reports
- Posmarito Pakpahan
Medikaloka Hermina (HEAL IJ) - Multi-year Growth And Margin Uplift, Su...
Highlights • Initiate coverage with BUY and a target price of Rp1,780, supported by structural growth from disciplined expansion, a rising proportion of private-and COB payors, and scale-driven operating leverage. • Backing from Astra and Djarum strengthens execution, boosting procurement, funding access, and ecosystem synergies. Access to 500,000 Astra and Djarum employees support a healthier insured mix and margin uplift. • The main risks stem from BPJS budget pressure and high private-insuran...
- Desmond Chong Chee Wai
- Wei Xiang Ku
Oxford Innotech (OXB MK) - 9M25: Results In Line; A Transition Year Be...
9M25: Results In Line; A Transition Year Before Growth Recovery In 2026 Highlights Within expectations. Oxford Innotech (OXB) reported a 3Q25 core net profit of RM2.08m (+3% qoq), bringing 9M25 core net profit to RM7.3m, which made up 72% of our estimates. Note that 9M25 core numbers have been adjusted for the listing expenses of RM1.3m for 9M25.
- Jo Yee Ng
Mah Sing Group (MSGB MK) - Acquires 2.79-acre Land For M Mira Project
Acquires 2.79-acre Land For M Mira Project Highlights Land acquisition in Setapak, Kuala Lumpur. On 21 Nov 25, Mah Sing Group (Mah Sing) announced that its whollyowned subsidiary had entered into a sale and purchase agreement with the Rampai Development Sdn Bhd to acquire 2.79 acres of leasehold land in Setapak, Kuala Lumpur for RM44.5m.
- Philip Wong
KPJ Healthcare (KPJ MK) - 3Q25: Slight Disappointment But KPJ Kuala Se...
3Q25: Slight Disappointment But KPJ Kuala Selangor Broke Even Highlights Below our estimates but within consensus expectations. KPJ Healthcare (KPJ) reported a 3Q25 net profit of RM93.9m (14.5% qoq, 9.2% yoy). This brought 9M25 core profit to RM239.2m (+11.4%). Core profit is below our estimate but within consensus expectations, accounting for 65% and 68% of our and consensus full-year forecasts respectively. An interim DPS of 1.23 sen was declared, bringing 9M25 DPS to 3.08 sen (9M24: 3.15 se...
- Keith Wee Teck Keong
Malayan Banking (MAY MK) - 3Q25: NIM Showing Resilience
3Q25: NIM Showing Resilience Highlights Maybank reported 3Q25 net profit of RM2.62b (+3.3% yoy, flat qoq), broadly in line with expectations at 76% of our and consensus full-year estimates. Positively, group NIM improved 2bp qoq to 2.02% in 3Q25, driven by better asset-liability management. We maintain our HOLD call and target price of RM10.52 (1.18x 2026F P/B, 10.5% ROE). The stock is trading near its historical mean P/B, which we deem as fair, as it reflects modest earnings growth expect...
- Chong Lee Len
Gas Malaysia (GMB MK) - 3Q25: Results In Line; Lower NG Prices And Vol...
3Q25: Results In Line; Lower NG Prices And Volumes Highlights GMB reported a moderated 3Q25 core net profit of RM95m (-18% yoy; -4% qoq) on the back of weaker NG prices and volumes. This brings 9M25 core net profit to RM294m, making up 74% and 72% of house and the street’s estimates respectively. Results are in line with expectations. Maintain HOLD with a DDM-based target price of RM4.25.
- Malaysia Research Team
Malaysia Daily - Monday, November 24, 2025
Top Stories Company Results | Gas Malaysia (GMB MK/HOLD/RM4.29/Target: RM4.25) Gas Malaysia reported a moderated 3Q25 core net profit of RM95m (-18% yoy; -4% qoq) on the back of weakened NG prices and volumes. This brings 9M25 core net profit to RM294m (-10% yoy) and is deemed in line with expectations. Maintain HOLD with a DDM-based target price of RM4.25. The stock offers a defensive yield of 5.6%. Company Results | Malayan Banking (MAY MK/HOLD/RM9.80/Target: RM10.52) Maybank reported 3Q25 net...
- Kasemsun Koonnara
CH. Karnchang (CK TB) - Solid Core Operations, But Lacking New Catalys...
Company Update | CH. Karnchang (CK TB/BUY/Bt12.30/Target: Bt17.70) The tone during CK’s analyst meeting was neutral. The company’s core operations remain solid, but it lacks new positive catalysts in the short to mid-term. New order signings are expected to be delayed until 2026 due to the political timeline. Given the undemanding valuation, we maintain BUY with a target price of Bt17.70.
- Kasemsun Koonnara
Thailand Daily - Monday, November 24, 2025
Top Stories Company Update | CH. Karnchang (CK TB/BUY/Bt12.30/Target: Bt17.70) The tone during CK’s analyst meeting was neutral. The company’s core operations remain solid, but it lacks new positive catalysts in the short to mid-term. New order signings are expected to be delayed until 2026 due to the political timeline. Given the undemanding valuation, we maintain BUY with a target price of Bt17.70.
- Heidi Mo Jinghui
- John Cheong Ming Chern
CSE Global (CSE SP): 3Q25 Revenue In Line, Well-Positioned for Huge Da...
CSE delivered a strong top-line growth in 3Q25, led by a surge in electrification as major 2024 projects made progress. Communications and automation also saw steady underlying growth. While the orderbook eased on fewer low-margin municipal projects, we expect CSE to catch up on large-scale data centre project wins in the near term. Maintain BUY and target price of S$1.22.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Miniso (MNSO US/9896 HK): 3Q25: SSS Drove High-quality Growth; Reitera...
Miniso's 3Q25 revenue rose 28% yoy, reaching the high end of its guidance, while adjusted operating profit grew 15% yoy. Miniso brand’s SSSG improved sequentially in both domestic market and overseas markets. For 4Q25, SSS in both domestic and US markets are expected to reach low teens. Revenue is expected to grow 25-30% yoy, and adjusted operating profit should grow by double digits yoy, with the yoy decline in adjusted operating margin remaining similar to that of 3Q25.
- Andrew Agita Buntoro
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 24, 2025
Greater China Company Results | Miniso (MNSO US/BUY/US$19.57/Target: US$26.80) Miniso's 3Q25 revenue rose 28% yoy, reaching the high end of its guidance, while adjusted operating profit grew 15% yoy. Miniso brand’s SSSG improved sequentially in both domestic market and overseas markets. For 4Q25, SSS in both domestic and US markets are expected to reach low teens. Revenue is expected to grow 25-30% yoy, and adjusted operating profit should grow by double digits yoy, with the yoy decline in adjus...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Monday, November 24, 2025
Top Stories Company Update | CSE Global (CSE SP/BUY/S$0.945/Target: S$1.22) CSE delivered a strong top-line growth in 3Q25, led by a surge in electrification as major 2024 projects made progress. Communications and automation also saw steady underlying growth. While the orderbook eased on fewer low-margin municipal projects, we expect CSE to catch up on large-scale data centre project wins in the near term. Maintain BUY and target price of S$1.22. Market Spotlight • US stocks climbed on Friday,...
- Ejann Hiew
- Greater China Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Monday, November 24, 2025
Top Stories Company Results | Miniso (MNSO US/BUY/US$19.57/Target: US$26.80) Miniso's 3Q25 revenue rose 28% yoy, reaching the high end of its guidance, while adjusted operating profit grew 15% yoy. Miniso brand’s SSSG improved sequentially in both domestic market and overseas markets. For 4Q25, SSS in both domestic and US markets are expected to reach low teens. Revenue is expected to grow 25-30% yoy, and adjusted operating profit should grow by double digits yoy, with the yoy decline in adjust...
- Andrew Agita Buntoro
- Willinoy Sitorus
Sinergi Inti Andalan Prima (INET IJ) - Strategic Shift To ISP In Colla...
Small/Mid Cap Highlights | Sinergi Inti Andalan Prima (INET IJ/NOT RATED/Rp540) INET is shifting from a purely B2B infrastructure provider to a retail ISP in collaboration with WIFI, funding its Bali-Lombok FTTH rollout through a Rp3.2t rights issue and additional Series II Warrants. Most proceeds will go to building 2m homepasses by 2028, with a portion being allocated to international route capacity. The company is also pursuing acquisitions of PADA to internalise labour resources and potentia...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, November 24, 2025
Small/Mid Cap Highlights | Sinergi Inti Andalan Prima (INET IJ/NOT RATED/Rp540) INET is shifting from a purely B2B infrastructure provider to a retail ISP in collaboration with WIFI, funding its Bali-Lombok FTTH rollout through a Rp3.2t rights issue and additional Series II Warrants. Most proceeds will go to building 2m homepasses by 2028, with a portion being allocated to international route capacity. The company is also pursuing acquisitions of PADA to internalise labour resources and potentia...
- Malaysia Research Team
Pecca Group (PECCA MK) - 1QFY26: Within Expectations, Growth Prospects...
1QFY26: Within Expectations, Growth Prospects Remain Intact Highlights Within expectations. Pecca Group (Pecca) reported a 1QFY26 core net profit of RM15.4m (+14.8% qoq, +7.5% yoy). Earnings are within expectations, accounting for 25% of our initial full-year earnings forecasts. Higher revenue driven by OEM segment. Revenue increased 8.4% yoy to RM60.6m due to higher contribution from the OEM segment (+8.8% yoy), following robust orders from its automotive customers. Sequentially, 1QFY26 cor...
- Benjaphol Suthwanish
PTT Oil and Retail (OR TB) - Record-high Net Profit Still Achiveable I...
Company Update | PTT Oil and Retail (OR TB/BUY/Bt13.30/Target: Bt21.00) We expect 4Q25 net profit to rise qoq on seasonal demand, which reinforces our expectation that 2025 earnings could reach a record high. Management has several clear objectives: a) expand market share by 1% annually, b) lift daily traffic visitor numbers to 5.0m by 2030, and c) continue pursuing additional M&A opportunities in the lifestyle business. Despite being slightly disappointed with the KFC deal, we keep OR as our to...
- Jo Yee Ng
KLCCP Stapled Group (KLCCSS MK) - 3Q25: DPU In Line; Retail Footfall U...
3Q25: DPU In Line; Retail Footfall Up 9% yoy Due To KL Fashion Week Highlights DPU in line. KLCCP Stapled Group (KLCCSS) reported a 3Q25 revenue of RM430m (+5% qoq, +0% yoy) and core net profit of RM209m (+4% qoq, +1% yoy). This brings 9M25 core net profit to RM611m (+4% yoy), accounting for 71% and 72% of our and consensus full-year estimates, below our expectation due to a softer hospitality revenue. KLCCSS declared a 9.5 sen dividend for 3Q25 (vs 9.2 sen in 2Q25/3Q24), in line with expectat...
- Benjaphol Suthwanish
Minor International (MINT TB) - Strong Outlook For 4Q25 After Renovati...
Company Update | Minor International (MINT TB/BUY/Bt20.20/Target: Bt38.00) MINT held an analyst meeting to discuss its 3Q25 results, and the tone was positive. Management is guiding a stronger 4Q25 RevPar, which will be boosted by an ADR uplift, demand in the Maldives, Thailand’s festive bookings, and the “We Travel Together” stimulus. A large US$1.2b-1.3b REIT planned for 2Q-3Q26 will support deleveraging. Value menus continue to boost food traffic, while margins stay intact. Net IBD/E should e...
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