reports
- Julia Pan Mengyao
JD.com (9618 HK): 4Q25: Diversified Growth Driver; AI Embedded In Supp...
JD’s 4Q25 results beat expectations. Revenue increased 1.5% yoy to Rmb352.3b, largely in line with our and consensus estimates. Non-GAAP operating profit slumped to a Rmb3.1m loss from a Rmb10.5b profit in 4Q24. Non-GAAP net profit was down 90% yoy to Rmb1.1b. Adjusted net margin shrank 3ppt yoy to 0.3%, better than consensus and our estimates. Maintain BUY with a lower target price of HK$133.00 (US$35.00).
- Carol Dou Xiao Qin
- Sunny Chen
HUTCHMED (China) (13 HK): 2025: Results In Line, Sales Recovery To Con...
2025 results were in line. Total revenue declined 13% yoy, but Fruquintinib’s in-market sales rebounded significantly hoh driven by continuous overseas growth and positive impact from sales restructuring in China. It targets oncology/immunology revenue of US$330m-450m supported by continued sales recovery. Seeing smooth R&D progress, we expect a new wave of market approvals to fuel growth for HUTCHMED in the years ahead. Maintain BUY with a lower target price of HK$26.00 reflecting rising geopol...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Karrie International Holdings (1050 HK): Transforming Into A Key AI Su...
Karrie is a leading server chassis supplier that began mass production of AI server chassis for a US ASIC customer in Aug 25 and became Nvidia’s recommended vendor for AI server chassis/racks in Sep 25. We forecast a 50.9% threeyear EPS CAGR in FY26-28 on: a) surging AI orders; and b) gross margin expansion, driven by AI-related products with higher-value content and better profitability. Initiate coverage with BUY and a target price of HK$3.12 based on 11.0x FY27F PE.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: US-Iran Conflict ‒ Short-Term Cost Shock, Lon...
The US-Iran conflict boosted oil prices, accelerating EV adoption but causing minimal short-term cost shock to China's auto industry. February deliveries met expectations, with exports offsetting weak domestic demand. BYD unveiled new technology while Xpeng launched its smart driving system. Maintain MARKET WEIGHT. Top BUYs include CATL and Geely, while Li Auto is our top SELL.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
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)
- Claire Wang Kelai
- Tham Mun Hon
China Economics: 2026 NPC Government Work Report.
China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and the green transition, for the first ...
- Tanapon Cholkadidamrongkul
Siam Global House (GLOBAL TB) - Geopolitical Political Risk Is Managea...
Company Update | Siam Global House (GLOBAL TB/HOLD/Bt6.85/Target: Bt7.40) Management plans to expand six stores and renovate eight stores to drive higher traffic, targeting flat SSSG in 2026 with gross margin expansion. Every 10% increase in logistics costs would affect earnings by 2.4%. Although GLOBAL’s outlook is stronger than its peers, we also see limited upside to our earnings forecast. Maintain HOLD with a lower target price of Bt7.40 (from Bt8.00).
- Thailand Research Team
Strategy - 2025 Results Review
Strategy | 2025 Results Review In 2025, earnings were broadly in line with expectations, with most sectors meeting forecasts. The construction sector beat consensus estimates while petrochemicals underperformed. In 2026, we expect to see growth in petrochemical, electronics, packaging, healthcare, and energy with net profit gains concentrated in the petrochemical and energy sectors. Meanwhile, utilities, construction services, consumer staples, and banking may see slower growth due to a high bas...
- Tanapon Cholkadidamrongkul
- Thailand Research Team
Thailand Daily - Friday, March 06, 2026
Top Stories Strategy | 2025 Results Review In 2025, earnings were broadly in line with expectations, with most sectors meeting forecasts. The construction sector beat consensus estimates while petrochemicals underperformed. In 2026, we expect to see growth in petrochemical, electronics, packaging, healthcare, and energy with net profit gains concentrated in the petrochemical and energy sectors. Meanwhile, utilities, construction services, consumer staples, and banking may see slower growth due ...
- Chong Lee Len
Telecommunications - 2025: In Line; 5G Remains An Overhang On The Indu...
2025: In Line; 5G Remains An Overhang On The Industry Highlights 2025 sector earnings came in broadly in line, declining 3% yoy due to Axiata’s underperformance. TIME, TM and Maxis delivered double-digit earnings growth supporting their healthy dividend payout. 2025 was characterised by: a) persistent postpaid revenue growth from preto- postpaid migration; b) moderating prepaid churn, supported by ARPU uplift (+4% yoy); c) robust demand for fibre; and d) cost discipline. Maintain MARKET WE...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, March 6, 2026
Top Stories Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and the g...
- Malaysia Research Team
Malaysia Daily - Friday, March 6, 2026
Top Stories Sector Update | Telecommunications 2025 sector earnings came in broadly within expectations – declining 3% yoy on the back of Axiata Group’s underperformance. TIME dotCom, Telekom Malaysia and Maxis delivered double-digit earnings growth supporting their healthy dividend payout. 2025 was characterised by: a) continued postpaid top-line growth given healthy pre-to-postpaid migration, b) moderating prepaid churn, c) robust demand for fibre, and d) cost discipline. Maintain MARKET WEIGH...
- Singapore Research Team
Singapore Daily: Friday, March 6, 2026
Top Stories Strategy | Monthly Market Radar Singapore equities extended gains in February, with the STI rising 1.8% to near the 5,000 level after reaching a record high above 5,040. Market sentiment was supported by steady manufacturing expansion and selective corporate strength, including Yangzijiang Shipbuilding’s strong earnings. Global markets remained cautious amid AI-related concerns, while geopolitical tensions in the Middle East raised risks of higher oil prices. Market Spotlight • US s...
- Andrew Agita Buntoro
- Willinoy Sitorus
Folago Global Nusantara (IRSX IJ) - Rights Issue Lays The Foundation F...
Small/Mid Cap Highlights | Folago Global Nusantara (IRSX IJ/NOT RATED/Rp510) Folago plans to raise up to Rp3.7t through a rights issue of 12.39b shares with 1.86b warrants, with the controlling shareholder acting as a standby buyer. The company will allocate Rp2.7t to secure commercial rights for 500 top Indonesian talents and contract 100 leading TikTok Shop affiliates, strengthening its creator ecosystem. In addition, Folago is expanding beyond livestream commerce into OTT vertical dramas, con...
- Suryaputra Wijaksana
Economics - Fitch Outlook Action: Stronger Momentum For Change
Economics | Fitch Outlook Action: Stronger Momentum For Change Global rating agency Fitch cut Indonesia's outlook to negative on policy uncertainty, fiscal risks, and off-budget investments. Authorities pledge discipline and spending cuts. Markets want action such as fiscal consolidation and improved spending quality along with BI pausing rate cuts to defend the rupiah and restore market confidence. In the near term, we expect higher bond yields and risk premia, and a single rate cut in 3Q26 hin...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Gigi Cheuk
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, March 06, 2026
Greater China Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
01050 KARRIE INTERNATIONAL HOLDINGS (P CHIP)
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
HANA HANA MICROELECTRONICS PCL
GLOBAL SIAM GLOBAL HOUSE PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
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
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
TENAGA TENAGA NASIONAL BHD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
T TELEKOM MALAYSIA BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
HCM HUTCHISON CHINA MEDITECH LIMITED
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
TDC TIME DOTCOM BHD
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
STM SEATRIUM LTD
EPIC 1CM INC
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
IRSX FOLAGO GLOBAL NUSANTARA
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities extended gains in February, with the STI rising 1.8% to near the 5,000 level after reaching a record high above 5,040. Market sentiment was supported by steady manufacturing expansion and selective corporate strength, including Yangzijiang Shipbuilding’s strong earnings. Global markets remained cautious amid AI-related concerns, while geopolitical tensions in the Middle East raised risks of higher oil prices.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Friday, March 6, 2026
Economics | Fitch Outlook Action: Stronger Momentum For Change Global rating agency Fitch cut Indonesia's outlook to negative on policy uncertainty, fiscal risks, and off-budget investments. Authorities pledge discipline and spending cuts. Markets want action such as fiscal consolidation and improved spending quality along with BI pausing rate cuts to defend the rupiah and restore market confidence. In the near term, we expect higher bond yields and risk premia, and a single rate cut in 3Q26 hin...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Karrie International Holdings (1050 HK): Transforming into a key AI su...
Highlights Karrie is a leading server chassis supplier that began mass production of server chassis for a US ASIC customer in Aug 25 and became Nvidia’s recommended vendor for server chassis/racks in Sep 25. We forecast a 50.9% three-year EPS CAGR in FY26-28 on: a) surging orders from US ASIC customer and Nvidia; and b) gross margin expansion, driven by AI-related products with higher value content and better profitability. Initiate coverage with BUY and a target price of HK$3.12 based on ...
- Tanapon Cholkadidamrongkul
CP Axtra (CPAXT TB) - The Food Purveyor Acquisition
Company Update | CP Axtra (CPAXT TB/HOLD/Bt14.80/Target: Bt14.80) CPAXT signed a share purchase agreement to acquire 100% of shares in TFP, the premium supermarket in Malaysia. We have a neutral view and expect short-term sentiment pressure while we remain constructive over the long term. Maintain HOLD with a target price of Bt14.80.
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - Recovery Expected In 2Q26
Company Update | Home Product Center (HMPRO TB/BUY/Bt6.60/Target: Bt9.00) In 2026, management targets for SSSG to be slightly positive, with a focus on improving gross margin and controlling SG&A. We expect demand to normalise in 2Q26, and on a yoy basis we see a chance SSSG to turn slightly positive in 2Q26. Maintain BUY with a target price of Bt9.00.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.