reports
- 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.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Friday, October 31, 2025
Top Stories Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to re...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
PRU PRUDENTIAL PLC
ASM PACIFIC TECHNOLOGY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
300760 COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
01876 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1787 BUDWEISER BREWING CO. APAC LTD.
002371 CH SHANDONG GOLD MINING CO LTD
NAURA TECHNOLOGY GROUP CO LTD
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education (EDU US): 1QFY26: Results In Line; Intact 2QFY2...
EDU’s 1QFY26 results beat expectations. Revenue grew 6% yoy to US$1,523m, in line with our and consensus estimates. Non-GAAP net profit came in at US$241m, slightly lower than our and consensus estimates, while net margin shrank 1ppt yoy to 17% for 1QFY26. EDU expects 2QFY26 revenue to increase by a solid 9-12% yoy to US$1,132.1m-1,163.3m, in line with expectations. Downgrade to HOLD with a target price of US$58.00 (HK$45.00).
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 30, 2025
Greater China Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HMN ASCOTT RESIDENCE TRUST
BMRI BANK MANDIRI
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, October 30, 2025
Top Stories Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected ...
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Battlefield For Instant Retail; Embedding AI Into ...
Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain OVERWEIGHT. Our top picks are Alibaba and Kuaishou.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Monday, October 27, 2025
Greater China Sector Update | Internet Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain MARKET WEIGHT....
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SUN SUNTECH SA
01801 INNOVENT BIOLOGICS INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA
BRIS BANK BRISYARIAH TBK
2563118D MK Equity ECO-SHOP MARKETING
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- 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: Monday, October 27, 2025
Top Stories Sector Update | Internet Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain OVERWEIGHT. Our...
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 3Q25 Results Preview: Lukewarm Top-line Gro...
Beike will release its 3Q25 results in November. We estimate 3Q25 top-line growth at 4% yoy, slightly better than consensus estimate due to stronger-than-expected new home GTV growth. Beike expects adjusted net margin to shrink at a moderated 3ppt yoy to 4.5% in 3Q25, underpinned by fixed cost reductions and milder pressure from new homes. We foresee further policy support rollout to hold up ASP and stabilise market sentiment. Maintain BUY with a target price of HK$60.00 (US$23.00).
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Thursday, October 23, 2025
Top Stories Company Results | Han’s Laser (002008 CH/BUY/Rmb$36.73/Target: Rmb$45.70) Han’s Laser’s 3Q25 revenue grew 35% yoy and 9% qoq to Rmb5.1b, while margins recovered sequentially by 4.7ppt qoq to 35.0%, beating estimates. This was mainly driven by the robust growth in its PCB equipment business which we estimate to have contributed to 62% of its bottom line in 3Q25. Going forward, we expect the PCB business, together with the Apple supply chain business, to continue to support Han’s Lase...
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Ming San Soong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 23, 2025
Greater China Company Results | Han’s Laser (002008 CH/BUY/HK$36.73/Target: HK$45.70) Han’s Laser’s 3Q25 revenue grew 35% yoy and 9% qoq to Rmb5.1b, while margins recovered sequentially by 4.7ppt qoq to 35.0%, beating estimates. This was mainly driven by the robust growth in its PCB equipment business which we estimate to have contributed to 62% of its bottom line in 3Q25. Going forward, we expect the PCB business, together with the Apple supply chain business, to continue to support Han’s L...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q25 Results Preview: Top-line Growth Moderates; Pro...
JD’s 3Q25 top-line growth remains solid and was guided to grow at low teens, moderating from 2Q25 revenue growth of 22.4% yoy, due to the high base effect last year. Management guided easing FD investment intensity in 3Q25 alongside order volume expansion. Meanwhile, 4Q25 promotions are expected to further boost cross-channel synergies between retail and food delivery. Management targets breakeven in food delivery in the medium term. Maintain BUY with a target price of HK$167.00 (US$43.00).
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY26 Results Preview: Solid Revenue Growth ...
We expect solid 2QFY26 results, despite margin erosion led by instant delivery competition. We remain optimistic on Alibaba’s core commerce and cloud strategy, which leaves it well-positioned to become a technology platform centred on AI + Cloud and a consumer ecosystem integrating shopping and lifestyle services. Its intensified investment in AI and instant retail reinforces its long-term strategic value and growth flywheel. Maintain BUY with a target price of HK$203.00 (US$203.00).
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, October 15, 2025
Top Stories Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite margin erosi...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, October 15, 2025
Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...
FR FIRST INDUSTRIAL REALTY TRUST INC.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BN4 KEPPEL CORPORATION LIMITED
MLK MALAKOFF CORP BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
GMB GAS MALAYSIA BHD
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
00017 NEW WORLD DEVELOPMENT CO. LTD.
SVI SVI PCL
DELTA DELTA CORP
PEKAT PEKAT GROUP BHD
- Julia Pan Mengyao
- Ming San Soong
China Internet: Cost Efficiency As Performance Cornerstone And Robotax...
The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed investor interest. Key companies riding ...
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, October 13, 2025
Top Stories Sector Update | Internet The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed in...
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, October 13, 2025
Greater China Sector Update | Internet The growing robotaxi ecosystem is drawing in an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support, and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking r...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BBYB BANK NEO COMMERCE
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
SDG SD GUTHRIE BHD
- Alden Gabriel Lam
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 29, 2025
Greater China Company Results | New World Development (17 HK/SELL/HK$7.84/Target: HK$6.90) In FY25, NWD reported a HK$16.3b loss and halted dividends but made progress in improving cash flow and debt structure. Short-term debt fell to HK$6.6b, or 4.5% of total debt. Debt reduction remains the priority for FY26, supported by the property sales target of HK$27b and lower capex. Management has no immediate plans for placement, rights issues or CB, but is open to considering various financing tools...
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): APSARA Conference 2025 Key Takeaways
We attended the Alibaba Cloud Apsara Conference 2025 (“云栖大会”) on 24-26 Sep 25 and noted various key growth drivers: a) potential upward revision of its Rmb380b three-year AI infrastructure capex plan; b) data centre energy consumption projected to rise 10x by 2032 vs 2022, underscoring computing demand; c) expanded partnerships, including NVIDIA, with PAI platform integration for embodied intelligence and autonomous driving; and d) launch of seven new Qwen models. Maintain BUY with a higher targ...
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