reports
- Heidi Mo Jinghui
Soon Hock Enterprise (SHE SP) - Where Industrial Strength Meets Innova...
Highlights • SHE is a leading Singapore-focused industrial property developer with over 900 strata-titled units delivered and S$1b in cumulative GDV. • Its S$1b project pipeline is set to drive a 2024-27 earnings CAGR of 124%. • We initiate coverage with BUY and a target price of S$0.68. Trading at 0.9x 2026F P/B, it offers decent 5.5%/10% yields for 2025/26.
- Desmond Chong Chee Wai
- Wei Xiang Ku
NationGate Holdings (NATGATE MK) - 9M25: Below Expectations, Expect A ...
9M25: Below Expectations, Expect A Sequentially Better 4Q25 Highlights Below expectations. NationGate Holdings (NationGate) reported a softer 3Q25 net profit of RM12.7m (-78% qoq, -73% yoy), bringing net profit to RM118.7m (+24%). Excluding both the unrealised and realised forex factors and other one-off items, adjusted net profit came in softer at RM13.9m in 3Q25 (-40% qoq; -223% yoy), but was still stronger at RM117.0m in 9M25 (+206%). This made up 70%/72% of our and consensus full-year expe...
- Jo Yee Ng
Matrix Concepts Holdings (MCH MK) - 2QFY26: In-line Results; FY26 Laun...
2QFY26: In-line Results; FY26 Launch Target Increased To RM2.3b From RM1.7b Highlights In line. Matrix Concepts Holdings (MCH) recorded a 2QFY26 core PATAMI of RM68m (+7% qoq; +21% yoy) on the back of revenue of RM396m (+39% qoq; +23% yoy). This brings 1HFY26 core PATAMI to RM130m (+12% yoy), accounting for 51% and 52% of our and consensus full-year estimates respectively, largely in line with our expectations. The group declared a dividend of 1.75 sen per share. This brings 1HFY26 dividend ...
- Jo Yee Ng
Lagenda Properties (LAGENDA MK) - 3Q25: Below Expectations; Record-bre...
3Q25: Below Expectations; Record-breaking Sales For Second Consecutive Quarter Highlights Results lagged our full-year forecast. Lagenda Properties (Lagenda) posted a 3Q25 revenue of RM255m (+7% qoq; -10% yoy) and core PATAMI of RM47m (+4% qoq, -6% yoy). This brings 9M25 core PATAMI to RM132m, representing 71% and 68% of our and consensus full-year forecasts, which we deem below expectations due to lower-than-expected revenue. Property segment revenue grew 4% yoy to RM230m. Overall, 3Q25 rev...
- Lester Siew
Kuala Lumpur Kepong (KLK MK) - 4QFY25: Earnings Below Expectations
4QFY25: Earnings Below Expectations Highlights Below expectations. Kuala Lumpur Kepong (KLK) reported 4QFY25 core profit of RM184m (-33% yoy, -45% qoq), after adjusting for exceptional losses of RM89m which included impairment charges on associates. For the full year, FY25 core net profit of RM1,003m (+12% yoy) came in below expectations, making up 87%/82% of our and consensus estimates. 4QFY25 miss driven by downstream losses. While the plantation segment’s profit contribution remained stea...
- Wei Xiang Ku
ITMAX System (ITMAX MK) - 3Q25: Within Expectations; Continues Vertica...
3Q25: Within Expectations; Continues Vertical and Horizontal Expansion Across Malaysia Highlights Within expectations. ITMAX System (ITMAX) reported a 3Q25 core net profit of RM25.5m (+12% qoq, +16% yoy) on revenue of RM65.2m (+12% qoq, +12% yoy). This brings 9M25 core net profit to RM68.7m (+16% yoy), accounting for 76%/79% of our and consensus expectations respectively. The sequential growth in earnings was mainly due to stronger contribution from the digital infrastructure solution (DIS) se...
- Philip Wong
IHH Healthcare (IHH MK) - 3Q25: Results In Line As Softness In Singapo...
3Q25: Results In Line As Softness In Singapore Is Offset By Other Regions Highlights Within our but disappoints consensus expectations. IHH Healthcare (IHH) posted a 3Q25 core profit of RM462m (10.3% qoq, -12.5% yoy), bringing 9M25 core profit to RM1,306m (-4.59%). This is above our but within consensus expectations, accounting for 72% and 68% of forecasts respectively. One-offs that amounted to RM267m were primarily attributed to net monetary gain arising from a hyperinflationary economy tied...
- Malaysia Research Team
Genting Plantations (GENP MK) - 3Q25: Within Expectations
3Q25: Within Expectations Highlights Within expectations. Genting Plantations’ (GENP) 3Q25 core net profit came in at RM100.3m (+38.9% yoy, +207.1% qoq), bringing 9M25 core net profit to RM266.2m (+38.0% yoy), which was in line with our estimates at 75% of our full-year forecast but above consensus forecasts at 79%. Higher earnings driven by plantation and property segments. The plantation segment recorded higher EBITDA (+2.6% yoy) driven by stronger palm kernel prices (+27% yoy) despite the...
- Philip Wong
Farm Fresh (FFB MK) - 2QFY26: Margins Hold Up As In-Roads Are Made in ...
2QFY26: Margins Hold Up As In-Roads Are Made in New Markets Highlights Beyond our but within consensus expectations. Farm Fresh reported a 2QFY26 core net profit of RM34.7m (5.7% qoq, 32.4% yoy). This brought 1HFY26 core profit to RM67.5m (+29.3% yoy). Earnings are beyond our but within consensus expectations, accounting for 54% and 48% of our and consensus full-year earnings estimates respectively. Core profit has been adjusted for a RM1.9 gain on disposal of an asset. Generating growth. Se...
- Keith Wee Teck Keong
AMMB Holdings (AMM MK) - 2QFY26: Underpinned By Strong NOII
2QFY26: Underpinned By Strong NOII Highlights In line. AMMB Holdings (AMMB) reported 2QFY26 earnings of RM535m (+7% yoy), lifting 1HFY26 PATMI to RM1.05b (+4% yoy). Earnings were in line with 1HFY26 earnings representing 51% of our full-year estimates. 1HFY26 earnings were supported by a 7% rise in total income, with NII up 5% on a 7bps yoy NIM expansion to 1.99%, while NOII grew 13%, driven by strong treasury and investment trading gains and higher insurance contributions. These were partly o...
- Chong Lee Len
TIME dotCom (TDC MK) - 3Q25: Earnings In Line; Special Dividend Of 21....
3Q25: Earnings In Line; Special Dividend Of 21.64 sen Highlights TIME’s 3Q25 core net profit came in strongly at RM137m (+23% yoy; +21% qoq) on the back of higher revenue, sustained EBIT margin, and an RM18.8m prior-year tax adjustment. Stripping out the tax adjustment, 3Q25 core earnings would have grown 6% yoy and 4% qoq. Earnings are in line with expectations. A special dividend of 21.64 sen/share was declared in the quarter, ahead of house and street estimates. Importantly, management ai...
- Jo Yee Ng
Sunway Bhd (SWB MK) - 3Q25: Results In Line; Record-high Unbilled Prop...
3Q25: Results In Line; Record-high Unbilled Property Sales Highlights Results are in line. We expect a stronger 4Q25 from the completed MCL Holdings acquisition and a RM380m land sale proceeds from data centre land sale to Equalbase by end-25. Our target price implies a total return of >10%, with a 2.4-2.8% yield from Sunway Healthcare shares, targeted for listing in 1Q26. Maintain BUY and lift target price to RM6.10 from RM6.00 as we update the latest valuation for Sunway REIT.
- Kong Ho Meng
Petronas Dagangan (PETD MK) - 3Q25: Anticipating Various Challenges Ah...
3Q25: Anticipating Various Challenges Ahead Highlights PETD’s 9M25 core profit is deemed a miss, given signs of softness in volume growth, potential spike in marketing opex, and most importantly anticipation of unfavourable jet fuel price movements in 4Q25. Having said that, we think risk-reward remains balanced, due to its strong balance sheet. This helps PETD weather the unexpected new market environment while it continues to forge ahead with its energy transition plans in the areas of green...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Kerjaya Prospek Group (KPG MK) - 9M25: Above Expectations. Constructio...
9M25: Above Expectations. Construction Returns To Form Highlights 9M25 earnings beat expectations as construction earnings came in stronger than expected following an improvement in job mix. Property earnings remained robust with take-up rates for its two projects improving steadily. We lift our 2025/26/27 forecasts by 11%/14%/13% respectively, imputing higher margins for the construction segment.
- Lester Siew
IOI Corporation (IOI MK) - 1QFY26: In-line Results; Downstream Earning...
1QFY26: In-line Results; Downstream Earnings Rebound Highlights IOI reported 1QFY26 core net profit of RM386m (+20% yoy), which met expectations, constituting 28% of both our and consensus estimates. Sequentially, 1QFY26 core earnings rose 19% qoq, driven by a rebound in the downstream segment’s earnings contribution. Maintain HOLD on IOI with a higher target price of RM3.85 (from RM3.80).
- Malaysia Research Team
Malaysia Daily - Thursday, November 27, 2025
Top Stories Company Update | IOI Corporation (IOI MK/HOLD/RM4.07/Target: RM3.85) IOI reported 1QFY26 core net profit of RM386m which met both our and the street’s expectations. The sequentially better results were driven by a recovery in downstream earnings contribution, led by both its refinery and oleochemical subsegments. Production trend remains firm, with Oct 25 monthly output rising to a five-year high. Maintain HOLD with a higher target price of RM3.85 (from RM3.80). Company Update | Kerj...
- Audrey Celia
- Bella Lu Yifei
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Lester Siew
- Thailand Research Team
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, November 27, 2025
Greater China Sector Update | IT Hardware Amid the memory chip supercycle, our estimates show that low-end/mid-range/high-end phones will see a 16.7%/12.0%/9.3% increase in BOM cost in 2026, which will be absorbed by consumers, smartphone OEMs and component suppliers. The impact will spread unevenly across the industry, but high-end phones will be less affected than others; smartphone OEMs absorbing the bulk of the costs will make component suppliers better positioned, and Apple’s supply chain w...
- Jonathan Koh
Singapore Daily: Thursday, November 27, 2025
Top Stories Sector Update | REITs Two out of the 16 large-cap S-REITs under our coverage surpassed expectations. FLT’s occupancy for logistics properties in Australia gained 4.3ppt qoq to 100% in 4QFY25. SUN has received a favourable ruling from the ATO, which has a positive impact of 3.7% on 2025 DPU. Maintain OVERWEIGHT. BUY blue-chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.65), KREIT (Target: S$1.20) and LREIT (Target: S$0.79). Mark...
- Jonathan Koh
REITs - 3Q25 Round-Up: Poised For An Upturn
Two out of the 16 large-cap S-REITs under our coverage surpassed expectations. FLT’s occupancy for logistics properties in Australia gained 4.3ppt qoq to 100% in 4QFY25. SUN has received a favourable ruling from the ATO, which has a positive impact of 3.7% on 2025 DPU. Maintain OVERWEIGHT. BUY blue-chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.65), KREIT (Target: S$1.20) and LREIT (Target: S$0.79).
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Claire Wang Kelai
- Ziv Ang Sze Champ
LONGi Green Energy Technology (601012 CH): NDR Takeaways: Margin Stabi...
LONGi’s BC roadmap and rising BC mix strengthen its product differentiation and support gradual margin improvement into 2026, with operating breakeven in 4Q25 achievable on firmer pricing and BC cost-down. However, global installations are set to plateau in 2026, China demand is normalising, and industry cleanup remains slow. Policy tightening helps to stabilise the floor, but muted ASPs and persistent overcapacity cap near-term upside. We maintain HOLD with an unchanged target price of Rmb16.90...
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