09/09/2026
Greater China
Economics | Trade
August export growth rose to 25.0% yoy (+1.1ppt mom), marginally below Bloomberg’s consensus estimate of 25.9% yoy, supported by the Hong Kong and US markets. Import growth picked up to 28.2% yoy (+0.7ppt mom), below consensus forecasts of 31.0% yoy, as a broad slowdown in key commodities offset record integrated circuits import growth of 83.6% yoy. The trade surplus widened to US$119.1b, in line with consensus estimates. Import growth is now increasingly concentrated in integrated circuits.
Company Update | Link REIT (823 HK/BUY/HK$38.72/Target: HK$44.30)
Link REIT hosted its 1QFY27 operational update call on 8 Sep 26. Its Hong Kong retail portfolio’s performance was in line with that of the market in 1QFY27, with a mid-single-digit negative rental reversion. Meanwhile, its other segments remained resilient. Its cost optimisation initiatives and unit buyback programme are on track. Management reiterated its guidance for FY27 Hong Kong retail rental reversion and its target of DPU stabilisation in FY27. Maintain BUY with an unchanged target price of HK$44.30.
Indonesia
Company Results | Buana Lintas Lautan (BULL IJ/BUY/Rp428/Target: Rp770)
1H26 came in above expectations, with revenue up 84.0% yoy and EBITDA up 191.1% yoy to US$71.2m, due to the 2Q26 jump in freight rates. Renewed Middle East escalation should keep rates elevated through 2027, and with the fleet now at 16 vessels and 23 in the pipeline, we raise 2026 EBITDA to US$145.0m and net profit to US$95.6m. Maintain BUY on BULL with a higher target price of Rp770, based on 6.0x 2026F EV/EBITDA, in line with global peers.
Malaysia
Company Update | KPJ Healthcare (KPJ MK/BUY/RM2.61/Target: RM3.85)
KPJ’s leadership transition following Chin Keat Chyuan’s departure is unlikely to derail the group’s longer-term growth trajectory, with its five-year strategic plan and RM4b-5b brownfield expansion remaining firmly implemented by the interim management team. Maintain BUY with a target price of RM3.85.
Singapore
Company Results | Delfi (DELFI SP/BUY/S$0.76/Target: S$0.98)
Cocoa prices and forex remain near-term constraints. We remain hopeful that easing input costs and established brand strength could support a recovery in 2027. Delfi reported 1H26 earnings of US$13m (+5% yoy) amid a challenging environment, below our estimate. Maintain BUY with a 42% lower target price of S$0.98, pegged to 17x 2027F PE, based on the historical mean.
Thailand
Strategy | Risk-On Equities, Risk-Off Duration
The US Treasury has doubled long-end bond buybacks to support market liquidity, but the structural forces behind high yields remain unchanged. We see this as risk-on for Thai equities and risk-off for Thai duration, not a broad risk-off event. Our SET target stays at 1,818, with roughly 12% upside, as we favour stock selection over market beta. Top picks are ADVANC, TRUE, BDMS, BH, PTT and PTTEP.
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#新加坡
