reports
- Desmond Chong Chee Wai
- Wei Xiang Ku
VS Industry (VSI MK) - 1QFY26: Within Expectations; Recovery Is On Tra...
1QFY26: Within Expectations; Recovery Is On Track Highlights We expect the earnings recovery to continue, driven by narrowing losses from previously unprofitable operations and sustained healthy utilisation rates across plants. Valuation dislocation offers deep value. VSI is trading at an undemanding 14.3x FY26F PE (-0.5SD below its seven-year mean) and 0.81x FY26F P/B (-2SD), below even the MCO trough band of 0.83-0.88x. We view this as an attractive risk-reward entry point as fundamental...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 1H26 Strategy: Fired Up For Outperformance
1H26 Strategy: Fired Up For Outperformance Highlights Malaysian equities are fired up for outperformance in 2026, fuelled primarily by pre-GE domestic liquidity, the ringgit’s appreciation, and a corporate earnings growth recovery. Externally, we foresee cooling tensions over global trade and geopolitics (amid a doveish US monetary policy). We introduce our end-26 FBMKLCI target of 1,760. The index could potentially peak at the 1,800 level before the market turns risk-off towards year-end,...
- Malaysia Research Team
Malaysia Daily - Friday, December 5, 2025
Top Stories Strategy | 1H26 Strategy: Fired Up For Outperformance Malaysian equities are fired up for outperformance in 2026, fuelled by pre-GE domestic liquidity, the ringgit’s appreciation, and a corporate earnings growth recovery. We introduce our end-26 FBMKLCI target of 1,760. Adopt a risk-on mode with a focus on various investment themes that heat up the power and building material sectors, followed by banking and plantation, and selected technology, consumer, property, and construction pl...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Friday, December 5, 2025
Top Stories Company Results | BRC Asia (BRC SP/BUY/S$4.01/Target: S$4.90) BRC delivered a strong set of results for FY25, with core earnings of US$94m (+1% yoy) beating our forecast. BRC declared final and special dividends of 7 S cents each, bringing total FY25 dividend to 20 S cents (payout 58.2%; yield 4.9%). Orderbook remains strong at S$1.9b. Maintain BUY with a 5% higher target price of S$4.90. Market Spotlight • US stocks were mixed on Thursday, with Dow Jones sliding while the other ind...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: 2026 Outlook And Strategy.
We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers will regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Ge...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Ken Lee
Greater China Daily: Friday, December 5, 2025
Top Stories Sector Update | Automobile We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers will regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGHT. Top B...
- Andrew Agita Buntoro
- Willinoy Sitorus
Ketrosden Triasmitra (KETR IJ) - KETR’s Growth Catalyst From INET
Small/Mid Cap Highlights | Ketrosden Triasmitra (KETR IJ/NOT RATED/Rp620) INET’s aggressive FTTH expansion across Bali, Lombok, and Kalimantan positions the company as a major demand driver for KETR’s submarine and terrestrial cable infrastructure. Through long-term capacity leasing arrangements, INET provides upfront cash inflow and recurring maintenance revenue for KETR, improving asset utilisation and supporting future projects including Bali-Sulawesi and IKN connectivity. The partnership, al...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Friday, December 5, 2025
Small/Mid Cap Highlights | Ketrosden Triasmitra (KETR IJ/NOT RATED/Rp620) INET’s aggressive FTTH expansion across Bali, Lombok, and Kalimantan positions the company as a major demand driver for KETR’s submarine and terrestrial cable infrastructure. Through long-term capacity leasing arrangements, INET provides upfront cash inflow and recurring maintenance revenue for KETR, improving asset utilisation and supporting future projects including Bali-Sulawesi and IKN connectivity. The partnership, al...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Malaysia Research Team
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, December 05, 2025
Greater China Sector Update | Automobile We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGH...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
BRC BRC ASIA LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
KETR IJ KETROSDEN TRIASMITRA (KETR IJ)
- Heidi Mo Jinghui
BRC Asia (BRC SP) - FY25: Strong Earnings Supported By Construction Up...
BRC delivered a strong set of results for FY25, with core earnings of US$94m (+1% yoy) beating our forecast. BRC declared final and special dividends of 7 S cents each, bringing total FY25 dividend to 20 S cents (payout 58.2%; yield 4.9%). Orderbook remains strong at S$1.9b. Maintain BUY with a 5% higher target price of S$4.90.
- 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...
- Kong Ho Meng
Deleum (DLUM MK) - Long-term Growth Intact Despite 4Q25 Setbacks In O&...
Long-term Growth Intact Despite 4Q25 Setbacks In O&G Highlights Not spared from volatilities of upstream maintenance space. We expect milder-than-expected 4Q25 results due to earnings downside risk from the OIS segment. This segment is primarily exposed to upstream maintenance offshore works and the monsoon season will create a negative impact on both MCM and slickline contracts. In addition, we now assume the MCM profitability trend to be similar to the legacy MCM back in 2017-22. Overall, we...
- 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...
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