reports
- Johnny Yum Chung Man
Foxconn Industrial Internet (601138 CH): Takeaways From 2025 Analyst B...
FII’s management provided constructive guidance for 2026, reiterating significant yoy growth in 1Q26, followed by sequential growth every single quarter in 2026. The mass production timeline of key new products, including Rubin NVL72, Grok 3 racks, and CPO switches, are in line for 3Q26, while the dollar content in the AI ODM supply chain is expected to rise due to the increasingly demanding requirements on component capabilities. Maintain BUY and keep target price unchanged at Rmb89.50.
- Shirley Wang Xueyi
- Stella Guo Yuting
Kweichow Moutai (600519 CH): 2025: Results Miss; First-Ever Revenue An...
Moutai reported 2025 revenue of Rmb172,054m (-1% yoy) and net profit of Rmb82,320m (-5% yoy), marking its first-ever revenue and net profit decline since listing. This implies 4Q25 revenue of Rmb41,150m (-19% yoy) and net profit of Rmb17,693m (-30% yoy). The company did not set its 2026 sales target, but we believe its current focus is on price stabilisation and channel optimisation. Cut target price by 17% to Rmb1,395.00 and downgrade to HOLD.
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 4Q25: Solid Operating Results Dragged By Taxe...
Han’s Laser’s 4Q25 revenue grew 30.2% yoy and 18.6% qoq to Rmb6.0b, beating estimates. However, net profit only grew 21.8% yoy to Rmb249m, missing expectations due to higher-than-expected taxes and non-controlling interests. Going forward, we anticipate stronger growth in 2026, driven by a sharp recovery in Apple supply chain orders and robust AIrelated PCB equipment demand. We raise our target price to Rmb91.00 but downgrade to HOLD for now.
- Ken Lee
China Automobile Weekly: 1-12 April PV Sales Update And The New Tech/M...
PV sales remained weak during 1-12 April, reflecting the sustained front-loading effect from the roll-back of tax concession, Qingming holiday drag, high oil prices, and purchase delays ahead of Beijing Auto Show new-model debuts. EVs and exports remain bright spots, offsetting domestic ICE-car sales weakness. CPCA projects 13% China’s EV sales growth and 1% yoy overall PV sales growth for 2026, on par with our estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, BYD and Minth.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600699 NINGBO JOYSON ELECTRONIC CORP. CLASS A
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
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
PONY PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Claire Wang Kelai
- Tham Mun Hon
China Economics Activity: 1Q26 GDP Holds At 5.0% yoy; March Data Mixed...
China’s 1Q26 GDP growth came in at 5.0% yoy (+0.5ppt qoq, -0.4ppt yoy), indicating stabilisation from the 2H25 trough. March data was mixed - industrial production rose 6.1% yoy (-0.2ppt mom), beating expectations, while retail sales slowed to 1.7% yoy and FAI ytd edged down to 1.7% yoy (-0.1ppt mom), both missing consensus estimates. Property FAI ytd remained weak at -11.2% yoy. The surveyed unemployment rate rose to 5.4% (+0.1ppt mom). Overall, data was mixed and market neutral.
- Thanawat Thangchadakorn
Tisco Financial Group (TISCO TB) - 1Q26: Results In Line; Clean Asset ...
Company Results | Tisco Financial Group (TISCO TB/HOLD/Bt115.00/Target: Bt110.00) TISCO posted a 1Q26 net profit of Bt1.73b, up 6% yoy and 6% qoq, in line with our and market expectations. TISCO recorded a significant 37% qoq increase in provision expenses in 1Q26. Management guides that the bank has set aside special provisions in this quarter as it foresees potential impact from tensions in the Middle East and the higher oil price situation. Maintain HOLD with an unchanged target price of Bt11...
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 17, 2026
Top Stories Company Results | Tisco Financial Group (TISCO TB/HOLD/Bt115.00/Target: Bt110.00) TISCO posted a 1Q26 net profit of Bt1.73b, up 6% yoy and 6% qoq, in line with our and market expectations. TISCO recorded a significant 37% qoq increase in provision expenses in 1Q26. Management guides that the bank has set aside special provisions in this quarter as it foresees potential impact from tensions in the Middle East and the higher oil price situation. Maintain HOLD with an unchanged target ...
- Wei Xiang Ku
ITMAX System (ITMAX MK) - Sizable JB CCTV Win Signals Strong Growth Po...
Sizable JB CCTV Win Signals Strong Growth Potential Beyond Johor Bahru Highlights ITMAX secured a sizable 2,000-unit video surveillance CCTV contract from MBJB, representing a significant increase compared to its initial 500-unit contract. Although capex for this contract is relatively higher, ITMAX is charging a higher ASP per CCTV, driven by enhanced solution offerings such as Digital Twin and Super App. We expect this momentum to continue in Johor and DBKL. Maintain BUY; target price: R...
- Philip Wong
Consumer - ESG Advancing Beyond Disclosure
ESG Advancing Beyond Disclosure Highlights ESG improvements were driven by real operational execution rather than just disclosure enhancements. Clear ESG tiering persists. Leaders plateau at a high base, while laggards improve mainly through disclosure and early-stage initiatives. Maintain MARKET WEIGHT. Top picks for the sector: Fraser & Neave Holdings (F&N), Heineken Malaysia (Heineken) and Oriental Kopi Holdings.
- Malaysia Research Team
Malaysia Daily - Friday, April 17, 2026
Top Stories Sector Update | Consumer We conducted our annual ESG assessment on the FMCG segment. ESG improvements were driven by real operational execution rather than just disclosure enhancements. Clear ESG tiering persists. Leaders plateau at a high base, while laggards improve mainly through disclosure and early-stage initiatives. Maintain MARKET WEIGHT. Top picks for the sector: Fraser & Neave Holdings, Heineken Malaysia and Oriental Kopi Holdings. Company Update | ITMAX System (ITMAX MK/BUY...
- Claire Wang Kelai
- Johnny Yum Chung Man
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, April 17, 2026
Top Stories Economics | Economic Activity China’s 1Q26 GDP growth came in at 5.0% yoy (+0.5ppt qoq, -0.4ppt yoy), indicating stabilisation from the 2H25 trough. March data was mixed - industrial production rose 6.1% yoy (-0.2ppt mom), beating expectations, while retail sales slowed to 1.7% yoy and FAI ytd edged down to 1.7% yoy (-0.1ppt mom), both missing consensus estimates. Property FAI ytd remained weak at -11.2% yoy. The surveyed unemployment rate rose to 5.4% (+0.1ppt mom). Overall, data w...
- Jonathan Koh
Singapore Daily: Friday, April 17, 2026
Top Stories Company Results | Keppel DC REIT (KDCREIT SP/BUY/S$2.36/Target: S$2.90) NPI grew 19% yoy in 1Q26 due to full-quarter contribution from the newly acquired Tokyo Data Centre 3. Rental reversion of 51% for 1Q26 was exceptional due to the renewal of a small colocation lease in Singapore. KDCREIT plans to acquire hyperscale data centres in Singapore (yield: 6.0-6.5%), Japan (yield: 3-4%), South Korea (yield: 5-6%) and Europe (yield: 5-6%). Debt headroom is sizeable at S$550m. Maintain BUY...
- Claire Wang Kelai
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, April 17, 2026
Greater China Economics | Economic Activity China’s 1Q26 GDP growth came in at 5.0% yoy (+0.5ppt qoq, -0.4ppt yoy), indicating stabilisation from the 2H25 trough. March data was mixed - industrial production rose 6.1% yoy (-0.2ppt mom), beating expectations, while retail sales slowed to 1.7% yoy and FAI ytd edged down to 1.7% yoy (-0.1ppt mom), both missing consensus estimates. Property FAI ytd remained weak at -11.2% yoy. The surveyed unemployment rate rose to 5.4% (+0.1ppt mom). Overall, d...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
TISCO TISCO FINANCIAL GROUP
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
FFB FARM FRESH BHD
ITMAX ITMAX SYSTEM BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Jonathan Koh
Keppel DC REIT (KDCREIT SP) - 1Q26: Boost From Accretive Acquisition I...
NPI grew 19% yoy in 1Q26 due to full-quarter contribution from the newly acquired Tokyo Data Centre 3. Rental reversion of 51% for 1Q26 was exceptional due to the renewal of a small colocation lease in Singapore. KDCREIT plans to acquire hyperscale data centres in Singapore (yield: 6.0-6.5%), Japan (yield: 3-4%), South Korea (yield: 5-6%) and Europe (yield: 5-6%). Debt headroom is sizeable at S$550m. Maintain BUY on resiliency of the data centre market in Singapore (62.7% of AUM) and support...
- Posmarito Pakpahan
Bank Tabungan Negara (BBTN IJ) - 1Q26: Earnings Beat On CoF; Funding P...
Company Results | Bank Tabungan Negara (BBTN IJ/BUY/Rp1,340/Target: Rp1,565) BBTN reported 1Q26 net profit of Rp1.1t (+22.6% yoy), exceeding expectations, driven by a 100bp CoF decline. Loan grew 10.3% yoy, led by non-housing and subsidised segments. CASA mix improved, although funding pressure is rising amid SRBI issuance. Asset quality showed modest improvement, with lower NPL and credit cost. Recurring fee income strengthened, with further upside from bancassurance renegotiation. We maintain ...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Friday, April 17, 2026
Company Results | Bank Tabungan Negara (BBTN IJ/BUY/Rp1,340/Target: Rp1,565) BBTN reported 1Q26 net profit of Rp1.1t (+22.6% yoy), exceeding expectations, driven by a 100bp CoF decline. Loan grew 10.3% yoy, led by non-housing and subsidised segments. CASA mix improved, although funding pressure is rising amid SRBI issuance. Asset quality showed modest improvement, with lower NPL and credit cost. Recurring fee income strengthened, with further upside from bancassurance renegotiation. We maintain ...
- Ken Lee
Contemporary Amperex Technology Co (300750 CH): 1Q26 results beat our ...
Highlights 1Q26 net profit beat our estimate at Rmb20,738m (+48.5% yoy/-10.5% qoq) on sales volume (200GWh/+66.7% yoy). The buoyant sales growth was driven by higher kWh per vehicle, commercial EVs and ESS battery for data centres. Management indicated strong order flows. We expect CATL's earnings to be driven by the accelerating electrification across EVs, ESS, commercial trucks, robots, and data centres, as well as the company’s strong product pipeline. We raise our 2026-28 net profit fo...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small/Mid Cap Monthly – 2025 results review.
Names under our coverage reported divergent 2025 results. The outlook for 2026 is cautiously optimistic amid geopolitical tensions, with growth fuelled by improving product mixes, new product launches and operating leverage. Our most preferred growth name is Plover Bay (1523 HK), given the prospects for its Starlink-centred products and potential re-rating of its US business on Nasdaq. Our top pick for high-yield plays is Crystal (2232 HK) as we believe its long-term wallet share gains from key ...
- Ken Lee
Nexteer Automotive Group (1316 HK): Takeaways From Conference Call.
Nexteer expects low single-digit revenue growth for 2026. The Steer-by-Motion businesses are coming on-stream in 2026- 27. The company expects margin improvement in 2026, based on: a) the pass-through of tariffs to customers; b) efficiency gain from restructuring of the NA segment; c) the resilient margins of the APC segment; and d) ramp-up of production at the Poland and Brazil plants. We maintain our 2026-28 net profit estimates at US$134m/US$149m/US$173m respectively. Maintain BUY; target pri...
- Julia Pan Mengyao
JD.com (9618 HK): 1Q26 Results Preview: Narrowing FD Losses; Solid FY2...
JD has guided for sluggish low single-digit top-line growth in 1Q26, slightly improving from 4Q25’s 1.5% yoy growth, but significantly lower than 1Q25’s 15.8% due to a high base last year driven by national subsidies. However, overall profitability is expected to rebound, driven by narrowing losses in the FD segment, resumption of national subsidies, and contributions from ongoing international expansion. Maintain BUY with a raised target price of HK$155.00 (US$40.00).
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