reports
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
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.
- Bella Lu Yifei
- Ken Lee
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.
- Colin Lee
- Johnny Yum Chung Man
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.
- Carol Dou Xiao Qin
- Sunny Chen
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.
- Julia Pan Mengyao
- Ming San Soong
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).
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
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.
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
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...
- Roy Chen Chengzhi
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
- Roy Chen Chengzhi
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).
- Benyamin Mikael
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%).
Essential Properties Realty Trust, Inc. Announces Pricing of Upsized P...
PRINCETON, N.J.--(BUSINESS WIRE)-- Essential Properties Realty Trust, Inc. (NYSE: EPRT; the “Company”) announced today the pricing of an upsized underwritten public offering of 8,200,000 shares of its common stock, all of which are being offered in connection with the forward sale agreements described below. The aggregate gross proceeds to the Company from the offering, before deducting estimated offering expenses, are expected to be approximately $254.2 million. The offering is expected to close on March 20, 2025, subject to customary closing conditions. Wells Fargo Securities and BofA Secur...
- Willinoy Sitorus
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.
Rubicon Organics to Report Q4 2024 Results
Rubicon Organics to Report Q4 2024 Results VANCOUVER, British Columbia, March 18, 2025 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified and premium cannabis products, is pleased to announce that it will be reporting its financial results for the year ended December 31, 2024 (“Q4 2024”) after market close on Tuesday, April 1, 2025. The Company will be hosting a conference call to discuss Q4 2024 results on Wednesday, April 2, 2025. Conference call details ar...
- Kasemsun Koonnara
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.
- Leonard Law
- Trung Nguyen
Lucror Analytics - Morning Views Asia
In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Cikarang Listrindo, Nickel Industries
- Malaysia Research Team
Malaysia Daily - Wednesday, March 19, 2025
KEY HIG HLIGH TS Company Update Westports Holdings (WPRTS MK/HOLD/RM4.61/Target: RM4.80) Page 2 The share price has largely factored in tariff hikes. But we factor in trading upside to reflect valuation metrics of the Hutchison sale and storage charge adjustments. TRADERS’ CORNER Page 5 Cloudpoint Technology (CLOUDPT MK): Technical BUY Edaran (EDS MK): Technical BUY
- Kasemsun Koonnara
Thailand Daily - Wednesday, March 19, 2025
KEY HIGHLIGHTS Sector Construction Modest growth for the industry; optimistic outlook for large contractors.
- Phuong Nguyen
UNABLE TO BREAK OUT
The market failed to extend its upward momentum due to pressure from the resistance area of 1,340 – 1,350 points and pulled back. Liquidity decreased compared to the previous session but remained at a relatively high level, indicating that cash flow showed a cautious move as the market approached the resistance area, while profit-taking supply continued. The current developments indicate that the market is still in a rebalancing process, with a trading range of 1,320 – 1,340 points, after a pr...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 19, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90) 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...
Moody's Ratings affirms Valencia County Branch CCD, NM's A1 GOULT and ...
Moody's Ratings (Moodys) has assigned an A1 rating to Valencia County Branch Community College District (the district of Valencia Branch), NM's General Obligation (Limited Tax) Bonds, Series 2025 with a proposed par amount of approximately $7.5 million. At the same time, we have affirmed the A1 rati...
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