reports
- Kong Ho Meng
MISC (MISC MK) - Crude Tanker Party Not Over; LNGC Risks May Be Next
Crude Tanker Party Not Over; LNGC Risks May Be Next Highlights Several long-term implications from US-Iran conflict are positive for tankers. Although the situation remains highly uncertain, we think: a) the energy security theme will extend towards strategic supply chain/routes, hence prolonging the multi-cycle highs for crude tanker time charter demands; b) Straits of Hormuz will no longer be just a chokepoint; and c) war insurance premiums surged from negligible to 5-10% of tanker values. S...
- Chong Lee Len
Telecommunications - Emerging MVNOs Capitalising On Niche Market Segme...
Emerging MVNOs Capitalising On Niche Market Segments Highlights China Mobile, through CMLINK, has made its official debut in the Malaysian telecommunications (telco) market as an MVNO. It leverages on Maxis’ nationwide 4G and 5G network to deliver voice and data services. It targets students and working professionals with cross-border mobility between China and Malaysia, supported by incremental demand from a rebound in inter-country tourism. We expect incoming MVNOs to pressure the prepaid ...
- Malaysia Research Team
Malaysia Daily - Monday, April 6, 2026
Top Stories Sector Update | Telecommunications China Mobile, through CMLINK, has made its official debut in the Malaysian telco market as an MVNO. It leverages on Maxis’ nationwide 4G and 5G networks to deliver voice and data services to its subscribers. The proliferation of more MVNOs in the market suggests intensifying prepaid competition and we expect incumbents CelcomDigi and Maxis to pull away by focusing on pre-to-postpaid conversion to defend market share. Maintain MARKET WEIGHT. Top pick...
- Johnny Yum
Strategy - Alpha Picks: Maintaining Commodity Exposure Amid Volatility
Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw a massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation into commodit...
- Johnny Yum
- Maskun Ramli
Indonesia Daily - Monday, April 6, 2026
Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw a massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation into commodit...
- Adrian Loh Tzum Yung
Singapore Daily: Monday, April 06, 2026
Top Stories Company Update | Yangzijiang Shipbuilding (YZJSGD SP/BUY/S$3.83/Target: S$4.75) YZJ has started off 2026 with a strong order momentum, garnering US$0.98b in new orders. With its US$23b orderbook, the company has earnings visibility through 2029. The recent acquisition of a stake in Seaspan enhances visibility, integration and stability despite a premium valuation, backed by resilient container shipping demand. Maintain BUY with higher PE-based target price of S$4.75 (previously S...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Johnny Yum
- Kong Ho Meng
- Malaysia Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, April 6, 2026
Indonesia Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation i...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
TENAGA YINSON HOLDINGS BHD
YNS RHB BANK BHD
RHBBANK GAMUDA BHD
GAM HAP SENG PLANTATIONS HOLDINGS BHD
HAPL GOJEK TOKOPEDIA TBK PT
GOTO LAGENDA PROPERTIES BHD
YINSON PEKAT GROUP BHD
LAGENDA ORIENTAL KOPI HOLDINGS BHD
PEKAT BUMI RESOURCES MINERALS
KOPI MK DARMA HENWA (DEWA IJ)
BRMS IJ ARCHI INDONESIA (ARCI IJ)
DEWA IJ OXFORD INNOTECH BHD (OXB MK)
- Thanawat Thangchadakorn
Finance: 1Q26 Results Preview: Credit Costs Are Expected To Decrease q...
Sector Update | Finance We expect the finance sector's 1Q26 net profit to increase 12% yoy and 4% qoq. Credit costs are expected to decrease qoq in 1Q26 due to a high base in 4Q25. We found that when oil prices have jumped in the past, the finance sector's NPL ratio increased with some magnitude but not significantly. Finance companies indicated that they are maintaining good asset quality. Maintain OVERWEIGHT on the sector. Our top picks are MTC and KTC.
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 03, 2026
Top Stories Sector Update | Finance We expect the finance sector's 1Q26 net profit to increase 12% yoy and 4% qoq. Credit costs are expected to decrease qoq in 1Q26 due to a high base in 4Q25. We found that when oil prices have jumped in the past, the finance sector's NPL ratio increased with some magnitude but not significantly. Finance companies indicated that they are maintaining good asset quality. Maintain OVERWEIGHT on the sector. Our top picks are MTC and KTC.
- Amerul Iqmal
- Lester Siew
Plantation - Bullish Biofuel Catalysts; Upgrade Sector To OVERWEIGHT
Bullish Biofuel Catalysts; Upgrade Sector To OVERWEIGHT Highlights We upgrade our sector call to OVERWEIGHT from MARKET WEIGHT, as we see 2026 CPO prices rising to RM4,500/tonne on the back of positive demand drivers from the US and Indonesia’s biofuel policy expansions. Despite some cost headwinds arising from higher fuel and fertiliser costs, these are expected to be more than offset by higher CPO prices, as spot prices climbed from RM4,000/tonne to RM4,700/tonne over the past month. Key...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Staying Selectively Defensive As Volatility In...
Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Highlights Our Mar 26 Alpha Picks marginally underperformed the FBMKLCI (-2.2% vs FBMKLCI: -1.5%). Bermaz Auto (+4.1%) and MISC (+4.6%) were the leaders but Gamuda was the main drag (-11.0%) followed by Yinson (-4.3%). On a quarterly basis, 1Q26 Alpha Picks’ returns outperformed on both priceand market cap-weighted bases, both outperforming by 2ppt each vs the FBMKLCI. For Apr 26, we adopt a barbell strategy – balancing r...
- Malaysia Research Team
Malaysia Daily - Friday, April 3, 2026
Top Stories Strategy | Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Mar 26 Alpha Picks slightly underperformed the FBMKLCI, but 1Q26 performance outpaced by 2ppt on both price- and market cap-weighted bases. For Apr 26, we adopt a barbell approach – anchoring on domestically driven earnings for stability while selectively accumulating beaten-down stocks with catalyst-driven rebound potential. We also position in Brent oil beneficiaries and sector leaders with supportive t...
- Bella Lu Yifei
- Ken Lee
Ningbo Joyson Electronic Corporation (600699 CH): 4Q25: Core Earnings ...
4Q25 adjusted net profit missed our estimate but met consensus at Rmb374m (+9.8% yoy/-10.2% qoq). We trim our 2025- 27 core net profit estimates by 8%/10% to Rmb1.78b/Rmb2.03b respectively. Joyson’s earnings growth will be driven by the ADAS and robotics business, together with the Rmb97b in order backlog at end-25. Maintain BUY but cut target price from Rmb45.00 to Rmb43.00.
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
China Longyuan Power Group (916 HK): 2025: Below Expectations; Earning...
Longyuan reported 2025 earnings of Rmb4,638m (-27.3% yoy), below expectations, due to lower realised power tariffs amid ongoing electricity market reforms and reduced utilisation hours from higher curtailment, despite a 1.2% yoy growth in total power generation to 76,469GWh. Management plans to add 4.5GW of new capacity in 2026. However, power tariffs are likely to trend lower as renewable generation increasingly participates in market-based electricity trading, although accelerated subsidy reco...
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Mar 26 GGR Beats Consensus By 4%.
Macau’s Mar 26 GGR reached MOP22.6b, up 15% yoy and 10% mom, recovering to 88% of the 2019 level. The figure exceeded market consensus by 4%, supported by an easier base and a strong tailwind following the Chinese New Year holiday. In Feb 26, visitations to Macau increased 14% mom and 33% yoy to 4.2m, up 18% vs 2019 levels. Maintain OVERWEIGHT; Galaxy remains our top pick.
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
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
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Tanapon Cholkadidamrongkul
Retail - March SSSG A Positive Surprise
Sector Update | Retail Same-store sales in Mar 26 turned positive across the board, driven by panic stockpiling and a low base in Mar 25. Valuations are attractive, already pricing in the risk of potential product shortages in 2Q26, particularly in plastic packaging. Most stocks will pay dividends in Apr 26, which should help provide a buffer against uncertainties. Maintain MARKET WEIGHT. Upgrade GLOBAL to BUY. Top picks are CRC and GLOBAL.
- Thailand Research Team
Strategy: Alpha Picks: Expect A Recovery From Key Stocks Impacted By M...
Strategy | Alpha Picks: Reload On Domestically-Oriented Sectors After Middle East Tensions Ease Our portfolio returns outperformed the market in Mar 26 (our portfolio: +2.5% vs SET Index: -5.2%). For Apr 26, we have a positive outlook on the SET Index, supported by banking stocks that are expected to remain at elevated levels ahead of dividend payments in late-April, alongside a recovery in domestically-oriented sectors following the easing of the Middle East tensions. Apr 26 Alpha Picks: AOT, B...
- Tanapon Cholkadidamrongkul
- Thailand Research Team
Thailand Daily - Thursday, April 02, 2026
Top Stories Strategy | Alpha Picks: Reload On Domestically-Oriented Sectors After Middle East Tensions Ease Our portfolio returns outperformed the market in Mar 26 (our portfolio: +2.5% vs SET Index: -5.2%). For Apr 26, we have a positive outlook on the SET Index, supported by banking stocks that are expected to remain at elevated levels ahead of dividend payments in late-April, alongside a recovery in domestically-oriented sectors following the easing of the Middle East tensions. Apr 26 Alpha ...
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