reports
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Tuesday, February 10, 2026
Key Calls 2025 Results Preview We expect names we cover to report resilient earnings growth in 2025 in late- February and March amid moderating macro headwinds. Investors’ focus would be companies’ 2026 guidance and their long-term outlook. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025, backed by robust balance sheets and solid results: a) Crystal International (2232 HK): We forecast a 65% payout ratio in 2025 (vs 70% in 2024, incl...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Axiata Group (AXIATA MK) - Portfolio Optimisation To Unlock Growth And...
Portfolio Optimisation To Unlock Growth And Value Creation Highlights The edotco monetisation can happen in 2026, while Linknet may take a longer time to find a suitable investor. Valuation of the edotco - if it is sold - will not be on a fire-sale basis, and we expect a valuation of 10-12x EV/EBITDA. Axiata Group’s (Axiata) 2026-28 Investor Day highlighted that management will focus on the following three key areas: a) growing annual dividends by at or over 10% yoy; b) maintaining net debt/...
- Damon Shen
- Jieqi Liu
China Property: Greater Feasibility Of State-Owned Capital Injections;...
Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacted by the Spring Festival. Maintain UNDERWEIGH...
- Jack Lai Yuan Khai
British American Tobacco (ROTH MK) - 2025: Above Expectations, Fires A...
2025: Above Expectations, Fires Are Lit Again Highlights British American Tobacco’s (BAT) 2025 results beat expectations on rebounding sales volume following the soft 3Q25. Margins expanded across the board as savings from the cessation of vapour sales kicked in. While volumes may normalise in the coming quarter, we believe the group is largely stable operationally and margins may remain elevated. Maintain BUY with a higher target price of RM6.51 as we see value in attractive dividend yi...
- Malaysia Research Team
Malaysia Daily - Tuesday, February 10, 2026
Top Stories Company Results | British American Tobacco (ROTH MK/BUY/RM4.57/Target: RM6.51) BAT’s 2025 results handily beat expectations. The reversal of inventory adjustments that took place in 3Q25 resulted in an exceptionally strong sales volume during 4Q25. Positively, margins have also expanded following the drop in operational spending on vapour products. Looking forward, while industry volumes continue to decline slowly, we still see value in the lush dividend yields and improving operatio...
- Kasemsun Koonnara
Central Pattana (CPN TB) - Expecting Resilient Performance In 4Q25
Company Update | Central Pattana (CPN TB/BUY/Bt60.50/Target: Bt73.10) We expect CPN to deliver a robust 4Q25 normalised profit increasing both yoy and qoq, fuelled by a resilient shopping mall performance and year-end high season traffic. With foot traffic and tenant sales maintaining a healthy momentum, we remain optimistic about the 2026 outlook, anticipating double-digit earnings growth. Maintain BUY; target price: Bt73.10.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 4Q25: Net Loss Deepened qoq On Weak C...
Company Results | PTT Global Chemical (PTTGC TB/BUY/Bt25.50/Target: Bt28.00) PTTGC reported a 4Q25 net loss of Bt5.5b, beating both our and consensus expectations by 30% and 32% respectively. We expect core earnings to recover qoq in 1Q26. The process of securing a strategic partner for PTTGC is taking longer than expected. As the PP price offered to the strategic partner is above PTT’s cost base in PTTGC, PTTGC’s current share price provides more upside than that of TOP. Maintain BUY. Target pr...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, February 10, 2026
Top Stories Company Results | PTT Global Chemical (PTTGC TB/BUY/Bt25.50/Target: Bt28.00) PTTGC reported a 4Q25 net loss of Bt5.5b, beating both our and consensus expectations by 30% and 32% respectively. We expect core earnings to recover qoq in 1Q26. The process of securing a strategic partner for PTTGC is taking longer than expected. As the PP price offered to the strategic partner is above PTT’s cost base in PTTGC, PTTGC’s current share price provides more upside than that of TOP. Maintain B...
- Andrew Agita Buntoro
- Willinoy Sitorus
Indosat (ISAT IJ) - 2025: Positive ARPU Outlook
Company Results | Indosat (ISAT IJ/BUY/Rp2,130/Target: Rp2,700) We maintain BUY with a new target price of Rp2,700, based on 4.6x 2026F EV/EBITDA, in line with its five-year historical average, reflecting higher 2026 guidance. Results were 12.2% above our forecast and 14% above consensus, driven by one-off margin gains. Looking ahead, ARPU-led monetisation is expected to support earnings growth. Value unlocks include FiberCo carve-out with potentially about Rp8t in cash and a higher dividend pay...
- Curtis Yeung
- Damon Shen
- Jieqi Liu
Greater China Daily: Tuesday, February 10, 2026
Top Stories Sector Update | China Property Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacted...
- Posmarito Pakpahan
Bank Syariah Indonesia (BRIS IJ) - 4Q25: Bullion Banking Lifts Growth ...
Company Results | Bank Syariah Indonesia (BRIS IJ/BUY/Rp2,410/Target: Rp3,300) BRIS posted a 4Q25 net profit of Rp2.0t (+9.4% qoq), bringing 2025 earnings to Rp7.6t (+8% yoy), in line with expectations, driven by lower CoF, stronger non-interest income, and stable credit cost. Bullion banking is becoming a structural growth driver, with gold financing and digital gold scaling set to lift yields and fee income. Asset quality remains manageable despite flood-related restructuring. Maintain BUY wit...
- Suryaputra Wijaksana
Economics - Strong 2025, Solid 2026 Prospects Marred By Growing Risks
Economics | Strong 2025, Solid 2026 Prospects Marred By Growing Risks Indonesia’s economy accelerated to 5.39% yoy in 4Q25, ending the year at 5.11% – the highest since 2022. Growth was driven by resilient consumption and investment, though labour-intensive sectors lagged. Looking ahead, 2026 GDP is projected to rise modestly to 5.3%, fuelled by expansionary fiscal policy. However, this growth will be tested by a widening current account deficit, rupiah depreciation pressures, and a necessary re...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Posmarito Pakpahan
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 10, 2026
Greater China Sector Update | China Property Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacte...
- Jonathan Koh
DBS Group Holdings (DBS SP) - DBS Group Holdings (DBS SP)
Wealth management and loans-related fees saw a significant sequential pullback of 19% and 25% qoq respectively due to seasonal weakness. Specific provisions for chunky Hong Kong real estate exposure were cushioned by a write-back in general provisions. NIM compression moderated by a smaller 3bp qoq in 4Q25 and exit NIM was stable at 1.92% in Jan 26. Management expects two Fed rate cuts in 2026 but sees firmer SORA at 1.25%. Maintain BUY. Target price: S$66.75.
- Andrew Agita Buntoro
- Hendri Effendi
- Posmarito Pakpahan
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Tuesday, February 10, 2026
Economics | Strong 2025, Solid 2026 Prospects Marred By Growing Risks Indonesia’s economy accelerated to 5.39% yoy in 4Q25, ending the year at 5.11% – the highest since 2022. Growth was driven by resilient consumption and investment, though labour-intensive sectors lagged. Looking ahead, 2026 GDP is projected to rise modestly to 5.3%, fuelled by expansionary fiscal policy. However, this growth will be tested by a widening current account deficit, rupiah depreciation pressures, and a necessary re...
- Thanawat Thangchadakorn
Kasikorn Bank (KBANK TB) - 2026 Targets Announced With A Sharp Drop In...
Company Update | Kasikorn Bank (KBANK TB/HOLD/Bt190.00/Target: Bt180.00) We came away from the meeting with a slightly negative view. KBANK announced that its 2026 NIM target is set to drop significantly yoy, which leaves us concerned. However, KBANK reiterated that it will maintain prudent lending practices and improve asset quality, aiming for credit cost normalisation by the end of the year. We expect a special dividend payment in 2025 benefitting from excess capital. Maintain HOLD with a low...
- Tanapon Cholkadidamrongkul
Retail - Rotate Into Laggards
Sector Update | Retail We do not expect the retail sector to see a severe post-election contraction, as sector returns did not outperform the SET Index in the pre-election period. The early signs of recovery should emerge from Mar 26 onwards. Maintain MARKET WEIGHT. We switch our top picks to BJC and CPALL, as they are clear laggards with the cheapest valuations.
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 09, 2026
Top Stories Sector Update | Retail We do not expect the retail sector to see a severe post-election contraction, as sector returns did not outperform the SET Index in the pre-election period. The early signs of recovery should emerge from Mar 26 onwards. Maintain MARKET WEIGHT. We switch our top picks to BJC and CPALL, as they are clear laggards with the cheapest valuations. Company Update | Kasikorn Bank (KBANK TB/HOLD/Bt190.00/Target: Bt180.00) We came away from the meeting with a slightly ...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Corporate Deals Galore
Corporate Deals Galore Highlights Our channel checks suggest that many more value-accretive corporate exercises, such as M&A, privatisation, IPO and asset monetisation, as well as capital management, could materialise in 2026, following the heels of the first mega deal of Sunway Bhd’s proposed acquisition of IJM Corporation. Such deals relate mainly in the mid-cap space, and should help revive interests in the small-mid cap segment, beyond generating alpha returns for the pertinent companies...
- Malaysia Research Team
Malaysia Daily - Monday, February 9, 2026
Top Stories Strategy | Corporate Deals Galore Our channel checks suggest that more value-accretive M&A, privatisation, IPO and asset monetisation and capital management corporate exercises could materialise in 2026, following the heels of this year’s first mega deal of Sunway Bhd’s proposed acquisition of IJM Corporation. Such deals relate mainly in the mid-cap space, and should help revive interests in the small-mid cap segment. Beneficiaries include a handful of the O&G (eg Yinson Holdings) an...
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