reports
- Pierre FerraguÊ
- Pierre FerraguÊ
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Trung Nguyen
- James Ratzer
TalkTalk (Equal Weight) Post-Q3 model update: The customer growth vs....
Following the Q3 results yesterday, we have updated our forecasts to reflect weaker-than-expected subscriber trends in the quarter. While FY26 revenue guidance remains intact, the deterioration in customer volumes leads us to reduce our medium-term subscriber assumptions and, in turn, our longer-term revenue expectations. We assess the impact this has on value and the potential for higher future SAC spending.
- Felix Fischer
- Haidje Rustau
- Peter Low
- James Ratzer
TalkTalk (Equal Weight) Q3: Financial guidance intact, but customer v...
TalkTalk has reported Q3 results (ending Nov 2025) and will host an analyst call later this morning. Aside from the recent M&A speculation, the company’s operational performance remains challenged with subscriber trends weaker in the quarter, despite new advertising campaigns around the rebrand
- Felix Fischer
Asia Monthly – January 2026 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2026. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Trung Nguyen
- James Ratzer
TalkTalk (Equal weight) Up for sale again! Our take
Sky News is reporting that TalkTalk has begun contacting potential acquirers for its consumer (TTC) and wholesale (PXC) divisions. We also believe that this could also involve a sale of the whole business. We explore our latest thoughts on next steps.
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q25 Results Preview: Lacklustre Top-line Growth; 1Q...
JD has guided for sluggish low single-digit top-line growth in 4Q25, moderating significantly from 3Q25’s revenue growth of 15% yoy, due to the high-base effect last year as a result of national subsidies. However, 4Q25’s revenue growth performance is likely to mark a cyclical trough, particularly for the JDR segment. We are optimistic about 1Q26 due to the resumption of national subsidies and strong seasonality during the Spring Festival. Maintain BUY with a lower target price of HK$155.00 (US$...
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, January 15, 2026
Top Stories Economics | Trade Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market pos...
- Jin Yoon
JD 4Q25 Preview: Lowering Estimates
What’s New: We lower our 4Q25 top- and bottom-line estimates partly due to tougher comps in home appliance and consumer electronics. Investments in food delivery could sequentially decline in 4Q partly due to continued improvement in unit economics. Analysts: Jin Yoon
- Felix Fischer
Asia Monthly - 2026 Asian Credit Outlook And 2025 In Review - Lucror A...
In our inaugural Asia Monthly for 2026, we share our regional credit outlook for the year, with a focus on China, Macau, India and Indonesia. We also provide a review of 2025, in which we discuss the performance of major Asian credit indices and review UST curve movements for the year. In addition, we provide a recap of major news and macroeconomic releases in December 2025, summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well a...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
JD.com Announces Updates of Share Repurchase and Cancellation
JD.com Announces Updates of Share Repurchase and Cancellation BEIJING, Jan. 08, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced updates of its share repurchase and cancellation. The Company repurchased a total of approximately 183.2 million Class A ordinary shares (equivalent to 91.6 million American depositary shares, “ADSs”) for a total of approximately US$3.0 billion in 2025. The total number of these repurchased shares amoun...
- Jayanth Kandalam
- Peter Low
- Trung Nguyen
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