reports
- Julia Pan Mengyao
- Ming San Soong
Tongcheng Travel Holdings (780 HK): 3Q25: Solid Results Amid Strong Se...
TT reported intact 3Q25 results, with revenue growing 10.4% yoy to Rmb5.5b, in line with consensus estimate. Adjusted net profit rose 16.5% yoy to Rmb1,060m, 2% above our and consensus estimates and above its previous guidance of Rmb1.00b-1.05b. Non-IFRS net margin inched up 1ppt yoy to 19.2% in 3Q25. 4Q25 revenue is guided to grow 10-15% yoy, while adjusted net profit is guided at Rmb720m-770m for 4Q25, 2-3% below consensus. Maintain BUY with a slightly lower target price of HK$28.00.
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY26: Solid CMR And Accelerating Cloud Reve...
Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued strong cloud revenue growth. Maintain BUY with a higher target price of HK$206.00 (US$206....
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 26, 2025
Top Stories Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued str...
- Adrian Loh Tzum Yung
- Audrey Celia
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Julia Pan Mengyao
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 26, 2025
Greater China Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued st...
- Julia Pan Mengyao
- Ming San Soong
NetEase (9999 HK): 3Q25: Earnings In Line; Encouraging Deferred Revenu...
NetEase’s 3Q25 results were largely within expectations. Revenue grew 8.2% yoy to Rmb28.4b, 3% below consensus forecast. Gross profit jumped 10.3% yoy to Rmb18.2b, with gross margin rising 1ppt yoy to 64%. Non-GAAP operating profit increased 10% yoy to Rmb8.9b. Non-GAAP net profit rose 26.7% yoy to Rmb9.5b, in line with consensus estimate. Net margin expanded 5ppt yoy to 34% in 3Q25. Maintain BUY with a lower target price of HK$276.00 (US$170.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, November 21, 2025
Top Stories Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Res...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 21, 2025
Greater China Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Re...
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
2633 JACOBSON PHARMA CORP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
PTTOR PTT OIL AND RETAIL
02161 JBM (HEALTHCARE) LTD
- 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...
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