reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Oil & Gas - Crude Shortage Situation Has Eased, But Close Monitoring R...
Sector Update | Oil & Gas Crude supply risks are easing as PTT diversifies sourcing, with minimal impact on refinery product yields. However, LNG remains tight after disruptions at Ras Laffan, which supports higher JKM LNG prices. War premiums typically spike to US$20-45/bbl within 2-4 weeks of conflict before easing as supply adjusts itself. Petrochemical supply shocks favour feedstock-advantaged players like PTTGC and IVL, amid ongoing geopolitical uncertainties. Maintain MARKET WEIGHT, with ...
- Bella Lu Yifei
- Ken Lee
XPeng Motors (9868 HK): 4Q25: First Profit Beat; AI And Global Expansi...
XPeng’s 4Q25 results beat expectations with net profit turning positive at Rmb383m, due to strong operational leverage and non-operating items. Looking ahead, we expect XPeng’s earnings to be driven by VLA 2.0 adoption, four new model launches, a doubling in overseas volume, and initial robot commercialisation. Trim 2026-27 net profit forecasts by 17%/ 14% to Rmb517m/Rmb4,283m respectively, on lower margins, and introduce our 2028 net profit forecast of Rmb6,832m. Maintain BUY; cut target price ...
- Shirley Wang Xueyi
- Stella Guo Yuting
Li Ning (2331 HK): 2025: Net Profit Beats Expectations; More Positive ...
2025 revenue was in line, while net profit beat expectations. For 2026, management now has a more positive outlook, expecting revenue to grow at high single digits. Given the higher investments and the accelerated expansion via the new store format, operating margin is likely to decline. Nevertheless, net margin is still expected to remain within the high singledigit range. We believe Li Ning’s business operations have come out of the woods. Upgrade to BUY with the target price at HK$24.70.
- Thailand Research Team
Thailand Daily - Monday, March 23, 2026
Top Stories Sector Update | Oil & Gas Crude supply risks are easing as PTT diversifies sourcing, with minimal impact on refinery product yields. However, LNG remains tight after disruptions at Ras Laffan, which supports higher JKM LNG prices. War premiums typically spike to US$20-45/bbl within 2-4 weeks of conflict before easing as supply adjusts itself. Petrochemical supply shocks favour feedstock-advantaged players like PTTGC and IVL, amid ongoing geopolitical uncertainties. Maintain MARKET W...
- Greater China Research Team
- Tham Mun Hon
China Resources Building Materials Technology Holdings (1313 HK): 2025...
CRBMT reported 2025 earnings of Rmb479.4m (+127.3% yoy), in line with its profit alert but below expectations. Revenue declined 8.6% yoy to Rmb21.1b, while group gross margin edged up to 16.7% (+0.2ppt yoy) on lower coal costs (–16.5% yoy to Rmb670/tonne). Management expects regional cement demand to fall 6-8% yoy in 2026; however, it is targeting a 5% volume decline, implying market share gains. Policy measures and stricter inspections from 1 April could support industry supply discipline.
- Bella Lu Yifei
- Greater China Research Team
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, March 23, 2026
Top Stories Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.63/Target: HK$1.80) CRBMT reported 2025 earnings of Rmb479.4m (+127.3% yoy), in line with its profit alert but below expectations. Revenue declined 8.6% yoy to Rmb21.1b, while group gross margin edged up to 16.7% (+0.2ppt yoy) on lower coal costs (–16.5% yoy to Rmb670/tonne). Management expects regional cement demand to fall 6-8% yoy in 2026; however, it is targeting a 5% volume decline, implying marke...
- Jonathan Koh
Singapore Daily: Monday, March 23, 2026
Top Stories Company Update | Prime US REIT (PRIME SP/BUY/US$0.168/Target: US$0.21) PRIME has raised its payout ratio from 10% to 50% for the advanced distribution covering 1 Jul 25 to 5 Oct 25 and to 65% from 6 Oct 25 onwards. We expect the payout ratio to increase another 5ppt to 70% in 2027-28. PRIME is seeing demand for expansion by existing tenants at WAW and VCS1. PRIME provides an attractive yield of 9.8% for 2026 and 10.9% for 2027. P/NAV is depressingly low at 0.32x. Maintain BUY. Ta...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, March 23, 2026
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.63/Target: HK$1.80) CRBMT reported 2025 earnings of Rmb479.4m (+127.3% yoy), in line with its profit alert but below expectations. Revenue declined 8.6% yoy to Rmb21.1b, while group gross margin edged up to 16.7% (+0.2ppt yoy) on lower coal costs (–16.5% yoy to Rmb670/tonne). Management expects regional cement demand to fall 6-8% yoy in 2026; however, it is targeting a 5% volume decline, implying mark...
- Jonathan Koh
Suntec REIT (SUN SP) - New Sponsor Challenged By Hongkong Land
Hongkong Land has emerged as a new potential suitor for SUN after acquiring a 10.8% stake on 19 Mar 26, two days after Tang Organisation was installed as the new sponsor. Expansion in Singapore helps Hongkong Land reduce concentration risk of being too heavily exposed to Hong Kong and China. It could also gain management and operational control over ORQ and MBFC Towers 1 and 2. We increase our target price for SUN to S$1.71 due to the potential tussle between Tang Organisation and Hongkong Land ...
- Jonathan Koh
Prime US REIT (PRIME SP) - Rising Payout Ratio Accompanied By Higher P...
PRIME has raised its payout ratio from 10% to 50% for the advanced distribution covering 1 Jul 25 to 5 Oct 25 and to 65% from 6 Oct 25 onwards. We expect the payout ratio to increase another 5ppt to 70% in 2027-28. PRIME is seeing demand for expansion by existing tenants at WAW and VCS1. PRIME provides an attractive yield of 9.8% for 2026 and 10.9% for 2027. P/NAV is depressingly low at 0.32x. Maintain BUY. Target price: US$0.21.
- Gigi Cheuk
- Joyce Chu
- Kate Luang
VSTECS Holdings (856 HK): 2025: Cloud computing segment continues to l...
Highlights VSTECS's 2025 revenue missed our forecast on slower growth in enterprise systems in 2H25 but net profit beat on lower finance expenses, higher other gains, and an increased share of associates’ profits. The company has been strategically focusing on developing comprehensive AI products and has launched VClaw, an enterprise-grade AI agent. Management guides a three-year earnings CAGR of 20% in 2026-28 and targets AI business revenue growth of 150%/120%/90% in 2026-28 respectively. ...
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Takeaways From SU7 Facelift Launch Event.
Xiaomi officially launched the SU7 facelift version and introduced upgrades in both performance, comfort, autonomous driving capabilities across its product line-up, with a key surprise in its pricing only increasing by Rmb4,000 across the board which is better than expected. The SU7 facelift received 15,000 units of non-refundable orders in the first 34 minutes after launch, which is on track but unlikely to cause excitement to the investors at this point. Maintain HOLD and keep target price at...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Crystal International (2232 HK): 2025: Revenue Misses On Worker Effici...
Crystal’s 2025 revenue/net profit grew 6.9%/12.0% yoy respectively, 4% below our estimates due to a high base in 2H24 and worker efficiency challenges. For 2026, Crystal prioritises upskilling workers in 1H26 given robust demand and guides a stable gross margin amid tariff uncertainties. Management is positive on long-term wallet share gains and an annual 0.5ppt net margin expansion in the next three years. Maintain BUY with a lower target price of HK$7.84 based on 11.3x 2026F PE.
- Greater China Research Team
- Tham Mun Hon
Chuangxin Industries Holdings (2788 HK): 2025: In Line; Aluminium Cost...
Chuangxin Industries reported 2025 earnings of Rmb2,730.8m (+32.8% yoy), supported by stronger aluminium prices and increased alumina external sales. Aluminium segment gross margin expanded to 30.2% (+3.3ppt yoy). Alumina revenue rose 138.8% yoy to Rmb4.42b on 2.55m tonnes sales, while margin declined to 4.6% as domestic alumina prices fell 20.6% yoy to Rmb3,236/tonne. Management expects blended electricity cost to decline to Rmb0.30-0.31/kWh in 2026, while the 500kt Saudi Phase 1 project is pro...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Horizon Robotics (9660 HK): 2025: Raising 2026-28 Revenue CAGR From 50...
Horizon’s 2025 revenue beat our forecast by 7% but adjusted net loss was 8% greater than expected on rising R&D costs. For 2026, management guides 35% hardware shipment growth to 5.4m units (400k HSD) and significant ASP growth from a higher AD mix of 55%. It will launch cockpit-driving in 2026 and J7 in 2027. Management raised its 2026-28 revenue CAGR guidance from 50% to 60% on a robust product pipeline. Maintain BUY. Lower target price to HK$8.45 (6.4x 2028 EV/Sales).
- Julia Pan Mengyao
Alibaba Group (9988 HK): 3QFY26: Earnings Miss; Targeting A US$100b AI...
Alibaba’s 3QFY26 earnings missed expectations. Revenue grew 1.7% yoy to Rmb284.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb16.7b, down 44% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 4QFY26, management expects: a) a significant narrowing of quick commerce losses, b) a recovery in CMR growth and profitability, and c) continued strong growth in cloud revenue. Maintain BUY with a lower target price of HK$192.00 (US...
- Greater China Research Team
- Tham Mun Hon
AIA Group (1299 HK): 2025: Upbeat Shareholder Returns; Strong Momentum...
AIA’s 2025 VONB growth of 17% yoy was slightly below our expectation due to lower-than-expected sales growth in Mainland China and Thailand. That said, management noted the strong ytd VONB momentum in the Mainland China and Hong Kong markets. AIA announced a total share buyback of US$1.7b, implying a shareholder return yield of 4% for 2025. AIA also disclosed its US$3.3b private credit exposure (2% of total non-par and surplus assets) to ease market concerns. Maintain BUY. Target price: HK$109.0...
- Johnny Yum Chung Man
AAC Technologies (2018 HK): 2H25: Solid Results; Premium Smartphone Up...
AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00.
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 1Q26 Results Preview: Inventory Ga...
Company Update | Star Petroleum Refining (SPRC TB/HOLD/Bt7.15/Target: Bt7.00) SPRC is expected to report a 1Q26 core loss of ~Bt0.5b due to a 30-day maintenance shutdown and higher opex, but net profit of ~Bt4.5b will be supported by strong inventory gains. Refining margins have improved on Middle East supply disruptions, though normalisation remains a risk. Crude supply is secured via Chevron. We expect earnings to recover starting from 2Q26, but upside remains limited due to margin volatility.
- Arsit Pamaranont
Thailand Daily - Friday, March 20, 2026
Top Stories Company Update | Star Petroleum Refining (SPRC TB/HOLD/Bt7.15/Target: Bt7.00) SPRC is expected to report a 1Q26 core loss of ~Bt0.5b due to a 30-day maintenance shutdown and higher opex, but net profit of ~Bt4.5b will be supported by strong inventory gains. Refining margins have improved on Middle East supply disruptions, though normalisation remains a risk. Crude supply is secured via Chevron. We expect earnings to recover starting from 2Q26, but upside remains limited due to margi...
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