reports
- Ken Lee
Contemporary Amperex Technology Co (300750 CH): 1Q26 results beat our ...
Highlights 1Q26 net profit beat our estimate at Rmb20,738m (+48.5% yoy/-10.5% qoq) on sales volume (200GWh/+66.7% yoy). The buoyant sales growth was driven by higher kWh per vehicle, commercial EVs and ESS battery for data centres. Management indicated strong order flows. We expect CATL's earnings to be driven by the accelerating electrification across EVs, ESS, commercial trucks, robots, and data centres, as well as the company’s strong product pipeline. We raise our 2026-28 net profit fo...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small/Mid Cap Monthly – 2025 results review.
Names under our coverage reported divergent 2025 results. The outlook for 2026 is cautiously optimistic amid geopolitical tensions, with growth fuelled by improving product mixes, new product launches and operating leverage. Our most preferred growth name is Plover Bay (1523 HK), given the prospects for its Starlink-centred products and potential re-rating of its US business on Nasdaq. Our top pick for high-yield plays is Crystal (2232 HK) as we believe its long-term wallet share gains from key ...
- Ken Lee
Nexteer Automotive Group (1316 HK): Takeaways From Conference Call.
Nexteer expects low single-digit revenue growth for 2026. The Steer-by-Motion businesses are coming on-stream in 2026- 27. The company expects margin improvement in 2026, based on: a) the pass-through of tariffs to customers; b) efficiency gain from restructuring of the NA segment; c) the resilient margins of the APC segment; and d) ramp-up of production at the Poland and Brazil plants. We maintain our 2026-28 net profit estimates at US$134m/US$149m/US$173m respectively. Maintain BUY; target pri...
- Julia Pan Mengyao
JD.com (9618 HK): 1Q26 Results Preview: Narrowing FD Losses; Solid FY2...
JD has guided for sluggish low single-digit top-line growth in 1Q26, slightly improving from 4Q25’s 1.5% yoy growth, but significantly lower than 1Q25’s 15.8% due to a high base last year driven by national subsidies. However, overall profitability is expected to rebound, driven by narrowing losses in the FD segment, resumption of national subsidies, and contributions from ongoing international expansion. Maintain BUY with a raised target price of HK$155.00 (US$40.00).
- Johnny Yum Chung Man
China IT Hardware: Handset – Premium Smartphone Brands To Emerge as Ma...
Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players focused on premium segment are expected to achieve market share and dollar content gains, while the low-end segment is expecting massive production cuts as OEMs slash unprofitable SKUs amid a memory cost upcycle through 2026-28. Currently, suppliers with high exposure to the premium smartphone segment appear to be most defensive against macro headwinds. Maintain MARKET WEIGHT, with a preference for Sunny Optical an...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Robust Policy Support for Biopharma Innova...
The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT.
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
- Jack Goh Tooan Orng
Zetrix AI (ZETRIX MK) - Impending Blockchain Monetisation
Impending Blockchain Monetisation Highlights Zetrix presented at our Malaysia Gems Conference 2026 hosted in Kuala Lumpur last week. The sessions received commendable interest from various institutional investors. Zetrix’s two new developments – “Avatar” and setting up a new global data exchange – are expected to deepen the group’s blockchain and AI use-cases. Ramp-up of various blockchain-related services and potential spin-off of web3 business remain key catalysts for the group. Maintain...
- Lester Siew
SD Guthrie (SDG MK) - 1Q26 Preview: Lower Output qoq; ASPs To Pick Up ...
1Q26 Preview: Lower Output qoq; ASPs To Pick Up After Highlights We expect SDG’s core net profit to moderate by 11-13% qoq in 1Q26 to RM400m-410m, attributed to a double-digit qoq decline in FFB output vs 4Q25 amid the low production season. Earnings are anticipated to pick up stronger thereafter, underpinned by a subsequent ramp-up in production output in addition to stronger ASPs. Maintain BUY on SDG with an unchanged target price of RM6.90.
- Malaysia Research Team
Malaysia Daily - Thursday, April 16, 2026
Top Stories Company Update | SD Guthrie (SDG MK/BUY/RM6.00/Target: RM6.90) We expect SDG to report a sequentially weaker 1Q26 core net profit of RM400m-410m (11-13% lower qoq). This is mainly attributed to seasonally weaker palm production output, although ASPs may remain fairly comparable with spot CPO prices picking up strongly since March. We recently raised our CPO price assumption for 2026 to RM4,500/tonne from RM4,250/tonne previously, and now forecast core earnings growth of 11% yoy for S...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 1Q26 Net Profit Is Expected To Stage A Solid Re...
Company Update | Siam Cement (SCC TB/HOLD/Bt214.00/Target: Bt234.00) We expect SCC to report a net profit of Bt5.7b in 1Q26, rebounding from a loss in 4Q25, driven by substantial stock gains and a recovery in the cement business. The petrochemical segment outlook is improving, with olefins spreads recovering strongly due to significant supply disruptions, supporting overall earnings in 2Q26. SCC has secured sufficient feedstock for production through the end of 2Q26; however, naphtha feedstock s...
- Benjaphol Suthwanish
Thailand Daily - Thursday, April 16, 2026
Top Stories Company Update | Siam Cement (SCC TB/HOLD/Bt214.00/Target: Bt234.00) We expect SCC to report a net profit of Bt5.7b in 1Q26, rebounding from a loss in 4Q25, driven by substantial stock gains and a recovery in the cement business. The petrochemical segment outlook is improving, with olefins spreads recovering strongly due to significant supply disruptions, supporting overall earnings in 2Q26. SCC has secured sufficient feedstock for production through the end of 2Q26; however, napht...
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Thursday, April 16, 2026
Top Stories Sector Update | Healthcare The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT. Sector Update | IT Hardware Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players focused...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Gigi Cheuk
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Sunny Chen
Regional Morning Meeting Notes: Thursday, April 16, 2026
Greater China Sector Update | Healthcare The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT. Sector Update | IT Hardware Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01415 COWELL E HOLDINGS INC.
VST HOLDINGS LTD.
SCC SIAM CEMENT PUBLIC CO. LTD.
C6L SINGAPORE AIRLINES LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
INCO VALE INDONESIA
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
2209 YESASIA HOLDINGS LTD
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
02192 CSPC INNOVATION PHARMACEUTICAL CO L
1523 MEDLIVE TECHNOLOGY CO LTD
SDG PLOVER BAY TECHNOLOGIES LTD (1523 HK)
9660 HK SD GUTHRIE BHD
ZETRIX MK HORIZON ROBOTICS INC (9660 HK)
ONC@US@ ZETRIX AI (ZETRIX MK)
BEONE MEDICINE INC
- Roy Chen Chengzhi
Singapore Airlines (SIA SP) - Expecting Strong 4QFY26 Earnings, Follow...
SIA’s exceptionally strong Mar 26 operating data was thanks to the spillover from Middle Eastern carriers whose operations have been impacted by the on-going US-Iran war. We lift our 4QFY26 earnings forecast to S$553m (previously S$295m) to reflect the strong Mar 26 data as well as a sizeable fuel hedging gain. The Middle East situation casts significant uncertainties on SIA’s FY27 outlook, with the sky-rocketed jet fuel prices likely to hit SIA’s earnings from 1QFY27. Maintain HOLD; target pric...
- Jonathan Koh
Banking - 1Q26 Results Preview: Navigating Treacherous Waters
We expect 1Q26 to be characterised by mild NIM compression and growth from wealth management supported by AUM expansion. Review of macroeconomic variables should lead to a top-up of general provisions. We expect a net profit of S$2,833m for DBS (-2% yoy, +25% qoq) and S$1,793m for OCBC (-5% yoy, +3% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$67.55) and OCBC (Target: S$25.30). DBS provides an attractive 2026 dividend yield of 5.6%. We also like OCBC (BUY/Target: S$25.30) for its strategic shif...
- Jonathan Koh
- Roy Chen Chengzhi
Singapore Daily: Thursday, April 16, 2026
Top Stories Sector Update | Banking We expect 1Q26 to be characterised by mild NIM compression and growth from wealth management supported by AUM expansion. Review of macroeconomic variables should lead to a top-up of general provisions. We expect a net profit of S$2,833m for DBS (-2% yoy, +25% qoq) and S$1,793m for OCBC (-5% yoy, +3% qoq). Maintain OVERWEIGHT. BUY DBS (Target: S$67.55) and OCBC (Target: S$25.30). DBS provides an attractive 2026 dividend yield of 5.6%. We also like OCBC (BUY/Tar...
- Benyamin Mikael
Vale Indonesia (INCO IJ) - Earnings Inflection In Sight
Company Update | Vale Indonesia (INCO IJ/BUY/Rp6,800/Target: Rp7,600) INCO is entering a strong growth phase, driven by new projects at Bahadopi, Pomalaa, and Sorowako that will significantly boost ore volumes. Earnings are expected to surge in 2026 on higher nickel prices, improved payability, and ore sales. Despite near-term cost pressures, limonite monetisation and downstream expansion provide strong long-term upside. Maintain BUY with a higher target price of Rp7,600. Highlights • INCO’s ou...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Thursday, April 16, 2026
Company Update | Vale Indonesia (INCO IJ/BUY/Rp6,800/Target: Rp7,600) INCO is entering a strong growth phase, driven by new projects at Bahadopi, Pomalaa, and Sorowako that will significantly boost ore volumes. Earnings are expected to surge in 2026 on higher nickel prices, improved payability, and ore sales. Despite near-term cost pressures, limonite monetisation and downstream expansion provide strong long-term upside. Maintain BUY with a higher target price of Rp7,600. Technical Analysis Ala...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Wednesday, April 15, 2026
Key Calls 2025 Results Review Names under our coverage reported divergent 2025 results. Overall, the outlook for 2026 is cautiously optimistic amid geopolitical tensions, with net profit growth fuelled by improving product mixes, new product launches and operating leverage. For growth names, 2025 results diverged and we expect new product launches and overseas expansion to fuel growth in 2026 and beyond. a) Plover Bay (1523 HK): Net profit beat our estimate by 4% due to strongerthan- expect...
- Damon Shen
- Jieqi Liu
Yuexiu Property (123 HK): Industry Consolidator Still Trading At Attra...
Yuexiu Property, a core SOE-backed developer, benefits from low funding costs and municipal resources, driving its rise to ninth place in contracted sales by 2025. Its solid balance sheet, “three red lines” compliance, and focus on Tier 1-2 cities underpin sustainable growth despite near-term margin pressure from inventory discounts over 2025-26, with profitability expected to improve from 2027 as higher-margin sales are recognised. Trading at an undemanding 0.23x 2026F P/B, Yuexiu Property appe...
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