reports
- Damon Shen
- Jieqi Liu
Wharf Real Estate Investment Co (1997 HK): 2025: UNP And DPS Beat Expe...
UNP rose 5.2% yoy on a 25% decline in finance costs. Annual DPS increased 6.5% yoy to HK$1.32, beating expectations. Hong Kong IP improved sequentially in 2H25, with Harbour City contributing 80% of revenue. Management guides negative retail rental reversions, a gradual sales recovery, and rising office competition in 2026. Marco Polo AEI remains under review, while the floating-debt-ratio remains high. Raise 2026-28 UNP forecasts and lift target price by 3% to HK$28.80, but downgrade to HOLD on...
- Bella Lu Yifei
- Ken Lee
Guangzhou Tinci Materials Technology Co (002709 CH): 4Q25: Earnings Be...
4Q25 results beat our expectations, with net profit growing 546% yoy/516% qoq to Rmb941m. This brings 2025 net profit to Rmb1,362m (+181% yoy). We expect ASPs and gross margins to be driven by a higher value-added product mix and upstream integration. We raise our 2026-27 net profit forecasts by 229%/179% to Rmb4,852m/Rmb5,780m respectively, and introduce our 2028 net profit forecast of Rmb6,720m, based on higher ASPs and gross margins. Maintain BUY and raise our target price from Rmb50.00 to Rm...
- Johnny Yum Chung Man
Foxconn Industrial Internet (601138 CH): 4Q25: Net Profit largely In L...
FII’s reported 4Q25 results are in line with its profit alert range, growing 58% yoy to Rmb12.8b. The surge in net profit is primarily driven by a 48% revenue growth on the back of robust AI server demand. Gross margin and operating profit were also better than our expectations thanks to a better-than-expected product mix and and disciplined cost control measures, although these were partially offset by a higher finance cost. Maintain BUY and keep target price at Rmb89.50.
- Claire Wang Kelai
- Tham Mun Hon
Economics: Trade -- Strong Trade Performance For 2M26.
China’s exports grew 21.8% yoy in Jan-Feb 26, way above Bloomberg consensus of 7.2% yoy. Imports were equally strong, up 19.8% yoy compared with an expected 7.0% yoy. Exports to the US fell 11.0% yoy, but were made up by strong exports growth to Hong Kong, ASEAN and the EU. While the manufacturing PMI new export orders sub-index improved in 4Q25, the strong data is a pleasant surprise, reflecting China’s success in trade diversification.
- Kong Ho Meng
Yinson Holdings (YNS MK) - FPSO Monetisation Unperturbed By Oil Price ...
FPSO Monetisation Unperturbed By Oil Price Volatility Highlights Expect stable results, regardless of oil price swings. Yinson Holdings (YNS) is set to release its results on 19 March 2026 (20 March for Yinson Production’s (YP) earnings release including ER accounts). We expect no negative surprise as minor setbacks for the Brazil FPSO projects were well guided. Despite sentiments generated from current oil prices, we note the lacklustre global FPSO stock performance. Perhaps an unpopular opin...
- Amerul Iqmal
- Lester Siew
Plantation - Inventory Continues Moderating
Inventory Continues Moderating Highlights MPOB’s Feb 26 data showed palm oil inventory declining to 1.28m tonnes driven by lower production despite weaker exports. Malaysia’s producers are expected to benefit from March’s hike in Indonesia’s export levy, with exports anticipated to pick up strongly in the coming months. Maintain MARKET WEIGHT. Sector picks: Hap Seng Plantations (BUY, Target: RM2.45) and Kuala Lumpur Kepong (BUY, Target: RM22.25).
- Tanapon Cholkadidamrongkul
COM7 (COM7 TB) - Promising Outlook With Attractive Valuation
Company Update | COM7 (COM7 TB/BUY/Bt22.10/Target: Bt30.00) Management targets top-line growth of 10% and bottom line growth of 10-15%. If COM7 achieves this target, there would be a 6-11% upside to our earnings forecast. If suppliers are unable to export to the Middle East, excess supply may be redirected to Thailand, which would benefit COM7. Maintain BUY with a target price of Bt30.00.
- Malaysia Research Team
Malaysia Daily - Wednesday, March 11, 2026
Top Stories Sector Update | Plantation MPOB’s Feb 26 data saw palm oil inventory continuing to moderate, in line with the decline in production despite exports coming in weaker mom. Malaysia’s exports market share, however, is expected to rebound going forward, following Indonesia’s export levy hike which took effect on 1 March. Meanwhile, we remain cautious despite CPO prices picking up strongly in tandem with surging crude oil prices, as the latter may also induce a run-up in planters’ fertili...
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, March 11, 2026
Top Stories Company Update | COM7 (COM7 TB/BUY/Bt22.10/Target: Bt30.00) Management targets top-line growth of 10% and bottom line growth of 10-15%. If COM7 achieves this target, there would be a 6-11% upside to our earnings forecast. If suppliers are unable to export to the Middle East, excess supply may be redirected to Thailand, which would benefit COM7. Maintain BUY with a target price of Bt30.00.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Ken Lee
- Tham Mun Hon
Greater China Daily: Wednesday, March 11, 2026
Top Stories Economics | Trade China’s exports grew 21.8% yoy in Jan-Feb 26, way above Bloomberg consensus of 7.2% yoy. Imports were equally strong, up 19.8% yoy compared with an expected 7.0% yoy. Exports to the US fell 11.0% yoy, but were made up by strong exports growth to Hong Kong, ASEAN and the EU. While the manufacturing PMI new export orders sub-index improved in 4Q25, the strong data is a pleasant surprise, reflecting China’s success in trade diversification. Company Results | Foxconn ...
- Amerul Iqmal
- Andrew Agita Buntoro
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Johnny Yum Chung Man
- Kai Jie Tang
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, March 11, 2026
Greater China Economics | Trade China’s exports grew 21.8% yoy in Jan-Feb 26, way above Bloomberg consensus of 7.2% yoy. Imports were equally strong, up 19.8% yoy compared with an expected 7.0% yoy. Exports to the US fell 11.0% yoy, but were made up by strong exports growth to Hong Kong, ASEAN and the EU. While the manufacturing PMI new export orders sub-index improved in 4Q25, the strong data is a pleasant surprise, reflecting China’s success in trade diversification. Company Results | Foxco...
- Heidi Mo Jinghui
- Kai Jie Tang
Huationg Global (HUAGL SP) - 2025: Record-High Performance; Re-Rating ...
Huationg delivered a strong 2025 beat with earnings of S$20m (+21% yoy), driven by a 67% surge in civil engineering revenue. Backed by a S$535m orderbook and S$53m net cash, Huationg trades at just 5x ex-cash 2026F PE (60% discount to peers). Maintain BUY with a higher target price of S$1.23, with a potential Mainboard transfer as a re-rating catalyst.
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Wednesday, March 11, 2026
Top Stories Company Results | Huationg Global (HUAGL SP/BUY/S$0.825/Target: S$1.23) Huationg delivered a strong 2025 beat with earnings of S$20m (+21% yoy), driven by a 67% surge in civil engineering revenue. Backed by a S$535m orderbook and S$53m net cash, Huationg trades at just 5x ex-cash 2026F PE (60% discount to peers). Maintain BUY with a higher target price of S$1.23, with a potential Mainboard transfer as a re-rating catalyst. Market Spotlight US stocks were mixed on Tuesday, with Do...
- Andrew Agita Buntoro
- Willinoy Sitorus
Telkom Indonesia (TLKM IJ) - AdMedika Divestment Marks Start Of Asset ...
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp2,960/Target: Rp4,200) We maintain BUY on TLKM with an unchanged target price of Rp4,200, reemphasising the improving industry ARPU discipline, ongoing asset monetisation, and potential upside from the TIF stake sale. TelkomMetra's divestment of AdMedika to Fullerton Health marks the first concrete step in TLKM's broader asset unlocking programme, with TIF, data centres, property, and GOTO still in the pipeline. A structurally rising DPR and poten...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, March 11, 2026
Company Update | Telkom Indonesia (TLKM IJ/BUY/Rp2,960/Target: Rp4,200) We maintain BUY on TLKM with an unchanged target price of Rp4,200, reemphasising the improving industry ARPU discipline, ongoing asset monetisation, and potential upside from the TIF stake sale. TelkomMetra's divestment of AdMedika to Fullerton Health marks the first concrete step in TLKM's broader asset unlocking programme, with TIF, data centres, property, and GOTO still in the pipeline. A structurally rising DPR and poten...
- Bella Lu Yifei
- Ken Lee
Huizhou Desay SV (002920 CH): 4Q25: Core Net Profit Up 38.7% YOY, Miss...
DSV’s 4Q25 core net profit missed estimates at Rmb690m (+38.7% yoy/+20.7% qoq) on lower-than-expected gross margin given price pressure from OEMs. Looking ahead, DSV’s earnings will be driven by AI, globalisation, low-speed unmanned vehicles and robotics. We cut our 2026-27 net profit forecasts by 12%/10% to Rmb2,783m/Rmb3,457m respectively, based on lower gross margin of 19%, and introduce our 2028 net profit forecast of Rmb4,223m. Maintain BUY and cut target price from Rmb190.00 to Rmb168.00.
- Bella Lu Yifei
- Ken Lee
Contemporary Amperex Technology Co (300750 CH): 4Q25: Results Beat Our...
4Q25 earnings beat our estimates at Rmb19,359m (+25.9% yoy/+4.4% qoq) on sales volume and margins. CATL's earnings will be driven by the accelerating electrification across EVs, ESS, robots, and DCs, and the company’s strong product pipeline, supporting an over 20% volume CAGR. We raise our 2026-27 net profit forecasts by 6%/15% to Rmb84.06b/Rmb108.80b respectively, based on higher sales volume, and introduce our 2028 net profit forecast of Rmb136.00b. Maintain BUY, with higher target prices for...
- Damon Shen
- Jieqi Liu
China Property: NPC Signals Policy Support, Property Sales Stay Subdue...
The 2026 NPC Government Work Report sets a supportive policy tone for the property sector, focusing on supply control, destocking and HPF reform. However, high-frequency data in early-Mar 26 remains weak partly due to the high base and we expect Tier 1-2 new-home sales to stay soft in 1Q26. We maintain UNDERWEIGHT on the sector but suggest keeping some exposure as a hedge against policy volatility; CR Land remains our top pick.
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Inflation -- Feb Inflation Data Above Expectations.
In February, China's headline CPI inflation rose to 1.3% yoy, driven by Chinese New Year effects, with food prices up 1.7% yoy. Core inflation climbed to 1.8% yoy, led by services inflation. PPI deflation eased to -0.9% yoy (better than the expected -1.1%), reflecting moderating producer goods price deflation amid rising commodity costs and government oversight. This trend should support positive CPI readings and help curb deflationary expectations.
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - Aggressive Growth Target
Company Update | Berli Jucker (BJC TB/BUY/Bt13.40/Target: Bt18.00) Management expects 2026 revenue to grow 4-6%, with gross margin improving by 20-40bp. If BJC achieves this target, it would imply a 5-9% upside to earnings. Energy price risk in 1Q26 should be limited, as lower soda ash costs support packaging margins while Big C can offset higher logistics costs through higher distribution income. Maintain BUY with a target price of Bt18.00.
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