reports
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, January 12, 2026
Top Stories Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although deflation...
- Audrey Celia
- Willinoy Sitorus
Strategy - Potential LNG Infrastructure Investment Boom
Strategy | Potential LNG Infrastructure Investment Boom Indonesia is structurally shifting from pipeline gas to LNG due to declining legacy gas fields in Java and Sumatra and limited pipeline infrastructure. This shift is reinforced by power-sector decarbonisation and PLN’s capacity expansion, driving multi-year LNG demand and infrastructure investment. LNG-related stocks have rallied about 113% over the past three months. GTS Internasional (GTSI, Not Rated) remains the only pure-play LNG logist...
- Suryaputra Wijaksana
Economics - 2025 Budget Realisation: A Deficit Beyond Targets, Stabili...
Economics | The 2025 Budget Realisation: A Deficit Beyond Targets, Stability Amid Spending The 2025 deficit widened to 2.92% of GDP, driven by a tax shortfall, though strong non-tax revenue provided an offset. Spending underperformed overall but showed a clear priority for social and capital projects. Markets remained stable due to the central bank’s intervention. For 2026, while the government targets a 2.7% of GDP deficit, we forecast a more realistic 2.8-3.0% gap. Financing will remain substa...
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, January 12, 2026
Greater China Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although defl...
002230 IFLYTEK CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
HUME HUME CEMENT INDUSTRIES BHD
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
RGL RECLAIMS GLOBAL
- Heidi Mo Jinghui
- Kai Jie Tang
Reclaims Global (RGL SP) - Laying Strong Foundation For Booming Constr...
Reclaims is one of Singapore’s top three earthworks and excavation players, providing essential early-stage construction services that underpin low default risk. We expect sustained demand driven by a construction upcycle in Singapore. Despite superior ROE and yield, Reclaims currently trades at around a 20% discount to peers. Initiate coverage with BUY and a target price of S$0.56.
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Monday, January 12, 2026
Economics | The 2025 Budget Realisation: A Deficit Beyond Targets, Stability Amid Spending The 2025 deficit widened to 2.92% of GDP, driven by a tax shortfall, though strong non-tax revenue provided an offset. Spending underperformed overall but showed a clear priority for social and capital projects. Markets remained stable due to the central bank’s intervention. For 2026, while the government targets a 2.7% of GDP deficit, we forecast a more realistic 2.8-3.0% gap. Financing will remain substa...
- Heidi Mo Jinghui
- Kai Jie Tang
Reclaims Global (RGL SP) - Laying Strong Foundation For Booming Constr...
Highlights • Reclaims Global (Reclaims) is one of Singapore’s top three players in earthworks and excavation. It plays a critical role in the early stage of construction projects, making its default risk extremely low. • Continued strong demand for earthworks, demolition, and excavation services, supported by a construction industry upcycle in Singapore. • Reclaims has no research coverage and trades at >30% discount vs peers despite higher ROE and yield. Initiate coverage with BUY and a target ...
- Kasemsun Koonnara
AP (Thailand) (AP TB) - Expect Earnings To Peak In 4Q25, Maintain Aggr...
Company Update | AP (Thailand) (AP TB/BUY/Bt8.90/Target: Bt10.10) 4Q25 presales are expected to improve yoy, driven by aggressive launches. However, on a qoq basis, presales are anticipated to decline slightly due to the long holidays and exceptionally high base in 3Q25. 4Q25 earnings are projected to reach its peak for the year, underpinned by backlogs and the newly-completed condominium. AP is expected to maintain a proactive launch strategy in 2026, focusing on portfolio expansion with risk...
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) Concerns Over Potential R...
Company Update | Aeon Thana Sinsap (Thailand) (AEONTS TB/SELL/Bt102.50/Target: Bt92.00) We came away from AEONTS’s analyst meeting with a negative view. We are concerned about the company’s direction toward expanding hire-purchase loans, especially in motorcycles. We are concerned about credit costs, the asset quality outlook, and the possibility of repeating a vicious cycle similar to that experienced by its peers in the past. Downgrade to SELL with a lower target price of Bt92.00 (from Bt110...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Trim China’s 2026 PV Sales Growth To 3% On Bi...
We trim China’s 2026 PV sales growth to 3% yoy, based on a 2% yoy drop in domestic sales and 20% export growth, as the bigger-than-expected stimulus rollback weighs on demand. Based on lower 2026 sales, we cut 2026 net profit forecasts for OEMs by 3-10%, and cut target prices for Geely, BYD, GWM, XPeng and Li Auto to HK$36.00/HK$81.00/HK$18.50/HK$145.00/HK$50.00 respectively. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: Li Auto.
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
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
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)
- Tanapon Cholkadidamrongkul
Retail - Value Play Amid Uncertainties
Sector Update | Retail Dec 25 SSSG remained negative, pressured by negative events and weak consumer spending. However, home improvement retail appeared to improve in Dec 25, benefitting from post-flood demand in the south. A short-term SSSG recovery is likely in 2Q26, supported by a low base in 2Q25, particularly within the home improvement segment. Maintain MARKET WEIGHT. Top pick is GLOBAL as it has resilient SSSG momentum in 1Q26, thanks to a very low base in 1Q25.
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Friday, January 09, 2026
Top Stories Sector Update | Retail Dec 25 SSSG remained negative, pressured by negative events and weak consumer spending. However, home improvement retail appeared to improve in Dec 25, benefitting from post-flood demand in the south. A short-term SSSG recovery is likely in 2Q26, supported by a low base in 2Q25, particularly within the home improvement segment. Maintain MARKET WEIGHT. Top pick is GLOBAL as it has resilient SSSG momentum in 1Q26, thanks to a very low base in 1Q25. Company Upd...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2026: Look Beyond Congestion For Long-...
2026: Look Beyond Congestion For Long-term Positioning Highlights Achieved commendable 2025 volume growth (+3.4%) despite losing market share. Port statistics showed Westports Holdings (WPRTS) lost market share to other renowned SOM ports such as PTP (2025 growth: 14%) and PSA (11M25 growth: 8%). An unexpected surge in port congestion towards Dec 25 may extend this competitive disparity, during which WPRTS executed countermeasures by deploying maximum resources (in other words, effective capac...
- Malaysia Research Team
Malaysia Daily - Friday, January 9, 2026
Top Stories Company Update | Westports Holdings (WPRTS MK /HOLD/RM5.66/Target: RM5.55) WPRTS achieved commendable 2025 volume growth (+3.4%) despite losing market share. An unexpected surge in port congestion towards Dec 25 forced WPRTS to deploy maximum resources. The congestion may boost VAS revenues, but opex could also surge. We continue to believe that WPRTS will only become more relevant. Risk-reward remains fair, hence we maintain HOLD and RM5.55 target price. Market Spotlight The FBMKL...
- Bella Lu Yifei
- Greater China Research Team
- Ken Lee
Greater China Daily: Friday, January 9, 2026
Top Stories Sector Update | Automobile We trim China’s 2026 PV sales growth to 3% yoy, based on a 2% yoy drop in domestic sales and 20% export growth, as the bigger-than-expected stimulus rollback weighs on demand. Based on lower 2026 sales, we cut 2026 net profit forecasts for OEMs by 3-10%, and cut target prices for Geely, BYD, GWM, XPeng and Li Auto to HK$36.00/HK$81.00/HK$18.50/HK$145.00/HK$50.00 respectively. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SEL...
- Jonathan Koh
Singapore Daily: Friday, January 9, 2026
Top Stories Initiate Coverage | NTT DC REIT (NTTDCR SP/BUY/US$1.01/US$1.42) NTTDCR is planning a potential acquisition of a hyperscale data centre in Frankfurt, Germany with NPI yield of 6% and WALE of 10 years in 1H26. Portfolio occupancy could improve as much as 2.5ppt to 97.7% in 2HFY26 due to scheduled ramp-up by existing tenants and addition of new tenants. NTTDCR’s largest tenant is a Fortune 100 US EV company. Its recent launch of autonomous humanoid robots could create more demand. Initi...
- Benyamin Mikael
Darma Henwa (DEWA IJ) - Endless Possibilities
Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding has been secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Highlights • O...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Friday, January 9, 2026
Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding has been secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Technical Anal...
- Bella Lu Yifei
- Benyamin Mikael
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, January 09, 2026
Indonesia Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding is secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Malay...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
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
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
- Jonathan Koh
NTT DC REIT (NTTDCR SP) - Lucrative Yield With Incremental Upside From...
NTTDCR is planning a potential acquisition of a hyperscale data centre in Frankfurt, Germany with NPI yield of 6% and WALE of 10 years in 1H26. Portfolio occupancy could improve as much as 2.5ppt to 97.7% in 2HFY26 due to scheduled ramp-up by existing tenants and addition of new tenants. NTTDCR’s largest tenant is a Fortune 100 US EV company. Its recent launch of autonomous humanoid robots could create more demand. Initiate coverage with BUY and target price of US$1.42.
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