reports
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Singapore Research Team
Singapore Daily: Tuesday, March 3, 2026
Top Stories Strategy | Alpha Picks: Stronger Conviction Picks Amid Higher Volatility Our Alpha Picks built on January’s momentum, outperforming the STI on price- and equal-weighted bases. For Mar 26, we add HUAGL, KEP and ST, and remove CSSC, DFI, LREIT and RGL, rotating into higher-conviction names with clearer earnings visibility and valuation support amid higher volatility. The portfolio remains positioned to capture potential EQDP-driven inflows into small- and mid-cap stocks. Company Resul...
- John Cheong Ming Chern
Frencken Group (FRKN SP) - 2025: Results In Line; Expect Better Earnin...
Frencken reported 2025 earnings of S$39m (+5% yoy) that were in line with our estimate. 2025 revenue grew 9% yoy, driven by growth in the semiconductor, medical and industrial automation segments, while the life science and automotive segments declined. 1H26 revenue outlook is likely to be flat hoh, but earnings are expected to be higher hoh. Maintain BUY with a 29% higher target price of S$2.33.
- Heidi Mo Jinghui
- John Cheong Ming Chern
China Sunsine Chemical (CSSC SP) - 2025: Earnings Below Expectations; ...
Sunsine’s 2025 earnings of Rmb405m (-4% yoy) missed our expectations by 7% on weaker margins and forex losses. This was partially offset by record-high volumes (+4% yoy), driven by stronger international growth (+5% yoy), reinforcing Sunsine’s market leadership. Downgrade to HOLD with a 26% lower target price of S$0.70.
- Kong Ho Meng
Oil & Gas - Petronas: Emerging Stronger After 2025
Petronas: Emerging Stronger After 2025 Highlights Emerging stronger after weathering through 2025. Described as a year of polycrisis that caused a 19% decline in profits, and necessitates the group to execute right-sizing exercises (two more phases in Mar and Jul 26), Petronas’ cash flow preservation remains commendable. Looking ahead, with much lower dividend obligation and minor upside to normalised capex commitment levels, 2026 can be viewed as a year for Petronas to refocus on its renewed,...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 4Q25 Results Wrap-Up: Improving Breadth And Earnings Visibi...
4Q25 Results Wrap-Up: Improving Breadth And Earnings Visibility Lay Foundation For A Firmer 2026 Highlights The substantial improvements in market earnings breadth in the 4Q25 results season reinforces our view of improving corporate earnings momentum in 2026. Large-cap domestic proxies which topped expectations were amply rewarded, notably Sunway Construction, Sunway Bhd, Sime Darby, KPJ Healthcare and Tenaga Nasional. Strategy: Selective, favouring liquid large-cap proxies. Against a flu...
- Malaysia Research Team
Malaysia Daily - Tuesday, March 3, 2026
Top Stories Strategy | 4Q25 Results Wrap: Improving Breadth And Earnings Visibility Lay Foundation For A Firmer 2026 The marked improvement in earnings breadth during the 4Q25 results season reinforces our conviction that corporate earnings momentum is gaining traction in 2026. We advocate a selectively risk-on stance, with a preference for liquid largecap proxies particularly to weather the near-term volatility arising from the US’ and Israel’s military strikes against Iran. Assuming the Iran c...
- Alden Gabriel Lam
- Willinoy Sitorus
United Tractors (UNTR IJ) - 4Q25: Martabe Gold Mine Licence Uncertaint...
Company Results | United Tractors (UNTR IJ/HOLD/Rp28,700/Target: Rp30,000) UNTR posted a 4Q25 net profit of Rp3.3t (-0.3% qoq; -15.3% yoy), bringing 2025 earnings to Rp14.8t (-24.2% yoy), in line with our estimates but below consensus. The status of Agincourt Martabe's mining licence remains uncertain as management is still in talks with the government. Even if the licence was reinstated, it would still take 1-2 months for production to normalise. The proposed coal RKAB cut has yet to be announc...
- Johnny Yum
Strategy - Alpha Picks: Rotating To Commodities Amid Macro Volatility
Strategy | Alpha Picks: Rotating To Commodities Amid Macro Volatility February was volatile as foreign fund outflows, MSCI downgrade concerns, and fiscal risks pressured the JCI, with our Alpha Picks underperforming slightly. March opened with an oil spike following Middle East tensions, though we view this as event-driven rather than structural. Meanwhile, domestic indicators, PMI, retail sales, market confidence, and liquidity, show a gradual improvement. We tactically rotate toward commodity ...
- Suryaputra Wijaksana
Economics - Inflation Surge Due To Persistent Low-Base Effect; Middle ...
Economics | Inflation Surge Due To Persistent Low-Base Effect, Middle East War Clouds Outlook Indonesia's headline inflation surged to 4.76% yoy in Feb 26, driven by a low-base effect and Ramadan food demand. Core inflation held steady at 2.63% but fell below 2.00% if gold is excluded, signalling modest domestic demand. Geopolitical tensions in the Middle East, particularly potential disruption to the Strait of Hormuz, now pose the primary risk to global monetary easing. Bank Indonesia is expect...
- Damon Shen
- Jieqi Liu
China Property: POEs’ Financing Channels Improve, But New Home Market ...
Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential for incremental policy support after the March NPC. Our top pick is CR Land, trading at 0.65x 2026F P/B, 0.6SD below the mean and with a 4.3%...
- Damon Shen
- Jieqi Liu
- Joyce Chu
Greater China Daily: Tuesday, March 3, 2026
Top Stories Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential for incremental policy support after the March NPC. Our top pick is CR Land, trading at 0.65x 202...
- Heidi Mo Jinghui
- John Cheong Ming Chern
UMS Integration (UMSH SP) - 2025: Winner Of Super Semiconductor Upcycl...
UMS reported 2025 earnings of S$42m (+2% yoy), in line at 100% of our full-year forecast. 2025 revenue grew 4% yoy due to growth in the semiconductor segment. UMS maintains a positive outlook as it will speed up production ramp-up and is working on many new NPIs from its key customer. Maintain BUY with a 9% higher target price of S$1.80.
- Heidi Mo Jinghui
- Kai Jie Tang
Sheng Siong Group (SSG SP) - 2025: Results In Line; Growing Footprint ...
SSG delivered solid 2025 results largely in line with our expectations, with revenue up 9.9% yoy and PATMI rising 8.7% yoy. Record store expansion and resilient demand drove growth, while gross margin expanded 0.8ppt yoy to 31.3%. In view of S$435.5m net cash and a visible expansion pipeline, we maintain BUY with a 20% higher target price of S$3.00.
- Adrian Loh Tzum Yung
Centurion Corp (CENT SP) - 2025: Resilient Earnings With Medium-Term R...
Core business’ profit rose 26% yoy, supported by strong earnings from Singapore PBWA, and UK PBSA occupancies near full capacity. CAREIT’s listing strengthened the balance sheet, reducing gearing and enabling accelerated bed expansion pipeline to support recurring earnings growth. Maintain BUY on CENT with a target price of S$1.90, implying a 25.8% upside.
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Alpha Picks: Momentum Continues But Selectively Repositioni...
Our Alpha Picks built on January’s momentum, outperforming the STI on price- and equal-weighted bases. For Mar 26, we add HUAGL, KEP and ST, and remove CSSC, DFI, LREIT and RGL, rotating into higher-conviction names with clearer earnings visibility and valuation support amid higher volatility. The portfolio remains positioned to capture potential EQDPdriven inflows into small- and mid-cap stocks.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kai Jie Tang
- Kong Ho Meng
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 3, 2026
Greater China Sector Update | China Property Seazen’s C-REIT application signals improving financing channels. Sector fundamentals remain weak, with 2M26 developers’ contract sales and major cities’ new-home data still under pressure, despite relatively resilient secondary transactions. Second-hand property prices modestly recovered mom in four Tier 1 cities. We maintain UNDERWEIGHT but see potential policy after the March NPC. Our top pick is CR Land, trading at 0.65x 26PB, 0.6SD below mean...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
5681 PETRONAS DAGANGAN BHD.
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
558 UMS HOLDINGS LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
5243 VELESTO ENERGY
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SATS SP SATS LTD.
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
KPJ KPJ HEALTHCARE BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
DLG DIALOG GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
DLUM DELEUM BERHAD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Alden Gabriel Lam
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Tuesday, March 3, 2026
Economics | Inflation Surge Due To Persistent Low-Base Effect, Middle East War Clouds Outlook Indonesia's headline inflation surged to 4.76% yoy in Feb 26, driven by a low-base effect and Ramadan food demand. Core inflation held steady at 2.63% but fell below 2.00% if gold is excluded, signalling modest domestic demand. Geopolitical tensions in the Middle East, particularly potential disruption to the Strait of Hormuz, now pose the primary risk to global monetary easing. Bank Indonesia is expect...
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 4Q25 Results Preview: Pressure To Start Emergin...
Xiaomi is scheduled to report its results on 24 March. We expect the ongoing memory headwinds to start impacting its smartphone business more significantly, as shipments and margins are both registering meaningful declines. On the other hand, sales of IoT products are moderating from a higher base. The EV business remain strong but we may see a slower quarter on the back of product transition. Downgrade to HOLD and cut target price to HK$37.50.
- Tham Mun Hon
Xinyi Solar (968 HK): 2025: In Line; Earnings Stabilise On Overseas Mi...
Xinyi Solar reported 2025 earnings of Rmb844.5m (-16.2% yoy), broadly in line, with the decline mainly due to impairment provisions. Underlying performance improved as group gross margin rose to 21.4%, driven by overseas pricing premiums, with overseas sales accounting for 33.5% of segment revenue. Overseas markets and new Indonesian production now provide key earnings support amid weak domestic pricing. Near-term margins remain supported by export premiums, and a meaningful recovery will depend...
- Jo Yee Ng
SP Setia (SPSB MK) - 4Q25: Results Above Expectation; Targets REIT Lis...
4Q25: Results Above Expectation; Targets REIT Listing In 1Q27 Highlights Above expectations. SP Setia’s 4Q25 core PATAMI came in at RM441m (+1142% qoq, +194% yoy) on the back of revenue of RM872m (-8% qoq, -31% yoy). This brings 2025 core PATAMI to RM615m, representing 211%/159% of our/consensus full-year forecasts respectively. The results are above expectations due to a faster-than-expected land sale revenue recognition of Tanjung Kupang land, which we had expected to be recognised in 1Q26. ...
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