reports
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): Takeaways From 2025 Analyst Briefing.
We attended Tsingtao Brewery’s 2025 analyst briefing. For 2026, it expects the beer industry to remain stable. It set volume growth as the first priority, aiming to drive revenue and profit growth through product mix optimisation. The company has introduced light dry beer, positioned between classic and white beer, to further strengthen its competitiveness in the premium segment. On the cost front, management expects COGS to increase slightly in 2026, due to rising aluminium prices. Maintain BUY...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
YesAsia Holdings (2209 HK): 2025: Results In Line; Continued Growth Mo...
2025 revenue/net profit grew 45%/21.5% yoy, largely in line with our estimates, primarily driven by robust performance across both B2C and B2B businesses. For 2026, the company expects the growth momentum in 2025 to continue for both B2C and B2B businesses and achieve gross margin expansion. The company sees potential impact from rising fuel surcharges on net margin but partially offset by a weaker Korean won. Maintain BUY with a lower target price of HK$4.85 based on 8.5x 2026F PE.
- Johnny Yum Chung Man
Sunny Optical (2382 HK): 2025: Solid Beat; Guidance Much Better Than E...
Sunny Optical delivered a solid 2025 earnings beat, with adjusted net profit surging 37.8% yoy to Rmb3.7b, driven by strong margin recovery across its smartphone and vehicle segments. Overall gross margins reached 19.7%. The company provided upbeat 2026 guidance, targeting over 7% growth in both top-line and bottom line, supported by handset recovery and robust pan-IoT expansion. Maintain BUY and cut target price to HK$80.10 on a lower valuation multiple.
- Carol Dou Xiao Qin
- Sunny Chen
Shenzhen Mindray Bio-Medical Electronics (300760 CH): 2025: Results Mi...
Mindray’s 2025 results missed, with revenue down 9.38% yoy, and adjusted net earnings declining 27.3% yoy. All three main segments reported significant revenue decreases in 2025. Mindray expects revenue growth to turn positive in 2026 and accelerate in 2027, driven by continued overseas market expansion. Mindray expects net profit to achieve positive growth excluding potential foreign change impact. Maintain BUY with a lower target price of Rmb195.00, factoring in the weak 2025 results and its r...
- Shirley Wang Xueyi
- Stella Guo Yuting
Miniso (MNSO US/9896 HK) 4Q25: SSS Drove High-Quality Growth; 1Q26 SSS...
Miniso reported 4Q25 revenue of Rmb6,254m (+33% yoy), and adjusted net profit of Rmb853m (+8% yoy). For 1Q26, management expects revenue to grow by 25% yoy, with SSS in Mainland China achieving high single-digit growth and North America delivering mid- to high-teens growth. For the full year, management expects revenue to grow at high teens. Adjusted operating profit and net profit are expected to grow at a faster pace compared with 2025. Maintain BUY; cut target price to US$26.10.
- Bella Lu Yifei
- Ken Lee
Ganfeng Lithium (1772 HK): 4Q25: Earnings Beat Expectations; Maintain ...
GFL’s 4Q25 GAAP net profit came in above estimates at Rmb1,587m (+185.1% qoq), and adjusted net profit turned positive at Rmb557m. Earnings will be driven by a recovery of lithium carbonate prices, ramp-up of upstream projects and battery sales. Maintain our 2026/27 net profit forecasts at Rmb3.21b/Rmb5.24b, and introduce our 2028 net profit forecast of Rmb5.35b. Maintain BUY with unchanged target prices of HK$90.00/Rmb80.00for H-share/A-share.
- Johnny Yum Chung Man
Estun Automation (002747 CH): 4Q25: Results in Line With Profit Guidan...
4Q25 net profit of Rmb16m met guidance, driven by a 4.0ppt yoy gross margin expansion to 33.0% and strict cost controls, despite revenue missing expectations due to weak overseas sales. For 2026, management targets Rmb6b in revenue, a 1.0-2.0ppt margin expansion, and 45,000 robot shipments, with growth coming from the automotive, electronic, and Li-ion battery sectors. Maintain HOLD with a Rmb21.20 target price as we continue to monitor the company’s execution.
- Damon Shen
- Jieqi Liu
China Overseas Land & Investment (688 HK): 2025: Results in Line; Stay...
Core profit fell 17.2% yoy to Rmb13.01b, slightly above estimates, on weaker revenue and margins, while net gearing rose to 34.5%; the HK$0.5 DPS implies a stable 38% payout. In 2026, the company aims to stabilise sales and continue proactive land banking. During the 15th FYP, it targets over 10% annual growth in commercial operations and will strengthen its dualengine strategy. Maintain BUY with an unchanged target price of HK$15.14.
- Claire Wang Kelai
- Tham Mun Hon
China Economics: PMI -- Manufacturing Returns To Expansion Despite Sur...
March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and nonmanufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-index surged to 63.9 (+9.1pt mom...
- Thanawat Thangchadakorn
Tidlor Holdings (TIDLOR TB) - 1Q26 Results Preview: Earnings Recovery ...
Company Update | Tidlor Holdings (TIDLOR TB/BUY/Bt14.30/Target: Bt22.00) We expect TIDLOR to post 1Q26 net profit of Bt1.4b, up 15% yoy and 38% qoq. TIDLOR’s loan portfolio is anticipated to grow 6.7% yoy and 2% qoq in 1Q26, supported by non-truck loans with trucks loans expected to improve. Asset quality should remain stable with credit costs at 305bp in 1Q26, down from 365bp in 4Q26. However, pressure could rise amid the current uncertain conditions. Maintain BUY with a lower target price of B...
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 1Q26 Results Preview: Anticipate Higher Cred...
Company Update | Krungthai Card (KTC TB/BUY/Bt29.25/Target: Bt47.00) We anticipate KTC reporting a 1Q26 net profit of Bt2.1b, up 14% yoy and 3% qoq. We expect KTC’s loan portfolio to grow 2% yoy but contract 2% qoq in 1Q26 due to the high base from the seasonal high in Dec 25. KTC could report a qoq increase in credit cost in 1Q26 as the company will increase provision expenses to cushion against future uncertainties. Maintain BUY. Target price: Bt47.00
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, April 01, 2026
Top Stories Company Update | Krungthai Card (KTC TB/BUY/Bt29.25/Target: Bt47.00) We anticipate KTC reporting a 1Q26 net profit of Bt2.1b, up 14% yoy and 3% qoq. We expect KTC’s loan portfolio to grow 2% yoy but contract 2% qoq in 1Q26 due to the high base from the seasonal high in Dec 25. KTC could report a qoq increase in credit cost in 1Q26 as the company will increase provision expenses to cushion against future uncertainties. Maintain BUY. Target price: Bt47.00. Company Update | Tidlor Ho...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Wednesday, April 1, 2026
Top Stories Economics | PMI March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and non-manufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-in...
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002460 GANFENG LITHIUM CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
9896 MINISO GROUP HOLDING LTD
002747 CH ESTUN AUTOMATION
- Keith Wee Teck Keong
Banking - Positon Of Strength
Positon Of Strength Highlights Bank Negara Malaysia’s (BNM) 2H25 Financial Stability report highlights continued improvements in banking system resilience and key financial metrics. This reinforces confidence that the sector is entering the current external headwinds from a position of strength. Maintain OVERWEIGHT. Amid ongoing Middle East geopolitical uncertainties, we adopt a barbell strategy, favouring Public Bank and Hong Leong Bank for their defensive profiles and capital management ...
- Malaysia Research Team
Malaysia Daily - Wednesday, April 1, 2026
Top Stories Sector Update | Banking BNM’s 2H25 Financial Stability report highlights continued improvements in banking system resilience and key financial metrics. Maintain OVERWEIGHT. Market Spotlight The FBMKLCI rebounded by 2.46pt (+0.15%) to close at 1,690.36 yesterday. US stocks were higher after the close on Tuesday, as gains in the technology, industrials and consumer services sectors led shares higher. Technical Analysis FBMKLCI, FCPO & FKLI Index Outlook Traders’ Corner Ancom Nylex ...
- Jonathan Koh
United Hampshire US REIT (UHU SP) - Gen Z Drives Retail Renaissance
Retail properties are experiencing a new renaissance due to historical low vacancy, while Gen Z is flocking back for experiential interactions at malls. UHU will benefit from full-year contributions from the acquisitions of Dover Marketplace and Wallingford Fair in 2026. The new 53,000sf Dick’s Sporting Goods store opened at Hudson Valley Plaza in Mar 26. UHU trades at an attractive 2026 distribution yield of 9.8%. Maintain BUY. Target price: US$0.72.
- Jonathan Koh
REITs - S-REITs Monthly Update (Mar 26)
S-REITs would be active in asset recycling in 2026, supported by depressed domestic interest rates. The sector is defensive and provides attractive yield spread of 3.6%, which is 0.5SD above the long-term mean. Maintain OVERWEIGHT. BUY blue-chips CICT (Target: S$2.95), FLT (Target: S$1.22), MPACT (Target: S$1.84) and NTTDCR (Target: US$1.42).
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, April 1, 2026
Greater China Economics | PMI March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and non-manufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-i...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BMRI BANK MANDIRI
TIDLOR TIDLOR HOLDINGS PCL
002747 CH ESTUN AUTOMATION
- Jonathan Koh
Singapore Daily: Wednesday, April 01, 2026
Top Stories Sector Update | REITs S-REITs would be active in asset recycling in 2026, supported by depressed domestic interest rates. The sector is defensive and provides attractive yield spread of 3.6%, which is 0.5SD above the long-term mean. Maintain OVERWEIGHT. BUY blue-chips CICT (Target: S$2.95), FLT (Target: S$1.22), MPACT (Target: S$1.84) and NTTDCR (Target: US$1.42). Company Update | United Hampshire US REIT (UHU SP/BUY/US$0.505/Target: US$0.72) Retail properties are experiencin...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Posmarito Pakpahan
Bank Mandiri (BMRI IJ) - 2M26 Solid Earnings Growth, But Funding And G...
Company Update | Bank Mandiri (BMRI IJ/HOLD/Rp4,720/Target: Rp5,150) BMRI reported solid 2M26 earnings growth of 16.7% yoy, with net profit growth driven mainly by lower provisions, while core income trends showed early signs of moderation. Funding quality weakened as CASA declined sharply, with CoF improvement seen as cyclical, supported by rate cuts and liquidity injections. Rising bond yields and weaking rupiah potentially constrain BI’s scope for further rate cuts. Meanwhile, BRIS deconsolid...
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