Company Update | Yangzijiang Shipbuilding (YZJSGD SP/BUY/S$3.83/Target: S$4.75) YZJ has started off 2026 with a strong order momentum, garnering US$0.98b in new orders. With its US$23b orderbook, the company has earnings visibility through 2029. The recent acquisition of a stake in Seaspan enhances visibility, integration and stability despite a premium valuation, backed by resilient container shipping demand. Maintain BUY with higher PE-based target price of S$4.75 (previously S...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Johnny Yum
- Kong Ho Meng
- Malaysia Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, April 6, 2026
Indonesia Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation i...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
TENAGA YINSON HOLDINGS BHD
YNS RHB BANK BHD
RHBBANK GAMUDA BHD
GAM HAP SENG PLANTATIONS HOLDINGS BHD
HAPL GOJEK TOKOPEDIA TBK PT
GOTO LAGENDA PROPERTIES BHD
YINSON PEKAT GROUP BHD
LAGENDA ORIENTAL KOPI HOLDINGS BHD
PEKAT BUMI RESOURCES MINERALS
KOPI MK DARMA HENWA (DEWA IJ)
BRMS IJ ARCHI INDONESIA (ARCI IJ)
DEWA IJ OXFORD INNOTECH BHD (OXB MK)
- Thanawat Thangchadakorn
Finance: 1Q26 Results Preview: Credit Costs Are Expected To Decrease q...
Sector Update | Finance We expect the finance sector's 1Q26 net profit to increase 12% yoy and 4% qoq. Credit costs are expected to decrease qoq in 1Q26 due to a high base in 4Q25. We found that when oil prices have jumped in the past, the finance sector's NPL ratio increased with some magnitude but not significantly. Finance companies indicated that they are maintaining good asset quality. Maintain OVERWEIGHT on the sector. Our top picks are MTC and KTC.
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 03, 2026
Top Stories Sector Update | Finance We expect the finance sector's 1Q26 net profit to increase 12% yoy and 4% qoq. Credit costs are expected to decrease qoq in 1Q26 due to a high base in 4Q25. We found that when oil prices have jumped in the past, the finance sector's NPL ratio increased with some magnitude but not significantly. Finance companies indicated that they are maintaining good asset quality. Maintain OVERWEIGHT on the sector. Our top picks are MTC and KTC.
- Amerul Iqmal
- Lester Siew
Plantation - Bullish Biofuel Catalysts; Upgrade Sector To OVERWEIGHT
Bullish Biofuel Catalysts; Upgrade Sector To OVERWEIGHT Highlights We upgrade our sector call to OVERWEIGHT from MARKET WEIGHT, as we see 2026 CPO prices rising to RM4,500/tonne on the back of positive demand drivers from the US and Indonesia’s biofuel policy expansions. Despite some cost headwinds arising from higher fuel and fertiliser costs, these are expected to be more than offset by higher CPO prices, as spot prices climbed from RM4,000/tonne to RM4,700/tonne over the past month. Key...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Staying Selectively Defensive As Volatility In...
Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Highlights Our Mar 26 Alpha Picks marginally underperformed the FBMKLCI (-2.2% vs FBMKLCI: -1.5%). Bermaz Auto (+4.1%) and MISC (+4.6%) were the leaders but Gamuda was the main drag (-11.0%) followed by Yinson (-4.3%). On a quarterly basis, 1Q26 Alpha Picks’ returns outperformed on both priceand market cap-weighted bases, both outperforming by 2ppt each vs the FBMKLCI. For Apr 26, we adopt a barbell strategy – balancing r...
- Malaysia Research Team
Malaysia Daily - Friday, April 3, 2026
Top Stories Strategy | Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Mar 26 Alpha Picks slightly underperformed the FBMKLCI, but 1Q26 performance outpaced by 2ppt on both price- and market cap-weighted bases. For Apr 26, we adopt a barbell approach – anchoring on domestically driven earnings for stability while selectively accumulating beaten-down stocks with catalyst-driven rebound potential. We also position in Brent oil beneficiaries and sector leaders with supportive t...
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