reports
- Chong Lee Len
Solarvest Holdings (SOLAR MK) - Secures RM90m EPCC Contract For A LSS5...
Secures RM90m EPCC Contract For A LSS5+ Solar Farm Highlights In a Bursa Malaysia announcement, Solarvest Holdings (Solarvest) said it has successfully secured a contract for the EPCC of a 36MWac solar photovoltaic plant in Padang Siding, Perlis. This represents the group’s first LSS5+ EPCC contract win with a total project value of RM89.5m COD is slated for 26 Feb 28.
- Chong Lee Len
Gas Malaysia (GMB MK) - EC Gives Green Light For FSRU In Yan, Positive...
EC Gives Green Light For FSRU In Yan, Positive For GMB Highlights In a Bursa Malaysia announcement, Gas Malaysia (GMB) said it has been given a Letter to Proceed (LTP) from the Energy Commission of Malaysia (EC) with regard to a liquefied natural gas (LNG) regasification terminal project in Yan, Kedah. The terminal is expected to house an offshore floating storage and regasification unit (FSRU) with a planned regasification capacity of up to 6MTPA. Essentially, the LTP allows GMB to proceed ...
- Amerul Iqmal
Automobile - MAA TIV Feb 26: Sales Down mom And yoy
MAA TIV Feb 26: Sales Down mom And yoy Highlights Feb 26 TIV weakened on seasonality. The Malaysia Automotive Association’s (MAA) total industry volume (TIV) for Feb 26 came in at 52,414 units (-18% mom, -20% yoy). The decline was broadly in line with expectations, mainly attributed to fewer working days and plant shutdowns during the Chinese New Year (CNY) holiday. Cumulatively, 2M26 TIV reached 116,712 units (+0.9% yoy), supported by strong sales in Jan 26, and accounted for 15% of our 2026 ...
- Jack Goh Tooan Orng
Top Glove Corporation (TOPG MK) - 2QFY26: Propelling Forward Despite C...
2QFY26: Propelling Forward Despite Challenges Ahead Highlights TOPG charted resilient revenue and sales volume growth in 2QFY26, but results were below expectations as net profit and margin contracted due to lower blended ASP and weakening forex. Management raised ASPs as much as US$7/’000 pieces in April, mainly to offset the spiking raw material prices due to the Middle East tensions. While FY26 earnings remain on track for good growth (+15%), risk-reward appears balanced with fair valua...
- Malaysia Research Team
Malaysia Daily - Thursday, March 19, 2026
Top Stories Company Results | Top Glove (TOPG MK/HOLD/RM0.575/Target: RM0.60) Top Glove charted strong volume sales in 2QFY26, but profitability compressed on a weakening MYR/USD rate and lower ASP. While raw material costs have spiked due to the ongoing Middle East tensions, management guided a steep ASP revision in April which will offset rising costs. Overall, 2HFY26 should see improving volume sales. In view of the current challenging environment, we reduce our FY26-27 earnings forecasts and...
- Julia Pan Mengyao
Tencent Holdings (700 HK): 4Q25: In-line results; AI Empowers All Busi...
Tencent’s 4Q25 earnings came in better than expected. Revenue grew 15.4% yoy to Rmb192.9b, 2-3% ahead of our and consensus estimates. Gross margin expanded 3.3ppt yoy to 56.4%, in line with consensus forecasts. Non-IFRS operating profit grew 18.4% yoy to Rmb72.6b, while non-IFRS operating margin expanded 1ppt yoy to 37.6% on a positive shift in revenue mix. Non-IFRS diluted EPS ramped up 19.5% yoy, 6.5% higher than consensus estimates. Maintain BUY with a lower target price of HK$757.00.
- Greater China Research Team
- Tham Mun Hon
Prudential (2378 HK): 2025: In-line Results; Momentum To Carry On Into...
Prudential’s results were in line with market expectations. The 13% NBP growth was driven by a strong turnaround in mainland China and Malaysia, which largely offset the slowdown in Indonesia and Singapore. Hong Kong NBP growth also moderated in 2H25, due to frontloaded sales ahead of a few regulatory changes. OPAT per share, OFSG, and DPS met management's double-digit growth guidance in 2025, and management expects a similar growth trajectory to be maintained in 2026. Maintain BUY. Target price...
- Bella Lu Yifei
- Ken Lee
Geely Auto (175 HK): 4Q25: Earnings Beat Expectations; Reiterate BUY.
Geely’s 4Q25 core net profit beat estimates at Rmb3.79b (-3% yoy/+4% qoq). Earnings growth will be driven by a strong product cycle, optimisation of sales mix, new innovative tech, penetration into overseas markets, and a consolidation of its brand portfolios. We maintain our 2026-27 earnings estimates. Maintain BUY with an unchanged target price of HK$36.00 pegged to 23x 2026F PE, on a par with the historical mean forward PE.
- Bella Lu Yifei
- Ken Lee
Fuyao Glass (3606 HK): 4Q25: Core Earnings In Line; Reiterate BUY.
FYG’s 4Q25 GAAP net profit missed expectations at Rmb2,248m (+11.3% yoy/-0.5% qoq), due to forex losses. Stripping out one-off items, adjusted net profit met estimates at Rmb2,427m (+36.2% yoy/+4.0% qoq) on a yoy margin expansion. Its earnings outlook remains brilliant, backed by: a) continuous market share gain overseas, b) ASP increase on product mix optimisation, and c) its aluminium trim business. Maintain 2026-27 earnings estimates. Maintain BUY; target price: HK$105.00.
- Thailand Research Team
Strategy - Feedback From Taipei Conference 2026
Strategy | Feedback From Taipei Conference 2026 Investors exhibited moderate interest in Thai equities as a compelling commodity proxy and defensive play. This "safe haven" status is underpinned by attractive valuations, with 55% of stocks trading below P/B and a 4.45% dividend yield. Massive forex reserves and favourable financial conditions further encourage a reallocation from bonds to equities. While Middle East conflicts favour commodity picks like BCP, PTT, and IVL, short-term tourism vola...
- Thailand Research Team
Thailand Daily - Thursday, March 19, 2026
Top Stories Strategy | Feedback From Taipei Conference 2026 Investors exhibited moderate interest in Thai equities as a compelling commodity proxy and defensive play. This "safe haven" status is underpinned by attractive valuations, with 55% of stocks trading below P/B and a 4.45% dividend yield. Massive forex reserves and favourable financial conditions further encourage a reallocation from bonds to equities. While Middle East conflicts favour commodity picks like BCP, PTT, and IVL, short-term ...
- Jonathan Koh
Singapore Daily: Thursday, March 19, 2026
Top Stories Company Update | KORE US REIT (KORE SP/BUY/US$0.19/Target: US$0.26) KORE has resumed distribution with DPU at 0.25 US cents in 2H25 after fully refinancing all 2025 and 2026 debt maturities. KORE will focus on backfilling vacancies and known vacates. It will enhance leasing appeal through spec suite conversions and targeted upgrades. Portfolio occupancy is expected to recover above mid-80% by end-26. KORE provides a DPU yield of 3.7% for 2026 and 7.4% for 2027. P/NAV looks depressing...
- Bella Lu Yifei
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Tham Mun Hon
Greater China Daily: Thursday, March 19, 2026
Top Stories Company Results | Fuyao Glass (3606 HK/BUY/HK$60.25/Target: HK$105.00) FYG’s 4Q25 GAAP net profit missed expectations at Rmb2,248m (+11.3% yoy/-0.5% qoq), due to forex losses. Stripping out one-off items, adjusted net profit met estimates at Rmb2,427m (+36.2% yoy/+4.0% qoq) on a yoy margin expansion. Its earnings outlook remains brilliant, backed by: a) continuous market share gain overseas, b) ASP increase on product mix optimisation, and c) its aluminium trim business. Maintain 20...
- Bella Lu Yifei
- Greater China Research Team
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Thailand Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, March 19, 2026
Greater China Company Results | Fuyao Glass (3606 HK/BUY/HK$60.25/Target: HK$105.00) FYG’s 4Q25 GAAP net profit missed expectations at Rmb2,248m (+11.3% yoy/-0.5% qoq), due to forex losses. Stripping out one-off items, adjusted net profit met estimates at Rmb2,427m (+36.2% yoy/+4.0% qoq) on a yoy margin expansion. Its earnings outlook remains brilliant, backed by: a) continuous market share gain overseas, b) ASP increase from optimisation of product mix, and c) its aluminium trim business. M...
TFG THAIFOODS GROUP
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
PRU PRUDENTIAL PLC
CPALL CP ALL PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
CENTEL CENTRAL PLAZA HOTEL
00700 TENCENT HOLDINGS LTD.
MINT-R MINOR INTERNATIONAL PCL NVDR
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
SCGP SCG PACKAGING PCL
KORE KEPPEL PACIFIC OAK US REIT
- Jonathan Koh
Keppel Pacific Oak US REIT (KORE SP) - Gradually Restoring Payout Rati...
KORE has resumed distribution with DPU at 0.25 US cents in 2H25 after fully refinancing all 2025 and 2026 debt maturities. KORE will focus on backfilling vacancies and known vacates. It will enhance leasing appeal through spec suite conversions and targeted upgrades. Portfolio occupancy is expected to recover above mid-80% by end-26. KORE provides a DPU yield of 3.7% for 2026 and 7.4% for 2027. P/NAV looks depressingly low at 0.28x. Maintain BUY. Target price: US$0.26.
- Shirley Wang Xueyi
- Stella Guo Yuting
Atour Lifestyle Holdings (ATAT US): 4Q25: Revenue in line and net prof...
Highlights In 4Q25, net revenue reached Rmb2,788m (+34% yoy, +6% qoq), in line with market expectations. Adjusted EBITDA was Rmb712m (+61% yoy, +4% qoq), with an adjusted EBITDA margin of 25.5% (+4.3ppt yoy, -0.5ppt qoq). Adjusted net profit totalled Rmb493m (+48% yoy, +1% qoq), exceeding consensus estimates by 13%, with an adjusted net margin of 17.7% (+1.7ppt yoy, -0.9ppt qoq). RevPAR hit Rmb336 (-0.3% yoy, vs -2.2% in 3Q25), occupancy rate was 76.1% (-0.9ppt yoy), and average daily rate ros...
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - Key Takeaways From The ASEAN Gems Conferen...
ASEAN Gems Corporate Highlights | Thaifoods Group (TFG TB/BUY/Bt6.85/Target: Bt7.80) TFG participated in the ASEAN Gems Conference, and received positive sentiment and feedback from investors. We reiterate our positive view on TFG following its solid business outlook for both the short and long term. We expect to see lower volatility in commodity prices, and believe the company will benefit from its fully integrated operations, strengthening its competitive position. Maintain BUY with a higher t...
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, March 18, 2026
Top Stories ASEAN Gems Corporate Highlights | Thaifoods Group (TFG TB/BUY/Bt6.85/Target: Bt7.80) TFG participated in the ASEAN Gems Conference, and received positive sentiment and feedback from investors. We reiterate our positive view on TFG following its solid business outlook for both the short and long term. We expect to see lower volatility in commodity prices, and believe the company will benefit from its fully integrated operations, strengthening its competitive position. Maintain BUY w...
- Jack Goh Tooan Orng
Zetrix AI (ZETRIX MK) - Impending Blockchain Monetisation
Impending Blockchain Monetisation Highlights Zetrix presented at our ASEAN Gems Conference 2026 in Taipei, Taiwan last week. The sessions received commendable interest from various institutional investors. The ramp-up of various blockchain-related services and the potential spin-off of the web3 business allow potential special dividends to remain as key catalysts for the group. Maintain BUY and target price of RM1.56.
- Malaysia Research Team
Malaysia Daily - Wednesday, March 18, 2026
Top Stories Company Update | Zetrix AI (ZETRIX MK/BUY/RM0.785/Target: RM1.56) Zetrix is well-positioned to chart resilient profitability growth from 2026 to 2028, mainly driven by various new ancillary revenue streams from the blockchain segment, alongside stable e-government services volume which will provide stable recurring revenue and healthy cash flow. Meanwhile, the potential spin-off of the web3 business as an SPV will unlock the value of its blockchain segment, and remains as a key catal...
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.