reports
- 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...
- Kong Ho Meng
Deleum (DLUM MK) - 3QFY25: On Track vs Revenue Target; Upgrade To BUY
3QFY25: On Track vs Revenue Target; Upgrade To BUY Highlights 9MFY25 core profit, comprising 66% of our forecasts, is on track. This is because we anticipate a seasonally strong 4Q, and it is also on track vs Deleum’s 2025 revenue target of RM1b. Analysing by segments starting with P&M, the sales of gas turbines were similar yoy at RM160m (2Q25: RM114m, 3Q24: RM159m), and the after-sales/retrofits of valves and flow regulators were lower yoy at RM45m (2Q25: RM45m, 3Q24: RM50m). Within OIS, mod...
- Philip Wong
Affin Bank (ABANK MK) - 3Q25: Earnings Supported By Benign Credit Cost...
3Q25: Earnings Supported By Benign Credit Cost And NOII Highlights Above expectations. Affin Bank reported 3Q25 net profit of RM145m (+1.0% qoq, -0.6 yoy), bringing 9M25 earnings to RM413m (+10.1% yoy). This was ahead of our and consensus expectations, making up 78% and 77% of our and consensus full-year forecasts respectively. The positive variance is attributed to robust non-interest income contributions, strong recoveries and a new write-back, resulting in lower-than-expected net credit cos...
- Kong Ho Meng
Velesto Energy (VEB MK) - 3QFY25: EBITDA On Track
3QFY25: EBITDA On Track Highlights 3QFY25 EBITDA met expectations, although core profit beat our earlier forecast as we adjusted depreciation forecasts to better reflect its balance sheet post reorganisation. There is no change to its rig outlook, which remains positive amid tight market conditions. Likewise, we do not see major risk due to the movement by direct local competitor Petrovietnam Drilling (PVD) partnering with a local offshore support vessel (OSV) player. Despite changes in our pr...
- Jack Goh Tooan Orng
Sunway Construction Group (SCGB MK) - 3Q25: Within Expectations; Posit...
3Q25: Within Expectations; Positive Dividend Surprise Highlights 3Q25 earnings in-line with our expectations but surpassed consensus’, making up 76% and 85% of ours and consensus’ full-year estimates. Positive surprise on special dividends, bringing 3Q25 dividends to 29.25sen and 9M25 dividends to 41.5sen, which implies lush dividend yield of 7.2%. Maintain HOLD and target price of RM6.27, which implies 22x 2026F PE (+1SD above five-year mean of 18x).
- Jack Goh Tooan Orng
Sports Toto (SPTOTO MK) - Landing Weaker Numbers
Landing Weaker Numbers Highlights 1QFY26 results were below expectations, dragged by STM’s weaker ticket sales and HR Owen’s lower car sales. Prospective dividends of 6-8% in FY26-27 remain palatable, but the lacklustre earnings outlook may limit short-term upside. Maintain HOLD with a higher target price of RM1.47.
- Desmond Chong Chee Wai
- Wei Xiang Ku
Press Metal Aluminium Holdings (PMAH MK) - 3Q25: Within Expectations; ...
3Q25: Within Expectations; Strong 4Q25 Anticipated Highlights Press Metal’s results are within expectations, backed by strong aluminium prices with relatively low alumina cost. We expect a sequentially stronger 4Q25, driven by further strengthening in aluminium prices following the Fed’s rate cut in Sep 25, alongside lower alumina costs. We foresee aluminium prices continuing to trend higher, supported by ongoing supply tightness and a favourable monetary policy environment. We upgrade o...
- Benjaphol Suthwanish
Thailand Daily - Friday, November 21, 2025
Top Stories 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 I...
- Jack Goh Tooan Orng
Magnum (MAG MK) - Dragged By Higher Prize Payout; Dividends Payout Int...
Dragged By Higher Prize Payout; Dividends Payout Intact Highlights 3Q25 results were below expectations, with earnings weakness reflecting fewer draw days and exceptionally high prize payout. Nevertheless, Magnum’s stable cash flow is sufficient to support lush dividend yields of 8-9% in 2025-27. Maintain BUY and target price of RM1.68.
- Malaysia Research Team
Malaysia Daily - Friday, November 21, 2025
Company Results | Magnum (MAG MK/BUY/RM1.39/Target: RM1.68) Magnum’s 3Q25 results were below our expectations. Gaming revenue fell as ticket sales declined due to fewer draw days in the quarter. Meanwhile, core profit also dropped meaningfully, dragged by exceptionally high prize payout on lower luck factor. Nevertheless, Magnum remains appealing for its lush dividend yield (8-9% in 2025-27) and potential U-Mobile monetisation. Retain BUY with an unchanged target price of RM1.68. Company Results...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
JBM Healthcare (2161 HK): Takeaways From Luncheon: Continued Growth Mo...
During our luncheon, management highlighted that the new sachet packaging for Po Chai Pills has gained traction, and they are positive on its growth momentum, supported by targeted marketing initiatives. JBM sees room for Flying Eagle to further penetrate Mainland China, backed by its registration approval and product efficacy with clinical validation. JBM plans to rebrand Tin Hee Pills in FY27 after production and channel optimisation in FY26. Maintain BUY. Trim target price to HK$3.53 based on...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Jacobson Pharma (2633 HK): Luncheon Takeaways: 1HFY26 Revenue Declines...
In our luncheon with Jacobson, management attributed the slight revenue decline in 1HFY26 to a shorter-than-usual flu season. The company continues to strengthen its leadership in the Hong Kong generic market through its robust R&D pipeline and ongoing premium generics development. Meanwhile, Jacobson is actively pursuing broader adoption of Arsenol and management remains confident in the drug’s competitiveness in acute promyelocytic leukaemia treatment, supported by a 97% overall survival rate ...
- Damon Shen
- Jieqi Liu
CR Land (1109 HK): Takeaways From Hohhot And Taiyuan Visit: Set For Fa...
We joined CR Land’s reverse roadshow in Hohhot and Taiyuan. Mixc malls achieved 10-15% SSSG in tenant sales for 10M25, with luxury malls improving in 3Q25. CR Land targets faster commercial expansion in the 15th FYP, backed by 65m registered members and proven ability of outperforming the market. We trim earnings by 5% on slower property sales but raise target PE for recurring income. We lift target price by 10% to HK$37.51. Maintain BUY. CR Land remains our top pick.
- Julia Pan Mengyao
- Ming San Soong
NetEase (9999 HK): 3Q25: Earnings In Line; Encouraging Deferred Revenu...
NetEase’s 3Q25 results were largely within expectations. Revenue grew 8.2% yoy to Rmb28.4b, 3% below consensus forecast. Gross profit jumped 10.3% yoy to Rmb18.2b, with gross margin rising 1ppt yoy to 64%. Non-GAAP operating profit increased 10% yoy to Rmb8.9b. Non-GAAP net profit rose 26.7% yoy to Rmb9.5b, in line with consensus estimate. Net margin expanded 5ppt yoy to 34% in 3Q25. Maintain BUY with a lower target price of HK$276.00 (US$170.00).
- Damon Shen
- Jieqi Liu
LINK REIT (823 HK): 1HFY25: DPU Below Expectations; Managements Works ...
LINK REIT’s 1HFY25 interim DPU declined 5.9% yoy, due to lower-than-expected profit margins. Mainland and Hong Kong retail portfolios saw negative rental reversion of -16.4% and -6.4% respectively. We expect continued challenges in 2HFY25. Hong Kong’s carpark business remained resilient while the overseas portfolio was strong. The company targets around HK$200m of annualised cost reduction from FY27. We lower our earnings forecasts by 2.6-4.2% and cut target price by 10.9% to HK$43.2. Maintain B...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Lenovo Group (992 HK): 2QFY26: Solid Beat And Confident Guidance Weigh...
Lenovo’s 2QFY26 print is a solid beat thanks to a higher operating margin. Guidance on the IDG/ISG business was positive, with growth in 2H26/2027 set to remain at a mid-single digit to double digit % yoy. Management remains confident in maintaining relatively stable profitability amid the memory supercycle through exceptional supply chain management, ASP hikes and operating scale. Nevertheless, we are more cautious in the near term due to cost/volume concerns, and downgrade to HOLD. Lower targe...
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): 9M25: Results Miss; New VBP Polic...
CSPC’s 3Q25 results improved with revenue up 3.4% yoy to Rmb6.6b, and adjusted earnings declining by a mild 7.4% yoy. However, the overall 9M25 results are still below market and our estimates. The company maintained its revenue guidance for 2025 and 2026, while we anticipate delays in out-licensing deals. The recent VBP policy could continue to cloud its growth visibility in 2026. Downgrade to HOLD and lower target price from HK$12.00 to HK$8.50.
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