reports
- Bella Lu Yifei
- Ken Lee
Ningbo Joyson Electronic Corporation (600699 CH): 4Q25: Core Earnings ...
4Q25 adjusted net profit missed our estimate but met consensus at Rmb374m (+9.8% yoy/-10.2% qoq). We trim our 2025- 27 core net profit estimates by 8%/10% to Rmb1.78b/Rmb2.03b respectively. Joyson’s earnings growth will be driven by the ADAS and robotics business, together with the Rmb97b in order backlog at end-25. Maintain BUY but cut target price from Rmb45.00 to Rmb43.00.
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
China Longyuan Power Group (916 HK): 2025: Below Expectations; Earning...
Longyuan reported 2025 earnings of Rmb4,638m (-27.3% yoy), below expectations, due to lower realised power tariffs amid ongoing electricity market reforms and reduced utilisation hours from higher curtailment, despite a 1.2% yoy growth in total power generation to 76,469GWh. Management plans to add 4.5GW of new capacity in 2026. However, power tariffs are likely to trend lower as renewable generation increasingly participates in market-based electricity trading, although accelerated subsidy reco...
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Mar 26 GGR Beats Consensus By 4%.
Macau’s Mar 26 GGR reached MOP22.6b, up 15% yoy and 10% mom, recovering to 88% of the 2019 level. The figure exceeded market consensus by 4%, supported by an easier base and a strong tailwind following the Chinese New Year holiday. In Feb 26, visitations to Macau increased 14% mom and 33% yoy to 4.2m, up 18% vs 2019 levels. Maintain OVERWEIGHT; Galaxy remains our top pick.
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Tanapon Cholkadidamrongkul
Retail - March SSSG A Positive Surprise
Sector Update | Retail Same-store sales in Mar 26 turned positive across the board, driven by panic stockpiling and a low base in Mar 25. Valuations are attractive, already pricing in the risk of potential product shortages in 2Q26, particularly in plastic packaging. Most stocks will pay dividends in Apr 26, which should help provide a buffer against uncertainties. Maintain MARKET WEIGHT. Upgrade GLOBAL to BUY. Top picks are CRC and GLOBAL.
- Thailand Research Team
Strategy: Alpha Picks: Expect A Recovery From Key Stocks Impacted By M...
Strategy | Alpha Picks: Reload On Domestically-Oriented Sectors After Middle East Tensions Ease Our portfolio returns outperformed the market in Mar 26 (our portfolio: +2.5% vs SET Index: -5.2%). For Apr 26, we have a positive outlook on the SET Index, supported by banking stocks that are expected to remain at elevated levels ahead of dividend payments in late-April, alongside a recovery in domestically-oriented sectors following the easing of the Middle East tensions. Apr 26 Alpha Picks: AOT, B...
- Tanapon Cholkadidamrongkul
- Thailand Research Team
Thailand Daily - Thursday, April 02, 2026
Top Stories Strategy | Alpha Picks: Reload On Domestically-Oriented Sectors After Middle East Tensions Ease Our portfolio returns outperformed the market in Mar 26 (our portfolio: +2.5% vs SET Index: -5.2%). For Apr 26, we have a positive outlook on the SET Index, supported by banking stocks that are expected to remain at elevated levels ahead of dividend payments in late-April, alongside a recovery in domestically-oriented sectors following the easing of the Middle East tensions. Apr 26 Alpha ...
- Philip Wong
Consumer - Largely Resilient Outlook But Not Cheap Enough
Largely Resilient Outlook But Not Cheap Enough Highlights Impact from the Middle East conflict appears digestible for now while MySara cash aid sees a more moderated and broadened impact across retailers. Valuations resilient but uncertainties cap upside. Maintain MARKET WEIGHT. Top picks for the sector: Fraser & Neave Holdings, Heineken Malaysia and Oriental Kopi Holdings.
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Thursday, April 02, 2026
Top Stories Strategy | Alpha Picks: Trump Tweets, Portfolio Bleeds Our Alpha Picks portfolio declined 8.6% mom in Mar 26, lagging the STI amid a risk-off environment and heightened policy uncertainty. Weakness was led by property and cyclical names, while OCBC and China Aviation Oil provided limited support. We add NTTDCR and First Resources and take profit on ASL and CSE, while remaining focused on high-conviction picks with clear catalysts. Market Spotlight • US stocks were higher on Wed...
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
NTTDCR SP NTT DC REIT
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Malaysia Research Team
Malaysia Daily - Thursday, April 2, 2026
Top Stories Sector Update | Consumer The impact from the Middle East conflict appears digestible for now while MySara cash aid sees a more moderated and broadened impact across retailers. Valuations remain resilient despite geopolitical shocks, but structural derating and external risks limit upside, supporting a cautious MARKET WEIGHT stance overall. Oriental Kopi Holdings is added to our top picks for the sector, complementing Fraser & Neave Holdings and Heineken Malaysia. Market Spotlight T...
- Andrew Agita Buntoro
- Willinoy Sitorus
Erajaya Swasembada (ERAA IJ) - 2025: Full-Year Earnings Better Than Ex...
Company Results | Erajaya Swasembada (ERAA IJ/BUY/Rp374/Target: Rp600) ERAA delivered strong 2025 results above our and consensus estimates, with 17% yoy revenue growth and 16% yoy net profit growth driven by iPhone 16/17 launches and robust 4Q25 performance. Momentum has carried into 2026 with January SSSG up 39.2%, supported by premium demand and seasonality, although we expect growth to normalise from 2Q26 amid a higher base effect. Maintain BUY; target price: Rp600. Highlights • Flagship la...
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, April 2, 2026
Top Stories Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium an...
- Suryaputra Wijaksana
Economics - March Inflation Cools As Base Effects Fade And Gold Prices...
Economics | March Inflation Cools As Base Effects Fade And Gold Prices Moderate Headline inflation eased to 3.48% yoy in Mar 26, below expectations, as administered prices normalised and food prices moderated. Core inflation cooled to 2.52% despite Ramadan demand. Markets reacted positively, with bond yields falling. Inflation is expected to moderate in the coming months as base effects fade, with rising oil prices posing upside risks. BI is now expected to hold rates at 4.75% through 2026, revi...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, April 2, 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Alpha Picks: Trump Tweets, Portfolio Bleeds
Our Alpha Picks portfolio declined 8.6% mom in Mar 26, lagging the STI amid a risk-off environment and heightened policy uncertainty. Weakness was led by property and cyclical names, while OCBC and China Aviation Oil provided limited support. We add NTTDCR and First Resources and take profit on ASL and CSE, while remaining focused on high-conviction picks with clear catalysts.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
HLA HONG LEONG ASIA LTD
NTTDCR SP NTT DC REIT
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Andrew Agita Buntoro
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, April 2, 2026
Economics | March Inflation Cools As Base Effects Fade And Gold Prices Moderate Headline inflation eased to 3.48% yoy in Mar 26, below expectations, as administered prices normalised and food prices moderated. Core inflation cooled to 2.52% despite Ramadan demand. Markets reacted positively, with bond yields falling. Inflation is expected to moderate in the coming months as base effects fade, with rising oil prices posing upside risks. BI is now expected to hold rates at 4.75% through 2026, revi...
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): Takeaways From 2025 Analyst Briefing.
We attended Tsingtao Brewery’s 2025 analyst briefing. For 2026, it expects the beer industry to remain stable. It set volume growth as the first priority, aiming to drive revenue and profit growth through product mix optimisation. The company has introduced light dry beer, positioned between classic and white beer, to further strengthen its competitiveness in the premium segment. On the cost front, management expects COGS to increase slightly in 2026, due to rising aluminium prices. Maintain BUY...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
YesAsia Holdings (2209 HK): 2025: Results In Line; Continued Growth Mo...
2025 revenue/net profit grew 45%/21.5% yoy, largely in line with our estimates, primarily driven by robust performance across both B2C and B2B businesses. For 2026, the company expects the growth momentum in 2025 to continue for both B2C and B2B businesses and achieve gross margin expansion. The company sees potential impact from rising fuel surcharges on net margin but partially offset by a weaker Korean won. Maintain BUY with a lower target price of HK$4.85 based on 8.5x 2026F PE.
- Johnny Yum Chung Man
Sunny Optical (2382 HK): 2025: Solid Beat; Guidance Much Better Than E...
Sunny Optical delivered a solid 2025 earnings beat, with adjusted net profit surging 37.8% yoy to Rmb3.7b, driven by strong margin recovery across its smartphone and vehicle segments. Overall gross margins reached 19.7%. The company provided upbeat 2026 guidance, targeting over 7% growth in both top-line and bottom line, supported by handset recovery and robust pan-IoT expansion. Maintain BUY and cut target price to HK$80.10 on a lower valuation multiple.
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