reports
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, March 30, 2026
Top Stories Company Results | China Construction Bank (939 HK/BUY/HK$8.09/Target: HK$9.20) CCB’s 4Q25 earnings grew 2.2% yoy, thanks to a surge in other non-NII amid increased bond trading gain, fee income growth and cost control. NIM was largely stable and management expects smaller NIM compression in 2026. Asset quality was largely stable despite some pressure on mortgages. These results reaffirm CCB's continued fundamental improvement and its attractive dividend yield of 5.3% stands out as a...
XGH ENN ENERGY HOLDINGS LIMITED
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
RLF LONGFOR GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
06690 HAIER SMART HOME CO. LTD. CLASS H
02192 MEDLIVE TECHNOLOGY CO LTD
HUIZ HUIZE HOLDING LIMITED
- Audrey Celia
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, March 30, 2026
Greater China Company Results | China Construction Bank (939 HK/BUY/HK$8.09/Target: HK$9.20) CCB’s 4Q25 earnings grew 2.2% yoy, thanks to a surge in other non-NII amid increased bond trading gain, fee income growth and cost control. NIM was largely stable and management expects smaller NIM compression in 2026. Asset quality was largely stable despite some pressure on mortgages. These results reaffirm CCB's continued fundamental improvement and its attractive dividend yield of 5.3% stands out as ...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
AMRT SUMBER ALFARIA TRIJAYA TBK PT
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
CRC CENTRAL RETAIL CORP
06690 HAIER SMART HOME CO. LTD. CLASS H
02192 MEDLIVE TECHNOLOGY CO LTD
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
HUIZ HUIZE HOLDING LIMITED
- Adrian Loh Tzum Yung
Oil & Gas - One Strait, One War, And Global Energy Markets In Chaos
The Hormuz disruption is a global supply shock, with one-fifth of global oil and LNG flows affected, driving price spikes, inflation risks and heightened macro volatility. Disproportionately exposed, Asia’s heavy reliance on the Middle East could lead to energy shortages, industrial disruption and higher inflation. Top upstream pick in Singapore is RH Petrogas. Avoid Rex International. Maintain OVERWEIGHT.
- Jo Yee Ng
Property - Preferred Plays On Industrial Demand And Singapore Exposure
Preferred Plays On Industrial Demand And Singapore Exposure Highlights Rising costs are inevitable as Iran the conflict prolongs, with our sensitivity analysis suggesting a 4-8% impact to earnings, assuming no cost passthrough. Maintain OVERWEIGHT on the sector’s palatable valuations at 0.9x forward P/B (+0.5SD above mean), supported by: a) robust industrial momentum, b) potential capital inflow to Singapore and Malaysia, especially after the onset of the Iran conflict, and c) asset monetisa...
- Malaysia Research Team
Malaysia Daily - Monday, March 30, 2026
Top Stories Sector Update | Property Rising costs are inevitable as the Iran conflict is prolonged, with our sensitivity analysis suggesting a 4-8% impact to earnings, assuming no cost pass-through. Maintain OVERWEIGHT on the sector’s palatable valuations at 0.9x forward P/B (+0.5SD above mean), supported by: a) robust industrial momentum; b) potential capital inflow to Singapore and Malaysia, especially after the onset of the Iran conflict; and c) asset monetisation catalysts through potential ...
- Tanapon Cholkadidamrongkul
i-Tail Corporation (ITC TB) - 1Q26 Results Preview: Strong Sales Growt...
Company Update | i-Tail Corporation (ITC TB/BUY/Bt15.10/Target: Bt20.50) We expect ITC’s 1Q26 core profit to come in at Bt791m (+13.4% yoy, but down 4.3% qoq), underpinned by solid sales growth (+18% yoy and +5% qoq). Although cost pressures are expected to arise from Middle East tensions, we foresee resilience in the product segment’s pricing elasticity, which should enable exporters to pass through higher costs via ASP adjustments. Maintain BUY. Target price: Bt20.50.
- Tanapon Cholkadidamrongkul
Central Retail Corp (CRC TB) - Long-term Potential From Vietnam Retail
Company Update | Central Retail Corporation (CRC TB/BUY/Bt18.10/Target: Bt25.50) We visited GO! Da Nang and go! Dien Ban and came back with a more positive view of Central Retail’s long-term strategy. The retail market in Da Nang appears more promising than in the past and GO! stands out with the most competitive pricing compared with its peers in the same format. Maintain BUY with a target price of Bt25.50.
- Tanapon Cholkadidamrongkul
Thailand Daily - Monday, March 30, 2026
Top Stories Company Update | Central Retail Corporation (CRC TB/BUY/Bt18.10/Target: Bt25.50) We visited GO! Da Nang and go! Dien Ban and came back with a more positive view of Central Retail’s long-term strategy. The retail market in Da Nang appears more promising than in the past and GO! stands out with the most competitive pricing compared with its peers in the same format. Maintain BUY with a target price of Bt25.50. Company Update | i-Tail Corporation (ITC TB/BUY/Bt15.10/Target: Bt20.50)...
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Monday, March 30, 2026
Top Stories Sector Update | Banking Bond yields have risen as conflicts in the Middle East create uncertainties over the outlook for inflation. We now expect the Fed to pause rate cuts and keep the Fed Funds Rate stable at 3.5% in 2026. The OECD forecasts headline inflation in the US spiking temporarily to 4.2% in 2026, before falling to 1.6% in 2027. Maintain OVERWEIGHT. Our top pick is DBS (BUY/Target: S$67.55) for its attractive 2026 dividend yield of 5.6%. We also like OCBC (BUY/Target: S$...
00883 CNOOC LIMITED
ONGC OIL & NATURAL GAS CORP. LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
1605 INPEX CORPORATION
PTTEP PTT EXPLORATION & PRODUCTION PLC
5199 HIBISCUS PETROLEUM
0857 PETROCHINA COMPANY LIMITED CLASS H
RHP RH PETROGAS
WDS WOODSIDE PETROLEUM LTD
- Audrey Celia
- Willinoy Sitorus
Sumber Alfaria Trijaya (AMRT IJ) - 4Q25: Solid Performance Recovery
Company Results | Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp1,455/Target: Rp2,500) AMRT posted a solid 4Q25 recovery, driven by improving purchasing power, year-end seasonality, and margin expansion. Non-Java regions remained the key growth driver, becoming the largest revenue contributor in 2025. Maintain BUY with a target price of Rp2,500, although we may revise down our valuation as inflationary risks from prolonged elevated oil prices could pressure SSSG, pending further clarity following the ea...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, March 30, 2026
Company Results | Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp1,455/Target: Rp2,500) AMRT posted a solid 4Q25 recovery, driven by improving purchasing power, year-end seasonality, and margin expansion. Non-Java regions remained the key growth driver, becoming the largest revenue contributor in 2025. Maintain BUY with a target price of Rp2,500, although we may revise down our valuation as inflationary risks from prolonged elevated oil prices could pressure SSSG, pending further clarity following the ea...
- Bella Lu Yifei
- Ken Lee
Weichai Power (2338 HK): 4Q25: Earnings down 32% YOY, missing estimate...
Highlights 4Q25 net profit missed our estimate at Rmb2,053m (-31.6% yoy/-36.5% qoq) on margin squeeze, bringing 2025 net profit to Rmb10.93b (-4.1% yoy). Weichai is entering 2-3 years of muted transitional earnings growth, as the old businesses are stagnating but the fast-growing AI-related businesses are still too small to elevate earnings growth. We cut our 2026-27 net profit forecasts by 16%/21% to Rmb11.56b/ Rmb12.29b respectively, and introduce our 2028 forecast of Rmb13.10b. Mainta...
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): 2025: Results Miss; Expect Mid-...
Xtep’s 2025 revenue/earnings missed market consensus by 2%/1% respectively. For 2026, management expects total revenue to achieve mid-single-digit growth, with the core Xtep brand also recording growth. Operating margin is expected to remain in the high single-digit range. In the professional sports segment, management expects Saucony’s revenue to grow 20-30% in 2026, with an improvement in operating margin. Maintain BUY; cut target price by 9% to HK$6.90.
- Greater China Research Team
- Tham Mun Hon
Waterdrop Inc (WDH US): 4Q25: Above Expectations, Targeting Double-Dig...
4Q25 net profit rose 63% yoy and full-year earnings were well ahead of Waterdrop’s guidance and 21% above our expectation. The earnings beat was mainly driven by a core insurance revenue growth of 125% yoy and a one-off tax benefit of Rmb41.7m, partly offset by a 1.8ppt yoy operating margin compression. Management expects double-digit revenue and earnings growth in 2026 and aims to strike a balance between growth and margin discipline. Maintain BUY with a higher target price of US$2.95.
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 2025: Results Slightly Miss; Beer Sales Vol...
Tsingtao Brewery’s 2025 revenue was largely in line but net profit slightly missed estimates. In 2025, sales volume was 76.5m hl (+1% yoy), implying a 4Q25 sales volume of 7.5m hl (flat). In 4Q25, sales volume of the Tsingtao brand/secondary brand was 5.0m hl/2.5m hl (flat/+1% yoy) respectively. Sales volume of mid-range to high-end/other products was 3.8m hl/3.7m hl (+2%/-2% yoy) respectively. Product mix saw a qoq improvement in 4Q25. Maintain BUY but cut target price by 5% to HK$66.70.
- Carol Dou Xiao Qin
- Sunny Chen
Sino Biopharmaceutical (1177 HK): 2025: Adjusted Net Earnings Up 31.4%...
Sino Biopharm’s 2025 revenue rose 10.3% yoy and adjusted earnings surged 31.4% yoy. The company guided doubledigit revenue growth for 2026, supported by robust revenue growth of innovative products and increasing licence fee income. Earnings are likely to expand at a faster pace as the company continues to enhance its operating efficiency. Maintain BUY with a lower target price of HK$7.70, factoring in significant impairment losses in 2025.
- Julia Pan Mengyao
Meituan (3690 HK): 4Q25: Earnings Miss; FD Loss To Halve qoq In 1Q26 A...
4Q25 earnings missed expectations. Total revenue increased 4% yoy to Rmb92b, in line with our and consensus estimates. Non-IFRS net loss totalled Rmb15b, with a net margin loss of 17%, missing consensus estimates. For 1Q26, Meituan expects core local commerce revenue growth to remain flattish or drop slightly, with losses projected to halve sequentially. Maintain SELL with a lower target price of HK$74.00.
- Bella Lu Yifei
- Ken Lee
Pony AI Inc (PONY US): 4Q25: Earnings In Line While Margins Miss.
Pony AI’s 4Q25 bottom line turned around to US$23m on investment gains. 2025 net loss narrowed to US$134m (-51.1% yoy), while adjusted net loss widened to US$174m (+31.5% yoy), in line with our forecasts. We expect earnings to be driven by fleet expansion, BOM cost reduction, and increasing operation efficiency. Raise our 2026-27 net loss forecasts to US$211m/US$163m respectively. We expect bottom line to turn around to US$108m in 2028. Maintain BUY; cut target price to US$24.30 for US stocks an...
- Carol Dou Xiao Qin
- Sunny Chen
Innovent Biologics Inc (1801 HK): 2025: Achieves Robust Earnings; Enco...
Innovent’s 2025 revenue surged 38.4% yoy to Rmb13.0b, and adjusted earnings soared 419.9% yoy to reach Rmb1.7b in 2025, significantly higher than market estimates. Innovent expects chronic and general medicines to drive domestic revenue toward Rmb20b by 2027, and global partnerships to boost licence fee income. With pioneering pipeline assets, Innovent is positioned to become a significant global biopharma player. Maintain BUY with a lower target price of HK$112.00, reflecting smoother licence f...
- Damon Shen
- Jieqi Liu
China Overseas Property Holdings (2669 HK): 2025: Higher Payout Ratio ...
COPH delivered 6.0% yoy revenue growth and 8.0% yoy GFA expansion, with third-party contribution at 42.7%. However, gross margin fell 1.6ppt to 15.0%, leading to a 9.7% yoy decline in net profit to Rmb1.37b. Annual DPS rose 5.6% yoy to HK$0.20, implying a higher payout ratio of 43.2%, reflecting steady growth. We upgrade COPH to BUY. Target price: HK$4.40. Our target price implies 9.2x 2026F PE and a 4.4% dividend yield for 2026.
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