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Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks - July 2025

GREATER CHINA Strategy Alpha Picks: July Conviction Calls: Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. INDONESIA Strategy Alpha Picks: Good Performances In June: Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM. MALAYSIA Strategy Alpha Picks: Positioning For Positive US Trade Deals: Our Jun 25 Alpha Picks outperform. Jul 25 picks: Coraza, Duopharma, Eco World, Gamuda, Hume Cement, IJM, Inari and MYEG. SINGAP...

MAJOR MAJOR CINEPLEX GROUP PCL
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
Arsit Pamaranont
  • Arsit Pamaranont

Electricity Generating (EGCO TB) - Site Visit Of Yunlin Wind Farm Conf...

We reaffirm our positive view for EGCO after a site visit in Taiwan this week. The full COD of the 640MW Yunlin wind farm supports earnings of around Bt500m-600m/year for 2025. We reaffirm our core profit forecast of Bt8.5b for 2025 with a 6.4% dividend yield. Maintain BUY. Target price: Bt115.00.

Arsit Pamaranont
  • Arsit Pamaranont

Thailand Daily - Friday, July 04, 2025

KEY HIGHLIGHTS Update Electricity Generating (EGCO TB/BUY/Bt102.00/Target: Bt115.00) Site visit of Yunlin wind farm confirms positive view.

Desmond Chong Chee Wai ... (+3)
  • Desmond Chong Chee Wai
  • Malaysia Research Team
  • Vincent Khoo Boo Aik

Strategy - 2H25 Strategy – Re-Charging For Outperformance

2H25 Strategy – Re-Charging For Outperformance While Malaysian equities predictably kicked off the year with caution, the FBMKLCI is still being re-charged by easing global risk aversion and robust domestic-driven liquidity. We anticipate the market will progressively adopt a risk-on mode as signals of pragmatic US trade accords have re-sparked business capex cycles and spending. Capitalise on the anticipated “summer lull” for western equities and the upcoming soft 2Q25 reporting season, to posi...

Malaysia Research Team
  • Malaysia Research Team

Malaysia Daily - Friday, July 4, 2025

KEY HIG HLIGH TS Strategy – Malaysia 2H25 Strategy  Re-Charging For Outperformance Page 2 FBMKLCI still being re-charged by easing global risk aversion and robust domestic-driven liquidity. Market to progressively adopt risk-on mode to capitalise on “summer lull” expected for Western equities and soft 2Q25 reporting season. Year-end FBMKLCI target: 1,620. TRADERS’ CORNER Page 5 Dufu Technology Corporation (DUFU MK): Technical BUY Wellcall Holdings (WELL MK): Technical BUY

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: PV sales up 6.9% yoy on last-minute buying be...

China’s PV insurance registrations grew 6.9% yoy/4.0% wow in the 26th week of 2025, in line with expectations, while BYD’s sales fell 5% wow during the week. The rollback of discounts and the high inventory level constitute earnings headwinds. We cut BYD’s target price from HK$163.30 to HK$142.00. Geely raised its 2025 sales target to 3m units on upbeat sales. We raise target price for Geely from HK$31.00 to HK$35.00. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.

Bella Lu Yifei ... (+3)
  • Bella Lu Yifei
  • Greater China Research Team
  • Ken Lee

Greater China Daily: Friday, July 4, 2025

KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 6.9% yoy/4.0% wow in the 26th week of 2025, in line with expectations, while BYD’s sales fell 5% wow during the week. The rollback of discounts and the high inventory level constitute earnings headwinds. We cut BYD’s target price from HK$163.30 to HK$142.00. Geely raised its 2025 sales target to 3m units on upbeat sales. We raise target price for Geely from HK$31.00 to HK$35.00. Maintain MARKET WEIGHT. Top BUYs: CATL, Gee...

Guan An Tan ... (+2)
  • Guan An Tan
  • Roy Chen Chengzhi

Singapore Daily: Friday, July 4, 2025

KEY HIGHLIGHTS Small/Mid Cap Highlights Samudera Shipping Line (SAMU SP/NOT RATED/S$0.86): A leading regional container shipping feeder service provider and a potential beneficiary of supply chain relocations to Southeast Asia; trading at 0.62x trailing P/B with net cash forming 69% of its market cap. TRADERS’ CORNER DFI Retail Group Holdings (DFI SP): Trading BUY AEM Holdings (AEM SP): Trading BUY

Audrey Celia ... (+2)
  • Audrey Celia
  • Willinoy Sitorus

Mastersystem Infotama (MSTI IJ) - Prominent ICT Player With Strong Fun...

Mastersystem Infotama (MSTI) ranks as Indonesia’s third-largest ICT solutions provider, serving over 1,000 clients with a strong foothold in banking and telecommunications. Riding the momentum of Indonesia’s growing digital economy, MSTI delivered a strong financial performance with a 14% net profit CAGR in 2020-24 with solid margins and a high ROE of 26%. The company trades at an undemanding valuation of 6.7x forward PE (MTDL: 8.8x) while offering superior profitability and dividend yield.

Audrey Celia ... (+3)
  • Audrey Celia
  • Maskun Ramli
  • Willinoy Sitorus

Indonesia Daily - Friday, July 4, 2025

Mastersystem Infotama (MSTI IJ/NOT RATED/Rp1,295): Prominent ICT player with strong fundamentals and undemanding valuation. TRADERS’ CORNER Unilever Indonesia (UNVR IJ): Technical BUY Adaro Andalan Indonesia (AADI IJ): Technical BUY

Arsit Pamaranont ... (+10)
  • Arsit Pamaranont
  • Audrey Celia
  • Bella Lu Yifei
  • Desmond Chong Chee Wai
  • Guan An Tan
  • Ken Lee
  • Malaysia Research Team
  • Roy Chen Chengzhi
  • Vincent Khoo Boo Aik
  • Willinoy Sitorus

Regional Morning Meeting Notes: Friday, July 04, 2025

GREATER CHINA Sector Automobile Weekly: PV sales up 6.9% yoy on last-minute buying before promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. INDONESIA Small/Mid Cap Highlights Mastersystem Infotama (MSTI IJ/NOT RATED/Rp1,295) Prominent ICT player with strong fundamentals and undemanding valuation. MALAYSIA Strategy 2H25 Strategy - Re-Charging For Outperformance ...

Guan An Tan ... (+2)
  • Guan An Tan
  • Roy Chen Chengzhi

Samudera Shipping Line (SAMU SP) - A Leading Regional Container Shippi...

As a leading regional feeder service provider, SSL stands to benefit from a secular trend of supply chain relocations to Southeast Asia. Its 1H25 performance should be supported by healthy container shipping volume and freight rates driven by Asian exporters’ frontloading activities, while the pending USTR port charges on large Chinamade vessels may boost demand outlook for small-sized/feeder vessels. SSL trades at 0.62x trailing P/B, with net cash of S$325m, forming 69% of its market cap.

Anas Fitri Bin Ahmad ... (+12)
  • Anas Fitri Bin Ahmad
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Jo Yee Ng
  • Keith Wee Teck Keong
  • Kong Ho Meng
  • Lester Siew
  • Philip Wong
  • Vincent Khoo Boo Aik
  • Wei Xiang Ku

Malaysia Strategy 2H25 - Re-Charging For Outperformance

Re-Charging For Outperformance Malaysian equities re-charging for outperformance. The FBMKLCI has partly reversed some of its 2024’s regional outperformance in 1H25 (having fallen 8.3% and 2.8% in local currency and US dollar terms respectively), as the US Trump administration’s overbearing and erratic US import tariff threats have driven up risk aversion in emerging countries. Meanwhile, the FBMKLCI is being re-energised for outperformance in 2H25 amid calmer global investment sentiments. The i...

Guan An Tan ... (+2)
  • Guan An Tan
  • Roy Chen Chengzhi

Samudera Shipping Line Ltd - A Leading Regional Container Shipping Fee...

As a leading regional feeder service provider, SSL stands to benefit from a secular trend of supply chain relocations to Southeast Asia. Its 1H25 performance should be supported by healthy container shipping volume and freight rates driven by Asian exporters’ frontloading activities, while the USTR’s pending port charges on large China-made vessles may boost demand outlook for small-sized/feeder vessels. SSL trades at 0.62x trailing P/B, with net cash of S$325m, forming 69% of its market cap.

Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Ming San Soong

China Online Games: Upcoming new game releases to capitalise on the su...

We opine that the intact grossing momentum in 2Q25 coupled with the anticipation of high-quality game releases set a compelling prelude to the upcoming summer holiday boom. We like the online game sector as it is a countercyclical play and is less susceptible to the ongoing geopolitical uncertainties. Our preference lies with Tencent, given its strong game grossing growth momentum and its position as a key proxy for AI application beneficiaries. Maintain OVERWEIGHT.

Greater China Research Team
  • Greater China Research Team

Greater China Strategy: Alpha Picks -- July Conviction Calls

June’s HSI and MSCI China Index rose 3.4% mom and 4.0% mom respectively, despite the pullback due to the Middle East tensions. July may see increased volatility as the US looks to bring the tariff negotiations to a close. At this juncture, we continue to favour domestic policy beneficiaries and sector leaders. New additions to our BUY list are CATL, KE Holdings, Longfor, Midea Group, Tencent and Tencent Music Entertainment. We take profit on Prudential.

Thailand Research Team
  • Thailand Research Team

THAILAND STRATEGY – Key Highlights From BOT Event; Political Situation...

The BOT attended our seminar to provide our clients with Thailand's economic outlook for 2H25. The BOT has revised its 2025 GDP forecast from 2.0% to 2.3% in the meeting. It foresees a softening of exports in 3Q25, due to the front-loading of exports in 1H25. The PM has been suspended, with a caretaker in charge, but there should be no impact on 2026’s budget. We highlight four sectors related to the BOT event. Top picks: KBANK, MTC, CPALL and STECON.

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Thanachart Capital (TCAP TB) - 2Q25 Results Preview: Credit Costs Expe...

We expect TCAP to post a 2Q25 net profit of Bt1.78b (-7% yoy, +4% qoq). The qoq increase is attributed to seasonally received dividend income in the second quarter. We continue to foresee a further qoq decline in TCAP's credit costs for 2Q25, supported by a continued rise in the used truck price index. Meanwhile, TCAP has now transferred all its stakes in TNS to TTB, effective 1 Jul 25. There will be no gain from this transaction. Maintain HOLD with a target price of Bt48.00.

Chong Lee Len
  • Chong Lee Len

Tenaga Nasional (TNB MK) - Court Rules In Favour of IRB, TNB is Liable...

Court Rules In Favour of IRB, TNB is Liable To Pay RM1.25b - The Federal Court has ruled that the Court of Appeal was wrong to rule that TNB is in the business of manufacturing electricity when it should actually have been considered a utility company under Schedule 7B of the Income Tax Act 1967 (ITA). - Consequently, TNB is liable to pay IRB a total sum of RM1.25b. - Additionally, the court advised that TNB’s application for a reinvestment allowance (RA) in seeking tax relief under Schedule 7A ...

Desmond Chong Chee Wai
  • Desmond Chong Chee Wai

VS Industry (VSI MK) - Recovery Taking Shape In 4QFY25, With FY26 Set ...

Recovery Taking Shape In 4QFY25, With FY26 Set To Accelerate Sharply Despite a sector-wide relief from the 4 April low, VS stands out as the relative laggard with a more muted rebound at an undemanding 14x FY26F PE, (-0.75SD below its sevenyear forward mean). We expect a sequential recovery in 4QFY25, followed by a transformative FY26 underpinned by a more favourable operating landscape. Additional impetus could come from its potential foray into new industries alongside onshoring opportunities....

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