reports
- Heidi Mo Jinghui
- Jonathan Koh
- Kai Jie Tang
Huationg Global (HUAGL SP) - Under-The-Radar Leading Infrastructure Co...
Highlights • Huationg is a BCA A1-graded civil engineering contractor with over 40 years’ track record and S$512m orderbook tied to public projects. • Net cash of S$56m (35% of market cap), healthy margins, in-house materials production and resumed dividends point to improving shareholder returns. • Initiate with BUY and target price of S$1.15. At 8x 2026F PE (5x ex-cash), Huationg is undervalued (37% discount vs peers) with no research coverage.
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - 4Q25: Retail Business Help to Cushion Profi...
Company Results | Thaifoods Group Plc (TFG TB/BUY/Bt5.80/Target: Bt6.50) TFG’s 4Q25 core profit came in at Bt1,273m (+11.8% yoy, -22.7% qoq). The qoq decrease was mainly due to lower swine ASPs in both Thailand and Vietnam. We reiterate our positive outlook, expecting a strong qoq earnings recovery driven by higher ASPs, particularly in the Vietnam market. The company has announced a new CEO, which should help ease the overhang. Maintain BUY with a higher target price of Bt6.50.
- Benjaphol Suthwanish
The Erawan Group (ERW TB) - Expect Weakened Earnings yoy In 4Q25
Company Update | The Erawan Group (ERW TB/HOLD/Bt3.20/Target: Bt3.30) ERW is expected to post a 4Q25 net profit of Bt347m (-6.3% yoy) on weaker ADR and a 5% yoy RevPar decline, though Hop Inn remains resilient. Chinese arrivals are rebounding strongly, supporting about 90% occupancy and a solid 1Q26 outlook. Refinancing may trigger prepayment costs, while gearing could rise for 2026 expansion. The Grand Hyatt renovation remains on track and should begin in 2Q26. We remain cautious on ERW. Mainta...
- Benjaphol Suthwanish
PTT Oil and Retail (OR TB) - Announcement Of An Investment In A Budge...
Company Update | PTT Oil and Retail (OR TB/HOLD/Bt14.50/Target: Bt14.50) We maintain a neutral view on OR’s investment in the budget hotel business. While the project could enhance business integration within OR’s ecosystem, the budget hotel segment is highly competitive, which may limit profitability upside. We remain concerned about the potential for higher impairment recognition, particularly related to assets in Cambodia. Management of PTT Oil and Retail Business expects greater clarity on t...
- Thanawat Thangchadakorn
Tidlor Holdings (TIDLOR TB) - 4Q25: Results Miss; Rising Provisions Am...
Company Results | Tidlor Holdings (TIDLOR TB/BUY/Bt19.70/Target: Bt23.00) TIDLOR posted a 4Q25 net profit of Bt1.01b (-3% yoy, -28% qoq). The results missed our and consensus forecasts by 23% and 22%, respectively. Asset quality was well controlled with NPL ratio and credit cost declining yoy in 2025. Going forward, we expect to see an improvement in asset quality, supported by the company’s focus on maintaining strong asset quality. We maintain BUY with a higher target price of Bt23.00.
- Tanapon Cholkadidamrongkul
i-Tail Corporation (ITC TB) - 4Q25: Earnings In Line
Company Results | i-Tail Corporation PCL (ITC TB/BUY/Bt17.80/Target: Bt20.50) ITC’s core profit stood at Bt826m, up 3% yoy and 5% qoq. The results are in line with our and market expectations. Gross profit margin remained at a solid level. We continue to expect earnings growth of 15% yoy going into 2026, supported by sustained momentum in the pet treats segment and further expansion in the US market. Maintain BUY with a higher target price of Bt20.50.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Thursday, February 19, 2026
Top Stories Company Results | i-Tail Corporation PCL (ITC TB/BUY/Bt17.80/Target: Bt20.50) ITC’s core profit stood at Bt826m, up 3% yoy and 5% qoq. The results are in line with our and market expectations. Gross profit margin remained at a solid level. We continue to expect earnings growth of 15% yoy going into 2026, supported by sustained momentum in the pet treats segment and further expansion in the US market. Maintain BUY with a higher target price of Bt20.50. Company Results | Tidlor Hol...
- Philip Wong
Duopharma Biotech (DBB MK) - Insulin Contract Is Awarded But Falls Sho...
Insulin Contract Is Awarded But Falls Short Highlights Insulin contract finally awarded. On 16 Feb 26, Duopharma Biotech (Duopharma) announced two separate insulinrelated Letters of Award (LoAs). The first award is for the supply of insulin injection valued at RM52.5m over a tenure of two years, until Feb 28, that was won by way of tender. The second award is for RM65.1m over a tenure of three months, until May 26, that was procured by way of direct negotiation. The second award (RM65.1m over ...
- Amerul Iqmal
- Lester Siew
Hap Seng Plantations (HAPL MK) - 4Q25 Results Preview: Stronger Earnin...
4Q25 Results Preview: Stronger Earnings qoq Driven By Higher CPO Production Highlights HAPL is expected to deliver stronger 4QFY25 earnings qoq, driven by improved production with CPO output rising 24% qoq. We remain positive on HAPL achieving its 2026 production target, supported by increased harvested area following the company’s replanting exercises. Maintain BUY with an unchanged target price of RM2.45.
- Malaysia Research Team
Malaysia Daily - Thursday, February 19, 2026
Top Stories Company Update | Hap Seng Plantations (HAPL MK/BUY/RM2.26/Target: RM2.45) We project a higher 4QFY25 earnings qoq for HAPL despite lower ASPs, driven by stronger sales volume in tandem with higher CPO production. We remain positive on HAPL achieving its FFB production growth target of 9% in 2026, supported by improving yields and increased mature acreage for harvest. Maintain BUY with an unchanged target price of RM2.45. What’s Inside Company Update | Duopharma Biotech (DBB IVF MK/BU...
- Jonathan Koh
Singapore Daily: Thursday, February 19, 2026
Top Stories Company Results | Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.625/Target: S$0.78) LREIT achieved a positive rental reversion of 10.9% in 1HFY26 (Jem: high single-digit, 313@Somerset: mid-single-digit and PLQ Mall: teens). Tenant sales turned around to +1.1% yoy on a same-store basis. LREIT could acquire the remaining 30% stake in PLQ Mall. It could consider divesting Building 3 at Sky Complex in Milan, Italy. LREIT provides an attractive FY26 DPU yield of 5.9% (CICT: 5.0%, FCT...
- Andrew Agita Buntoro
- Willinoy Sitorus
XLSMART Telecom Sejahtera (EXCL IJ) - 4Q25: Post-Merger Impact On Earn...
Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,890/Target: Rp3,500) Upgrade to BUY with a new target price of Rp3,500, based on 6x 2026F EV/EBITDA, 1 SD below their post-merger historical average, and reflecting higher 2026 guidance. The results were below our and consensus forecasts, driven by Rp7.4t in post-tax merger costs. ARPU rose to Rp44,800 in 12M25, lifting revenue 23% yoy, while core profit reached Rp3t (+80% yoy). Accounting-wise, although 2026 may remain loss-making due...
- Andrew Agita Buntoro
- Hendri Effendi
- Willinoy Sitorus
Indonesia Daily - Thursday, February 19, 2026
Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,890/Target: Rp3,500) Upgrade to BUY with a new target price of Rp3,500, based on 6x 2026F EV/EBITDA, 1 SD below their post-merger historical average, and reflecting higher 2026 guidance. The results were below our and consensus forecasts, driven by Rp7.4t in post-tax merger costs. ARPU rose to Rp44,800 in 12M25, lifting revenue 23% yoy, while core profit reached Rp3t (+80% yoy). Accounting-wise, although 2026 may remain loss-making due...
- Amerul Iqmal
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Jonathan Koh
- Lester Siew
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, February 19, 2026
Indonesia Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,890/Target: Rp3,500) We upgrade our call to BUY with a new target price of Rp3,500, based on 6x 2026F EV/EBITDA, 1 SD below their post-merger historical average, reflecting higher 2026 guidance. Results were below our and consensus forecasts, driven by Rp7.4t in post-tax merger costs. ARPU rose to Rp44,800 in 12M25, lifting revenue 23% yoy, while core profit reached Rp3t (+80% yoy). Accounting-wise, although 2026 may rema...
- Jonathan Koh
Lendlease Global Commercial REIT (LREIT SP) - 1HFY26: Maintaining Focu...
LREIT achieved a positive rental reversion of 10.9% in 1HFY26 (Jem: high single-digit, 313@Somerset: mid-single-digit and PLQ Mall: teens). Tenant sales turned around to +1.1% yoy on a same-store basis. LREIT could acquire the remaining 30% stake in PLQ Mall. It could consider divesting Building 3 at Sky Complex in Milan, Italy. LREIT provides an attractive FY26 DPU yield of 5.9% (CICT: 5.0%, FCT: 5.4%, SGREIT: 6.6%). Maintain BUY. Target price: S$0.78.
- Arsit Pamaranont
IRPC (IRPC TB) - Earnings To Turn Positive within Expectation
Company Results | IRPC (IRPC TB/HOLD/Bt1.29/Target: Bt1.4) IRPC reported a 4Q25 net loss of Bt574m due to inventory losses, but core operations improved significantly with core profit of Bt1.3b, supported by stronger GIM at US$11.56/bbl. Full-year 2025 core loss narrowed to Bt1.4b from Bt3.9b in 2024, reflecting operational recovery. We expect core profit to continue in 1Q26, driven by strong diesel demand and healthy GIM around US$11/bbl. However, with share price up 30% ytd, valuation appears ...
- Thanawat Thangchadakorn
Muangthai Capital (MTC TB) - 4Q25: Results In Line; 2025 Net Profit Re...
Company Results | Muangthai Capital (MTC TB/BUY/Bt39.25/Target: Bt52.00) MTC reported a 4Q25 net profit of Bt1.78b (+16% yoy, +3% qoq). The results are in line with market expectations but beating our forecasts by 8%. The credit costs and the NPL ratio decreased qoq, achieving 2025 targets. The 2025 net profit was Bt6.7b, +14.8% yoy and be the record high. Maintain BUY with an unchanged target price of Bt52.00. MTC is one of our top picks in the finance sector.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, February 18, 2026
Top Stories Company Results | Muangthai Capital (MTC TB/BUY/Bt39.25/Target: Bt52.00) MTC reported a 4Q25 net profit of Bt1.78b (+16% yoy, +3% qoq). The results are in line with market expectations but beating our forecasts by 8%. The credit costs and the NPL ratio decreased qoq, achieving 2025 targets. The 2025 net profit was Bt6.7b, +14.8% yoy and be the record high. Maintain BUY with an unchanged target price of Bt52.00. MTC is one of our top picks in the finance sector. Company Results | ...
- Benyamin Mikael
Oil & Gas - Reawakening The Animal Spirits
Sector Update | Oil & Gas Indonesia’s upstream revival is gaining momentum as structural import dependence drives policy support and “animal spirits” across operators. Pertamina anchors a multi-year growth cycle with rising production, expanding capex, and restructuring backed by Danantara. Listed beneficiaries such as ELSA, ENRG, WINS, SOCI, RAJA, RATU, and PGAS offer exposure across upstream services, offshore logistics, and gas infrastructure as sector activity improves. Highlights • Upstrea...
- Benyamin Mikael
- Hendri Effendi
Indonesia Daily - Wednesday, February 18, 2026
Sector Update | Oil & Gas Indonesia’s upstream revival is gaining momentum as structural import dependence drives policy support and “animal spirits” across operators. Pertamina anchors a multi-year growth cycle with rising production, expanding capex, and restructuring backed by Danantara. Listed beneficiaries such as ELSA, ENRG, WINS, SOCI, RAJA, RATU, and PGAS offer exposure across upstream services, offshore logistics, and gas infrastructure as sector activity improves. Technical Analysis H...
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