reports
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Wednesday, April 15, 2026
Key Calls 2025 Results Review Names under our coverage reported divergent 2025 results. Overall, the outlook for 2026 is cautiously optimistic amid geopolitical tensions, with net profit growth fuelled by improving product mixes, new product launches and operating leverage. For growth names, 2025 results diverged and we expect new product launches and overseas expansion to fuel growth in 2026 and beyond. a) Plover Bay (1523 HK): Net profit beat our estimate by 4% due to strongerthan- expect...
- Damon Shen
- Jieqi Liu
Yuexiu Property (123 HK): Industry Consolidator Still Trading At Attra...
Yuexiu Property, a core SOE-backed developer, benefits from low funding costs and municipal resources, driving its rise to ninth place in contracted sales by 2025. Its solid balance sheet, “three red lines” compliance, and focus on Tier 1-2 cities underpin sustainable growth despite near-term margin pressure from inventory discounts over 2025-26, with profitability expected to improve from 2027 as higher-margin sales are recognised. Trading at an undemanding 0.23x 2026F P/B, Yuexiu Property appe...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Trade -- Export Growth Misses; Import Surge Driven By...
March trade data was a surprise. Export growth slowed to 2.5% yoy, missing Bloomberg’s 8.6% yoy, weighed by shipping disruptions and a high base from pre-tariff front-loading, while imports surged 27.8% yoy, well above expectations, driven by strong AI chip demand. Exports to the US remained weak at -26.5% yoy, with strength in Hong Kong reflecting re-routing. The trade surplus narrowed to US$51.1b. The Trump-Xi summit in May could support exports, with the broader external environment a key var...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Pekat Group (PEKAT MK) - Bright Prospects Amid Record Orderbook
Bright Prospects Amid Record Orderbook Highlights Pekat’s 60%-owned EPE Switchgear boasts an outstanding orderbook of RM359m. We expect this to provide healthy revenue visibility over 2026-27, with annual tender opportunities estimated at RM500m–600m. Together with robust EPCC works, Pekat’s current orderbook stands at a record RM843m. This underpins our three-year earnings CAGR of 20%. The group’s prospects remain bright. Maintain BUY with a target price of RM2.00, based on 25x PER and 20...
- Kong Ho Meng
Deleum (DLUM MK) - Unperturbed By Geopolitical Storm, Resumes Diversif...
Unperturbed By Geopolitical Storm, Resumes Diversificaiton Highlights Positioned in a sweet spot on energy security theme, which was a key focal theme among investor discussions during the recent Gems Conference. Deleum’s 90%-owned P&M subsidiary, Its P&M demand remains strong for both O&G and potentially non-O&G, while its market leadership in OIS makes it a prime beneficiary of elevated oilfield/well intervention services, which can be seen as a low-hanging option to boost production (althou...
- Malaysia Research Team
Malaysia Daily - Wednesday, April 15, 2026
Top Stories Malaysia Gems Corporate Highlights | Deleum (DLUM MK/BUY/RM1.25/Target: RM1.75) Deleum’s resilient P&M business model coupled with market leadership position in OIS positions it as a net beneficiary of the US-Iran war, in which demand for oilfield/well intervention services will surge (we assume a lagged impact one quarter later). For 2026, a weak 1Q26 outlook was well guided, and we expect a much stronger 2H26 due to the momentum of the slickline and MCM contracts. Diversification d...
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Joyce Chu
- Tham Mun Hon
Greater China Daily: Wednesday, April 15, 2026
Top Stories Economics | Trade March trade data was a surprise. Export growth slowed to 2.5% yoy, missing Bloomberg’s 8.6% yoy, weighed by shipping disruptions and a high base from pre-tariff front-loading, while imports surged 27.8% yoy, well above expectations, driven by strong AI chip demand. Exports to the US remained weak at -26.5% yoy, with strength in Hong Kong reflecting re-routing. The trade surplus narrowed to US$51.1b. The Trump-Xi summit in May could support exports, with the broader...
- Adrian Loh Tzum Yung
Singapore Daily: Wednesday, April 15, 2026
Top Stories Company Update | Sembcorp Industries (SCI SP/BUY/S$6.89/Target: S$8.06) The Alinta acquisition is immediately EPS-accretive with no equity dilution, lifting 2026-28 earnings by 16-25% and boosting OECD exposure to 64% of net profit. Once seen as a liability, its Loy Yang B coal plant is now strategically critical as Middle East tensions choke off oil and LNG exports, thereby making dispatchable baseload generation indispensable across Asia. Maintain BUY with a higher target price of ...
- Andrew Agita Buntoro
- Willinoy Sitorus
Jasuindo Tiga Perkasa (JTPE IJ) - Market Leader In High Entry Barrier ...
Small/Mid Cap Highlights | Jasuindo Tiga Perkasa (JTPE IJ/NOT RATED/Rp635) JTPE offers a high-barrier security printing franchise with strong regulatory protection and a dominant position in identity and payment documents. 2025 performance was robust, with a 31.5% revenue growth and expanding margins, supported by a net cash balance sheet and negative CCC, enabling consistent dividends. Beyond its core business, JTPE is building optionality in digital identity, EMV payment migration, and brand p...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, April 15, 2026
Small/Mid Cap Highlights | Jasuindo Tiga Perkasa (JTPE IJ/NOT RATED/Rp635) JTPE offers a high-barrier security printing franchise with strong regulatory protection and a dominant position in identity and payment documents. 2025 performance was robust, with a 31.5% revenue growth and expanding margins, supported by a net cash balance sheet and negative CCC, enabling consistent dividends. Beyond its core business, JTPE is building optionality in digital identity, EMV payment migration, and brand p...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jieqi Liu
- Kong Ho Meng
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, April 15, 2026
Greater China Economics | Trade March trade data was a surprise. Export growth slowed to 2.5% yoy, missing Bloomberg’s 8.6% yoy, weighed by shipping disruptions and a high base from pre-tariff front-loading, while imports surged 27.8% yoy, well above expectations, driven by strong AI chip demand. Exports to the US remained weak at -26.5% yoy, with strength in Hong Kong reflecting re-routing. The trade surplus narrowed to US$51.1b. The Trump-Xi summit in May could support exports, with the br...
- Adrian Loh Tzum Yung
Sembcorp Industries (SCI SP) - Turning Up the Heat: Sembcorp’s Alinta ...
The Alinta acquisition is immediately EPS-accretive with no equity dilution, lifting 2026-28 earnings by 16-25% and boosting OECD exposure to 64% of net profit. Once seen as a liability, its Loy Yang B coal plant is now strategically critical as Middle East tensions choke off oil and LNG exports, thereby making dispatchable baseload generation indispensable across Asia. Maintain BUY with a higher target price of S$8.06 (17% upside).
- Damon Shen
- Jieqi Liu
Yuexiu Property (123 HK): Industry consolidator still trading at attra...
Highlights Yuexiu Property is a core SOE-backed real estate platform under Guangzhou SASAC and benefits from low funding costs. A strong financial position and a Tier 1-2 city-focused landbank underpin its sustainable growth, with stable outlooks from both Fitch and S&P. While margin pressure is likely to persist in 2025-26, it is expected to ease from 2027 onwards. Initiate coverage with BUY and a target price of HK$4.20. Analysis Yuexiu Property (Yuexiu) is a core real estate develop...
- Greater China Research Team
- Tham Mun Hon
JD Logistics (2618 HK): 1Q26 Results Preview: Expect An Upbeat Perform...
JDL’s 1Q26 core after-tax profit is expected to rise over 30% yoy to close to Rmb1.0b, better than management’s previously guided 20-25% yoy growth. 2026 full-year core after-tax profit growth guidance has been kept at 25-30% yoy. While rising fuel cost is a key watch, we think the impacts are overall manageable. With an attractive valuation of 9.5x/9.0x 2026F/27F PE (ex-net-cash PE at less than 5x), JDL is our top pick in China’s logistics sector. Maintain BUY. Target price: HK$22.00.
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): 1Q26 Retail Sales Strong Beat; Full-year Guidan...
In 1Q26, retail sales for the Anta brand/Fila/all other brands all exceeded expectations. For the Anta brand, offline channels have begun to show signs of recovery, reflecting the benefits of ongoing channel optimisation. For Fila, the strong beat can be attributed to: a) product resilience; b) enhanced brand strength; and c) offline channel upgrades. Management still maintains its full-year targets, but does not rule out the possibility of raising guidance. Maintain BUY and unchanged target pri...
- Julia Pan Mengyao
Alibaba Group (9988 HK/BABA US): 4QFY26 Results Preview: Soft CMR Grow...
We expect lacklustre 4QFY26 results with narrowing losses in quick commerce partially offset by softer core commerce growth amid high competition and weaker online retail performance in March. Cloud growth is likely to remain solid and broadly in line with expectations. However, overall profitability may be weighed down by higher-than-expected losses in the “All Others” segment, driven by continued investments in AI and marketing effort. Maintain BUY with an unchanged target price of HK$192.00 (...
- Carol Dou Xiao Qin
- Sunny Chen
Alibaba Health Information Technology (241 HK): FY26: Lowers Adjusted ...
Ali Health reaffirmed its FY26 revenue growth target of 10-15% yoy, while lowering its adjusted net profit growth target from 20-30% to 10-20% yoy on higher investment in innovative drugs and AI. We cut our FY26 adjusted net profit growth estimate from 25% to 15% yoy, while maintaining FY26-28 revenue and adjusted net profit CAGRs of 13% and 24% on innovative drugs momentum, deepened Alibaba synergies, and expanding AI adoption. Maintain BUY with a lower target price of HK$6.00.
- Damon Shen
- Jieqi Liu
China Property: New-Home Momentum Returns; Shanghai Secondary Market D...
New-home sales saw a milder yoy decline in March before rebounding strongly in early-April, with Tier 1 cities leading the recovery. In contrast, second-hand home sales remained divergent, with Shanghai showing strength. Meanwhile, listing prices in the secondary market edged down, and rental yields remained below mortgage rates, indicating a still-weak sentiment and limited investment appeal. Maintain UNDERWEIGHT, though positive development in Shanghai and Beijing requires close monitoring. CR...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- Outstanding Loans Growth Hits Record ...
Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Tuesday, April 14, 2026
Top Stories Economics | Money Supply Mar 26 money and credit data rebounded sequentially but missed expectations, with new bank loans and TSF at Rmb2.99t and Rmb5.23t respectively. M2 growth eased to 8.5% yoy, while M1 moderated to 5.1% yoy as the Chinese New Year effects faded. New bank loans and TSF both remained below their Mar 25 levels, while outstanding bank loan growth slipped to 5.7% yoy. Overall, credit growth continues to moderate, with underlying demand yet to fully firm. Sector Upd...
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