reports
- Adrian Loh Tzum Yung
Sembcorp Industries (SCI SP) - 2025: Headwinds On Multiple Fronts, Att...
SCI reported weaker-than-expected earnings for 2025 with lower net profit in its gas & related services segment in Singapore. Beset as it is with headwinds on several fronts in 2026, its Alinta acquisition should bolster earnings and cashflow in the medium term. Maintain BUY with a lower target price of S$7.10, implying 15% upside.
- Heidi Mo Jinghui
- Kai Jie Tang
Pan-United Corporation (PAN SP) - 2025: Earnings And Dividend Surprise
Pan-United’s 2025 results exceeded expectations, with revenue and earnings beating our expectations by 3% and 7% respectively, driven by stronger C&C growth and margin expansion. The group declared a higher-than-expected final dividend of 4.5 S cents, bringing 2025’s total dividend to 4.5 S cents (+50% yoy; 61% payout). Maintain BUY with a 7% higher target price of S$1.42.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Roy Chen Chengzhi
Singapore Daily: Thursday, February 26, 2026
Top Stories Company Results | Delfi (DELFI SP/BUY/S$0.945/Target: S$1.12) Delfi’s 2025 revenue of US$500m (-0.5% yoy) missed expectations, while core profit fell 20% yoy, despite beating our forecast on lower selling costs. A softer 4Q25 reflects Indonesia sales weakness (-12% yoy), although own brands’ remained resilient (+5% yoy). Gross margin compressed to 26.5% but easing cocoa prices support recovery. Upgrade to BUY with a raised target price of S$1.12. Company Results | Food Empire H...
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Keith Wee Teck Keong
- Lester Siew
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 26, 2026
Greater China Strategy | Hong Kong Budget 2026-27 The 2026-27 Budget marks a shift from deficit spending to structural consolidation, projecting a HK$22.1b surplus (0.6% of GDP) from last year’s HK$67.0b deficit (2% of GDP), which will lift fiscal reserves from 8 months to 10 months of government expenditure. Real GDP growth is projected at 2.5-3.5% yoy, with CPI at 1.7% yoy. Policy prioritises Northern Metropolis and AI investment, while property measures have turned more prudent, raising luxur...
P34 DELFI
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
T TELEKOM MALAYSIA BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
FUTU FUTU HOLDINGS ADS
SWB SUNWAY BHD
FEH FOOD EMPIRE HOLDINGS LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
GIAA GARUDA INDONESIA PERSERO TBK
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - 3QFY26: Results In line; Stronger-than-e...
SIA’s 2QFY26 earnings of S$505m (-69% yoy, +863% qoq) were within our guided range of S$450m-530m. Operating profit beat our estimates on better pax yields, but the drag from Air India was heavier than expected. Management noted that pax yields have stabilised, while cargo yields remain under pressure. Overall, we like this set of results, as the positive implications from the strong operating profit beat outweigh the negatives from Air India. Maintain HOLD with a higher target price of S$7.18.
- Jonathan Koh
Oversea-Chinese Banking Corp (OCBC SP) - 4Q25: Strategic Shift Provide...
NIM expanded 2bp qoq to 1.86% in 4Q25, reflecting stabilisation. Contribution from wealth management increased 26% yoy, driven by AUM expansion of 15% yoy and net new money of S$6b. OCBC has embarked on a strategic shift to capture growth at its twin wealth hubs of Singapore and Hong Kong and deepen its domestic presence within ASEAN in Malaysia and Indonesia. Maintain BUY. Target price: S$24.85.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Food Empire Holdings (FEH SP) - 2025: Solid Execution Justifies Rerati...
FEH reported stronger-than-expected core PATMI of US$69m (+38% yoy), beating our forecast by 15% on broad-based momentum across key markets with revenue rising 21% to US$577m. Despite strong growth, the stock trades at 21x 2026F PE, a 26% discount to peers. We maintain BUY with a 40% higher target price of S$4.21.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 2025: The Worst Is Likely Over; Gradual Recovery Ah...
Delfi’s 2025 revenue of US$500m (-0.5% yoy) missed expectations, while core profit fell 20% yoy, despite beating our forecast on lower selling costs. A softer 4Q25 reflects Indonesia sales weakness (-12% yoy), although own brands’ remained resilient (+5% yoy). Gross margin compressed to 26.5% but easing cocoa prices support recovery. Upgrade to BUY with a raised target price of S$1.12.
- Malaysia Research Team
Malaysia Daily - Thursday, February 26, 2026
Top Stories Company Results | Kuala Lumpur Kepong (KLK MK/BUY/RM19.18/Target: RM22.25) Kuala Lumpur Kepong delivered a 1QFY26 core profit of RM382m (+67% yoy) which met our and consensus expectations. Sequentially, core earnings rebounded over 100% qoq largely on the downstream segment’s earnings rebound vs heavy losses posted in 4QFY25, while upstream earnings sustained on sequentially higher FFB, albeit partly offset by higher production costs. We expect plantation earnings to remain supported...
- Kasemsun Koonnara
Quality Houses (QH TB) - Only One New Project; Challenging Presales An...
Company Update | Quality Houses (QH TB/HOLD/Bt1.49/Target: Bt1.50) QH set a conservative launch plan, with challenging targets in presales and transfers for 2026 amid intensified competition and using aggressive promotional campaigns. QH has announced a cash dividend with yield 4.7%. The board has approved a Bt1.2b share repurchase programme. Maintain HOLD, target price: Bt1.50.
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - 4Q25: Results In Line; Time To Buy
Company Results | Home Product Center (HMPRO TB/BUY/Bt7.25/Target: Bt9.00) Upgraded to BUY with a higher target price of Bt9.00. We are confident that 1Q26 earnings should mark HMPRO’s lowest point of the year and will recover from 2Q26 onward. 4Q25 earnings dropped 7% yoy, in line with both our and the consensus forecast.
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Brilliant Outlook In 1Q26 For Both B...
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt39.25/Target: Bt45.00) There was a positive tone during CENTEL’s 4Q25 analyst meeting, with solid 2026 growth guidance driven by new Maldives hotels. Hotel and food revenues are expected to grow 14-15% yoy. 4Q25 earnings beat expectations on stronger margins and lower interest costs. Momentum remains strong into 1Q26, supported by the Maldives performance and recovery of the food business. Chinese arrivals are rebounding strongly, supporting ...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Remaining Optimistic Amid The Pressuring...
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt190.50/Target: Bt214.00) BH’s 4Q25 analyst meeting had a positive tone, supported by progress in the Kuwait talks, which reaffirmed BH as a referral destination with receivables settled, though the timing remains unclear. 1Q26 revenue is guided for ±2-3% yoy growth depending on Middle East tensions, with risks from Ramadan and geopolitics. BIH Phuket’s opening is delayed to 2H27, easing 2026 cost pressure. Cambodian weakness persists, while the S...
- Tanapon Cholkadidamrongkul
CP ALL (CPALL TB) - 4Q25: Results In Line; 2025 Earnings Reach All-Tim...
Company Results | CP ALL (CPALL TB/BUY/Bt51.75/Target: Bt62.00) 2025 earnings reached an all-time high. For 4Q25, earnings came in at Bt7.3b, flat yoy, in line with our and market expectations. We are impressed that the CVS segment has been able to expand its gross margin despite the negative impact from the Half-Half copayment scheme. Maintain BUY with a higher target price of Bt62.00 (previously Bt60.00).
- Tanapon Cholkadidamrongkul
Betagro (BTG TB) - 4Q25: Earnings Down QOQ
Company Results | Betagro (BTG TB/HOLD/Bt20.50/Target: Bt21.00) BTG reported a 4Q25 core profit of Bt935m (-3% yoy and -23% qoq). The results beat our and the market’s forecasts. Management expects swine prices to increase gradually to around Bt65/kg and targets a swine price of Bt70/kg in 2026. Looking ahead, we expect 1Q26 earnings to increase slightly qoq, supported by higher ASPs. However, earnings are expected to decline yoy due to a high base. Maintain HOLD with a target price of Bt21.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, February 26, 2026
Top Stories Company Results | Betagro (BTG TB/HOLD/Bt20.50/Target: Bt21.00) BTG reported a 4Q25 core profit of Bt935m (-3% yoy and -23% qoq). The results beat our and the market’s forecasts. Management expects swine prices to increase gradually to around Bt65/kg and targets a swine price of Bt70/kg in 2026. Looking ahead, we expect 1Q26 earnings to increase slightly qoq, supported by higher ASPs. However, earnings are expected to decline yoy due to a high base. Maintain HOLD with a target pric...
- Benyamin Mikael
Garuda Indonesia (GIAA IJ) - Flying Higher
Small/Mid Cap Highlights | Garuda Indonesia (GIAA IJ/NOT RATED/Rp84) GIAA’s equity turned positive following a Rp23.67t Danantara injection, supporting fleet reactivation and turnaround, with exit from the Full Call Auction targeted by mid-March 26. The active fleet recovered to 90 aircraft in 2025, with further additions planned in 2026 and a shift toward owned aircraft to reduce gearing. A new internationally experienced CFO strengthens governance. Management targets cost efficiency, route opt...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Thursday, February 26, 2026
Small/Mid Cap Highlights | Garuda Indonesia (GIAA IJ/NOT RATED/Rp84) GIAA’s equity turned positive following a Rp23.67t Danantara injection, supporting fleet reactivation and turnaround, with exit from the Full Call Auction targeted by mid-March 26. The active fleet recovered to 90 aircraft in 2025, with further additions planned in 2026 and a shift toward owned aircraft to reduce gearing. A new internationally experienced CFO strengthens governance. Management targets cost efficiency, route opt...
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - No Exciting Catalysts But No Concerns E...
Company Update | Thanachart Capital (TCAP TB/HOLD/Bt61.25/Target: Bt60.00) We came away from TCAP’s analyst meeting with a neutral view. Its CEO expects TCAP’s overall performance to improve in 2026, supported by growth in all businesses across associate and subsidiary companies. TCAP will maintain the dividend payout for shareholders and investors. It targets to grow the truck lending business’ loan portfolio in 2026. Maintain HOLD with an unchanged target price of Bt60.00.
- Kasemsun Koonnara
Supalai (SPALI TB) - 4Q25: Earnings Down 33% YOY But Up 15% QOQ
Company Results | Supalai (SPALI TB/HOLD/Bt18.30/Target: Bt16.60) 4Q25 earnings came in at Bt1.3b, down 33% yoy but up 15% qoq, exceeding our estimates by 8% due to higher-than-expected other income. Revenue improved qoq but overall gross margin compressed yoy and qoq. SPALI announced a dividend payment with a yield of 3.8%. We believe the current share price already reflects the recovery prospects in 2026. At current levels, the stock appears fully valued. Maintain HOLD, target price: Bt16.60.
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