reports
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Tourism Group Duty Free (601888 CH): Investor Day Takeaways.
We attended China Tourism Group Duty Free's investor day on 28 Nov 25 in Sanya. Management remains confident in Hainan sales for 2026. For airport duty-free operations, the offline stores at Beijing and Shanghai airports have been recovering gradually and have achieved double-digit sales growth ytd, and management indicated that the product mix still has significant room for improvement. It has also observed a steady recovery in luxury consumption recently, and continues to attract and retain hi...
- Julia Pan Mengyao
- Ming San Soong
Meituan (3690 HK): 3Q25: Earnings Miss; FD Loss To Narrow In 4Q25 Amid...
Meituan’s 3Q25 earnings missed expectations. Total revenue grew 2% yoy to Rmb95.5b, 2-4% below our and consensus estimates. Non-IFRS net loss came in at Rmb16b, with net margin at a loss of 17%, missing consensus estimates. For 4Q25, Meituan expects to see narrowing FD losses on easing competition. In 2026, margins will remain pressured due to FD overseas expansion but total investment will be at or below 2025 levels. Maintain SELL with a slightly lower target price of HK$79.00.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Amid Market Decline, Drug Innovators Show ...
Most Chinese healthcare stock prices fell along with the weak Hang Seng Index in the past two weeks. The share prices of leading drug innovators, however, have remained relatively stable. We expect drug innovators to continue to outperform, supported by possible further lowering of interest rates, increasing innovative product launches, and globalisation efforts. Meanwhile, geopolitical risks and GPO and other policy uncertainties will remain as key risks amid the recovery for CROs, medical serv...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Claire Wang Kelai
- Tham Mun Hon
China Economics: November PMI In Contractionary Zone And Below Forecas...
November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms easing growth momentum, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector.
- Benjaphol Suthwanish
SCG Packaging (SCGP TB) - Stronger 4Q25 Earnings Outlook; MYPAK Transa...
Company Update | SCG Packaging (SCGP TB/BUY/Bt15.60/Target: Bt26.00) We expect that 4Q25 net profit will rise both qoq and yoy, supported by lower cost and stronger sales volume at Fajar, helped by higher imports of packaging paper from China after the announced import ban on dry-milled recycled pulp. The MYPAK acquisition is on track to be finalised next week. We remain constructive on the long-term strategic benefits of the transaction. Maintain BUY. Target price: Bt26.00.
- Benjaphol Suthwanish
Thailand Daily - Monday, December 01, 2025
Top Stories Company Update | SCG Packaging (SCGP TB/BUY/Bt15.60/Target: Bt26.00) We expect that 4Q25 net profit will rise both qoq and yoy, supported by lower cost and stronger sales volume at Fajar, helped by higher imports of packaging paper from China after the announced import ban on dry-milled recycled pulp. The MYPAK acquisition is on track to be finalised next week. We remain constructive on the long-term strategic benefits of the transaction. Maintain BUY. Target price: Bt26.00.
- Chong Lee Len
Tenaga Nasional (TNB MK) - 9M25: In Line; Receives MOF Approval For 7B...
9M25: In Line; Receives MOF Approval For 7B Income Tax Schedule For A Fair Amount To Be Offset Against Future Income Highlights TNB reported healthy 3Q25 normalised net profit of RM1,037m – a growth of 38% yoy and 4% qoq. 9M25 normalised net profit of RM3,234m makes up 74% of our projections, in line with expectations. TNB has received MOF’s approval for Investment Allowance under Schedule 7B. This clears an overhang on the stock as no future provision is expected. While not the whole RM10.6...
- Keith Wee Teck Keong
CIMB Group (CIMB MK) - 3Q25: Resilient Showing; Commits To A Capital R...
3Q25: Resilient Showing; Commits To A Capital Return Programme Highlights 3Q25 earnings were in line (+2.3% yoy), supported by NOII growth and positive operating JAWS. The group declared a special dividend of up to RM760m to be paid end-Dec 25 and committed to a capital return of up to RM2b by end-2027. We raise our dividend payout assumption to 65% from 55% translating into attractive yields of 6.2%/6.6% for 2025/26 respectively. Maintain BUY with a higher target price of RM8.30 (1.18x 20...
- Malaysia Research Team
Malaysia Daily -: Monday, December 1, 2025
Top Stories Company Results | CIMB Group (CIMB MK/BUY/RM7.65/Target: RM8.30) 3Q25 earnings were in line, supported by NOII growth and positive operating JAWS. CIMB declared a special dividend of up to RM760m for the end-Dec 25 payout. Maintain BUY with a higher target price of RM8.30 (previously: RM8.25). Company Results | Tenaga Nasional (TNB MK/BUY/RM13.18/Target: RM16.30) Tenaga reported 9M25 normalised net profit of RM3,224m, in line with expectations. Positively, the company received MOF ap...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, December 1, 2025
Top Stories Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms easing growth momentum, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Healthcare Mos...
- Jonathan Koh
Singapore Daily: Monday, December 1, 2025
Top Stories Sector Update | REITs Safe haven liquidity continues flowing into Singapore, pushing down SORA on an overnight basis to a low of 1.27%. Three-month compounded SORA eased 8bp to 1.25% in Nov 25. The Fed cut the Fed Funds Rate by another 25bp to 3.75% during the FOMC meeting on 29 Oct 25. Maintain OVERWEIGHT. BUY blue-chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.65), KREIT (Target: S$1.20) and LREIT (Target: S$0.81). Market S...
- Andrew Agita Buntoro
- Willinoy Sitorus
Telecommunications - Implications Of Indonesia’s FWA Rollout With WIFI...
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, December 1, 2025
Sector Update | Telecommunications Indonesia’s fixed-broadband market is entering a transition phase as the 1.4GHz spectrum enables low-cost FWA rollout from 2026 onwards. WIFI is positioned to scale quickly through backbone ownership and potential LINK integration, while ecosystem synergies with INET, PADA, KETR, IRSX and DOOH support rapid expansion. Tower operators may gain tenancy upside, while fixed-broadband ARPU faces pressure. Ultimately, real impact remains dependent on rollout executio...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
- Jonathan Koh
REITs - S-REITs Monthly Update (Nov 25)
Safe haven liquidity continues flowing into Singapore, pushing down SORA on an overnight basis to a low of 1.27%. Threemonth compounded SORA eased 8bp to 1.25% in Nov 25. The Fed cut the Fed Funds Rate by another 25bp to 3.75% during the FOMC meeting on 29 Oct 25. Maintain OVERWEIGHT. BUY blue-chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.65), KREIT (Target: S$1.20) and LREIT (Target: S$0.81).
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
UEM Sunrise (UEMS MK) - 3Q25: In Line; Gerbang Nusajaya Launches Expec...
3Q25: In Line; Gerbang Nusajaya Launches Expected In 1Q27 Highlights In line. UEM Sunrise (UEMS) reported a 3Q25 core net profit of RM17m (-30% qoq; -45% yoy) on the back of revenue of RM418m (-6% qoq; +13% yoy). This brings 9M25 core net profit to RM62m, accounting for 61% of our and consensus full-year forecasts, which we deem within expectations as we expect an estimated RM32m net gain from East Ledang land sales to be recognised by end-25. Unbilled sales for local projects remained flattis...
- Malaysia Research Team
Sime Darby (SIME MK) - 1QFY26: Above Expectations
1QFY26: Above Expectations Highlights Above expectations. Sime Darby reported a 1QFY26 core net profit of RM341.0m (+0.3% qoq, -6.7% yoy). We deem this above our expectations, accounting for 29% of our full year earnings forecasts, but in line with consensus estimate. The deviation was mainly attributed to higher-than-expected UMW contribution, driven by sustained sales volume from Toyota and expansion in margin due to cost optimisation and strengthening of RM against USD.
- Keith Wee Teck Keong
RHB Bank (RHBBANK MK) - 3Q25: Strong Non-Interest Income Growth
3Q25: Strong Non-Interest Income Growth Highlights Above expectations. RHB Bank posted 3Q25 net profit of RM904m (+8.5% yoy, +12.4% qoq), lifting 9M25 earnings to RM2.46b (+7.5% yoy). Results were slightly above expectations at 77% of full-year estimates, driven by stronger-than-expected non-interest income from robust investment and trading gains. 9M25 earnings growth was supported by lower provisions (-56% yoy), with net credit cost normalising to 17bps (vs 22bps in 9M24). These positives we...
- Philip Wong
QL Resources (QLG MK) - 2QFY26: Sluggish Performance Across Multiple F...
2QFY26: Sluggish Performance Across Multiple Fronts Highlights Results are within our but below consensus expectations. QL Resources’ (QL) 2QFY26 core net profit came in at RM116.2m (+15.5% qoq, -9.4% yoy). This brought 1HFY26 core net profit to RM216.8m (-8.0% yoy). Earnings are within our but below consensus expectations, accounting for 50% and 46% of full-year forecasts respectively.
- Lester Siew
PPB Group (PEP MK) - 3Q25: Core Earnings Within Expectations; Good Set...
3Q25: Core Earnings Within Expectations; Good Set Of Operating Results Highlights Within expectations. PPB Group (PPB) reported 9M25 core net profit of RM990m (+21% yoy) which met both our and consensus estimates at 71%/74% of respective forecasts. For 3Q25, core net profit came in at RM351m (+50% yoy) after adjusting for non-recurring items including associate Wilmar’s one-off legal fine (approximately -RM562m to the group).
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