reports
- Julia Pan Mengyao
Tencent Holdings (700 HK): 1Q26 Results Preview: Resilient Game Growth...
Tencent will report its 1Q26 results on 13 May. We expect Tencent’s revenue growth to remain solid at 11% yoy in 1Q26 despite macro headwinds, supported by resilient gaming (seasonal boost from Chinese New Year and strong evergreen titles) and stable advertising driven by higher ad loads and improved eCPM. Gross profit growth should outpace revenue growth slightly, while operating profit is likely to remain flat due to increased AI-related investment. Maintain BUY with a lower target price of HK...
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
Greater China Daily: Wednesday, April 22, 2026
Top Stories Company Update | Hong Kong Exchanges and Clearing (388 HK/BUY/HK$417.20/Target: HK$545.00) We expect HKEX to report a 12% earnings growth in 1Q26, driven by solid turnover growth across the cash, derivatives and commodities markets as well as a red-hot IPO market, but partly offset by a 22% yoy NII decline. Despite macro uncertainty amid geopolitical tensions, we remain cautiously optimistic about the headline ADT and earnings outlook, supported by a low HIBOR environment and robust...
- Adrian Loh Tzum Yung
- Amerul Iqmal
- Audrey Celia
- Gigi Cheuk
- Greater China Research Team
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Kong Ho Meng
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, April 22, 2026
Greater China Company Update | Hong Kong Exchanges and Clearing (388 HK/BUY/HK$417.20/Target: HK$545.00) We expect HKEX to report a 12% earnings growth in 1Q26, driven by solid turnover growth across the cash, derivatives and commodities markets as well as a red-hot IPO market, but partly offset by a 22% yoy NII decline. Despite macro uncertainty amid geopolitical tensions, we remain cautiously optimistic about the headline ADT and earnings outlook, supported by a low HIBOR environment and robus...
00388 HONG KONG EXCHANGES & CLEARING LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
BULL BUANA LISTYA TAMA
YNS YINSON HOLDINGS BHD
KREIT KEPPEL REIT
KTB-R KRUNG THAI BANK PCL NVDR
2633 JACOBSON PHARMA CORP LTD
HLA HONG LEONG ASIA LTD
SCB SCB X PUBLIC COMPANY LIMITED
02161 JBM (HEALTHCARE) LTD
- Julia Pan Mengyao
Baidu Inc (9888 HK): 1Q26 Results Preview: Accelerating Cloud Revenue ...
Baidu will report its 1Q26 results in mid-May. We project a 3% yoy decline in group revenue, with AI-powered businesses contributing about 50% of total revenue. AI cloud infrastructure will be the key growth driver, offsetting continued weakness in legacy search advertising. Margins are expected to improve on operating efficiency gains. The outlook remains solid, with the Kunlun Chip spinoff on track and continued growth in AI applications and marketing. Maintain BUY with a lower target price of...
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
Greater China Daily: Tuesday, April 21, 2026
Top Stories Sector Update | China Property Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consisten...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Keith Wee Teck Keong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 21, 2026
Greater China Sector Update | China Property Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consiste...
OU8 CENTURION
1023 CIMB GROUP HOLDINGS BHD
TMB TMB BANK PUBLIC COMPANY LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09888 BAIDU INC
1416286D AMMAN MINERAL INTERNASIONAL
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
2008 HANS LASER TECHNOLOGY CO LTD
BKM BENG KUANG MARINE (BKM SP)
- Julia Pan Mengyao
JD.com (9618 HK): 1Q26 Results Preview: Narrowing FD Losses; Solid FY2...
JD has guided for sluggish low single-digit top-line growth in 1Q26, slightly improving from 4Q25’s 1.5% yoy growth, but significantly lower than 1Q25’s 15.8% due to a high base last year driven by national subsidies. However, overall profitability is expected to rebound, driven by narrowing losses in the FD segment, resumption of national subsidies, and contributions from ongoing international expansion. Maintain BUY with a raised target price of HK$155.00 (US$40.00).
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Thursday, April 16, 2026
Top Stories Sector Update | Healthcare The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT. Sector Update | IT Hardware Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players focused...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Gigi Cheuk
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Sunny Chen
Regional Morning Meeting Notes: Thursday, April 16, 2026
Greater China Sector Update | Healthcare The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT. Sector Update | IT Hardware Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01415 COWELL E HOLDINGS INC.
VST HOLDINGS LTD.
SCC SIAM CEMENT PUBLIC CO. LTD.
C6L SINGAPORE AIRLINES LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
INCO VALE INDONESIA
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
2209 YESASIA HOLDINGS LTD
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
02192 CSPC INNOVATION PHARMACEUTICAL CO L
1523 MEDLIVE TECHNOLOGY CO LTD
SDG PLOVER BAY TECHNOLOGIES LTD (1523 HK)
9660 HK SD GUTHRIE BHD
ZETRIX MK HORIZON ROBOTICS INC (9660 HK)
ONC@US@ ZETRIX AI (ZETRIX MK)
BEONE MEDICINE INC
- Julia Pan Mengyao
Alibaba Group (9988 HK/BABA US): 4QFY26 Results Preview: Soft CMR Grow...
We expect lacklustre 4QFY26 results with narrowing losses in quick commerce partially offset by softer core commerce growth amid high competition and weaker online retail performance in March. Cloud growth is likely to remain solid and broadly in line with expectations. However, overall profitability may be weighed down by higher-than-expected losses in the “All Others” segment, driven by continued investments in AI and marketing effort. Maintain BUY with an unchanged target price of HK$192.00 (...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Tuesday, April 14, 2026
Top Stories Economics | Money Supply Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm. Sector Upd...
- Andrew Agita Buntoro
- Audrey Celia
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 14, 2026
Greater China Economics | Money Supply Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm. Sect...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
P34 DELFI
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
SMELT MALAYSIA SMELTING CORP BHD
02618 JD LOGISTICS INC
NE NORTHEAST GROUP BHD (NE MK)
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, April 2, 2026
Top Stories Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium an...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, April 2, 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
- Julia Pan Mengyao
Meituan (3690 HK): 4Q25: Earnings Miss; FD Loss To Halve qoq In 1Q26 A...
4Q25 earnings missed expectations. Total revenue increased 4% yoy to Rmb92b, in line with our and consensus estimates. Non-IFRS net loss totalled Rmb15b, with a net margin loss of 17%, missing consensus estimates. For 1Q26, Meituan expects core local commerce revenue growth to remain flattish or drop slightly, with losses projected to halve sequentially. Maintain SELL with a lower target price of HK$74.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, March 27, 2026
Top Stories Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting s...
- Benyamin Mikael
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, March 27, 2026
Greater China Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting ...
EZQ CHINA MENGNIU DAIRY CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0168 TSINGTAO BREWERY CO. LTD. CLASS H
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
01801 INNOVENT BIOLOGICS INC.
1368 XTEP INTERNATIONAL HOLDINGS
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
WDH WATERDROP INC
BRMS IJ BUMI RESOURCES MINERALS
BNASTRA BINASTRA (BNASTRA MK)
- Julia Pan Mengyao
PDD Holdings (PDD US): 4Q25: Earnings Miss; Commission Revenue Growth ...
PDD’s 4Q25 results are largely in line. Revenue increased 12% yoy to Rmb124b, in line with consensus estimate. Non- GAAP net profit decreased 12% yoy to Rmb27.4b, due to a decline in forex losses and higher-than-expected income tax, thus missing consensus forecast. Non-GAAP net margin expanded 6ppt yoy to 21%. Looking ahead, PDD expects its topline growth and profitability to continue fluctuating due to its merchant support strategy. Maintain BUY with a lower target price of US$134.00.
- Julia Pan Mengyao
Kuaishou Technology (1024 HK): 4Q25: Intact Top-line And Earnings Grow...
Kuaishou’s 4Q25 results are in line with expectations. Revenue increased 12% yoy to Rmb39.6b, slightly better than our and consensus estimates. Gross profit margin expanded 1ppt yoy to 55%. Non-IFRS net profit grew 16% yoy to Rmb5.5b, largely in line with our and consensus forecasts. Management guided a 1Q26 revenue growth of 2.5% while earnings are estimated to drop over 40% yoy to Rmb3b, missing our and consensus estimates. Maintain BUY with a slightly lower target price of HK$82.00.
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