reports
- Julia Pan Mengyao
DiDi Global Inc (DIDIY US) - Rebuilding Profitability In A New Mobilit...
Rebuilding Profitability In A New Mobility Cycle Highlights As the world’s largest mobility technology platform, DiDi boasts an about 70% share of China’s ride-hailing market and comprehensive mobility offerings. DiDi’s four key pillars ‒ shared-mobility, auto solutions, electric mobility, and autonomous driving ‒ work cohesively to enhance consumer experience. We anticipate sustained and compounded growth in domestic profits and free cash flow, marking one of the fastest profit growth for our...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Curtis Yeung
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, February 27, 2026
Top Stories Sector Update | Automobile China's humanoid robotics sector is accelerating, with 2025 global shipments up 508%. Key players anticipate significant revenue contributions by 2031: CATL expects 3-7% from batteries; Minth and LeaderDrive project 5-12% and 45-65% respectively; Tuopu forecasts 15-25% from motion systems; and RoboSense targets 40-60% from LiDAR. We maintain a MARKET WEIGHT rating on the sector. Top BUY recommendations include CATL, Ganfeng Lithium, Minth (target price rais...
00293 CATHAY PACIFIC AIRWAYS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
86 SUN HUNG KAI & CO LTD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
02577 INNOSCIENCE (SUZHOU) TECHNOLOGY HOLDING CO. LTD.
ONC@US@ BEONE MEDICINE INC
- Tanapon Cholkadidamrongkul
CP ALL (CPALL TB) - Positive Tone From Analyst Meeting
Company Update | CP ALL (CPALL TB/BUY/Bt53.75/Target: Bt62.00) We came away from CPALL’s analyst meeting with a positive view. The 2026 strategy focuses on enhancing customer experience. The initiatives should improve customer perception of 7-Eleven and drive store traffic higher. Management indicated that consumer confidence ytd has improved compared to 2025. Maintain BUY with a target price of Bt62.00.
- Arsit Pamaranont
Ratch GROUP (RATCH TB) - 4Q25: Reported Profit 12% Above Our Expectati...
Company Results | Ratchaburi Electricity Generating (RATCH TB/BUY/Bt31.75/Target: Bt35.00) RATCH reported softer 4Q25 core and net profit due to weaker equity income, particularly the lower contribution from Paiton, despite stronger revenue from HKP consolidation and forex gains. However RATCH’s 2025 core profit rose slightly to Bt6.3b (+2% yoy), supported by HKP Unit 2 COD and solid hydro performance, partly offset by RG thermal PPA expiry and impairment. In 2026, earnings should improve on ful...
- Benjaphol Suthwanish
BANPU (BANPU TB) - 4Q25: Reported Net Loss
Company Results | BANPU (Pre-amalgamation) (BANPU/HOLD/Bt5.90/Target: Bt5.50) BANPU reported a 4Q25 net loss of Bt1.66b, primarily due to the recognition of substantial extra losses. Core profit in 4Q25 declined qoq, mainly reflecting a significant drop in core earnings from BPP. BANPU declared a 2H25 dividend of Bt0.18/share. Meanwhile, the establishment of NewCo remains on track, with completion expected by 3Q26. Maintain HOLD. Target price: Bt5.50 (previously Bt5.30).
- Benjaphol Suthwanish
kok Dusit Medical Services (BDMS TB) - 4Q25: Weak Earnings In Line
Company Results | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt21.40/Target: Bt32.00) 4Q25 net profit was Bt3.7b (-14.8% yoy), in line with estimates, dragged by flood-related costs and provisions. Revenue grew modestly, supported by Thai and non-Cambodian foreign patients, though Cambodian revenue dropped sharply. Margins weakened on higher costs and tax rate. Tensions with Cambodia remain a drag. BDMS announced a total 2025 dividend of Bt1.00/share (~4.7% yield). Copayment impact will be grad...
- Thanawat Thangchadakorn
Bangkok Commercial Asset Management (BAM TB) - 4Q25: Results Miss; 20...
Company Results | Bangkok Commercial Asset Management (BAM TB/BUY/Bt7.55/Target: Bt9.00) BAM posted a 4Q25 net profit of Bt118m, down 78% yoy and 36% qoq. The results are lower than our and consensus estimates by 57% and 61%, respectively. BAM reported a total cash collection reaching Bt17.86b in 2025, achieving 2025’s collection target. BAM announced its 2026 financial targets. However, we conservatively forecast our earnings in 2026 at below Bt2b as we have seen misses and fluctuations in earn...
- Arsit Pamaranont
WHA Corporation (WHA TB) - Positive Signs In 2026; Resilient Demand
Company Update | WHA Corporation (WHA TB/BUY/Bt4.40/Target: Bt5.00) The tone of WHA’s 4Q25 analyst meeting was positive. The miss in land pre-sales in 2025 was due to the signing of the 900 rai contract being pushed to 1Q26. Management targets 2026 land sales of 2,500 rai (vs 2,350 rai). Resume coverage with a BUY and a higher target price of Bt5.00.
- Desmond Chong Chee Wai
Vitrox Corporation (VITRO MK) - 2025: Above Expectations; Momentum Con...
2025: Above Expectations; Momentum Continues But Valuation Remains Stretched Highlights Above our expectation. Vitrox Corporation (Vitrox) reported a record 4Q25 net profit of RM46.2m (+33% qoq, +105% yoy), bringing 2025 net profit to RM133.2m (+47%). This came in above our but largely within consensus estimates at 110% and 100% respectively. The positive deviation to our numbers was due to stronger-than-expected sales from the machine vision system (MVS) and automated board inspection (ABI) s...
- Benjaphol Suthwanish
The Erawan Group (ERW TB) - Worth A Revisit In 2H26
Company Update | The Erawan Group (ERW TB/HOLD/Bt3.20/Target: Bt3.30) The tone during ERW’s analyst meeting was positive. The company targets 9% revenue growth in 2026, driven by the luxury and budget segments, supported by Hop Inn expansion and recovery in Chinese tourist arrivals. New projects in Korea and Asoke have been announced. 1Q26 earnings should be strong, driven by occupancy, despite pricing pressure. Renovation and refinancing costs will weigh on earnings from 2Q26 onwards. Maintain ...
- Kong Ho Meng
Uzma (UZMA MK) - 2QFY26: Results In Line, Driven By Strong Growth From...
2QFY26: Results In Line, Driven By Strong Growth From Core Business Highlights 1HFY26 core profit is in line, meeting 50%/47% our/consensus FY26/27 earnings estimates. 1HFY26 EBITDA was RM83m (+33% yoy), with 2QFY26 EBITDA at RM40m (flattish qoq). Group revenue for the quarter doubled yoy, primarily driven by the strength of its core (O&G) business activities. In detail, production solutions was the key growth driver, arising from the significant seismic acquisition contract, whereby 2QFY26 wa...
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - Announcing A Higher Dividend Payout Ratio Of 4...
Company Update | Bangkok Bank (BBL TB/HOLD/Bt176.50/Target: Bt180.00) BBL announced a dividend payment of Bt10.00 per share in 2025, translating to a dividend payout ratio of 42.45% in 2025. Due to the higher-than-expected dividend payment in 2025, we increase our forecasted dividend payout ratio for 2026 from 40.2% to 47.3%. However, our earnings forecasts remain unchanged. The ROE outlook is a positive surprise. Upgrade to HOLD with a higher target price of Bt180.00 (previous: Bt140.00).
- Amerul Iqmal
Sime Darby (SIME MK) - 1HFY26: Above Expectations; Positive Recovery I...
1HFY26: Above Expectations; Positive Recovery In China Highlights Above expectations. Sime Darby delivered a strong set of results in 2QFY26 with a core net profit of RM431m (+29% qoq, +42% yoy), which lifted 1HFY26 core net profit to RM766m (+15% yoy), exceeding our and consensus forecasts, accounting for 58% of full-year earnings. The positive deviation was mainly attributable to a better performance of the motors division on the back of improved margin in China’s operations and higher vehic...
- Chong Lee Len
TIME dotCom (TDC MK) - 2025: In Line; Raise Dividend Policy To 50-75%
2025: In Line; Raise Dividend Policy To 50-75% Highlights 4Q25: Results came in within expectations. TIME dotCom (TIME) reported 4Q25 core net profit of RM140m (+16% yoy, +2% qoq), which excluded a RM33m impairment on Symphony’s assets owing to the ongoing geopolitical issue in Thailand. The commendable earnings were driven by higher revenue contribution from the retail (+13% yoy; +4% qoq) and wholesale (+13% yoy; +8% qoq) segments.
- Kasemsun Koonnara
AP (Thailand) (AP TB) - 4Q25 Earnings In Line, Maintains Strategic App...
Company Update | AP (Thailand) (AP TB/BUY/Bt9.40/Target: Bt10.80) 4Q25 earnings were in line with expectations, flat yoy and up 12% qoq, marking the quarterly peak for the year. AP plans to launch projects worth Bt55b in 2026, the highest value among peers. It targets single-digit growth in presales and transfers in 2026. Fundamentals and dividend payment are expected to support its share price. Maintain BUY. Target price: Bt10.80.
- Jack Goh Tooan Orng
RGB International (RGB MK) - 4Q25: Within Expectations; Philippines Op...
4Q25: Within Expectations; Philippines Operations Remain Under Pressure Highlights Results within expectations. RGB International (RGB) reported revenue of RM108.9m (-71% yoy, +53% qoq) and core net profit of RM9m (-72% yoy, +106% qoq) in 4Q25. The yoy softening in earnings was mainly due to weaker technical support and management (TSM) and sales and marketing (SSM) operations in the Philippines. 2025 bottom line profit made up about 98% and 94% of our and consensus full-year forecasts.
- Philip Wong
QL Resources (QLG MK) - 3QFY26: Challenging Quarter
3QFY26: Challenging Quarter Highlights Results are within our expectations but below consensus forecasts. QL Resources’ (QL) 3QFY26 core net profit came in at RM120.2m (+3.4% qoq, -4.6% yoy). This brought 9MFY26 core net profit to RM337.0m (-6.8% yoy). Earnings were within our expectations but below consensus estimates, accounting for 77% and 74% of full-year forecasts respectively. 4Q is typically the seasonally weakest quarter, averaging 22% of full year earnings.
- Amerul Iqmal
Pecca Group (PECCA MK) - 2QFY26: Slightly Below Expectation
2QFY26: Slightly Below Expectation Highlights Slightly below expectations. Pecca Group (Pecca) registered a flattish core net profit of RM15.6m in 2QFY26 despite recording a higher revenue of RM65.0m (+7.3% yoy). We deemed the results as slightly below our expectations, as 1HFY26 core net profit of RM31.0m accounted for 46% of our full-year forecast; due to lower-than-expected margins while revenue was largely in line with our estimate.
- Jo Yee Ng
Matrix Concepts Holdings (MCH MK) - 3QFY26: Below Expectations; To Rec...
3QFY26: Below Expectations; To Recognise Higher-Margin Industrial Sales In 4QFY26 Highlights Below expectations. Matrix Concepts Holdings (MCH) recorded a 3QFY26 core PATAMI of RM50m (-26% qoq; +16% yoy) on the back of revenue of RM370m (-7% qoq; +32% yoy). This brings 9MFY26 core PATAMI to RM181m (+13% yoy), accounting for 70% and 71% of our and consensus full-year estimates respectively. The results were below our expectations due to a lower EBIT margin and higher finance costs during the qu...
- Philip Wong
KPJ Healthcare (KPJ MK) - 4Q25: Revenue Intensity Drives Earnings Surp...
4Q25: Revenue Intensity Drives Earnings Surprise Highlights Above expectations. KPJ Healthcare (KPJ) reported a 4Q25 net profit of RM132.9m (41.5% qoq, 14.3% yoy). This brought 2025 core profit to RM365.9m (+10.5%). Core profit is above expectations, accounting for 104% and 108% of our and consensus full-year forecasts respectively. An interim DPS of 1.35 sen was declared, bringing 2025 DPS to 4.43 sen (2024: 4.3 sen). The positive variance was higher-than-expected revenue intensity.
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