reports
- Kate Luang
Sun Hung Kai & Co (86 HK): 2025: Creating certainties from uncertainti...
Highlights SHK & Co.’s 2025 attributable net profit grew 322% yoy to HK$1,593m in 2025, 9% above our estimate, thanks to robust investment returns. Investment management recorded a HK$1,826m pre-tax profit in 2025 with positive contributions across most asset classes. SHK & Co. is building a principal-led ecosystem as it transitions to a leading alternative investment platform. Its growing strategic partnerships expand its network, enhance cross-platform synergies and create differentiated inv...
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
Zijin Mining Group (2899 HK): 2025: In Line; Gold Tailwinds With A Rob...
Zijin Mining reported 2025 earnings of Rmb51.8b (+61.5% yoy), within expectations, primarily supported by strong gold price tailwinds. The group produced 89.5 tonnes of mine gold (+22.8% yoy) and 1.09m tonnes of mine copper (+1.6% yoy), while group gross margin expanded to 27.7% (+7.4ppt yoy). Gold/copper contributed 40.9%/34.5% of gross profit respectively. Production growth will be supported by copper expansions at Julong and Serbia, optimisation of acquired gold assets, and a rapid lithium pr...
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 2025: Results In Line; Expects Modest Growt...
Sinopharm reported in-line 2025 results, with revenue down 1.6% yoy and adjusted net earnings up slightly by 1.5% yoy. We anticipate that the company will post relatively mild revenue and earnings growth in 2026, as the ongoing GPO/VBP procurement programmes for drugs and medical devices are likely to continue weighing on revenue and profit margins amid persistent budget constraints of the social medical insurance scheme. Maintain HOLD. Lower target price to HK$18.50 to factor in the considerabl...
- Damon Shen
- Jieqi Liu
Kerry Properties (683 HK): 2025: Faster-than-expected Deleveraging Wit...
Kerry Properties’ underlying net profit fell 22% to HK$2b (6.1% below estimate), with DPS flat yoy. Net gearing improved 8.2ppt to 33.3% and could drop below 30.0% in 2026. We expect Hong Kong DP margins to recover from 2026 and Mainland China IP to stay resilient. Lower 2026/27 earnings by 12.7%/4.7% respectively. Maintain BUY with a target price of HK$30.30 (59% NAV discount). The 6.4% yield provides a solid margin of safety, while faster deleveraging underpins greater expansion potential.
- Shirley Wang Xueyi
- Stella Guo Yuting
China Resources Beer (291 HK): 2025: Results In Line With Profit Warni...
CR Beer reported 2025 revenue of Rmb37,985m (-2% yoy). Adjusted EBITDA reached Rmb9,879m (+10% yoy). In 2H25, beer sales volume rose 0.4% but ASP declined 5%, due to proactive promotions. Management sees positive effects from the proactive adjustments, with both volume and ASP recording growth in 2M26. Management remains cautiously optimistic about the impending peak season. For the baijiu business, we expect goodwill impairment losses to narrow this year if operations gradually stabilise. Maint...
- Jo Yee Ng
Eco World Development Group (ECW MK) - Iran War Results In Increased I...
Iran War Results In Increased Industrial Enquiries Highlights The Iran war has led to increased industrial enquiries. While we estimate a 3% downside to earnings on a 5% increase in construction costs, we expect cost pressures to be eventually pass through via repricing of new launches. ECW is seeking more land near EBP7 on the back of a healthy net gearing of 0.17x (as of end-Jan 26) and strong industrial demand. Maintain BUY with a target price of RM2.70, implying a FY26-27 PE of 14-16x ...
- Kong Ho Meng
Yinson Holdings (YNS MK) - FY26: EBITDA Hits Targets; Remains Focused ...
FY26: EBITDA Hits Targets; Remains Focused On Ops Highlights FY26 results in line; ER disclosure justified. Pending Yinson Production’s (YP) accounts release by end-March, we are confident that core ER performance met our targets (though substantially outperformed consensus). Noting that IFRS-EBITDA may confuse investors for showing declines since 2QFY26, and we advise referring to the consistent uptrend in quarterly ER EBITDA that better reflects the cash flow of its FPSO portfolio transition...
- Malaysia Research Team
Malaysia Daily - Tuesday, March 24, 2026
Top Stories Company Results | Yinson Holdings (YNS MK/BUY/RM2.29/Target: RM2.75) We deem YNS’ FY26 results in line. As Yinson’s voluntary Enterprise Reporting (ER) disclosure hits its one-year anniversary, we conclude that the ER format justified its purpose. Unlike the IFRS EBITDA, we advise investors to refer to the ER EBITDA trend, which has shown a consistent quarterly growth. We also highlight that YNS has met its US$1b EBITDA target, but this is still underappreciated by the markets. The U...
- Tanapon Cholkadidamrongkul
CP ALL (CPALL TB) - Resilient Outlook Amid Uncertainty
Company Update | CP ALL (CPALL TB/BUY/Bt43.75 /Target: Bt62.00) The market is overly concerned about war-related risks, and the current valuation has been discounted, trading at a 2026F PE of 13.3x. In a low-probability worst-case scenario, the total earnings downside would be 6.9%, vs a sharp 15% mtd share price decline. Maintain BUY with a target price of Bt62.00.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 24, 2026
Greater China Company Results | China Resources Beer (291 HK/BUY/HK$24.02/Target: HK$30.30) CR Beer reported 2025 revenue of Rmb37,985m (-2% yoy). Adjusted EBITDA reached Rmb9,879m (+10% yoy). In 2H25, beer sales volume rose 0.4% but ASP declined 5%, due to proactive promotions. Management sees positive effects from the proactive adjustments, with both volume and ASP recording growth in 2M26. Management remains cautiously optimistic about the impending peak season. For the baijiu business, we e...
- John Cheong Ming Chern
AEM Holdings (AEM SP) - Strategic Partnership With ASE Technology; Mai...
AEM announced a placement to ASE to strengthen its strategic collaboration. ASE could emerge as a 9.1% shareholder of AEM. The entire proceeds will be used to support AEM’s continued expansion in Taiwan and its test technologies. This move is positive for AEM to gain foothold in the Taiwan market. Maintain BUY with a 77% higher target price of S$4.70.
- Tanapon Cholkadidamrongkul
Thailand Daily - Tuesday, March 24, 2026
Company Update | CP ALL (CPALL TB/BUY/Bt43.75 /Target: Bt62.00) The market is overly concerned about war-related risks, and the current valuation has been discounted, trading at a 2026F PE of 13.3x. In a low-probability worst-case scenario, the total earnings downside would be 6.9%, vs a sharp 15% mtd share price decline. Maintain BUY with a target price of Bt62.00.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Joyce Chu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 24, 2026
Top Stories Company Results | China Resources Beer (291 HK/BUY/HK$24.02/Target: HK$30.30) CR Beer reported 2025 revenue of Rmb37,985m (-2% yoy). Adjusted EBITDA reached Rmb9,879m (+10% yoy). In 2H25, beer sales volume rose 0.4% but ASP declined 5%, due to proactive promotions. Management sees positive effects from the proactive adjustments, with both volume and ASP recording growth in 2M26. Management remains cautiously optimistic about the impending peak season. For the baijiu business, we ex...
- John Cheong Ming Chern
Singapore Daily: Tuesday, March 24, 2026
Top Stories Company Update | AEM Holdings (AEM SP/BUY/S$3.96/Target: S$4.70) AEM announced a placement to ASE to strengthen its strategic collaboration. ASE could emerge as a 9.1% shareholder of AEM. The entire proceeds will be used to support AEM’s continued expansion in Taiwan and its test technologies. This move is positive for AEM to gain foothold in the Taiwan market. Maintain BUY with a 77% higher target price of S$4.70. Market Spotlight US stocks were higher on Monday, with all indexe...
- 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...
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