reports
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q25 Results Preview: Lacklustre Top-line Growth; 1Q...
JD has guided for sluggish low single-digit top-line growth in 4Q25, moderating significantly from 3Q25’s revenue growth of 15% yoy, due to the high-base effect last year as a result of national subsidies. However, 4Q25’s revenue growth performance is likely to mark a cyclical trough, particularly for the JDR segment. We are optimistic about 1Q26 due to the resumption of national subsidies and strong seasonality during the Spring Festival. Maintain BUY with a lower target price of HK$155.00 (US$...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Trade -- December Beats Expectations; Import Growth H...
Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market positive, with full-year growth at...
- Lester Siew
Plantation - Outlook Turns Neutral As B50 Implementation Is Delayed
Outlook Turns Neutral As B50 Implementation Is Delayed Highlights We downgrade our sector call to MARKET WEIGHT (from OVERWEIGHT) following Indonesia’s call to delay the B50 biodiesel mandate’s implementation, which was originally planned for 2H26. In the absence of the B50 programme’s demand uplift, our 2026 CPO price assumption is subsequently revised down to RM4,250/tonne from RM4,400/tonne, albeit still maintaining 2027’s assumption of RM4,300/tonne. Hap Seng Plantations and Kuala Lump...
- Philip Wong
Consumer - Pockets Of Optimism Largely Priced In
Pockets Of Optimism Largely Priced In Highlights Pockets of optimism brought about by the Visit Malaysia Year and sustained government cash handout will support sentiment. Expected sector earnings growth of 9.2% yoy in 2026 is balanced by modest valuations. Downgrade 99 Speed Mart Retail Holdings (99SM) and Eco-Shop Marketing (Eco-Shop) to HOLD following their recent impressive run. QL Resources (QL) is at risk of a FBMKLCI exclusion. Maintain MARKET WEIGHT. Top sector picks: Fraser & Ne...
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Malaysia Research Team
Malaysia Daily - Thursday, January 15, 2026
Top Stories Sector Update | Consumer Pockets of optimism brought about by the Visit Malaysia Year and sustained government cash handout will support sentiment. An expected sector earnings growth of 9.2% yoy in 2026 is balanced by modest valuations. Downgrade 99 Speed Mart Retail Holdings and Eco-Shop Marketing to HOLD following their recent impressive run. QL Resources is at risk of an FBMKLCI exclusion. Maintain MARKET WEIGHT. Top picks for the sector are Fraser & Neave Holdings and Heineken Ma...
- Thanawat Thangchadakorn
TISCO Financial Group (TISCO TB) - 4Q25: Results In Line; Expect Net P...
Company Results | TISCO Financial Group (TISCO TB/HOLD/Bt109.50/Target: Bt110.00) TISCO posted a 4Q25 net profit of Bt1.64b, down 3% yoy and 5% qoq, in line with our and market expectations. TISCO reduced its provision expenses by 32% qoq, which translated to a credit cost of 97bp in 4Q25. The CEO expects net profit to trend upward after 2025. Maintain HOLD with a higher target price of Bt110.00.
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 4Q25: Results Beat; Asset Quality Remains Ro...
Company Results | Krungthai Card (KTC TB/BUY/Bt24.80/Target: Bt45.00) KTC posted a 4Q25 net profit of Bt2.08b, up 10% yoy and 6% qoq. The results beat our and consensus estimates by 10%. KTC’s loan growth expanded 0.4% yoy and 4.4% qoq in 4Q25. In 2025, the loan portfolio grew 0.4% yoy. The asset quality remained robust, with credit costs down 128bp qoq. We believe KTC will maintain a prudent approach to ensuring good asset quality. Maintain BUY. Target price: Bt45.00.
- Thanawat Thangchadakorn
Thailand Daily: Thursday, January 15, 2026
Top Stories Company Results | Krungthai Card (KTC TB/BUY/Bt24.80/Target: Bt45.00) KTC posted a 4Q25 net profit of Bt2.08b, up 10% yoy and 6% qoq. The results beat our and consensus estimates by 10%. KTC’s loan growth expanded 0.4% yoy and 4.4% qoq in 4Q25. In 2025, the loan portfolio grew 0.4% yoy. The asset quality remained robust, with credit costs down 128bp qoq. We believe KTC will maintain a prudent approach to ensuring good asset quality. Maintain BUY. Target price: Bt45.00. Company Re...
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, January 15, 2026
Top Stories Economics | Trade Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market pos...
- Andrew Agita Buntoro
- Willinoy Sitorus
Indosat (ISAT IJ) - Strengthening Mobile ARPU And Ongoing Expansion
Company Update | Indosat (ISAT IJ/BUY/Rp2,230/Target: Rp2,500) Upgrade Indosat to BUY from HOLD with a revised target price of Rp2,500 (previously Rp2,400) based on 4.6x 2026F EV/EBITDA, in line with its five-year historical average. The upgrade reflects a stronger-than-expected mobile ARPU recovery, supporting a more sustainable earnings trajectory. The FiberCo divestment strengthens the balance sheet, unlocks value, and creates potential for a special dividend, while the rapidly scaling, high-...
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Thursday, January 15, 2026
Top Stories Initiate Coverage | China Aviation Oil (CAO SP/BUY/S$1.74/Target: S$2.09) China Aviation Oil is Asia’s largest physical jet fuel trader and a key beneficiary of the sustained recovery in global air travel, which should support trading volumes and earnings from associates. Despite having strong net cash of over 40% of market cap, the stock trades at just 7x ex-cash 2026F PE. Initiate coverage with BUY and a target price of S$2.09. Market Spotlight • US stocks were lower on Wednesday,...
- Suryaputra Wijaksana
Economics - Consumption Accelerates, But Recovery Remains Uneven
Economics | Indonesian Consumption Accelerates, But Recovery Remains Uneven Indonesian consumer activity strengthened in late-25, driven by government spending and improved production, lifting full-year GDP growth to 5.1%. However, the recovery remains uneven, with robust spending from middle- and upper-income households contrasting with persistent weakness among the budget-conscious lower-middle class. For 2026, consumption is expected to accelerate further, supported by expansive policies. A f...
- Andrew Agita Buntoro
- Claire Wang Kelai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 15, 2026
Greater China Economics | Trade Exports growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is marke...
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
SOP SARAWAK OIL PALMS BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
KIML KIM LOONG RESOURCES BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
GENP GENTING PLANTATIONS BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
09618 JD.COM INC. CLASS A
FFB FARM FRESH BHD
SDG SD GUTHRIE BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK INDOSAT TBK PT
ECOSHOP MK ORIENTAL KOPI HOLDINGS BHD
ECO-SHOP MARKETING BHD
- John Cheong Ming Chern
- Kai Jie Tang
China Aviation Oil (CAO SP) - Riding The Tailwinds Of Travel Demand An...
China Aviation Oil is Asia’s largest physical jet fuel trader and a key beneficiary of the sustained recovery in global air travel, which should support trading volumes and earnings from associates. Despite having strong net cash of over 40% of market cap, the stock trades at just 7x ex-cash 2026F PE. Initiate coverage with BUY and a target price of S$2.09.
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, January 15, 2026
Economics | Indonesian Consumption Accelerates, But Recovery Remains Uneven Indonesian consumer activity strengthened in late-25, driven by government spending and improved production, lifting full-year GDP growth to 5.1%. However, the recovery remains uneven, with robust spending from middle- and upper-income households contrasting with persistent weakness among the budget-conscious lower-middle class. For 2026, consumption is expected to accelerate further, supported by expansive policies. A f...
- 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...
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