reports
- Arsit Pamaranont
CH Karnchang (CK TB) - 4Q25 Net Profit Expected To Recover Strongly yo...
Company Update | CH. Karnchang (CK TB/BUY/Bt16.20/Target: Bt20.40) We anticipate a robust yoy recovery in 4Q25, supported by healthy construction progress and higher contributions from associates, although results may soften qoq due to typical year-end expenses and seasonal performance from associates. We have turned more optimistic on CK as the post-election political stability should boost the pipeline of public projects being put up for bidding. Maintain BUY, with a target price of Bt20.40.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, February 20, 2026
Top Stories Company Results | GFPT (GFPT TB/HOLD/Bt10.10/Target: Bt11.00) GFPT reported a 4Q25 core profit of Bt494m (+59% yoy but -31% qoq). The results exceeded our and the market’s expectations. 2025’s net profit was Bt2,439m (+23.51%), while core profit stood at Bt2,441m (+30% yoy). Expect unexciting earnings momentum in 2026 due to global competition and lower gross profit margin yoy. Downgrade to HOLD with a lower target price of Bt11.00 (previously Bt13.50). Company Results | PTT (PTT...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Kai Jie Tang
- Kasemsun Koonnara
- Ken Lee
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 20, 2026
Greater China Sector Update | Automobile As of mid-Feb 26, over 20 Chinese provinces and cities have announced 2026 vehicle purchase subsidy schemes, aligning with the national policy that shifted to percentage-based subsidies (favouring mid-range to high-end vehicles) from 2025’s fixed amounts. This supports premium segments and market stability but may not fully counter the new 5% EV tax. 2026 PV sales forecast: 30.4m units (+3% yoy); PEV sales: 18.2m units (+19% yoy). Maintain MARKET WEIG...
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
JPFA JAPFA COMFEED INDONESIA
GFPT GFPT
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
ECX ECARX HOLDINGS INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Jin Yoon
NTES 4Q25 Results: Longer Deferred Rev Recognition Could Adversely Imp...
What’s new: NetEase’s reported 4Q25 results that were below consensus estimates and our expectations partly due to gaming. While performance of new and legacy game titles remains resilient, rev growth could continue to be adversely impacted by longer deferred rev recognition policy. We maintain our PT at USD150. Analysts: Jin Yoon
- Jack Lai Yuan Khai
Carlsberg Brewery Malaysia (CAB MK) - 2025: Marginally Above On Lower ...
2025: Marginally Above On Lower Marketing Spend Highlights 2025 results marginally beat our forecasts as margins widened on lower marketing spend Overall beer sales declined as consumer sentiment remained jittery in 2025. We lift our 2026/27 forecasts by +3%/2% respectively, largely on housekeeping after the announcement of its full-year results. Maintain BUY with a higher target price of RM22.50 (previously RM22.10).
- Julia Pan Mengyao
NetEase (9999 HK) - 4Q25: Earnings Miss On Low Game Season; AI To Empo...
NetEase’s 4Q25 earnings came in below expectations. Revenue grew 3% yoy to Rmb27.5b, 5% below consensus estimates. Gross profit increased 8.7% yoy to Rmb17.7b, with gross margin rising 3ppt yoy to 64.2%. Non-GAAP operating profit grew 5% yoy to Rmb9.2b. Non-GAAP net profit plunged 27% yoy to Rmb7.1b, missing consensus estimate. Net margin shrank 10ppt yoy to 26% in 4Q25. Maintain BUY with a lower target price of HK$250.00 (US$154.00).
- Adrian Loh Tzum Yung
- Chong Lee Len
- Claire Wang Kelai
- Jack Lai Yuan Khai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 12, 2026
Greater China Economics | Inflation January headline CPI eased to 0.2% yoy (-0.6ppt mom), below consensus forecasts, mainly due to a high base from last year’s Chinese New Year with food inflation turning negative. Core CPI fell to 0.8% yoy as both goods and services inflation moderated. PPI deflation narrowed to -1.4% yoy (+0.5ppt mom), supported by improvements in processing and non-ferrous metals sub-components, although mining and consumer goods remained weak. Overall, base effects drove CPI...
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Jan 26 GGR Beats Consensus By 5%.
Macau’s Jan 26 GGR reached MOP22.6b, up 8% mom and 24% yoy, and recovering to 91% of 2019’s level. The Jan 26 GGR number beat market consensus by 5%. Macau visitations for the full-year increased 15% yoy to 40.1m, up 2% vs 2019's level, setting a new historical high. Maintain OVERWEIGHT; Galaxy remains our top pick.
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Sunway Construction Group (SCGB MK) - Chasing The Golden Hours
Chasing The Golden Hours Highlights At a virtual meeting with management yesterday, we highlighted our optimism on Sunway Construction Group’s (Suncon) 2026 outlook. The group’s robust orderbook replenishment and strong DC tender pipelines remain as key catalysts. Implied dividend yield of 5.3-5.5% for 2026-27 is also appealing, based on our 100% dividend payout assumptions. We also see room for further capital management upside. Maintain BUY and target price of RM6.66, which implies 22x 2...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Posmarito Pakpahan
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 29, 2026
Greater China Company Results | New Oriental Education (EDU US/BUY/US$58.95/Target: US$68.00) EDU delivered a solid 2QFY26 results beat. Revenue grew 15% yoy to US$1,191m, 3% higher than our and consensus estimates. Non-GAAP net profit came in at US$73m, beating our and consensus estimates by 27-30% due to ongoing prudent cost control, while net margin expanded 2ppt yoy to 6% for 2QFY26. EDU expects 3QFY26 revenue to grow at an intact 11-14% yoy to US$1,313.2m-1,348.7m, in line with consensus fo...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SCGB SUNWAY CONSTRUCTION GROUP BH
SCC-R SIAM CEMENT (NVDR)
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HLA HONG LEONG ASIA LTD
BBCA BANK CENTRAL ASIA
CMMT CAPITALAND MALAYSIA TRUST
Ch. Karnchang Plc: 1 director
A director at Ch. Karnchang Plc sold 153,750 shares at 12.600THB and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Chris Hoare
True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implication...
Telenor has announced it is selling the majority of its stake in TRUE to a CP Group–affiliated company for THB 11.7, a 4% discount to the market price. In this brief note we discuss implications for TRUE, and thoughts for CelcomDigi.
- Tanapon Cholkadidamrongkul
CP All (CPALL TB) - Strong Core Business Growth Momentum
Company Update | CP ALL (CPALL TB/BUY/Bt42.25/Target: Bt60.00) We expect 4Q25 net profit of Bt7.3b, flat yoy driven by margin expansion and continued strength in the CVS segment We are impressed that the CVS segment has been able to expand gross margins despite the negative impact from the Half-Half Copayment scheme. Maintain BUY with a lower target price of Bt60.00 (previously Bt65.00).
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
Thailand Daily - Friday, January 16, 2026
Top Stories Sector Update | Electronics Earnings are expected to soften qoq in 4Q25 due to the low season, a strong baht, firmer copper prices and tariff overhang. We upgrade DELTA to HOLD, downgrade KCE to SELL, and maintain HOLD on HANA. We maintain MARKET WEIGHT on the sector as strong data centres would be offset by higher copper prices and a strong baht. We have no top pick, but see trading opportunities for DELTA, with a trading range of Bt144.00-196.00. Company Update | CP ALL (CPALL T...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, January 16, 2026
Greater China Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
BAL BUMITAMA AGRI LTD
3933 THE UNITED LABORATORIES INTE
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 WUXI APPTEC CO. LTD. CLASS H
DELTA CSPC INNOVATION PHARMACEUTICAL CO L
Z29 DELTA ELECTRONICS
02015 029 GROUP SE
600699 LI AUTO INC
CPAXT JOYSON ELECTRONICS CORP
ONC@US@ CP AXTRA PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
UGAI ASL MARINE (ASL SP)
ULTRAGREEN.AI LIMITED
- Philip Wong
Consumer - Pockets Of Optimism Largely Priced In
Pockets Of Optimism Largely Priced In Highlights Pockets of optimism brought about by the Visit Malaysia Year and sustained government cash handout will support sentiment. Expected sector earnings growth of 9.2% yoy in 2026 is balanced by modest valuations. Downgrade 99 Speed Mart Retail Holdings (99SM) and Eco-Shop Marketing (Eco-Shop) to HOLD following their recent impressive run. QL Resources (QL) is at risk of a FBMKLCI exclusion. Maintain MARKET WEIGHT. Top sector picks: Fraser & Ne...
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Andrew Agita Buntoro
- Claire Wang Kelai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 15, 2026
Greater China Economics | Trade Exports 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 exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid 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 marke...
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
SOP SARAWAK OIL PALMS BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
KIML KIM LOONG RESOURCES BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
GENP GENTING PLANTATIONS BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
09618 JD.COM INC. CLASS A
FFB FARM FRESH BHD
SDG SD GUTHRIE BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK INDOSAT TBK PT
ECOSHOP MK ORIENTAL KOPI HOLDINGS BHD
ECO-SHOP MARKETING BHD
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