reports
- Carol Dou Xiao Qin
- Sunny Chen
Innovent Biologics Inc (1801 HK): 2025 Drug Sales Exceed Expectations,...
Innovent’s total product sales amounted to approximately Rmb11.9b in 2025, representing a robust 45% yoy increase, beating our and consensus estimates by 43% and 41.8% yoy respectively. Despite the price adjustment for the products newly included in the NRDL, drug sales surged by over 60% yoy to reach Rmb3.3b in 4Q25. The strong performance reflects a sustained growth momentum. Innovent is on track to deliver targeted domestic product sales of Rmb20b in 2027. Maintain BUY with a target price of ...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 4Q25 Profit Spikes qoq And yoy, But Core Profit Stays W...
Company Update | PTT (PTT TB/BUY/Bt35.00/Target: Bt39.00) We expect PTT’s 4Q25 net profit to rise qoq and yoy, driven by significant extra gains, while core profit weakens due to softer gas EBITDA and lower subsidiary and associate contributions. Core earnings are projected to recover in 2026, supported by the single pool gas formula to a new approach called the Utility Model and stronger P&R and utilities profits. We forecast a 2H25 dividend of Bt1.30/share. Maintain BUY. Target price: Bt39.00.
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Weaker Earnings yoy Expected, But Co...
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt36.50/Target: Bt42.00) CENTEL is expected to post a slight yoy earnings decline in 4Q25, with net profit of Bt642m (-3.7% yoy) due to hotel renovations and normalisation of profit sharing, despite revenue growth driven by strong Maldives and upcountry performance. Robust hotel performance momentum should extend into 1Q26, supported by rising Chinese tourist arrivals. The acquisition of Lucky Suki will strengthen the food business, with meanin...
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - Expect Decent Core Earnings Growth ...
Company Update | Asset World Corporation (AWC TB/BUY/Bt2.26/Target: Bt3.00) AWC is expected to deliver strong 4Q25 core earnings, with core profit of Bt690m (+2.1% yoy, +160.9% qoq) driven by solid hotel growth and a sharp rebound in retail revenue. Jurassic World continues to outperform, lifting retail revenue, margins, and Asiatique occupancy while enhancing rental pricing power. Although RevPar remains pressured by weak Chinese arrivals, early-26 data show improving momentum ahead of the Luna...
- Desmond Chong Chee Wai
- Wei Xiang Ku
Oxford Innotech (OXB MK) - Enhancing Earnings Lever In The Data Centre...
Enhancing Earnings Lever In The Data Centre Space Highlights Secures second data centre precision-components contract. Oxford Innotech (OXB) announced on Bursa Malaysia that its wholly-owned subsidiary, CG Solutions Enterprise, has secured a second Letter of Award from the Singapore office of an Australia-based data centre (DC) and computer-room infrastructure specialist. The additional RM4.8m contract brings OXB’s cumulative DC-related order wins to RM9.6m to date. The scope of work involves ...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Pekat Group (PEKAT MK) - Expanding Solar Assets To Solidify Earnings S...
Expanding Solar Assets To Solidify Earnings Sustainability Highlights Pekat recently entered into a 21-year PPA with an industrial offtaker to construct and own a 25MWac solar PV + 40MWh BESS system under the SELCO scheme, expanding its recurring revenue base. The group currently commands a record orderbook of RM811m across its solar, power distribution equipment and ELP divisions, reinforcing revenue visibility over 2026-27. Maintain BUY with a target price of RM2.00, based on 25x PE and ...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Friday, February 06, 2026
Top Stories Company Update | Asset World Corporation (AWC TB/BUY/Bt2.26/Target: Bt3.00) AWC is expected to deliver strong 4Q25 core earnings, with core profit of Bt690m (+2.1% yoy, +160.9% qoq) driven by solid hotel growth and a sharp rebound in retail revenue. Jurassic World continues to outperform, lifting retail revenue, margins, and Asiatique occupancy while enhancing rental pricing power. Although RevPar remains pressured by weak Chinese arrivals, early-26 data show improving momentum ahea...
- Malaysia Research Team
Malaysia Daily - Friday, February 6, 2026
Top Stories Company Update | Pekat Group (PEKAT MK/BUY/RM1.29/Target: RM2.00) Pekat recently entered into a 21-year PPA with an industrial offtaker to construct, own and operate a 25MWac solar PV + 40MWh BESS system under the SELCO scheme, expanding its recurring revenue base with a total solar asset capacity of 55MWac. The group currently commands a record orderbook of RM811m across the solar, power distribution equipment and ELP divisions, reinforcing revenue visibility over 2026-27. Maintain ...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: January EV Sales Weakness Offset By ICE Sales...
CPCA estimates January China passenger NEV wholesale sales at 900,000 units (+1% yoy/-42% mom), with front-loaded purchases ahead of the reduced purchase tax and delayed local subsidies weighing on volumes. Automakers with ICE-car exposure, such as Geely Auto and Great Wall Motor, saw relatively resilient January sales. We expect China’s auto sales to recover after Chinese New Year, with local subsidies in place. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL:...
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
2338 WEICHAI POWER CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY JOYSON ELECTRONICS CORP
3750 PONY AI INC
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2026 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Roy Chen Chengzhi
Singapore Daily: Friday, February 6, 2026
Top Stories Company Results | Keppel (KEP SP/BUY/S$11.62/Target: S$13.23) The 2025 results were strong with higher recurring income lifting net profit from continuing operations and ROE, alongside a sharply higher dividend including KREIT units. Infrastructure remained the main earnings pillar, while real estate rebounded through capital recycling. Maintain BUY with an upgraded target price of S$13.23. Company Results | Singapore Exchange (SGX SP/HOLD/S$17.64/Target: S$19.16) SGX’s 1HFY26 core ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Curtis Yeung
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, February 6, 2026
Top Stories Sector Update | Automobile CPCA estimates January China passenger NEV wholesale sales at 900,000 units (+1% yoy/-42% mom), with front-loaded purchases ahead of the reduced purchase tax and delayed local subsidies weighing on volumes. Automakers with ICE-car exposure, such as Geely Auto and Great Wall Motor, saw relatively resilient January sales. We expect China’s auto sales to recover after Chinese New Year, with local subsidies in place. Maintain MARKET WEIGHT. Top BUYs: CATL, Gan...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, February 06, 2026
Greater China Sector Update | Automobile CPCA estimates January China passenger NEV wholesale sales at 900,000 units (+1% yoy/-42% mom), with front-loaded purchases ahead of the reduced purchase tax and delayed local subsidies weighing on volumes. Automakers with ICE-car exposure, such as Geely Auto and Great Wall Motor, saw relatively resilient January sales. We expect China’s auto sales to recover after Chinese New Year, with the local subsidies in place. Maintain MARKET WEIGHT. Top BUYs: ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
S68 SINGAPORE EXCHANGE LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION 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
01801 INNOVENT BIOLOGICS INC.
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
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
MDKA MERDEKA COPPER GOLD TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
- Adrian Loh Tzum Yung
Keppel (KEP SP) - A Breakout Year As Asset-Light Strategy Drives ROE A...
The 2025 results were strong with higher recurring income lifting net profit from continuing operations and ROE, alongside a sharply higher dividend including KREIT units. Infrastructure remained the main earnings pillar, while real estate rebounded through capital recycling. Maintain BUY with an upgraded target price of S$13.23.
- Heidi Mo Jinghui
- Roy Chen Chengzhi
Singapore Exchange (SGX SP) - 1HFY26: Results Broadly In Line; Expect ...
SGX’s 1HFY26 core earnings of S$357.3m (+11.6% yoy) were broadly in line, at 52.4% of our full-year forecasts. Revenue rose 7.6% yoy, driven by business volume growth. Trading activities should sustain at high levels in 2HFY26, though yoy growth in currency and commodity derivative volume is likely to moderate due to the high base in 2HFY25. We like SGX’s upbeat growth outlook, but think investors can eye a better entry price. Maintain HOLD; target price: S$19.16 (rolled over).
- Benyamin Mikael
Merdeka Copper Gold (MDKA IJ) - Growth Engines Firing On All Cylinders
Company Update | Merdeka Copper Gold (MDKA IJ/BUY/Rp3,060/Target: Rp3,900) EMAS is set to drive MDKA’s next growth phase through Pani’s ramp-up and higher processing capacity, while TB Gold remains cash flow supportive. Nickel operations continue scaling with stronger cost visibility. We expect earnings to rebound to US$204m in 2026, supported by firmer commodity prices and higher volumes. Maintain BUY with a higher target price of Rp3,900. Highlights • EMAS is set to drive the next growth phas...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Friday, February 6, 2026
Company Update | Merdeka Copper Gold (MDKA IJ/BUY/Rp3,060/Target: Rp3,900) EMAS is set to drive MDKA’s next growth phase through Pani’s ramp-up and higher processing capacity, while TB Gold remains cash flow supportive. Nickel operations continue scaling with stronger cost visibility. We expect earnings to rebound to US$204m in 2026, supported by firmer commodity prices and higher volumes. Maintain BUY with a higher target price of Rp3,900. Technical Analysis Unilever Indonesia | UNVR IJ Tradin...
- Bella Lu Yifei
- Ken Lee
Pony AI Inc (PONY US): 2025 Results Preview And 2026 Outlook.
Preliminary 2025 net loss narrowed to US$126m-143m, driven by investment gains, implying a 4Q25 bottom line turnaround to US$14m-31m. Full-year 2025 adjusted net loss was in line with our expectation. We expect earnings to be driven by fleet expansion, hardware cost reduction, and increasing operation efficiency. We maintain our 2025-27 net loss forecasts of US$195m/US$189m/US$143m respectively. We expect bottom line to turn around in 2028. Maintain BUY; keep target price at US$26.10 for US stoc...
- Chong Lee Len
- Jonathan Koh
Singapore Daily: Thursday, February 5, 2026
Top Stories Company Results | Frasers Logistics & Commercial Trust (FLT SP/BUY/S$1.01/Target: S$1.22) FLT’s logistics properties in Australia, Europe and the UK maintained full occupancy of 100% in 1QFY26. Its logistics properties in New South Wales, Australia clocked strong positive rental reversion of 43.3%. Occupancy at ATP improved 8.4ppt qoq to 86.3% after securing new ICT and healthcare tenants. Occupancy at Blythe Valley Park in the UK improved 6.8ppt qoq to 85.2% after securing a new tec...
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings, Inc (9987 HK): 4Q25: Acceleration In Same-store Sa...
In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, with 40-50% coming from franchisees.
- Thailand Research Team
Strategy - People’s Party Set To Win Election, Bhumjaithai Party Poise...
Strategy | People’s Party To Win The Election But Bhumjaithai Party To Win The Government Formation The Bhumjaithai Party is expected to form a coalition government with the Pheu Thai Party. As the election rally has been priced in (+8.2% vs historical average of +6.9%), a key post-election catalyst would be the stability of the new government. External plays are expected to outperform amid a weak domestic outlook and potential delays in government spending. Defensive stocks remain as effective ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.