reports
- Greater China Research Team
- Tham Mun Hon
JD Logistics (2618 HK): 1Q26 Results Preview: Expect An Upbeat Perform...
JDL’s 1Q26 core after-tax profit is expected to rise over 30% yoy to close to Rmb1.0b, better than management’s previously guided 20-25% yoy growth. 2026 full-year core after-tax profit growth guidance has been kept at 25-30% yoy. While rising fuel cost is a key watch, we think the impacts are overall manageable. With an attractive valuation of 9.5x/9.0x 2026F/27F PE (ex-net-cash PE at less than 5x), JDL is our top pick in China’s logistics sector. Maintain BUY. Target price: HK$22.00.
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): 1Q26 Retail Sales Strong Beat; Full-year Guidan...
In 1Q26, retail sales for the Anta brand/Fila/all other brands all exceeded expectations. For the Anta brand, offline channels have begun to show signs of recovery, reflecting the benefits of ongoing channel optimisation. For Fila, the strong beat can be attributed to: a) product resilience; b) enhanced brand strength; and c) offline channel upgrades. Management still maintains its full-year targets, but does not rule out the possibility of raising guidance. Maintain BUY and unchanged target pri...
- Julia Pan Mengyao
Alibaba Group (9988 HK/BABA US): 4QFY26 Results Preview: Soft CMR Grow...
We expect lacklustre 4QFY26 results with narrowing losses in quick commerce partially offset by softer core commerce growth amid high competition and weaker online retail performance in March. Cloud growth is likely to remain solid and broadly in line with expectations. However, overall profitability may be weighed down by higher-than-expected losses in the “All Others” segment, driven by continued investments in AI and marketing effort. Maintain BUY with an unchanged target price of HK$192.00 (...
- Carol Dou Xiao Qin
- Sunny Chen
Alibaba Health Information Technology (241 HK): FY26: Lowers Adjusted ...
Ali Health reaffirmed its FY26 revenue growth target of 10-15% yoy, while lowering its adjusted net profit growth target from 20-30% to 10-20% yoy on higher investment in innovative drugs and AI. We cut our FY26 adjusted net profit growth estimate from 25% to 15% yoy, while maintaining FY26-28 revenue and adjusted net profit CAGRs of 13% and 24% on innovative drugs momentum, deepened Alibaba synergies, and expanding AI adoption. Maintain BUY with a lower target price of HK$6.00.
- Damon Shen
- Jieqi Liu
China Property: New-Home Momentum Returns; Shanghai Secondary Market D...
New-home sales saw a milder yoy decline in March before rebounding strongly in early-April, with Tier 1 cities leading the recovery. In contrast, second-hand home sales remained divergent, with Shanghai showing strength. Meanwhile, listing prices in the secondary market edged down, and rental yields remained below mortgage rates, indicating a still-weak sentiment and limited investment appeal. Maintain UNDERWEIGHT, though positive development in Shanghai and Beijing requires close monitoring. CR...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- Outstanding Loans Growth Hits Record ...
Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Tuesday, April 14, 2026
Top Stories Economics | Money Supply Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm. Sector Upd...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Tuesday, April 14, 2026
Top Stories Company Update | Delfi (DELFI SP/BUY/S$1.19/Target: S$1.68) Delfi is entering an earnings recovery phase as cocoa prices normalise from 2024-25 peaks. While 2025 margins were weighed down by elevated cocoa costs, forex and promotions, we expect gradual recovery into 2026-27. Supported by Own Brands and operating leverage, we re-rate the stock to 25x 2027F PE. Maintain BUY with a 50% higher target price of S$1.68. Market Spotlight • US stocks were higher on Monday, with all indexes r...
- Desmond Chong Chee Wai
Northeast Group (NE MK) - Still Ample Runway For Growth
Still Ample Runway For Growth Highlights Deeper participation in the production of high-spec precision components for AI infrastructure is emerging as a key growth pillar, underpinning sustained earnings upcycle into FY27. Outstanding orderbook continued to rise, underpinned by robust orders from E&E, photonics and telco segments, driving further expansion plan. While cost components, ie aluminium and copper, are surging, impacts are immaterial as component costs are only a small portion o...
- Wei Xiang Ku
Malaysia Smelting Corporation (SMELT MK) - Earnings Lift From Higher M...
Earnings Lift From Higher Mining Output And Cost Savings Despite Tin Ore Constraints Highlights With the newly constructed sand-tailings recovery plant, MSC is poised to increase its mining output from about 11 tonnes/day to 14-16 tonnes/day from Apr 26 onwards. The decommissioning of the Butterworth plant is expected to generate recurring monthly cost savings of RM1.5m-2.0m. While challenges in securing third-party tin ore persist, near-term earnings will be cushioned by sustained higher ...
- Malaysia Research Team
Malaysia Daily - Tuesday, April 14, 2026
Top Stories Malaysia Gems Corporate Highlights | Malaysia Smelting Corp (SMELT MK/HOLD/RM1.92/Target: RM1.89) Malaysia Smelting Corp’s new sand-tailings recovery plant is set to lift mining output from about 11 tonnes/day to 14-16 tonnes/day from Apr 26. Decommissioning the Butterworth plant should deliver recurring monthly savings of RM1.5m-2.0m. Despite the ongoing difficulty in securing third-party tin ore, near-term earnings are expected to be supported by higher tin prices and continued enc...
- Andrew Agita Buntoro
- Audrey Celia
- Benyamin Mikael
- Posmarito Pakpahan
Strategy - Site Visit To Kampung Nelayan Merah Putih
Strategy | Site Visit To Kampung Nelayan Merah Putih Based on our site visit to KNMP Cirebon, we see the programme addresses key fisheries inefficiencies, particularly in cold storage and financing, though execution remains the main risk. The model enables value capture through government-backed infrastructure, improving pricing, inventory, and economies of scale. However, banks face potential NPL risks, while JPFA and CPRO may benefit from aquafeed demand as the programme scales. Highlights •...
- Andrew Agita Buntoro
- Audrey Celia
- Benyamin Mikael
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Tuesday, April 14, 2026
Strategy | Site Visit To Kampung Nelayan Merah Putih Based on our site visit to KNMP Cirebon, we see the programme addresses key fisheries inefficiencies, particularly in cold storage and financing, though execution remains the main risk. The model enables value capture through government-backed infrastructure, improving pricing, inventory, and economies of scale. However, banks face potential NPL risks, while JPFA and CPRO may benefit from aquafeed demand as the programme scales. Technical Ana...
- Andrew Agita Buntoro
- Audrey Celia
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 14, 2026
Greater China Economics | Money Supply Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm. Sect...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
P34 DELFI
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
SMELT MALAYSIA SMELTING CORP BHD
02618 JD LOGISTICS INC
NE NORTHEAST GROUP BHD (NE MK)
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) : Starting To Look Sweet On Cocoa Price Relief; Raise...
Delfi is entering an earnings recovery phase as cocoa prices normalise from 2024-25 peaks. While 2025 margins were weighed down by elevated cocoa costs, forex and promotions, we expect gradual recovery into 2026-27. Supported by Own Brands and operating leverage, we re-rate the stock to 25x 2027F PE. Maintain BUY with a 50% higher target price of S$1.68.
- Jo Yee Ng
Lagenda Properties (LAGENDA MK) - Current Diesel Cost Hikes Remain Man...
Current Diesel Cost Hikes Remain Manageable Highlights Diesel costs hikes can be passed through via modest price escalation on a per unit basis, due to economies of scale across townships. Lagenda maintains its 2026 launch target of RM2.65b (+16% yoy), with the launch schedule unchanged and skewed towards 2H26 (77% of GDV). Offers dividend yield of 5.7% for 2026. Maintain BUY with an unchanged target price of RM1.88.
- Jo Yee Ng
IOI Properties Group (IOIPG MK) - Announces Malaysia REIT Listing
Announces Malaysia REIT Listing Highlights IOIPG will raise proceeds of RM4.62b from its Malaysia REIT listing, with a potential upside of RM0.8b-1.0b, based on a 1.4-1.5x forward P/B multiple, in line with peers. We expect gearing to decline to 0.74x from 0.90x as of end-Dec 25. Around 66% of proceeds used for debt repayment should generate post-tax interest savings of RM77m, equivalent to 6.8% of our FY27 earnings forecast. It is well-positioned to capitalise on: a) falling SORA, b) pote...
- Amerul Iqmal
- Lester Siew
Plantation - Recovery in Production and Exports
Recovery in Production and Exports Highlights MPOB’s Mar 26 data showed palm oil inventory declining to 2.27m tonnes, driven by a surge in exports which more than offset the increase in production. Elevated CPO prices are expected to support planters’ earnings during the low harvest season in 1Q26, while most remain insulated from near-term fertiliser cost pressures. Maintain OVERWEIGHT. Sector picks: SD Guthrie (BUY/Target: RM6.90) and Hap Seng Plantations (BUY/Target: RM2.65).
- Malaysia Research Team
Malaysia Daily - Monday, April 13, 2026
Sector Update | Plantation MPOB’s Mar 26 data saw a continued downward moderation in palm oil inventory, driven by a surge in exports despite the recovery in production. We maintain our constructive view on the sector’s outlook, underpinned by positive demand drivers such as the expansion of biofuel policies in the US and Indonesia. Maintain OVERWEIGHT on the sector with our CPO price forecast at RM4,500 per tonne for 2026. Company Update | IOI Properties Group (IOIPG MK/BUY/RM3.63/Target: RM4.0...
- Jonathan Koh
Singapore Daily: Monday, April 13, 2026
Top Stories Sector Update | REITs Advances in agentic AI are expected to fuel proliferation of AI applications and a surge in AI inference workload. Data centre capacity is projected to almost triple to 219GW by 2030, of which 156GW or 71% caters to AI workload. The impending listing of OpenAI and Anthropic would intensify attention on data centre REITs. NTTDCR (Target: US$1.42) offers the highest FY27 DPU yield of 8.6%. KDCREIT (Target: S$2.82) has a resilient Singapore-centric portfolio and is...
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