reports
- Shirley Wang Xueyi
- Stella Guo Yuting
Miniso (MNSO US/9896 HK): 2025 Preliminary Results: Revenue Beat And P...
Miniso’s 2025 revenue is expected at Rmb21,440m-21,445m, slightly beating management’s guidance and consensus. Adjusted operating profit could come in at Rmb3,665m-3,675m and falling in the lower-end of management’s guidance. Adjusted net profit is expected at Rmb2,890m-2,900m, in line with consensus. In 2M26, GMV of the MINISO brand in Mainland China and the US grew by over 25% and 50% yoy, with same-store GMV growth exceeding the high single-digit range and 20%, respectively. Maintain BUY with...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
FIT Hon Teng (6088 HK): 2025: Targeting A Low-70% Cloud Segment Growth...
FIT’s 2025 revenue/operating profit beat its previous guidance. For 2026, FIT guides a low-teens revenue growth and a low-20s gross margin, supported by a low-70% revenue growth in its higher-margin cloud segment. It targets 2026 operating profit to grow 70-90% on a low-30% gross profit growth and effective cost controls. While FIT maintains its 2027-28 revenue guidance of mid-20s, it has raised its 2026-28 cloud segment sales mix forecasts from low-20s/mid-20s/high-20s to mid- 20s/high-20s/low-...
- Damon Shen
- Jieqi Liu
Hong Kong Property: Expect Continued Recovery In Residential Market De...
With primary sales remaining strong and HIBOR declining further, Hong Kong’s residential market is expected to continue its recovery despite rising geopolitical risks. We also summarise the key operational data and trends of Hong Kong landlords from this results season. The recent market pullback has created better entry points. We upgrade SHKP/Hysan/Wharf REIC from HOLD to BUY, and upgrade NWD from SELL to HOLD, with target prices remaining unchanged. Maintain MARKET WEIGHT.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Resilient Innovation Amid Weak Market Sent...
The HSHCI fell 7.2%, underperforming the HSI which decreased 4.4% in 1-13 Mar 26. We believe the weak performance of the healthcare sector was mainly due to the rising geopolitical tension in the Middle East triggering risk-averse sentiment, coupled with the US’ new investigation into the China biotech industry. The China biopharma segment continues to see robust out-licensing deals. Becoming an emerging pillar industry, the biopharma segment will likely receive more policy and resources support...
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
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- Loans Growth Edges Lower.
Feb 26 money and credit data came in above expectations, helped by the Chinese New Year effect and better new bank credit and TSF at Rmb0.90t and Rmb2.38t respectively. This lifted M2 growth to 9.0% yoy, while M1 growth came in at 5.9% yoy. While the 2M26 data was above market expectations, the credit cycle is not in an upswing, as total credit growth edged lower to 6.0% yoy, and TSF growth stayed flat at 8.2% yoy.
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
IJM Corporation (IJM MK) - Reconciling IJM’s Intrinsic Value
Reconciling IJM’s Intrinsic Value Highlights IJM and M&A Securites released its IA report for Sunway’s VTO, arriving at a fair value of RM5.84-RM6.48 and deeming it neither fair nor reasonable. We feel that the fair value appears stretched with the valuation methodology being somewhat aggressive and not entirely representative of IJM’s intrinsic value. Maintain BUY and RM3.15 target price. We would still advocate for investors to consider taking the offer. However, we acknowledge some risk...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Gamuda (GAM MK) - Pole Position For Sector Positioning
Pole Position For Sector Positioning Highlights Gamuda presented at our ASEAN Gems Conference 2026 hosted in Taipei, Taiwan last week. The sessions received commendable interest from various institutional investors. Overall, Gamuda is on track to chart prodigious growth within FY26-28, fuelled by domestic mega projects, data centre job flows, and robust tender pipelines in the overseas market. Gamuda’s bargain valuations and decent earnings visibility reaffirms our optimistic rating. Maint...
- Benjaphol Suthwanish
Bangkok Dusit Medical Services (BDMS TB) - Key Takeaways From ASEAN G...
ASEAN Gems Corporate Highlights | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt18.70/Target: Bt32.00) BDMS attended the ASEAN Gems Conference and was positively received by the investors. Investors mainly appreciate BDMS for its strong defensive quality and attractive valuation. The company’s long-term growth plan remains strong with its focus shifting more towards increasing bed occupancy instead of expanding branches. Middle East risks are limited given low exposure. BDMS also focuses on gain...
- Malaysia Research Team
Malaysia Daily - Monday, March 16, 2026
Top Stories ASEAN Gems Corporate Highlights | Gamuda (GAM MK/BUY/RM4.20/Target: RM5.25) Gamuda’s colossal growth prospects are fuelled by the progressive roll-out of domestic mega projects, data centre job flows, and robust tender pipelines in the overseas market. Meanwhile, the group’s property division will be boosted by both local launches and Vietnam’s QTPs. Coupled with tailwinds from imminent margin expansion, Gamuda’s bargain valuations and decent earnings visibility reaffirm our buy rati...
- Benjaphol Suthwanish
Thailand Daily: Monday, March 16, 2026
Top Stories ASEAN Gems Corporate Highlights | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt18.70/Target: Bt32.00) BDMS attended the ASEAN Gems Conference and was positively received by the investors. Investors mainly appreciate BDMS for its strong defensive quality and attractive valuation. The company’s long-term growth plan remains strong with its focus shifting more towards increasing bed occupancy instead of expanding branches. Middle East risks are limited given low exposure. BDMS also f...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Joyce Chu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, March 16, 2026
Top Stories Economics | Money Supply Feb 26 money and credit data came in above expectations, helped by the Chinese New Year effect and better new bank credit and TSF at Rmb0.90t and Rmb2.38t respectively. This lifted M2 growth to 9.0% yoy, while M1 growth came in at 5.9% yoy. While the 2M26 data was above market expectations, the credit cycle is not in an upswing, as total credit growth edged lower to 6.0% yoy, and TSF growth stayed flat at 8.2% yoy. Sector Update | Healthcare The HSHCI fell ...
- Jonathan Koh
Singapore Daily: Monday, March 16, 2026
Top Stories Company Update | Digital Core REIT (DCREIT SP/BUY/US$0.485/Target: US$0.93) DCREIT has switched to growth mode. It plans to recycle assets by divesting one asset in North America and redeploying the capital to acquire data centres in Asia Pacific, especially Singapore and Japan.DCREIT has signed a 10-year lease with an investment-grade global cloud service provider for the entire Linton Hall DC. The data centre resumes contributions starting Dec 26, thereby generating DPU growth of 1...
- Benyamin Mikael
Archi Indonesia (ARCI IJ) - Positioned For Next Phase Of Growth
ASEAN Gems Corporate Highlights | Archi Indonesia (ARCI IJ/BUY/Rp1,605/Target: Rp2,750) ARCI targets an around 15% production growth in 2026, supported by higher grades and underground mining, with a key catalyst being a 2m tpa plant expansion in 2027 that could add 30,000-40,000oz annually. We maintain BUY with a target price of Rp2,750 (9.8x 2026F EV/EBITDA). Strong exploration progress, reserve expansion potential, underground mine monetisation, a 40MW geothermal project with Ormat, and inclu...
- Suryaputra Wijaksana
Economics - Worsening Fiscal Deficit Driven By Higher State Spending; ...
Economics | Worsening Fiscal Deficit Driven By Higher State Spending; Oil Price Risk Looms Ahead Indonesia's fiscal deficit widened to 0.53% of GDP in Feb 26, the worst since the pandemic, as spending surged on frontloaded spending. Revenue grew on low base effects and VAT, but excise and non-tax income declined. Market sentiment deteriorated, with CDS rising and 10-year government bond yields approaching 7%. Despite a lower bond issuance, the government is likely to use its cash buffer. Oil pri...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, March 16, 2026
Greater China Economics | Money Supply Feb 26 money and credit data came in above expectations, helped by the Chinese New Year effect and better new bank credit and TSF at Rmb0.90t and Rmb2.38t respectively. This lifted M2 growth to 9.0% yoy, while M1 growth came in at 5.9% yoy. While the 2M26 data was above market expectations, the credit cycle is not in an upswing, as total credit growth edged lower to 6.0% yoy, and TSF growth stayed flat at 8.2% yoy. Sector Update | Healthcare The HSH...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01997 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
GAM WHARF REAL ESTATE INVESTMENT CO. LTD.
3933 GAMUDA BHD
IJM THE UNITED LABORATORIES INTE
06088 IJM CORP BHD
2877 FIT HON TENG LIMITED
HCM 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
00017 WUXI BIOLOGICS (CAYMAN) INC.
3692 NEW WORLD DEVELOPMENT CO. LTD.
MNSO HANSOH PHARMACEUTICAL GROUP
06160 MINISO GROUP HOLDING ADS (N SHARES)
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
DCRU CSPC INNOVATION PHARMACEUTICAL CO L
ARCI IJ MEDLIVE TECHNOLOGY CO LTD
ONC@US@ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ARCHI INDONESIA (ARCI IJ)
BEONE MEDICINE INC
- Jonathan Koh
Digital Core REIT (DCREIT SP) - Switching To Expansion Mode
DCREIT has switched to growth mode. It plans to recycle assets by divesting one asset in North America and redeploying the capital to acquire data centres in Asia Pacific, especially Singapore and Japan. DCREIT has signed a 10-year lease with an investment-grade global cloud service provider for the entire Linton Hall DC. The data centre resumes contributions starting Dec 26, thereby generating DPU growth of 17% in 2027. DCREIT provides DPU yield of 7.5% for 2026 and 8.7% for 2027. Reiterate BUY...
- Benyamin Mikael
- Maskun Ramli
- Suryaputra Wijaksana
Indonesia Daily - Monday, March 16, 2026
Economics | Worsening Fiscal Deficit Driven By Higher State Spending; Oil Price Risk Looms Ahead Indonesia's fiscal deficit widened to 0.53% of GDP in Feb 26, the worst since the pandemic, as spending surged on frontloaded spending. Revenue grew on low base effects and VAT, but excise and non-tax income declined. Market sentiment deteriorated, with CDS rising and 10-year government bond yields approaching 7%. Despite a lower bond issuance, the government is likely to use its cash buffer. Oil pri...
- Bella Lu Yifei
- Ken Lee
Li Auto (2015 HK): 4Q25: Core Earnings Remain Negative, Missing Expect...
Li Auto remained loss-making in 4Q25, disappointing the market. The misses stemmed from ASP and margins, due to escalated competition. The company guides for 1Q26 deliveries of 85,000-90,000 units (down 8.5-3.1% yoy) and revenue of Rmb20.4b-21.6b (down 21.3-16.7% yoy), missing estimates. We cut our 2026-27 net profit forecasts by 36%/46% to Rmb1.49b/Rmb1.21b respectively on lower sales and margins, and introduce 2028 net profit forecast of Rmb1.12b. Maintain SELL; cut target price to HK$45.00.
- Julia Pan Mengyao
HERE Group (HERE US): 2QFY26: Revenue Beat; 3QFY26 Guidance Miss Due T...
HERE’s 2QFY26 revenue came in at Rmb177m, up 39% qoq, and beating our estimate of Rmb157m by 13%. 2QFY26 non-GAAP net loss narrowed 11% qoq to Rmb16m. HERE expects 3QFY26 revenue to be in the range of Rmb140m- 150m, representing an over 15% qoq decline and missing our expectation, but maintains its FY26 revenue guidance at a solid Rmb750m-800m. Maintain BUY with a lower target price of US$5.50.
- Greater China Research Team
- Tham Mun Hon
Futu Holdings (FUTU US): 4Q25: Strong Earnings Beat Despite Challengin...
Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trends, we believe Futu’s current valuation of 12x looks increasingly compelling. Maintain BU...
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