Broker Name: Maybank Research Pte Ltd
Date of Report: 8 December 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Singapore’s STI outperformed with a 20% YTD gain in 2025, driven by mainstream adoption of AI, supportive government policies (especially in equity market reforms), and rationalizing competition across sectors.
- Top stock picks benefiting from these trends include CICT, ComfortDelGro, CSE, Grab, Mapletree Logistics Trust, OCBC, SGX, Sheng Siong, and ST Engineering.
- In Thailand, Airports of Thailand saw upgrades due to higher-than-expected passenger service charges and resolution of duty-free contract issues.
- Bukalapak.com in Indonesia was downgraded to HOLD as its valuation is seen as fair and concerns remain about deploying its large cash pile effectively.
- Malaysia’s banking sector is expected to have a better operational outlook in 2026 with steady profit growth, while uncertainty surrounds the REITs’ tax concession expiry.
- Singapore’s manufacturing output surged, boosting GDP growth prospects for 2025-2026, though core inflation forecasts are raised slightly.
- PropNex and Apac Realty face headwinds in 2026 due to fewer new condo launches and likely downward revisions of earnings forecasts.
- Technical trading ideas: Sunpower is a trading buy on a potential breakout; AEM Holdings is a trading sell after breaking below its uptrend line.
- Major news includes a \$600m Osaka data centre project by SC Capital, Singapore-Malaysia increasing cross-border taxi quotas, and Elegant Group’s \$809m purchase of The Clementi Mall.
- The report concludes with holiday wishes and information on upcoming Maybank events and disclosures.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : https://www.maybank.com
