reports
- John Cheong Ming Chern
- Kai Jie Tang
China Aviation Oil (CAO SP) - Riding The Tailwinds Of Travel Demand An...
Highlights • CAO is the largest physical jet fuel trader in Asia and is expected to be a key beneficiary of the sustained recovery in global air traffic. • Continued strong growth in travel volume will boost CAO’s trading volume and contributions from associated companies. • Initiate coverage with BUY and a target price of S$2.09. Catalysts are special dividend and positive restructuring outcome at the parent level. High net cash of >40% market cap is overlooked, putting CAO at only 7x ex-cash ...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
YesAsia Holdings (2209 HK): 2025 Results Preview: Net Margin Pressure ...
We had a pre-blackout call with YesAsia. Management saw decent 4Q25 growth despite a high base in 4Q24 but foresees net margin pressure in 2H25 due to higher expenses. It will continue with its marketing efforts that focus on social media marketing for B2C business and trade fairs for B2B business. Management reiterates its target of achieving parity in B2B and B2C revenue in 2-3 years. Maintain BUY with a lower target price of HK$5.15 based on 8.5x 2026F PE.
- Bella Lu Yifei
- Ken Lee
XPeng Motors (9868 HK): Trim 2026/27 EPS By 39%/6% And Cut Target To H...
XPeng has reportedly set a delivery target of 550,000-600,000 vehicles for 2026 (up 28-40% yoy), above our estimate, based on strong product line-ups and doubling of exports. We lift our 2026 delivery estimate by 7% to 530,000 units. R&D expenses will probably increase to >Rmb10b in 2026, driven by the new projects for ADAS, robotaxi and humanoid robotics. We trim 2026/27 net profit forecasts by 39%/6%, based on higher R&D expenses. Maintain BUY. Cut target price from HK$145.00 to HK$125.00.
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Lenovo Group (992 HK): 3Q26 Results Preview: PC Sales Remain Solid, Bu...
Lenovo is expected to report its 3QFY26 results on 12 Feb 26. We estimate adjusted net profit to grow 8.2% yoy to US$470m on the back of a 12.1% yoy growth in revenue. The solid revenue growth was primarily driven by pulled-forward demand as consumers rushed to replace their PCs before further price hikes amid a memory super cycle. We factor in a worse-than-expected memory shortage and trim our FY27-28 estimates. Maintain HOLD and lower target price to HK$9.70.
- Desmond Chong Chee Wai
- Wei Xiang Ku
VS Industry (VSI MK) - Stars Align For A Breakout After Two Uneventful...
Stars Align For A Breakout After Two Uneventful Years Highlights The ingredients for sharp mean reversion are quietly falling into place, anchored by an earnings inflection after a prolonged period of ROI-driven fund outflows, portfolio de-risking and sustained underperformance versus peers in a risk-on environment, off a low base from 2025. While the tariff cost-sharing arrangement is likely to cap near-term margin expansion, stronger volumes and sticky customer relationships provide underl...
- Jack Goh Tooan Orng
Gloves - A Long Winter
A Long Winter Highlights Oversupply and sub-optimal utilisation rates are likely to continue weighing on earnings recovery prospects. China manufacturers’ aggressive capacity expansion are disrupting industry supply-demand equilibrium. Top-line remains under pressure from the weakening MYR/USD rate. The sector’s risk-reward pay-off appears neutral with potential structural derating from China’s capacity influx and aggressive expansion strategies. Maintain MARKET WEIGHT.
- Malaysia Research Team
Malaysia Daily - Wednesday, January 14, 2026
Top Stories Sector Update | Gloves Moving into 1H26, the Malaysian glove sector is still weathering the oversupply challenges arising from China producers' capacity influx and intense competition in non-US markets. The recent weakening of the MYR/USD rate is also compressing top-line revenue. With the permanent disruption from China producers, there are concerns of permanent structural de-rating for the sector. Maintain MARKET WEIGHT. Top pick: Kossan Rubber Industries. Company Update | VS Indus...
- Thanawat Thangchadakorn
Finance: Q25 Results Preview: Companies Prepare For Uncertainties As T...
Sector Update | Finance We expect the finance sector's 4Q25 net profit to increase 8% yoy but drop 5% qoq. Credit costs could jump 37bp qoq to 347bp in 4Q25, creating a buffer for potential uncertainties while waiting for the general election and government budget disbursement. We anticipate the sector performing well after the general election. Moreover, the government stimulus and disbursement should support the sector in 2H26. Upgrade to OVERWEIGHT on the sector. Our top picks are MTC and K...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Wednesday, January 14, 2026
Top Stories Company Update | Food Empire Holdings (FEH SP/BUY/S$2.58/Target: S$3.00) An improvement in the Russia-Ukraine war deal could lift sentiment for FEH, especially given the scarcity of Russia-Ukraine proxies on SGX. The recent resumption of aggressive share buybacks indicates strong positive signals from management. FEH currently trades at 17x 2026F PE, representing a deep 32% discount to regional peers’ average. We maintain BUY with an unchanged target price of S$3.00. Market Spotlig...
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, January 14, 2026
Top Stories Sector Update | Finance We expect the finance sector's 4Q25 net profit to increase 8% yoy but drop 5% qoq. Credit costs could jump 37bp qoq to 347bp in 4Q25, creating a buffer for potential uncertainties while waiting for the general election and government budget disbursement. We anticipate the sector performing well after the general election. Moreover, the government stimulus and disbursement should support the sector in 2H26. Upgrade to OVERWEIGHT on the sector. Our top picks ar...
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Joyce Chu
- Kate Luang
- Ken Lee
Greater China Daily: Wednesday, January 14, 2026
Top Stories Company Update | Lenovo Group (992 HK/HOLD/HK$8.95/Target: HK$9.70) Lenovo is expected to report its 3QFY26 results on 12 Feb 26. We estimate adjusted net profit to grow 8.2% yoy to US$470m on the back of a 12.1% yoy growth in revenue. The solid revenue growth was primarily driven by pulled-forward demand as consumers rushed to replace their PCs before further price hikes amid a memory super cycle. We factor in a worse-than-expected memory shortage and trim our FY27-28 estimates. Ma...
- Andrew Agita Buntoro
- Benyamin Mikael
Garuda Maintenance Facility AeroAsia (GMFI IJ) - Executing A Comprehen...
Small/Mid Cap Highlights | Garuda Maintenance Facility AeroAsia (GMFI IJ/NOT RATED/Rp92) GMFI is executing a comprehensive turnaround supported by balance sheet repair, capacity expansion, and strong structural demand tailwinds. The completion of HMETD II restores positive equity, improves liquidity, and reduces recurring costs, while new hangar capacity, international MRO partnerships, and military MRO development underpin aggressive 2030 growth targets. Fleet reactivation and Indonesia’s touri...
- Andrew Agita Buntoro
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Wednesday, January 14, 2026
Small/Mid Cap Highlights | Garuda Maintenance Facility AeroAsia (GMFI IJ/NOT RATED/Rp92) GMFI is executing a comprehensive turnaround supported by balance sheet repair, capacity expansion, and strong structural demand tailwinds. The completion of HMETD II restores positive equity, improves liquidity, and reduces recurring costs, while new hangar capacity, international MRO partnerships, and military MRO development underpin aggressive 2030 growth targets. Fleet reactivation and Indonesia’s touri...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benyamin Mikael
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Kate Luang
- Ken Lee
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, January 14, 2026
Greater China Company Update | Lenovo Group (992 HK/HOLD/HK$8.95/Target: HK$9.70) Lenovo is expected to report its 3QFY26 results on 12 Feb 26. We estimate adjusted net profit to grow 8.2% yoy to US$470m on the back of a 12.1% yoy growth in revenue. The solid revenue growth was primarily driven by pulled-forward demand as consumers rushed to replace their PCs before further price hikes amid a memory super cycle. We factor in a worse-than-expected memory shortage and trim our FY27-28 estimate...
00992 LENOVO GROUP LIMITED
5168 HARTALEGA HOLDINGS BHD.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
FEH FOOD EMPIRE HOLDINGS LTD
2209 YESASIA HOLDINGS LTD
09868 XPENG INC
TIDLOR TIDLOR HOLDINGS PCL
GMFI GARUDA MAINTENANCE FACILITY AERO ASIA TBK PT
- Heidi Mo Jinghui
- John Cheong Ming Chern
Food Empire Holdings (FEH SP) - Multiple Tailwinds And Strong Positive...
An improvement in the Russia-Ukraine war deal could lift sentiment for FEH, especially given the scarcity of Russia-Ukraine proxies on SGX. The recent resumption of aggressive share buybacks indicates strong positive signals from management. FEH currently trades at 17x 2026F PE, representing a deep 32% discount to regional peers’ average. We maintain BUY with an unchanged target price of S$3.00.
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 3QFY26 Results Preview: Lukewarm CMR Growth; ...
We expect Alibaba to report lacklustre 3QFY26 results but expect a gradual margin recovery on softer investment in instant delivery competition. We are cautiously optimistic on Alibaba’s core commerce business due to the high base last year and ongoing competition. Nevertheless, we are sanguine on its cloud strategy, which will position the company well to become a technology platform centred on AI + Cloud with long-term strategic value and growth flywheel. Maintain BUY with an unchanged target ...
- Kenny Yong Hui Lim
Futu Holdings (FUTU US): The Shovel Seller In A Bull Run.
As a one-stop financial service platform with global exposure, Futu is well-poised to benefit from the improved stock market turnover and IPO market amid the global easing cycle. Its strategic overseas market expansion and growing crypto business will further enhance its growth visibility. Hence, we expect its earnings to grow at a 36% four-year CAGR in 2024-28. Futu’s risk-to-reward profile is attractive given its superior ROE and valuation discount against global peers. Initiate coverage with ...
- Damon Shen
- Jieqi Liu
China Property: Sales Remain Weak in Jan 26; Land Investments Still Co...
Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably towards the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high policy volatility and weak policy implementation in 1...
- Jo Yee Ng
Sunway Bhd (SWB MK) - Unlocking Synergistic Value From Potential IJM V...
Unlocking Synergistic Value From Potential IJM VTO Highlights Sunway has announced a conditional takeover offer in IJM shares for a consideration of RM11.0b at an offer price of RM3.15. This implies a FY26F PE of 24.0x and P/B of 1.1x, below Sunway’s own trading multiple. Management sees potential synergistic value from cost savings and revenue expansion, especially in IJM’s landbank value. Maintain BUY with an unchanged target price of RM6.10, as the VTO requires shareholder and regulator...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
IJM Corporation (IJM MK) - A Clash Of Titans; Sunway Launches VTO Bid ...
A Clash Of Titans; Sunway Launches VTO Bid For IJM Highlights Sunway Bhd announced its voluntary takeover offer (VTO) for IJM with an offer price of RM3.15. Valuations appear fair, representing +1.0SD to IJM’s 5-year mean PE, 1.1x FY26F PB and a 14.6% premium to the last traded price. Upgrade to BUY. We lift our target price to RM3.15, in line with the VTO price. The offer price is slightly below our non-discounted SOTP valuations.
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