reports
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Renewable Energy - Compelling Risk-Reward; Prospects Remain Bright
Compelling Risk-Reward; Prospects Remain Bright Highlights The sector has underperformed the FBMKLCI by 31% ytd and valuations are undemanding at -1SD from mean levels. We see this as a good opportunity to accumulate quality names with earnings visibility and growth potential. We initiate coverage on Solarvest (BUY/Target Price: RM3.00) and Northern Solar (BUY/Target: RM1.00). We expect record EPCC replenishment opportunities of RM13b-23b over the next five years, with existing players benef...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - Digging Into A More Defensive Mode
Digging Into A More Defensive Mode Highlights The past week’s events require reassessment of the financial impact of the US-Israel vs Iran conflict. With Iran’s organised and persistent military response that has targeted/crippled the regional logistics/production of crude oil, the situation could morph into a war of attrition and further elevate Brent crude oil prices by more than 20% to over US$88/bbl. Such a scenario raises the probabilities of Brent crude oil prices rising to US$100/bbl, s...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Gamuda (GAM MK) - 2QFY26: Closer To Reality
2QFY26: Closer To Reality Highlights Results were below expectations (38% of our and consensus’ estimates). Gamuda charted weaker-than-expected earnings growth of 11% yoy in 1HFY26, but we anticipate 2HFY26 earnings to come in stronger. Maintain BUY with an unchanged target price of RM5.25, pegged to FY27 valuations. We cut our FY26 earnings forecast by 8% to reflect slower-thanexpected overseas’ project progress and property sales.
- Chong Lee Len
Utilities - Assessing Risk Of High Fuel Cost: Tenaga Nasional Is Shelt...
Assessing Risk Of High Fuel Cost: Tenaga Nasional Is Sheltered; Gas Malaysia May Stand To Benefit If Crisis Prolonged Highlights Combing through our universe, if we assume the crisis leads to high crude oil prices over a long period of time (>6 months), Gas Malaysia may stand to benefit from higher NG prices. Logically, this positive flow-through may also be mitigated by weak NG demand as higher fuel prices hurt the overall economy. Tenaga Nasional is likely to be sheltered under the IBR str...
- Chong Lee Len
Telecommunications - MOF Inc Fully Exits DNB; Cut Telco Earnings To Re...
MOF Inc Fully Exits DNB; Cut Telco Earnings To Reflect Nearterm DNB Losses Highlights CelcomDigi and Maxis have each paid RM327.9m to purchase a third of MOF Inc’s shares in DNB and take over its loan. YTL is assumed to have finalised the purchase of the option as well. We expect DNB to operate at a loss up to 2028, which should progressively narrow due to the deep cost-cutting measures implemented. We assume losses of RM604m (2026) and RM431m (2027), and cut our net profit forecasts for Cel...
- Malaysia Research Team
Malaysia Daily - Monday, March 9, 2026
Top Stories Sector Update | Telecommunications CelcomDigi and Maxis announced they have paid RM327.9m each to acquire MOF’s stake in DNB. We cut our 2026-28 net profit forecasts for CelcomDigi and Maxis by 2-7%, incorporating DNB’s losses in the near term as an associate. This negative newsflow is likely to weigh on near-term share price performance until there is further clarity on meaningful costcutting measures at DNB’s level. Maintain MARKET WEIGHT. Top picks: Axiata Group and CelcomDigi. Se...
- Benjaphol Suthwanish
Thai Airways (THAI TB) - Remain Attentive And Cautious
Company Update | Thai Airways (THAI TB/HOLD/Bt6.25/Target: Bt6.70) The tone during THAI’s analyst meeting was neutral. The impact of the Middle East tensions on revenue is minimal as THAI does not operate in the region, but higher jet fuel prices remain a key risk. Europe routes see full bookings, but margins may tighten from Apr 26 as fuel costs rise and fare increases are limited. ASK is guided to grow 5-6% yoy with most of the new aircraft deliveries due in 2H26. Maintain HOLD with a target p...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Early Impact From The Middle East Conflict
Company Update | Siam Cement (SCC TB/SELL/Bt186.00/Target: Bt180.00) SCC has announced a production halt at its ROC plant, reflecting the impact of Iran’s closure of the Strait of Hormuz. The company currently holds approximately 30 days of naphtha feedstock inventory. However, if the disruption persists, SCC may be forced to shut down all three crackers as early as mid-April. This development signals a situation approaching a critical point for the petrochemical business. We therefore downgrade...
- Kitpon Praipaisarnkit
HANA (Thailand) (HANA TB) - Solid-State Cooling With Phononic: Next AI...
Company Update | HANA (Thailand) (HANA TB/HOLD/Bt21.40/Target: Bt22.60) Solid-state cooling with Phononic: next AI growth driver from 2027, re-rating requires more visibility in 2H26. Maintain HOLD with a target price of Bt22.60.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
Thailand Daily - Monday, March 09, 2026
Top Stories Company Update | HANA (Thailand) (HANA TB/HOLD/Bt21.40/Target: Bt22.60) Solid-state cooling with Phononic: next AI growth driver from 2027, re-rating requires more visibility in 2H26. Maintain HOLD with a target price of Bt22.60. Company Update | Siam Cement (SCC TB/SELL/Bt186.00/Target: Bt180.00) SCC has announced a production halt at its ROC plant, reflecting the impact of Iran’s closure of the Strait of Hormuz. The company currently holds approximately 30 days of naphtha feedsto...
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kai Jie Tang
- Kitpon Praipaisarnkit
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Monday, March 9, 2026
Greater China Company Results | ZTE Corporation (763 HK/HOLD/HK$25.42/Target: HK$23.20) ZTE's FY25 results were below expectations, with full-year reported net profit declining 33.3% yoy to Rmb5.6b, significantly below consensus estimates of Rmb8.3b. The miss is primarily driven by a continued deterioration in product mix, as the high-margin carrier network business continued to decline amid weak telco spending, while the growth is supported by the low-margin government & corporate segment, resu...
- John Cheong Ming Chern
- Kai Jie Tang
China Aviation Oil (CAO SP) - 2025: Potential Beneficiary Of Oil Price...
China Aviation Oil reported stronger-than-expected 2025 results, with net profit of US$111m reaching 132% of our forecasts on margin expansion and increased contributions from associated companies. Its robust balance sheet, with US$687m net cash (about 55% of market cap), provides ample capacity for growth initiatives and shareholder returns. Maintain BUY with a 26% higher target price of S$2.63.
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Monday, March 09, 2026
Top Stories Company Results | China Aviation Oil (CAO SP/BUY/S$1.83/Target: S$2.63) China Aviation Oil reported stronger-than-expected 2025 results, with net profit of US$111m reaching 132% of our forecasts on margin expansion and increased contributions from associated companies. Its robust balance sheet, with US$687m net cash (about 55% of market cap), provides ample capacity for growth initiatives and shareholder returns. Maintain BUY with a 26% higher target price of S$2.63. Market S...
- Shirley Wang Xueyi
- Stella Guo Yuting
China Mengniu Dairy (2319 HK): 2025 Business Update: Revenue In Line; ...
Mengniu’s 2025 revenue is expected to fall 7-8% yoy, largely in line with VA consensus. Operating margin is expected to be 7.9-8.1%, down 0.1-0.3ppt yoy, slightly below the target of a yoy flat operating margin but higher than VA consensus of 7.6%. After excluding the impact of expected impairment provisions, we estimate core net profit to reach around Rmb3.5b, compared with the VA consensus of Rmb4.0b. Maintain BUY; target price unchanged at HK$21.70.
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 4Q25: Mix Deterioration Persists; Carrier Ne...
ZTE's FY25 results were below expectations, with full-year reported net profit declining 33.3% yoy to Rmb5.6b, significantly below consensus estimates of Rmb8.3b. The miss is primarily driven by a continued deterioration in product mix, as the high-margin carrier network business continued to decline amid weak telco spending, while the growth is supported by the low-margin government & corporate segment, resulting in a 7.7ppt yoy decline in blended gross margins to 30.3%. Cut target price to HK$...
- Johnny Yum Chung Man
- Joyce Chu
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Monday, March 9, 2026
Top Stories Company Results | ZTE Corporation (763 HK/HOLD/HK$25.42/Target: HK$23.20) ZTE's FY25 results were below expectations, with full-year reported net profit declining 33.3% yoy to Rmb5.6b, significantly below consensus estimates of Rmb8.3b. The miss is primarily driven by a continued deterioration in product mix, as the high-margin carrier network business continued to decline amid weak telco spending, while the growth is supported by the low-margin government & corporate segment, resul...
- Benyamin Mikael
Mining - Coal: Policy Uncertainty But Majors Remain Well Positioned
Sector Update | Mining Indonesia’s proposed 600m tonne 2026 coal target may be revised higher (~700m-733m tonne) amid fiscal pressure and stronger prices, supporting exports. Large miners (AADI, BUMI, INDY) are likely shielded from RKAB cuts, while Hormuz-related energy risks could lift coal prices. AADI remains our top pick given its scale and cost competitiveness. Maintain MARKET WEIGHT. Highlights • Potential easing of coal supply. While the government initially signalled a 600m tonne 2026 p...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Monday, March 9, 2026
Sector Update | Mining Indonesia’s proposed 600m tonne 2026 coal target may be revised higher (~700m-733m tonne) amid fiscal pressure and stronger prices, supporting exports. Large miners (AADI, BUMI, INDY) are likely shielded from RKAB cuts, while Hormuz-related energy risks could lift coal prices. AADI remains our top pick given its scale and cost competitiveness. Maintain MARKET WEIGHT. Technical Analysis Kawasan Industri Jababeka | KIJA IJ Trading Buy Range: We have a technical Buy at Rp182...
- Julia Pan Mengyao
JD.com (9618 HK): 4Q25: Diversified Growth Driver; AI Embedded In Supp...
JD’s 4Q25 results beat expectations. Revenue increased 1.5% yoy to Rmb352.3b, largely in line with our and consensus estimates. Non-GAAP operating profit slumped to a Rmb3.1m loss from a Rmb10.5b profit in 4Q24. Non-GAAP net profit was down 90% yoy to Rmb1.1b. Adjusted net margin shrank 3ppt yoy to 0.3%, better than consensus and our estimates. Maintain BUY with a lower target price of HK$133.00 (US$35.00).
- Carol Dou Xiao Qin
- Sunny Chen
HUTCHMED (China) (13 HK): 2025: Results In Line, Sales Recovery To Con...
2025 results were in line. Total revenue declined 13% yoy, but Fruquintinib’s in-market sales rebounded significantly hoh driven by continuous overseas growth and positive impact from sales restructuring in China. It targets oncology/immunology revenue of US$330m-450m supported by continued sales recovery. Seeing smooth R&D progress, we expect a new wave of market approvals to fuel growth for HUTCHMED in the years ahead. Maintain BUY with a lower target price of HK$26.00 reflecting rising geopol...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.