reports
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 3Q25: In-line Results Amid Ongoing Headwinds.
Xiaomi’s EV business has turned around in 3Q and shipment numbers are on track to reach consensus estimates of over 400,000 units. The tight memory supply and cost hikes will inevitably impact Xiaomi’s margins through 2026, although Xiaomi is able to secure sufficient supply for 2026 and is looking to partially mitigate cost pressure through ASP hikes and shifts to premium devices. Maintain BUY; cut target price to HK$54.60 but advise staying on the sidelines amid poor market sentiment.
- Julia Pan Mengyao
- Ming San Soong
Trip.com (9961 HK): 3Q25: Solid Results; International Travel Continue...
3Q25 earnings beat expectations. 3Q25 net revenue rose 15.5% yoy to Rmb18.4b, in line with consensus estimates. Non- GAAP net profit came in at Rmb19.2b in 3Q25. After stripping out the non-recurring item of a Rmb17b investment gain from MakeMyTrip, non-GAAP net profit grew 8% yoy to Rmb5.9b, beating the street’s estimates by 4%. TCOM guided for 4Q25 revenue growth of 15-20% yoy to Rmb16.7b, in line with consensus estimates. Maintain BUY with a slightly higher target price of HK$727.00 (US$94.00...
- Julia Pan Mengyao
- Ming San Soong
PDD Holdings (PDD US): 3Q25: Earnings Beat Expectations; Recovering Co...
PDD’s 3Q25 earnings exceeded expectations. Revenue increased 9% yoy to Rmb108b, in line with consensus estimate. Non-GAAP net profit grew 14% yoy to Rmb31.4b, beating consensus forecast. Non-GAAP net margin expanded 1ppt to 29%. Looking ahead, PDD expects its top-line growth and profitability to continue fluctuating due to its merchant support strategy. Maintain BUY with a target price of US$156.00.
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Jacobson Pharma (2633 HK): 1HFY26: Slight Revenue Decline On Softened ...
Jacobson’s 1HFY26 revenue dropped 5.4% yoy to HK$767m while attributable net profit grew 1.2% yoy to HK$142m, representing 47%/45% of our full-year estimates respectively. Net margin improved 1.2ppt yoy to 18.5% on gross margin improvement and lower finance costs. Looking ahead, we expect robust R&D pipeline and in-licensing of specialised drugs to fuel future growth. We remain positive on the FDA registration progress of Arsenol. Maintain BUY with a lower target price of HK$2.53 based on SOTP m...
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 3Q25: Earnings Beat Expectations; Subdued Top-lin...
Baidu’s 3Q25 earnings missed our expectations. Revenue dropped 7% yoy to Rmb31.2b, in line with consensus estimate. Gross margin dropped 10ppt yoy to 41.2%, below consensus expectation. Non-GAAP operating profit was Rmb2.2b, plunging 69% yoy, while non-GAAP operating profit margin came in at 7%. Non-GAAP net profit slumped 36% yoy to Rmb3.8b, beating consensus forecast. Maintain BUY with an unchanged target price of HK$151.00 (US$167.00).
- Bella Lu Yifei
- Ken Lee
Pony AI Inc (PONY US): The Frontrunner In Autonomous Driving.
Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10 for US stocks and HK$203.60 for H-shares.
- Benjaphol Suthwanish
Thai Airways (THAI TB) - Strong Outlook For 4Q25, But Overhang Remains
Company Update | Thai Airways (THAI TB/HOLD/Bt8.35/Target: Bt8.30) The tone during THAI’s 3Q25 analyst meeting was neutral, despite operational metrics remaining strong for 4Q25. Bookings and cabin factors are solid, with 2026 ASK expected to grow 4%. The board will soon review the fleet plan amid leasing challenges. THAI posted a Bt4.4b net profit, beating our estimate on lower costs. However, uncertainty persists ahead of the AGM, where the Ministry of Finance may regain significant board infl...
- Thailand Research Team
Strategy - 3Q25 Results Review
Strategy | 3Q25 Results Review 3Q25 earnings showed a slightly positive trend amid the low season, primarily driven by the energy, banking, and telecom sectors. We maintain a positive outlook for 4Q25, anticipating a strong performance from domestic plays. Our top picks are CENTEL, DOHOME, KBANK, OR, SCGP, and SPRC.
- Benjaphol Suthwanish
- Thailand Research Team
Thailand Daily - Wednesday, November 19, 2025
Top Stories Strategy | 3Q25 Results Review 3Q25 earnings showed a slightly positive trend amid the low season, primarily driven by the energy, banking, and telecom sectors. We maintain a positive outlook for 4Q25, anticipating a strong performance from domestic plays. Our top picks are CENTEL, DOHOME, KBANK, OR, SCGP, and SPRC. Company Update | Thai Airways (THAI TB/HOLD/Bt8.35/Target: Bt8.30) The tone during THAI’s 3Q25 analyst meeting was neutral, despite operational metrics remaining stron...
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 19, 2025
Top Stories Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10 for ...
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, November 19, 2025
Top Stories Company Update | Yangzijiang Shipbuilding (YZJSGD SP/BUY/S$3.26/Target: S$4.10) YZJ remains on a strong footing with active contract negotiations, robust 2026 order prospects, and stable margins supported by steel costs and forex. Despite slightly softer newbuild prices, locked-in steel costs and disciplined pricing should sustain healthy profitability. Maintain BUY with a higher target price of S$4.10 (previously S$3.90). Market Spotlight • US stocks were lower on Tuesday, with all...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Adrian Loh Tzum Yung
Yangzijiang Shipbuilding (YZJSGD SP) - Heading Into 2026 In A Position...
YZJ remains on a strong footing with active contract negotiations, robust 2026 order prospects, and stable margins supported by steel costs and forex. Despite slightly softer newbuild prices, locked-in steel costs and disciplined pricing should sustain healthy profitability. Maintain BUY with a higher target price of S$4.10 (previously S$3.90).
- Benyamin Mikael
Bumi Resources (BUMI IJ) - Transitioning Beyond Coal
Small/Mid Cap Highlights | Bumi Resources (BUMI IJ/NOT RATED/Rp214) BUMI is fast-tracking its transition beyond coal by scaling up BRMS’s gold production, lifting DEWA’s BCM output, and acquiring Wolfram’s gold-copper assets at a highly attractive valuation. The company is also expanding into bauxite-alumina through the planned acquisition of Laman Mining despite its early-stage risks. These moves strengthen BUMI’s non-coal portfolio and reinforce its long-term growth trajectory. Highlights • B...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Wednesday, November 19, 2025
Small/Mid Cap Highlights | Bumi Resources (BUMI IJ/NOT RATED/Rp214) BUMI is fast-tracking its transition beyond coal by scaling up BRMS’s gold production, lifting DEWA’s BCM output, and acquiring Wolfram’s gold-copper assets at a highly attractive valuation. The company is also expanding into bauxite-alumina through the planned acquisition of Laman Mining despite its early-stage risks. These moves strengthen BUMI’s non-coal portfolio and reinforce its long-term growth trajectory. Technical Anal...
- Bella Lu Yifei
- Ken Lee
Pony AI Inc (PONY US): The frontrunner in autonomous driving. BUY
Highlights Pony AI is a global leader in autonomous mobility leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation Initiate coverage with BUY and a target price of US$26.10 for US stocks and HK$203.60 for H-shares.
- Kasemsun Koonnara
Pruksa Holding (PSH) - 4Q25 Outlook Positive; 2026 Remains Uncertain
Company Update | Pruksa Holding (PSH/SELL/Bt3.64/Target: Bt3.42) PSH’s earnings are expected to peak in 4Q25, supported by stronger presales driven by promotional campaigns and higher transfers from newly completed condominiums. However, we remain concerned about the outlook for its residential business, particularly given the uncertainty heading into 2026. Maintain SELL. Target price: Bt3.42.
- Thanawat Thangchadakorn
Tidlor Holdings (TIDLOR TB) - CEO Guides Flattish Credit Cost In 2026
Company Update | Tidlor Holdings (TIDLOR TB/HOLD/Bt20.70/Target: Bt22.00) We attended TIDLOR’s analyst meeting and came away with a neutral view. The CEO is positive about TIDLOR’s longer-term business outlook and guided for loan expansion qoq in 4Q25. Moreover, he guided for 2026 loan growth to see double-digit growth. TIDLOR guided for credit cost in 2026 to be flattish, compared to 2025. Maintain HOLD with a target price of Bt22.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - CFP Project On Track To Achieve COD As Scheduled A...
Company Update | Thai Oil (TOP TB/HOLD/Bt37.50/Target: Bt34.00) There is now clearer insight on the CFP project after TOP’s management reaffirmed their confidence that it will be completed as planned and within the approved capex budget. This is further supported by additional cash inflow from performance bond claims and the divestment of the ERU project, both of which will help fund the CFP project. Overall GRM remains robust but petrochemical spread continues to face supply-side pressures, pro...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings (9987 HK): 2025 Investor Day Takeaways.
During Yum China’s 2025 investor day, it revealed its plans to have over 30,000 stores by 2030, with the franchise hybrid model serving as a growth accelerator. Looking ahead to 2026-28, it targets a same-store sales index of 100-102 yoy, and a mid- to high single-digit system sales CAGR. Operating profit is expected to grow at a high single-digit CAGR. On shareholder returns, it plans to return nearly 100% of free cash flow to shareholders starting from 2027.
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