Retail: 4Q25 Preview: Expansion-Led Growth, SSSG Gradually Recovering (OVERWEIGHT)
Given the manageable opex, we expect sector op profit to increase by +6.6% yoy in 4Q25 with estimated core profit growth of +4.1% yoy.
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CrossASEAN Strategy - Consumption Purge
Despite relatively healthy revenue growth from retailers in Southeast Asia, the share prices of listed consumer companies have been weak, with...
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Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)
We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.
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The Stocks to Own in ASEAN – Vol. 53
We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine stocks added.
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Macro Strategy: 2026: Reassessing the Investment Cycle
Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.
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