reports
- Julia Pan Mengyao
Tencent Holdings (700 HK): Launch Of WorkBuddy And One-Click Deploymen...
We continue to view Tencent as a core holding for investors seeking exposure to AI applications. Tencent launched WorkBuddy on 9 March, an AI agent developed by the Tencent Cloud CodeBuddy team, alongside QQ Open Platform’s integration with OpenClaw. AI applications are also increasingly delivering both cost reductions and revenue uplift across Tencent ecosystems, enabling new monetisation opportunities, with gaming and advertising among the earliest beneficiaries. Maintain BUY with an unchanged...
- Shirley Wang Xueyi
- Stella Guo Yuting
Chongqing Brewery (600132 CH): 2025: Core Net Profit Down 3% yoy; On-P...
In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive development for the industry, as it helps to attract more consumers.
- Thanawat Thangchadakorn
Finance - 4Q25: Results In Line; Credit Cost Down yoy In 2025
Sector Update | Finance Finance companies under our coverage reported a combined net profit of Bt6.2b in 4Q25, up 9% yoy but down 3% qoq, in line with our and consensus estimates. We expect the cabinet to commence implementing the government disbursement and stimulus policy in 2H26. The spike in global oil prices is unlikely to impact retail oil prices in Thailand. We reckon that the market was too pessimistic on the finance sector. Maintain OVERWEIGHT on the sector. Top picks: MTC and KTC.
- Thanawat Thangchadakorn
Thailand Daily: Thursday, March 12, 2026
Top Stories Sector Update | Finance Finance companies under our coverage reported a combined net profit of Bt6.2b in 4Q25, up 9% yoy but down 3% qoq, in line with our and consensus estimates. We expect the cabinet to commence implementing the government disbursement and stimulus policy in 2H26. The spike in global oil prices is unlikely to impact retail oil prices in Thailand. We reckon that the market was too pessimistic on the finance sector. Maintain OVERWEIGHT on the sector. Top picks: MTC ...
- Jack Goh Tooan Orng
Top Glove Corporation (TOPG MK) - Setbacks From Macro Challenges; Mode...
Setbacks From Macro Challenges; Modest Growth In FY26 Highlights 2QFY26 results will see a modest sales volume growth, but profitability likely faces pressure from the weakening MYR/USD rate and higher input costs. 2026-27 earnings recovery remains intact despite various challenges, lifted by better sales volume and various production optimisation efforts. Risk-reward still appears unattractive at this juncture. Maintain HOLD and target price of RM0.57.
- Malaysia Research Team
Malaysia Daily - Thursday, March 12, 2026
Top Stories Company Update | Top Glove Corporation (TOPG MK/HOLD/RM0.56/Target: RM0.57) Top Glove is set to deliver modest 2QFY26 earnings growth, mainly lifted by a better sales volume. Nevertheless, the weakening MYR/USD rate will likely result in margin compression in the near term. Meanwhile, we foresee a potential spike in raw material and other input costs due to the recent Middle East tension, which will further pressure margins in 2HFY26. As such, we remain neutral on Top Glove for its u...
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, March 12, 2026
Top Stories Company Results | Chongqing Brewery (600132 CH/NOT RATED/Rmb56.22) In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive developme...
- Audrey Celia
- Posmarito Pakpahan
Asuransi Tugu Pratama Indonesia (TUGU IJ) - Consolidation Upside At De...
Small/Mid Cap Highlights | Asuransi Tugu Pratama Indonesia (TUGU IJ/NOT RATED/Rp1,245) TUGU, 58.5% owned by Pertamina, is Indonesia’s leading corporate insurer with an AM Best A-rating and RBC of 360%. Trading at 0.45x trailing P/B with a 6-7% dividend yield, it appears deeply undervalued. Two structural catalysts ‒ POJK 23 capital consolidation forcing weaker peers to exit, and Danantara restructuring SOE insurance ‒ could trigger significant re-rating, mirroring the BRIS precedent. Key overhan...
- Suryaputra Wijaksana
Economics - Fragile Consumption Recovery Amid Rising External Risks
Economics | Fragile Consumption Recovery Amid Rising External Risks Retail sales growth accelerated to 6.9% in Feb 26, the highest since Mar 24, driven by discretionary spending on services and entertainment. However, this recovery remains fragile, fuelled primarily by fiscal spending rather than organic household strength. Underlying labour market conditions are weak, with layoffs continuing and consumer confidence flat. Households are prioritising savings over spending, keeping durable goods s...
- Heidi Mo Jinghui
Singapore Daily: Thursday, March 12, 2026
Top Stories Company Results | Soon Hock Enterprise (SHOCK SP/BUY/S$0.61/Target: S$0.71) SHE’s 2025 net profit of S$38m came in 2% above our expectation, while revenue of S$228m matched our forecast following the partial TOP of Stellar@Tampines. Looking ahead, 2026-27 earnings are well supported by the remaining recognition from Stellar@Tampines, alongside contributions from Skye@Tuas and Senang Crescent. Maintain BUY with an unchanged target price of S$0.71, supported by an attractive 6% yield...
- Audrey Celia
- Maskun Ramli
- Posmarito Pakpahan
- Suryaputra Wijaksana
Indonesia Daily - Thursday, March 12, 2026
Economics | Fragile Consumption Recovery Amid Rising External Risks Retail sales growth accelerated to 6.9% in Feb 26, the highest since Mar 24, driven by discretionary spending on services and entertainment. However, this recovery remains fragile, fuelled primarily by fiscal spending rather than organic household strength. Underlying labour market conditions are weak, with layoffs continuing and consumer confidence flat. Households are prioritising savings over spending, keeping durable goods s...
- Audrey Celia
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, March 12, 2026
Greater China Company Results | Chongqing Brewery (600132 CH/NOT RATED/Rmb56.22) In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive developm...
- Heidi Mo Jinghui
Soon Hock Enterprise (SHOCK SP) - 2025: Slight Beat; Attractive 6% Yie...
SHE’s 2025 net profit of S$38m came in 2% above our expectation, while revenue of S$228m matched our forecast following the partial TOP of Stellar@Tampines. Looking ahead, 2026-27 earnings are well supported by the remaining recognition from Stellar@Tampines, alongside contributions from Skye@Tuas and Senang Crescent. Maintain BUY with an unchanged target price of S$0.71, supported by an attractive 6% yield.
- 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.
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