reports
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): 3Q25: Intact Top-line And Earnings Grow...
3Q25 results are in line with expectations. Revenue increased 14% yoy to Rmb35.6b, within consensus estimate. Gross profit margin remained flattish yoy at 55%. Non-IFRS net profit grew 26% yoy to Rmb5b, 3% above consensus forecast. Management guided a 4Q25 revenue growth of 10% while earnings are estimated to jump 15% yoy to Rmb5.4b, both in line with consensus estimates. Maintain BUY with a slightly lower target price of HK$88.00.
- Julia Pan Mengyao
- Ming San Soong
Kingsoft Corp (3888 HK): 3Q25: Results Miss On Lacklustre Online Games...
Kingsoft’s 3Q25 results missed expectations. Revenue dropped 17% yoy to Rmb2.4b, 6% below consensus estimate. Gross margin shrank 4ppt yoy to 80.4%, in line with consensus expectation. Operating profit plunged 76% yoy to Rmb277m, while operating margin fell 28ppt yoy to 11%, dampened by subdued revenue growth. Net profit declined 49% yoy to Rmb213m, with net margin shrinking 5ppt yoy to 8.8%. Maintain BUY with a slightly lower target price of HK$44.00.
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, November 20, 2025
Top Stories Company Results | Kingsoft Corp (3888 HK/BUY/HK$30.72/Target: HK$44.00) Kingsoft’s 3Q25 results missed expectations. Revenue dropped 17% yoy to Rmb2.4b, 6% below consensus estimate. Gross margin shrank 4ppt yoy to 80.4%, in line with consensus expectation. Operating profit plunged 76% yoy to Rmb277m, while operating margin fell 28ppt yoy to 11%, dampened by subdued revenue growth. Net profit declined 49% yoy to Rmb213m, with net margin shrinking 5ppt yoy to 8.8%. Maintain BUY with a...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 20, 2025
Greater China Company Results | Kingsoft Corp (3888 HK/BUY/HK$30.72/Target: HK$44.00) Kingsoft’s 3Q25 results missed expectations. Revenue dropped 17% yoy to Rmb2.4b, 6% below consensus estimate. Gross margin shrank 4ppt yoy to 80.4%, in line with consensus expectation. Operating profit plunged 76% yoy to Rmb277m, while operating margin fell 28ppt yoy to 11%, dampened by subdued revenue growth. Net profit declined 49% yoy to Rmb213m, with net margin shrinking 5ppt yoy to 8.8%. Maintain BUY w...
OU8 CENTURION
PTT PTT PUBLIC COMPANY LIMITED
3K1 KINGSOFT CORP. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
ICBP INDOFOOD CBP SUKSES MAKMUR T
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ZETRIX MK ZETRIX AI (ZETRIX MK)
- Julia Pan Mengyao
- Ming San Soong
Trip.com (9961 HK): 3Q25: Solid Results; International Travel Continue...
3Q25 earnings beat expectations. 3Q25 net revenue rose 15.5% yoy to Rmb18.4b, in line with consensus estimates. Non- GAAP net profit came in at Rmb19.2b in 3Q25. After stripping out the non-recurring item of a Rmb17b investment gain from MakeMyTrip, non-GAAP net profit grew 8% yoy to Rmb5.9b, beating the street’s estimates by 4%. TCOM guided for 4Q25 revenue growth of 15-20% yoy to Rmb16.7b, in line with consensus estimates. Maintain BUY with a slightly higher target price of HK$727.00 (US$94.00...
- Julia Pan Mengyao
- Ming San Soong
PDD Holdings (PDD US): 3Q25: Earnings Beat Expectations; Recovering Co...
PDD’s 3Q25 earnings exceeded expectations. Revenue increased 9% yoy to Rmb108b, in line with consensus estimate. Non-GAAP net profit grew 14% yoy to Rmb31.4b, beating consensus forecast. Non-GAAP net margin expanded 1ppt to 29%. Looking ahead, PDD expects its top-line growth and profitability to continue fluctuating due to its merchant support strategy. Maintain BUY with a target price of US$156.00.
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 3Q25: Earnings Beat Expectations; Subdued Top-lin...
Baidu’s 3Q25 earnings missed our expectations. Revenue dropped 7% yoy to Rmb31.2b, in line with consensus estimate. Gross margin dropped 10ppt yoy to 41.2%, below consensus expectation. Non-GAAP operating profit was Rmb2.2b, plunging 69% yoy, while non-GAAP operating profit margin came in at 7%. Non-GAAP net profit slumped 36% yoy to Rmb3.8b, beating consensus forecast. Maintain BUY with an unchanged target price of HK$151.00 (US$167.00).
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 19, 2025
Top Stories Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10 for ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 3Q25: Solid Earnings Beat; Robust Overseas ...
Tencent’s 3Q25 earnings came in better than expected. Revenue grew 15.4% yoy to Rmb192.9b, 2-3% ahead of our and consensus estimates. Gross margin expanded 3.3ppt yoy to 56.4%, in line with consensus forecasts. Non-IFRS operating profit grew 18.4% yoy to Rmb72.6b, while non-IFRS operating margin expanded 1ppt yoy to 37.6% on a positive shift in revenue mix. Non-IFRS diluted EPS ramped up 19.5% yoy, 6.5% higher than consensus estimates. Maintain BUY with a higher target price of HK$800.00.
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q25: Solid Revenue Growth; Investment In FD To Ease...
JD’s 3Q25 results came in above expectations. Revenue increased 15% yoy to Rmb299.1b, 2-3% above our and consensus estimates. in line with its previously guided double-digit growth. Non-GAAP operating profit slumped 98% yoy to Rmb211m, translating to a non-GAAP operating margin of 0.07%. Non-GAAP net profit fell 56% yoy to Rmb5.8b. Adjusted net margin shrank 3ppt yoy to 2%. Maintain BUY with a target price of HK$166.00 (US$46.00).
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 14, 2025
Greater China Economics | Money Supply M1 growth fell to 6.2% yoy in October, short of expectations, while M2 growth eased to 8.2% yoy. New bank loans dropped sharply to Rmb0.22t, and new TSF fell to Rmb0.81t, both below forecasts. Outstanding TSF and bank loan growth moderated to 8.5% (-0.2ppt mom) and 6.5% yoy (-0.1ppt mom) respectively, with the decline led by household loans. The numbers are not encouraging. Sector Update | Automobile China’s PV retail sales basically remained flat yoy in O...
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
PLANB PLAN B MEDIA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
BAL BUMITAMA AGRI LTD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
STM SEATRIUM LTD
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, November 14, 2025
Top Stories Economics | Money Supply M1 growth fell to 6.2% yoy in October, short of expectations, while M2 growth eased to 8.2% yoy. New bank loans dropped sharply to Rmb0.22t, and new TSF fell to Rmb0.81t, both below forecasts. Outstanding TSF and bank loan growth moderated to 8.5% (-0.2ppt mom) and 6.5% yoy (-0.1ppt mom) respectively, with the decline led by household loans. The numbers are not encouraging. Sector Update | Automobile China’s PV retail sales basically remained flat yoy in Oc...
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 13, 2025
Greater China Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to ...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
FEH FOOD EMPIRE HOLDINGS LTD
VST VSTECS BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group (1698 HK): 3Q25: Solid Earnings Beat...
TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 29%. Maintain BUY with a target price of HK$105.00 (US$27.00).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, November 13, 2025
Top Stories Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 2...
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 3Q25: Revenue In Line; 4Q25 And 2026 Outloo...
Beike’s 3Q25 revenue grew 2% yoy to Rmb23.1b, in line with our and consensus estimates. Non-GAAP net profit declined 28% yoy to Rmb1.3b, better than expectations. Non-GAAP net margin shrank 2ppt yoy to 5.6% in 3Q25. Beike guided a lacklustre 4Q25 revenue slumping 29% yoy to Rmb22b, missing consensus estimates by 25%. Downgrade to HOLD with a lower target price of HK$39.00 (US$15.00) against a subdued macro backdrop.
- Gigi Cheuk
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
Greater China Daily: Tuesday, November 11, 2025
Top Stories Strategy | Small/Mid Cap Monthly – BUY JBM Healthcare On Recent Price Corrections We attribute JBM’s recent price correction to the absence of positive profit alert for 1HFY26, which disappointed the market. We believe the market overreacted, given: a) a relatively high base in 1HFY25, following a 112% EPS CAGR in 1HFY22-1HFY25; b) solid 1HFY26 performance, backed by robust volume growth of its iconic products and gross margin expansion; and c) undemanding valuations of 10.0x FY26F ...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Joyce Chu
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 11, 2025
Greater China Strategy | Small/Mid Cap Monthly – BUY JBM Healthcare On Recent Price Corrections We attribute JBM’s recent price correction to the absence of positive profit alert for 1HFY26, which disappointed the market. We believe the market overreacted, given: a) a relatively high base in 1HFY25, following a 112% EPS CAGR in 1HFY22-1HFY25; b) solid 1HFY26 performance, backed by robust volume growth of its iconic products and gross margin expansion; and c) undemanding valuations of 10.0x FY26F...
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 2QFY26: Strong Earnings Beat; Resilien...
TAL reported strong earnings beat for 2QFY26. Revenue grew 39% yoy to US$861m for 2QFY26, in line with ours and consensus estimate. Gross profit rose 41% yoy to US$491m, with gross margin expanding 1ppt yoy to 57%. Non-GAAP net profit beat expectations and came in at US$136m vs street’s estimate of US$97.7m. Non-GAAP net margin expanded 4ppt yoy at 16% despite stepped up marketing efforts for AI learning devices. Maintain BUY with a higher target price of US$15.00.
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