reports
- Shirley Wang Xueyi
- Stella Guo Yuting
Budweiser APAC (1876 HK): 1Q26 Preview: Improving Volume And ASP Trend...
For the China market, we expect volume decline to narrow and ASP pressure to ease sequentially but EBITDA to fall more sharply than the top-line. For the South Korea market, we expect volume to remain under pressure but ASP to continue to benefit from the price hike, while EBITDA will face greater challenges. Budweiser APAC expects the new beer consumption tax to have no incremental impact, as it has already strictly adhered to this principle. Maintain BUY; target price: HK$9.90.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Innovation And Margin Gains Fuel Earnings Growth.
Most China healthcare companies under our coverage reported satisfactory 2025 results. Leading biopharmas, CRDMOs and internet healthcare players saw robust revenue and earnings expansion supported by rapid product sales growth and significant licence income contribution. We expect globalisation and improving operating efficiency to continue to drive rapid earnings growth for drug innovators and CRO leaders from 2026 onwards. Seeing strong online demand, internet healthcare players are likely to...
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
MEDLIVE TECHNOLOGY CO LTD
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Ching Ming Holiday Consumption – Mild Recovery...
During the Ching Ming holiday (4-6 Apr 26), consumption-related sectors demonstrated a mild recovery trend. However, the introduction of the spring break, which overlapped with the Ching Ming holiday, boosted travel demand. Our preferred stocks include: Anta, CTG Duty-Free, Haidilao, Li Ning, Mengniu, Yili and Yum China. Maintain OVERWEIGHT
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
YUMC YUM CHINA HOLDINGS INC.
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
9896 MINISO GROUP HOLDING LTD
- Tanapon Cholkadidamrongkul
CP Axtra (CPAXT TB) - 1Q26 Preview: Dropping From A High Base
Company Update | CP Axtra (CPAXT TB/HOLD/Bt15.70/Target: Bt14.80) We expect 1Q26 earnings to decline 7% yoy due to lower gross margin, following a higher contribution from the dry food segment. SSSG was flat yoy, softening in Jan-Feb 26 and picking up in Mar 26. The current share price offers no upside to our target price. Maintain HOLD with a target price of Bt14.80.
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 4QFY26: Results Beat; Gain...
Company Results | Aeon Thana Sinsap (Thailand) (AEONTS TB/HOLD/Bt89.00/Target: Bt100.00) AEONTS posted a 4QFY26 net profit of Bt912m, up 26% yoy and 48% qoq, beating our and consensus expectations by 29% and 16%, respectively. The higher-than-expected gain from sales of written-off receivables boosted the bottom line, along with the reduction in credit cost qoq. AEONTS reported a 10% qoq decrease in provision expenses in 4QFY26. Credit costs declined 80bp qoq to 800bp in 4QFY26. Upgrade to HOLD ...
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Wednesday, April 08, 2026
Top Stories Company Results | Aeon Thana Sinsap (Thailand) (AEONTS TB/HOLD/Bt89.00/Target: Bt100.00) AEONTS posted a 4QFY26 net profit of Bt912m, up 26% yoy and 48% qoq, beating our and consensus expectations by 29% and 16%, respectively. The higher-than-expected gain from sales of written-off receivables boosted the bottom line, along with the reduction in credit cost qoq. AEONTS reported a 10% qoq decrease in provision expenses in 4QFY26. Credit costs declined 80bp qoq to 800bp in 4QFY26. Upg...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Utilities - Nuclear: Gaining Momentum Amid Fuel Security Issues
Utilities Nuclear: Gaining Momentum Amid Fuel Security Issues Highlights As Malaysia strives to achieve its Net Zero target by 2050, the Energy Commission (EC) and PETRA continue to navigate the energy trilemma of ensuring energy security, affordability, and sustainability. Nuclear energy is seen as a potential replacement as Malaysia phases out base-load coal fired power plants. Amid the Middle East crisis, numerous countries are seriously considering nuclear power plant as a sustainable so...
- Malaysia Research Team
Malaysia Daily - Wednesday, April 8, 2026
Top Stories Sector Update | Utilities As Malaysia strives to achieve its Net Zero target by 2050, EC and PETRA continue to navigate the energy trilemma of ensuring energy security, affordability and sustainability. Nuclear energy stands out as a credible alternative, underpinned by its stable baseload generation capability, in alignment with Malaysia’s planned phase-out of coal-fired power plants by 2044. Nuclear energy adoption has been formally embedded within the 13MP, with an affirmative pol...
- Carol Dou Xiao Qin
- Joyce Chu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, April 8, 2026
Top Stories Sector Update | Consumer During the Ching Ming holiday (4-6 Apr 26), consumption-related sectors demonstrated a mild recovery trend. However, the introduction of the spring break, which overlapped with the Ching Ming holiday, boosted travel demand. Our preferred stocks include: Anta, CTG Duty-Free, Haidilao, Li Ning, Mengniu, Yili and Yum China. Maintain OVERWEIGHT. Sector Update | Healthcare Most China healthcare companies under our coverage reported satisfactory 2025 results. Lea...
- Jonathan Koh
Singapore Daily: Wednesday, April 08, 2026
Top Stories Company Update | NTT DC REIT (NTTDCR SP/BUY/US$0.91/Target: US$1.42) NTTDCR plans to acquire DCs in Frankfurt and Tokyo in FY27. Sponsor is willing to divest at attractive NPI yield of above 6% and 5% for the Frankfurt and Tokyo DCs respectively as it focuses on reinvesting at higher yield on cost of 9-11% for new development projects. NTTDCR renewed its master services agreement for SG1 with NTT Singapore for three years with positive rental reversion of 23% and fixed annual rent ...
- Audrey Celia
- Willinoy Sitorus
Indofood CBP Sukses Makmur (ICBP IJ) - De-rating Largely Priced In, Bu...
Company Update | Indofood CBP Sukses Makmur (ICBP IJ/BUY/Rp7,325 /Target: Rp10,150) 2025 net profit grew 30.3% yoy, mainly driven by the absence of impairment losses from associates and JVs, while reported core earnings remained soft at -4% yoy with top-line growth of 3% yoy. The de-rating is largely priced in, but catalysts remain limited, with core profit growth expected to be flattish at about 4% this year, factoring in potential margin pressure. We maintain BUY with a lower target price of R...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, April 8, 2026
Company Update | Indofood CBP Sukses Makmur (ICBP IJ/BUY/Rp7,325 /Target: Rp10,150) 2025 net profit grew 30.3% yoy, mainly driven by the absence of impairment losses from associates and JVs, while reported core earnings remained soft at -4% yoy with top-line growth of 3% yoy. The de-rating is largely priced in, but catalysts remain limited, with core profit growth expected to be flattish at about 4% this year, factoring in potential margin pressure. We maintain BUY with a lower target price of R...
- Audrey Celia
- Carol Dou Xiao Qin
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jonathan Koh
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, April 08, 2026
Greater China Sector Update | Consumer During the Ching Ming holiday (4-6 Apr 26), consumption-related sectors demonstrated a mild recovery trend. However, the introduction of the spring break, which overlapped with the Ching Ming holiday, boosted travel demand. Our preferred stocks include: Anta, CTG Duty-Free, Haidilao, Li Ning, Mengniu, Yili and Yum China. Maintain OVERWEIGHT. Sector Update | Healthcare Most China healthcare companies under our coverage reported satisfactory 2025 resu...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01093 CSPC PHARMACEUTICAL GROUP LIMITED
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
SOLAR SOLARTRON PCL
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
YUMC YUM CHINA HOLDINGS INC.
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA HAIDILAO INTERNATIONAL HOLDING LTD.
06862 MALAKOFF CORP BHD
MLK THE UNITED LABORATORIES INTE
3933 INDOFOOD CBP SUKSES MAKMUR T
ICBP GAS MALAYSIA BHD
GMB CHINA SHINEWAY PHARMACEUTICA
2877 HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06160 BEIGENE LTD.
06690 HAIER SMART HOME CO. LTD. CLASS H
NORTHERN WUXI APPTEC CO. LTD. CLASS H
300765 NORTHERN JUTE
02192 CSPC INNOVATION PHARMACEUTICAL CO L
PEKAT MEDLIVE TECHNOLOGY CO LTD
CPAXT PEKAT GROUP BHD
NTTDCR SP CP AXTRA PUBLIC COMPANY LIMITED
NTT DC REIT
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - Strong 1Q26 Core Profit, Dr...
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt157.00/Target: Bt185.00) We expect PTTEP’s 1Q26 net profit to decline qoq and yoy due to significant hedging losses, while core profit could remain strong, supported by higher sales volume and improved selling prices. Looking ahead, we anticipate 2Q26 net profit increasing qoq and yoy, driven by stronger crude oil prices. We have revised our crude oil price assumption to US$80/bbl and raised our 2026 net profit forecast by 23%. Main...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 07, 2026
Top Stories Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt157.00/Target: Bt185.00) We expect PTTEP’s 1Q26 net profit to decline qoq and yoy due to significant hedging losses, while core profit could remain strong, supported by higher sales volume and improved selling prices. Looking ahead, we anticipate 2Q26 net profit increasing qoq and yoy, driven by stronger crude oil prices. We have revised our crude oil price assumption to US$80/bbl and raised our 2026 net profit forecast ...
- Jack Lai Yuan Khai
- Jo Yee Ng
Property & Construction - Sunway-IJM VTO Falls Through
Sunway-IJM VTO Falls Through Highlights Sunway Bhd’s (Sunway) VTO bid for IJM Corporation (IJM) has officially lapsed with Sunway securing only 33.4% of IJM, failing to secure a majority stake in IJM. We revise our target price for IJM downwards to RM2.60, imputing a wider SOTP discount and trimming earnings to reflect rising raw material prices. Meanwhile, we upgrade Sunway from HOLD to BUY on recent share price weakness, as the deal overhang appears largely priced in. Maintain OVERWEIG...
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
MSGB MAH SING GROUP BHD
MRC MALAYSIAN RESOURCES CORP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
KPG KERJAYA PROSPEK GROUP BHD
SWB SUNWAY BHD
WCTHG WCT HOLDINGS BHD
MCH MATRIX CONCEPTS HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
BNASTRA BINASTRA (BNASTRA MK)
- Malaysia Research Team
Malaysia Daily - Tuesday, April 7, 2026
Top Stories Sector Update | Property & Construction Sunway’s VTO bid for IJM has closed with Sunway securing a 33.4% acceptance rate. Given Sunway failed to hit the 50%+1 share threshold, the offer has lapsed and all IJM shares transacted are to be returned to the original owners. From IJM’s perspective, while there could be substantial value locked in its assets, we trim our target price to RM2.60 to reflect short-to-medium-term headwinds. Meanwhile, we upgrade Sunway to BUY on recent share pri...
- Benyamin Mikael
Oil & Gas - Regains Relevance Amid Supply Risks
Sector Update | Oil & Gas The rising Middle East tensions underscore Indonesia’s vulnerability to fluctuations in energy imports, with Brent oil prices increasing to US$85, potentially adding US$7b in subsidy burden. Abadi Masela is moving closer to execution, backed by stronger policy support and regulatory progress. The project offers meaningful fiscal and strategic upside, with early benefits for Petrosea and potential upside for Wintermar Offshore Marine and Elnusa. Maintain MARKET WEIGHT on...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Tuesday, April 7, 2026
Sector Update | Oil & Gas The rising Middle East tensions underscore Indonesia’s vulnerability to fluctuations in energy imports, with Brent oil prices increasing to US$85, potentially adding US$7b in subsidy burden. Abadi Masela is moving closer to execution, backed by stronger policy support and regulatory progress. The project offers meaningful fiscal and strategic upside, with early benefits for Petrosea and potential upside for Wintermar Offshore Marine and Elnusa. Maintain MARKET WEIGHT on...
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, April 7, 2026
Indonesia Sector Update | Oil & Gas Rising Middle East tensions underscore Indonesia’s vulnerability to energy imports, with Brent oil prices increasing to US$85, potentially adding US$7b in subsidy burden. Abadi Masela is moving closer to execution, backed by stronger policy support and regulatory progress. The project offers meaningful fiscal and strategic upside, with early benefits for Petrosea and potential upside for Wintermar Offshore Marine and Elnusa. Maintain MARKET WEIGHT. Malay...
WINS WINTERMAR OFFSHORE MARINE
GAM GAMUDA BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
MSGB MAH SING GROUP BHD
MRC MALAYSIAN RESOURCES CORP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
KPG KERJAYA PROSPEK GROUP BHD
SWB SUNWAY BHD
WCTHG WCT HOLDINGS BHD
MCH MATRIX CONCEPTS HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
OTEK OILTEK INTERNATIONAL (OTEK SP)
BNASTRA BINASTRA (BNASTRA MK)
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