reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Short-term Profit-taking Masks Solid Funda...
China healthcare stocks were relatively weak during the first two weeks of Dec 25 as investors took profits, particularly for internet healthcare and drug innovator names. Fundamentals remain solid, supported by the new commercial insurance policy, lower costs of capital, and robust pipelines. Despite rising competition in areas like generics, GLP-1 drugs and surgical robots, companies continue to advance towards sustainable growth. Maintain OVERWEIGHT. Our top picks are BeOne Medicines, Hansoh ...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300244 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Phasing Out Of Local Subsidies Dampens Decemb...
The phasing out of local car trade-in subsidies has hammered auto sales. PEV sales fell 17% yoy during the first week of December. Subsidies will resume in early-26 and trigger a sales rebound. We expect PV sales and EV sales to grow 4.9% and over 20.0% in 2026 respectively, driven by exports. Geely is catching up with BYD in terms of market share (12.1% vs 13.8%). Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM 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
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 PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Thailand Research Team
Strategy - Entering Pre-Election Rally Period
Strategy | Entering Pre-Election Rally Period House dissolution is expected to still take place in late-Jan 26. Note that an earlier dissolution will not impact our positive 1H26 view. Domestic-oriented sectors tend to outperform during an election period; hence, an optimal strategy is to buy these sectors three months before election day, and then take profit one month after. Our top picks are AOT, BGRIM, CENTEL, CPALL, GLOBAL, GULF, KBANK, KTC, MINT and TFG.
- Thailand Research Team
Thailand Daily - Friday, December 12, 2025
Top Stories Strategy | Entering Pre-Election Rally Period House dissolution is expected to still take place in late-Jan 26. Note that an earlier dissolution will not impact our positive 1H26 view. Domestic-oriented sectors tend to outperform during an election period; hence, an optimal strategy is to buy these sectors three months before election day, and then take profit one month after. Our top picks are AOT, BGRIM, CENTEL, CPALL, GLOBAL, GULF, KBANK, KTC, MINT and TFG.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Joyce Chu
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, December 12, 2025
Top Stories Strategy | Small/Mid Cap Monthly -- 2025 Review; 2026 Outlook In 2025, eight names under our coverage have outperformed the HSI, which has risen 27% ytd. Our key calls JBM Healthcare, Crystal and Plover Bay have gone up 43%, 54% and 31% ytd respectively. Looking into 2026, we have two key themes: ADAS and AI plays. The names on our radar are Horizon Robotics, Karrie International and FIT Hon Teng. We also recommend to buy for quality compounders Crystal, Plover Bay, JBM Healthcare a...
- Audrey Celia
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Joyce Chu
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Roy Chen Chengzhi
- Sunny Chen
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, December 12, 2025
Greater China Strategy | 2025 Review; 2026 Outlook In 2025, eight names under our coverage have outperformed the HSI, which has risen 27% ytd. Our key calls JBM Healthcare, Crystal and Plover Bay have gone up 43%, 54% and 31% ytd respectively. Looking into 2026, we have two key themes: ADAS and AI plays. The names on our radar are Horizon Robotics, Karrie International and FIT Hon Teng. We also recommend to buy for quality compounders Crystal, Plover Bay, JBM Healthcare and Jacobson Pharma on di...
- Roy Chen Chengzhi
Singapore Daily: Friday, December 12, 2025
Top Stories Company Update | Singapore Exchange (SGX SP/HOLD/S$16.70/Target: S$17.30) SGX’s 5MFY26 trading statistics outperformed our expectations on strong cash equity turnover and healthy derivative volumes. Trading activities are expected to sustain at high levels in 2HFY26, but yoy growth is likely to moderate due to a high 2HFY25 base. We like SGX’s upbeat growth outlook, with a three-year core earnings CAGR of 8.9% in FY25-28, but its current share price is close to our updated target pri...
- Roy Chen Chengzhi
Singapore Exchange (SGX SP) - Nov 25: Stock Market Activity Stays Robu...
SGX’s 5MFY26 trading statistics outperformed our expectations on strong cash equity turnover and healthy derivative volumes. Trading activities are expected to sustain at high levels in 2HFY26, but yoy growth is likely to moderate due to a high 2HFY25 base. We like SGX’s upbeat growth outlook, with a three-year core earnings CAGR of 8.9% in FY25-28, but its current share price is close to our updated target price of S$17.30 (25.5x FY27 PE, or 2SD above historical mean). Maintain HOLD.
- Kong Ho Meng
Vantris Energy (VANTNRG MK) - 3QFY26: More Time Required For PN17 Upli...
3QFY26: More Time Required For PN17 Upliftment Highlights 9MFY26 core results deemed on track, despite E&C setbacks. Although the E&C projects in Angola and the Middle East contributed to LBITDA, the other business segments saw sequential profit improvements. The results also show a leaner balance sheet after the restructuring, with finance costs savings as per management’s guidance. We still retain our forecasts, which are pre-RED, given that 4QFY26 may likely be the earlier quarter with clea...
- Malaysia Research Team
Malaysia Daily - Friday, December 12, 2025
Top Stories Company Results | Vantris Energy (VANTNRG MK/BUY/RM0.57/Target: RM0.75) 9MFY26 core results are deemed on track despite E&C setbacks. Although the E&C projects in Angola and the Middle East contributed to LBITDA, the other segments saw sequential profit improvements. The results also show a leaner postrestructuring balance sheet. We retain our pre-RED forecasts. As long as the Brazil project continues to deliver results, our view of Vantris Energy remains unchanged. Maintain BUY and ...
- Audrey Celia
- Willinoy Sitorus
Adi Sarana Armada (ASSA IJ) - Site Visit Supports Our Conviction In AS...
Company Update | Adi Sarana Armada (ASSA IJ/BUY/Rp1,195/Target: Rp1,700) During our site visit to Bandung, we noticed consistent operational improvement and expansion across all of ASSA’s business pillars. In logistics, ASSA has deployed robotic technology in three hubs, doubling productivity, with plans to automate more hubs and build a new warehouse and cold-storage facility at its new business centre. For Caroline, the company plans to strengthen its ecosystem by partnering with repair shops ...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Friday, December 12, 2025
Company Update | Adi Sarana Armada (ASSA IJ/BUY/Rp1,195/Target: Rp1,700) During our site visit to Bandung, we noticed consistent operational improvement and expansion across all of ASSA’s business pillars. In logistics, ASSA has deployed robotic technology in three hubs, doubling productivity, with plans to automate more hubs and build a new warehouse and cold-storage facility at its new business centre. For Caroline, the company plans to strengthen its ecosystem by partnering with repair shops ...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Thursday, December 11, 2025
Key Calls 2025 Review; 2026 Outlook Eight names under our coverage have outperformed the HSI ytd, which has gone up 26.8% ytd. Our key calls JBM Healthcare (2161 HK), Crystal International (2232 HK) and Plover Bay (1523 HK) have risen 43%, 54% and 31% ytd respectively. Including dividend returns, the three names have generated a ytd return of 58%, 63%, and 39% respectively. Giordano (709 HK) has underperformed the HSI (-10.2% ytd) due to business restructuring. For our HOLD calls, VSTECS Ho...
- Thailand Research Team
Strategy - Feedback From 1H26 Strategy Conference In Kuala Lumpur
Strategy | Feedback From 1H26 Strategy Conference In Kuala Lumpur The KL roadshow focused on the 1H26 Thai equity outlook, highlighting an improving economic momentum, political stability, and strong FDI as key catalysts. Investors were positive on tourism, banking and healthcare, with high interest in politics (Mar 26 election outlook). Given the more favourable economic and financial conditions, we maintain a positive view on Thailand’s 1H26 equity outlook, with top picks including AOT, BGRIM,...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Gamuda (GAM MK) - 1QFY26: Seasonally Slower Start; But Growth Narrativ...
1QFY26: Seasonally Slower Start; But Growth Narrative Still Intact Highlights Below expectations (15% of ours and consensus’ expectation), Gamuda charted weaker-than-expected earnings growth of only 4% yoy. Gamuda declared a 5 sen interim dividend (1% yield; 140% payout). Maintain BUY with a higher target price of RM6.21, as we roll-over valuations to FY27. We cut our FY26 earnings forecasts by 6% to reflect delays in overseas project progress.
- Jo Yee Ng
Eco World Development Group (ECW MK) - 4QFY25: In Line; Positive Read-...
4QFY25: In Line; Positive Read-Through For FY26 Sales Highlights 4QFY25 results were within expectations. Net gearing improved to 0.28x on perpetual sukuk issuance. We view FY26 sales guidance of RM4b as a positive read-through, given its track record of conservative guidance at RM3b-3.5b in prior years. Maintain BUY with a target price of RM2.70, implying a PE of 15-17x supported by 20% 3-year CAGR over FY25-28.
- Malaysia Research Team
Bermaz Auto (BAUTO MK) - 2QFY26: Sequential Recovery Offset By Kia Mal...
2QFY26: Sequential Recovery Offset By Kia Malaysia Losses Highlights 2QFY26 results came in below expectations due to higher-than-expected losses from Kia Malaysia. We cut our FY26-27 forecasts by 14%/4% to factor in higher losses from Kia Malaysia. Downgrade to HOLD with a higher target price of RM0.75.
- Lester Siew
Plantation - Inventory Rises Despite Lower Production
Inventory Rises Despite Lower Production Highlights MPOB’s data for Nov 25 showed a further rise in palm oil inventory levels to 2.84m tonnes despite a marginal decline in production. Maintain OVERWEIGHT on the sector premised on positive CPO price outlook in 2026 driven by both supply and demand factors. Our 2026 CPO forecast is at RM4,400/tonne. Top pick: Hap Seng Plantations (BUY, Target: RM2.65) and SD Guthrie (BUY, Target: RM6.50).
- Malaysia Research Team
Malaysia Daily - Thursday, December 11, 2025
Top Stories Sector Update | Plantation MPOB’s Nov 25 data saw inventories beat market expectations despite a marginal decline in production. Maintain OVERWEIGHT on the sector. Company Results | Bermaz Auto (BAUTO MK/HOLD/RM0.70/Target: RM0.75) 2QFY26 results were below expectations, with 1HFY26 PATMI accounting for 28% and 36% of our and consensus FY26 forecasts respectively, due to higher losses from Kia Malaysia. Mazda recorded an improvement in sales volume on encouraging sales of new CBU mod...
- Thailand Research Team
Thailand Daily - Thursday, December 11, 2025
Top Stories Strategy | Feedback From 1H26 Strategy Conference In Kuala Lumpur The KL roadshow focused on the 1H26 Thai equity outlook, highlighting an improving economic momentum, political stability, and strong FDI as key catalysts. Investors were positive on tourism, banking and healthcare, with high interest in politics (Mar 26 election outlook). Given the more favourable economic and financial conditions, we maintain a positive view on Thailand’s 1H26 equity outlook, with top picks includi...
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