reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - December 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Ja...
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.
02232 CRYSTAL INTERNATIONAL GROUP
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)
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
- Kenny Yong Hui Lim
Waterdrop Inc (WDH US): 3Q25: Above Expectations, Delivers As Promised...
Waterdrop’s 3Q25 net profit grew notably by 60% yoy, well ahead of company guidance. This was mainly driven by strong FYP growth (+108% yoy) on larger investments in customer acquisition and operating efficiency gains. Management highlighted that the deployment of AI has helped to improve its marketing efficiency and preserve its profitability. Management reiterated confidence in beating the 2025 guidance of over 20% yoy growth in both revenue and net profit. Maintain BUY with an unchanged targe...
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - Integrating Downstream Operations To Streng...
Company Update | Thaifoods Group (TFG TB/BUY/Bt4.64/Target: Bt6.80) TFG expects its revenue to grow by 10-15% in 2026, supported primarily by the retail business through store expansion and a greater mix of non-TFG products. The company expect the retail segment’s revenue to grow 30% yoy in 2026, with its retail network expected to expand to 615 stores in 2025 and 850 stores in 2026. In 2026, despite lower swine ASPs, retail expansion and added non-TFG products are expected to stabilise margin...
- Greater China Research Team
Greater China Strategy Alpha Picks: December Conviction Calls
Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson, JBM Healthcare and PICC P&C.
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
PDD PINDUODUO INC. SPONSORED ADR CLASS A
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
06160 BEIGENE LTD.
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, December 04, 2025
Top Stories Company Update | Thaifoods Group (TFG TB/BUY/Bt4.64/Target: Bt6.80) TFG expects its revenue to grow by 10-15% in 2026, supported primarily by the retail business through store expansion and a greater mix of non-TFG products. The company expect the retail segment’s revenue to grow 30% yoy in 2026, with its retail network expected to expand to 615 stores in 2025 and 850 stores in 2026. In 2026, despite lower swine ASPs, retail expansion and added non-TFG products are expected to stabi...
- Chong Lee Len
Telecommunications - MOF Inc Set To Exit DNB; DNB’s Operating Losses T...
MOF Inc Set To Exit DNB; DNB’s Operating Losses To Pressure Shareholders’ Bottom Line Highlights MOF Inc has exercised its put options in relation to its existing 41.67% stake in DNB, requiring CelcomDigi, Maxis and YTL Power International (YTL Power) to each fork out RM327.9m to honour the shareholders’ agreement. We expect DNB to operate at a loss (2025 estimated loss is RM1b) in the near term. Our sensitivity analysis suggests -10% and -12% impact to 2026 earnings forecasts for CelcomDigi...
- Malaysia Research Team
Malaysia Daily - Thursday, December 4, 2025
Top Stories Sector Update | Telecommunications MOF Inc has exercised its put options to sell its 41.67% stake in DNB, mandating CelcomDigi, Maxis and YTL Power to each fork out RM327.9m to honour the shareholders’ agreement. We expect DNB to continue operating at a loss (2025 estimated loss of RM1b) in the near term. Our earnings sensitivity analysis suggests -10% and -12% impact to CelcomDigi’s and Maxis’ 2026 net profit forecasts. Maintain MARKET WEIGHT. Top sector picks are Axiata, CelcomDigi...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Thursday, December 4, 2025
Top Stories Company Results | Marco Polo Marine (MPM SP/BUY/S$0.137/Target: S$0.188) MPM’s FY25 core earnings of S$25m (-4% yoy) were in line with expectations. Earnings jumped 170% yoy to S$59m on one-off gains. We see a positive outlook for FY26, driven by its ship chartering orderbook and S$198m ORV win. We lift our earnings estimates by around 7%/2% for FY26/27 respectively. Maintain BUY with a 36% higher target price of S$0.188. Market Spotlight • US stocks gained on Wednesday, with all th...
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Thursday, December 4, 2025
Top Stories Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jac...
- Johnny Yum
Strategy - Alpha Picks: December Bias Positive, Adding BBCA, DEWA,TLKM
Strategy | Alpha Picks: December Bias Positive, Adding BBCA, DEWA, TLKM The JCI rebounded strongly in November, supported by improved liquidity, risk-on sentiment, and US$730m foreign inflows. Our portfolio lagged (+0.8% vs JCI’s +4.0%) due to weakness in AADI, JPFA, MDKA, and ADRO. While December historically delivers positive returns, its reliability now hinges more on liquidity and global risk appetite. We turn selective, removing AADI and ADRO due to coal-duty uncertainty, and adding BBCA, T...
- Chong Lee Len
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Thursday, December 04, 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut improved sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson,...
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
DLUM DELEUM BERHAD
TDC TIME DOTCOM BHD
MPM MARCO POLO MARINE LTD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
WDH WATERDROP INC
06160 BEIGENE LTD.
MDKA MERDEKA COPPER GOLD TBK PT
CDB CELCOMDIGI BHD
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Heidi Mo Jinghui
- John Cheong Ming Chern
Marco Polo Marine (MPM SP) - FY25: Strong Finish; Positive Outlook For...
MPM’s FY25 core earnings of S$25m (-4% yoy) were in line with expectations. Earnings jumped 170% yoy to S$59m on one-off gains. We see a positive outlook for FY26, driven by its ship chartering orderbook and S$198m ORV win. We lift our earnings estimates by around 7%/2% for FY26/27 respectively. Maintain BUY with a 36% higher target price of S$0.188.
- Johnny Yum
- Maskun Ramli
Indonesia Daily - Thursday, December 4, 2025
Strategy | Alpha Picks: December Bias Positive, Adding BBCA, DEWA, TLKM The JCI rebounded strongly in November, supported by improved liquidity, risk-on sentiment, and US$730m foreign inflows. Our portfolio lagged (+0.8% vs JCI’s +4.0%) due to weakness in AADI, JPFA, MDKA, and ADRO. While December historically delivers positive returns, its reliability now hinges more on liquidity and global risk appetite. We turn selective, removing AADI and ADRO due to coal-duty uncertainty, and adding BBCA, T...
- Julia Pan Mengyao
- Ming San Soong
HERE Group (HERE US): 1QFY26: Encouraging FY26 Outlook; Pure Pop Toy B...
HERE’s 1QFY26 revenue came in at Rmb127m, up 93% qoq and beating our estimate of Rmb110m by 16%. 1QFY26 gross margin expanded 6.6ppt qoq to 41.2% while non-GAAP net loss expanded 6% yoy to Rmb18m due to a short-term restructuring impact. HERE expects 2QFY26 revenue to reach a lukewarm Rmb150m-160m, but maintains its FY26 revenue guidance at a robust Rmb750m-800m, with solid earnings visibility expected for the coming quarters. Maintain BUY with a lower target price of US$11.00.
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer Marketing Feedback.
We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed names and segments include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include Galaxy, Midea, Miniso, Shenzhou and Sands China. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
9896 MINISO GROUP HOLDING LTD
- Chong Lee Len
Telecommunications - MOF Exercises Put Options For Its 41.67% Stake In...
MOF Exercises Put Options For Its 41.67% Stake In DNB Highlights In a recent Bursa announcement by CelcomDigi and Maxis, the Ministry of Finance (MOF) has exercised its put options in relations to its existing 41.67% stake in Digital Nasional Bhd (DNB). The put option notice requires the three investor shareholders, CelcomDigi, Maxis and YTL Power International to purchase the ordinary shares in DNB owned by MOF and take over the MOF loan together with accrued interest. The trio is required ...
- Jo Yee Ng
Eco World Development Group (ECW MK) - EcoWorld Optimises Stake In EBP...
EcoWorld Optimises Stake In EBP8 While Remaining As Development Manager Highlights EcoWorld’s stake in EBP8 will be reduced to 45%... Eco World Development Group (EcoWorld) has announced a revision to the shareholding structure for Eco Business Park 8 Sdn Bhd (EBP8SB). Under the amended arrangement, EcoWorld, SD Guthrie Land Venture (SDGLV) and Permodalan Darul TA’zim (PDT) will each hold a 45%, 45%, and 10% stake respectively in EBP8SB, vs 65%, 25%, and 10% stakes previously. …as SDGLV’s st...
- Philip Wong
Oriental Kopi Holdings (KOPI MK) - Highly Exciting But Mostly Priced I...
Highly Exciting But Mostly Priced In For Now Highlights SSSG accelerates despite aggressive rollout for the year. Meanwhile, upcoming locations will benefit from an influx of tourist arrivals. International expansion is on the horizon, with firmed up details by 1Q26. Valuations have surged, pricing in most of its exciting prospects. Maintain HOLD and target price of RM1.20.
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Positioning For Catch-Up, Rotation And Window-...
Alpha Picks: Positioning For Catch-Up, Rotation And Window-Dressing Flows Highlights Nov 25 Alpha Picks underperformed the FBMKLCI, posting a return of -2.1% vs the benchmark index’s -0.3%. RHB Bank (+2.7%) and Lagenda (+1.6%) posted minor gains but were dragged by Alpha IVF (-9.1%) and VSI (-9.1%). For Dec 25, we position for a continued catch-up in market laggards, supported by window-dressing flows and sector rotation following the reporting season as earnings expectations reset. Dec 25...
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