reports
- Jo Yee Ng
Lagenda Properties (LAGENDA MK) - Current Diesel Cost Hikes Remain Man...
Current Diesel Cost Hikes Remain Manageable Highlights Diesel costs hikes can be passed through via modest price escalation on a per unit basis, due to economies of scale across townships. Lagenda maintains its 2026 launch target of RM2.65b (+16% yoy), with the launch schedule unchanged and skewed towards 2H26 (77% of GDV). Offers dividend yield of 5.7% for 2026. Maintain BUY with an unchanged target price of RM1.88.
- Jo Yee Ng
IOI Properties Group (IOIPG MK) - Announces Malaysia REIT Listing
Announces Malaysia REIT Listing Highlights IOIPG will raise proceeds of RM4.62b from its Malaysia REIT listing, with a potential upside of RM0.8b-1.0b, based on a 1.4-1.5x forward P/B multiple, in line with peers. We expect gearing to decline to 0.74x from 0.90x as of end-Dec 25. Around 66% of proceeds used for debt repayment should generate post-tax interest savings of RM77m, equivalent to 6.8% of our FY27 earnings forecast. It is well-positioned to capitalise on: a) falling SORA, b) pote...
- Amerul Iqmal
- Lester Siew
Plantation - Recovery in Production and Exports
Recovery in Production and Exports Highlights MPOB’s Mar 26 data showed palm oil inventory declining to 2.27m tonnes, driven by a surge in exports which more than offset the increase in production. Elevated CPO prices are expected to support planters’ earnings during the low harvest season in 1Q26, while most remain insulated from near-term fertiliser cost pressures. Maintain OVERWEIGHT. Sector picks: SD Guthrie (BUY/Target: RM6.90) and Hap Seng Plantations (BUY/Target: RM2.65).
- Malaysia Research Team
Malaysia Daily - Monday, April 13, 2026
Sector Update | Plantation MPOB’s Mar 26 data saw a continued downward moderation in palm oil inventory, driven by a surge in exports despite the recovery in production. We maintain our constructive view on the sector’s outlook, underpinned by positive demand drivers such as the expansion of biofuel policies in the US and Indonesia. Maintain OVERWEIGHT on the sector with our CPO price forecast at RM4,500 per tonne for 2026. Company Update | IOI Properties Group (IOIPG MK/BUY/RM3.63/Target: RM4.0...
- Jonathan Koh
Singapore Daily: Monday, April 13, 2026
Top Stories Sector Update | REITs Advances in agentic AI are expected to fuel proliferation of AI applications and a surge in AI inference workload. Data centre capacity is projected to almost triple to 219GW by 2030, of which 156GW or 71% caters to AI workload. The impending listing of OpenAI and Anthropic would intensify attention on data centre REITs. NTTDCR (Target: US$1.42) offers the highest FY27 DPU yield of 8.6%. KDCREIT (Target: S$2.82) has a resilient Singapore-centric portfolio and is...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Inflation -- PPI Inflation Turns Positive But CPI Inf...
In March, China’s headline CPI inflation eased to 1.0% yoy, below consensus, as food inflation moderated and post-holiday services normalised, pulling core CPI inflation down to 1.1% yoy. Meanwhile, PPI inflation turned positive at 0.5% yoy for the first time since late-22, driven by rising global commodity and oil prices lifting upstream sectors. However, persistent consumer goods PPI deflation signals weak downstream demand, suggesting price transmission will be gradual and dependent on a reco...
- Claire Wang Kelai
- Joyce Chu
- Tham Mun Hon
Greater China Daily: Monday, April 13, 2026
Top Stories Economics | Inflation In March, China’s headline CPI inflation eased to 1.0% yoy, below consensus, as food inflation moderated and post-holiday services normalised, pulling core CPI inflation down to 1.1% yoy. Meanwhile, PPI inflation turned positive at 0.5% yoy for the first time since late-22, driven by rising global commodity and oil prices lifting upstream sectors. However, persistent consumer goods PPI deflation signals weak downstream demand, suggesting price transmission will...
- Alden Gabriel Lam
- Amerul Iqmal
- Claire Wang Kelai
- Jo Yee Ng
- Jonathan Koh
- Lester Siew
- Posmarito Pakpahan
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, April 13, 2026
Greater China Economics | Inflation In March, China’s headline CPI inflation eased to 1.0% yoy, below consensus, as food inflation moderated and post-holiday services normalised, pulling core CPI inflation down to 1.1% yoy. Meanwhile, PPI inflation turned positive at 0.5% yoy for the first time since late-22, driven by rising global commodity and oil prices lifting upstream sectors. However, persistent consumer goods PPI deflation signals weak downstream demand, suggesting price transmission...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
SDG SD GUTHRIE BHD
- Alden Gabriel Lam
- Posmarito Pakpahan
- Willinoy Sitorus
Strategy - MSCI Indonesia: What Comes Next
Strategy | MSCI Indonesia: What Comes Next Indonesia’s EM status is largely de-risked, shifting focus to MSCI index mechanics. Key uncertainties lie in MSCI’s interpretation of the KSEI 39-category framework and the timing of exclusions vs inclusions. We see the potential removal of several stocks impacting >20% of Indonesia’s MSCI weighting, implying our back-of-the=envelope outflow of US$386m-482m. DSSA and BREN remain high-probability exclusions following HSC flags. While flows may balance ov...
- Jonathan Koh
SG REITs : Bargain Hunting Amidst Fragile Peace Negotiations
Ongoing peace negotiations between US and Iran and between Russia and Ukraine, if continued, could lead to reducing hostilities and healing in the energy supply chain, thus easing concerns over higher inflation. Maintain OVERWEIGHT. Accumulate logistics REIT FLT (Target: S$1.22) and hospitality REIT CLAS (Target: S$1.42). Fundamentally, we remain attracted to CICT (Target: S$2.95), MPACT (Target: S$1.84) and NTTDCR (Target: US$1.42).
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Alden Gabriel Lam
- Maskun Ramli
- Posmarito Pakpahan
- Willinoy Sitorus
Indonesia Daily - Monday, April 13, 2026
Strategy | MSCI Indonesia: What Comes Next Indonesia’s EM status is largely de-risked, shifting focus to MSCI index mechanics. Key uncertainties lie in MSCI’s interpretation of the KSEI 39-category framework and the timing of exclusions vs inclusions. We see the potential removal of several stocks impacting >20% of Indonesia’s MSCI weighting, implying our back-of-the=envelope outflow of US$386m-482m. DSSA and BREN remain high-probability exclusions following HSC flags. While flows may balance ov...
- Jonathan Koh
SG REITs : Data Centre REITs: No Let-up In Innovation To Advance AI
Advances in agentic AI are expected to fuel proliferation of AI applications and a surge in AI inference workload. Data centre capacity is projected to almost triple to 219GW by 2030, of which 156GW or 71% caters to AI workload. The impending listing of OpenAI and Anthropic would intensify attention on data centre REITs. NTTDCR (Target: US$1.42) offers the highest FY27 DPU yield of 8.6%. KDCREIT (Target: S$2.82) has a resilient Singapore-centric portfolio and is well supported by sponsor Keppel....
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Jonathan Koh
REITs - Data Centre REITs: No Let-up In Innovation To Advance AI
Highlights • Advances in agentic AI are expected to fuel proliferation of AI applications and surge in AI inference workload. Data centre capacity is projected to almost triple to 219GW by 2030, of which 156GW or 71% caters to AI workload. • The impending listing of OpenAI and Anthropic would intensify attention on data centre REITs. NTTDCR (Target: US$1.42) offers the highest FY27 DPU yield of 8.6%. KDCREIT (Target: S$2.82) has a resilient Singapore-centric portfolio and is well supported by sp...
- Benjaphol Suthwanish
SCG Packaging (SCGP TB) - 1Q26 Earnings To Be Resilient ‒ Net Profit ...
Company Update | SCG Packaging (SCGP TB/BUY/Bt20.80/Target: Bt26.00) We expect SCGP’s 1Q26 net profit to remain flat qoq, despite the absence of significant extra gains. This stability is supported by higher selling prices and an improved gross margin. Our 1Q26 net profit estimate accounts for 23% of the full-year 2026 forecast. Looking ahead to 2Q26, we anticipate net profit to decline qoq due to the low season in Thailand, but to still grow yoy. However, Thailand’s economic stimulus measures c...
- Tanapon Cholkadidamrongkul
CP ALL (CPALL TB) - Reaching A New Historical Hig
Company Update | CP ALL (CPALL TB/BUY/Bt47.25/Target: Bt62.00) We expect CPALL’s 1Q26 core earnings to come in at Bt8.0b, up 6.0% yoy and 10.3% qoq to reach a new historical high. CPALL is expected to be the only grocery retailer under our coverage to deliver positive earnings growth in 1Q26. Maintain BUY with a target price of Bt62.00.
- Kitpon Praipaisarnkit
AP (Thailand) (AP TB) - 1Q26 Presales Declines Slightly, Accounting Fo...
Company Update | AP (Thailand) (AP TB/BUY/Bt8.50/Target: Bt10.80) We maintain a positive view on AP’s earnings outlook, continuing to favour the company as it is a market leader. We believe AP is pursuing a more aggressive strategy than its peers, which should help preserve market share and support profit growth amid industry consolidation. In addition, we expect an attractive dividend yield of 5-6% (single payment) to help underpin the share price. AP will go XD on 6 May 26 for a dividend of Bt...
- Tanapon Cholkadidamrongkul
Beverage - Pricing Key To Market Differentiation For Highly Substituta...
Sector Initiate Coverage | Beverage The beverage sector’s 1H26 earnings are expected to drop yoy, mainly dragged by CBG. While we anticipate a potential sales recovery in 2H26, we are also monitoring international developments and domestic market share dynamics. Rising energy and raw material costs will pressure margins. In the short term, we prefer OSP for its higher gross margin buffer and lower domestic market share pressure. Initiate coverage on OSP with BUY and on CBG with HOLD. We are MARK...
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
Thailand Daily - Friday, April 10, 2026
Top Stories Sector Initiate Coverage | Beverage The beverage sector’s 1H26 earnings are expected to drop yoy, mainly dragged by CBG. While we anticipate a potential sales recovery in 2H26, we are also monitoring international developments and domestic market share dynamics. Rising energy and raw material costs will pressure margins. In the short term, we prefer OSP for its higher gross margin buffer and lower domestic market share pressure. Initiate coverage on OSP with BUY and on CBG with HOLD...
- Ken Lee
China Automobile Weekly: 4Q25 Results Review And 2026 Outlook.
In 4Q25, the upstream segments (battery and battery materials) outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments. China’s auto sector profits should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26 as: a) the front-loading effect is fading, b) local subsidies are coming through, c) OEMs are launching new techs, and d) overseas sales remain buoyant. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Minth and Ganfeng Lithium.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
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)
- Singapore Research Team
Singapore Daily: Friday, April 10, 2026
Top Stories Strategy | Monthly Market Radar Singapore equities fell 2.2% in March to 4,885.45 amid escalating Middle East tensions and rising oil prices. Volatility increased as retail investors stayed active, favouring industrial and tech stocks. Corporate catalysts included Oiltek’s major contract win, CLAR’s capital raising and UI Boustead REIT’s SGX debut. Markets remained cautious, with heightened geopolitical risks amplifying concerns over supply disruptions and oil-price pressures. Marke...
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