Moody's Ratings assigns definitive ratings to Pepper's first auto ABS ...

Moody's Ratings (Moody's) has assigned the following definitive ratings to the notes issued by BNY Trust Company of Australia Limited as trustee of Pepper SPARKZ Trust No. 9. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS...

TME 4Q24 Results: OMS Remain Resilient in FY25

What’s new: TME’s reported 4Q24 results that were above consensus and our expectations. Online music revs could remain resilient partly driven by subscription and ads. Margins could see further upside in FY25 partly driven by better rev mix and continued cost controls. We up our PT from USD14 to USD17 on resiliency of the online music segment. Our updated PT of USD17 implies 20.5x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon

BEKE 4Q24 Results: Housing Transaction Volume Remains Resilient in 1Q

What’s new: KE Holdings’ reported 4Q24 revs that were above consensus and our expectations. Housing transaction volume (existing and new homes) could remain resilient, while margins could be partly impacted by continued investments in the core business segments. We maintain our PT at USD26. Analysts: Jin Yoon

Telecom Italia - ESG Report - Lucror Analytics

Xtep International Holdings (1368 HK): 2024: Results in line; conserva...

2024 results were in line. For 2025, Xtep targets positive revenue growth and >10% net profit growth, with potential upside if the consumption environment improves. It plans to transition the core Xtep brand to a DTC model, with 400-500 Xtep branded stores to be involved in 2H25-2026. Saucony is expected to achieve 30-40% sales growth in 2025 and to double the sales in three years. Maintain BUY; cut target price by 2% to HK$8.00.

XPeng Inc (9868 HK): 4Q24: Results beat expectations. Maintain BUY.

XPeng’s 4Q24 results came in better than expected, with revenue of Rmb16.1b (+23% yoy/+59% qoq) and net loss of Rmb1.33b (-1% yoy/-26% qoq) on upbeat margins. Looking ahead, XPeng’s sales will be driven by a strong product cycle. Based on higher margins, we trim our 2025 net loss estimate by 20% to Rmb1,591m and raise our 2026 net profit forecast by 70% to Rmb1,098m. Meanwhile, we introduce our 2027 net profit forecast of Rmb5,273m. Maintain BUY. Raise target price to HK$150.00.

Xiaomi Corp (1810 HK): 4Q24: Solid results; sustained growth to contin...

Xiaomi’s 4Q24 net profit is a solid beat at Rmb8.3b, with revenue, operating expenses and interest income surpassing expectations, although this was partially offset by a slight miss in gross margins. For 2025, Xiaomi has raised its EV sales target again to 350,000 units, while smartphone shipments will likely surpass 180m units on the back of market share gains. Maintain BUY and raise target price to HK$63.90.

WuXi AppTec (2359 HK): 2024: Results satisfactory; targets continued o...

Despite a considerably challenging business environment, WuXi AppTec’s total revenue and adjusted net profit edged down 2.7% yoy and 2.5% yoy respectively. The results are satisfactory. The company saw strong backlog growth of 47% yoy in 2024, and expects continued operations to achieve accelerated revenue growth of 10-15% yoy in 2025. Additionally, we expect margin improvements to drive a robust earnings CAGR of 12.6% in 2024-27. Maintain BUY with a higher target price of HK$90.00.

KE Holdings Inc (2423 HK): 4Q24: Solid top-line beat; earnings miss; e...

Beike’s 4Q24 revenue grew 54% yoy to Rmb31.1b, beating our and consensus estimates and better than the previously guided 39-44% yoy. Non-GAAP net profit declined 22% yoy to Rmb1.3b, missing expectations due to strategic investments in scaling up its platform. Non-GAAP net margin shrank 4ppt yoy to 4.3% in 4Q24. Beike guided a resilient 1Q25 home market, fuelled by the Spring Festival and stabilised 2025 outlook. Maintain BUY with a higher target price of HK$80.00 (US$31.00).

China Resources Beer (291 HK): 2024: Results miss; a strong start and ...

2024 results missed forecasts. However, CR Beer’s ytd performance and management’s tone for 2025 seem positive. With the ongoing consumption recovery, especially in the restaurant channel, a potentially better peak season, a much heathier inventory level and innovative products and partnerships, management expects a single-digit beer volume growth in 2025, with profit expanding much faster than revenue. Dividend payout could increase in 2025. Maintain BUY. Raise target price to HK$39.90.

Regional Morning Notes - Wednesday, March 19, 2025

GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90): 2024: Results miss; a strong start and positive outlook for 2025. KE Holdings Inc (2423 HK/BUY/HK$67.20/Target: HK$80.00): 4Q24: Solid top-line beat; earnings miss; expecting stabilised outlook in 2025. WuXi AppTec (2359 HK/BUY/HK$72.35/Target: HK$90.00): 2024: Results satisfactory; targets continued operations for accelerated revenue growth of 10-15% yoy in 2025. Xiaomi Corp (1810 HK/BUY/HK$57.65/Target: HK$63.90...

Singapore Daily - Wednesday, March 19, 2025

KEY HIGHLIGHTS Update Singapore Technologies Engineering (STE SP/BUY/S$6.38/Target: S$6.80): Upbeat growth outlook with aggressive 2029 growth targets. Maintain BUY. MONTHLY TECHNICAL - INDICES OUTLOOK FTSE Straits Times Index (STI IND): Price stays strong and bullish

Singapore Technologies Engineering (STE SP) - Upbeat Growth Outlook Wi...

During its 2025 Investor Day, STE unveiled aggressive growth targets ahead, aiming to achieve S$17b group revenue by 2029 (five-year CAGR: 8.6%) and potentially even faster net profit growth (up to 13.6% CAGR). Given STE’s strong track record, we have high hopes that STE will be able to deliver these growth targets. We raise our 2025-27 core earnings forecasts by 2-16% accordingly. Maintain BUY on STE, with a higher target price of S$6.80, based on 23.5x 2026F PE (1.5SD above mean).

Hartadinata Abadi (HRTA IJ) - Key Beneficiary In The Bullion Bank Ecos...

HRTA benefits from Indonesia’s bullion bank development and rising gold prices, securing key partnerships to expand its bullion supply. The company targets 50-60% revenue growth and 40-50% net profit growth in 2025, driven by higher volumes and selling prices, with mid-term earnings expected to grow 10-15% annually. Despite a 39% share price surge ytd, HRTA remains deeply undervalued, trading at a significant discount to both domestic gold-related (91%) and jewellery peers (86.7%).

Strategy - Valuations Looking More Attractive But Risk-off Sentiment P...

The JCI dropped 3.84%, falling 7.1% to the intraday bottom before rebounding in the second session. This could be driven by both fundamentals and speculation sentiments. We think a policy that introduces a more flexible way for buybacks is a catalyst. We sorted out the top LQ45 foreign net buys and net sells on a ytd basis. We also identified LQ45’s biggest and smallest foreign ownership contributions. The JCI valuation is undemanding, but the risk-off mode remains.

Thailand Construction - Modest Growth For The Industry; Optimistic Out...

Thailand’s construction sector is poised for modest growth in 2025, driven by public infrastructure projects despite ongoing challenges in the private sector. While construction-related challenges in costs persist, we expect large contractors, such as CK and STECON, to have a promising earnings outlook, along with an increase in public project biddings. The top pick is STECON. Maintain OVERWEIGHT.