reports
- Gigi Cheuk
- Kate Luang
Karrie International Holdings (1050 HK): Solid demand for AI server en...
Highlights We had a pre-blackout call with Karrie. Shipment for Nvidia’s switch tray chassis was delayed to May/Jun 26 from Mar 26 due to geopolitical conflicts. Karrie sees strong demand for AI server chassis and racks in 2-3 years and is ramping up Thai and China capacity to meet growing customer demand. We remain positive on AI revenue contribution for Karrie in FY27-28 despite the near-term shipment delay. Maintain BUY with a lower target price of HK$2.85.
- Tanapon Cholkadidamrongkul
CARABAO GROUP (CBG TB) - Challenging Domestic Sales Penetration Amid O...
Company Update | IRPC (IRPC TB/HOLD/Bt1.53/Target: Bt1.65) IRPC’s 1Q26 earnings are expected to rebound strongly, with net profit of Bt7.1b driven by inventory gains and higher GIM of US$12.5/bbl. Core profit should remain solid at Bt1.45b supported by firm diesel spreads and high utilisation. 2Q26 outlook remains positive, underpinned by strong middle distillates and secured crude supply. Policy impact is limited, with about Bt1.7b in opportunity losses, though the impact remains manageable. Ho...
- Arsit Pamaranont
IRPC (IRPC TB) - Expect Policy Impact To Be Limited; Earnings Remain I...
Company Update | CARABAO GROUP (CBG TB/BUY/Bt37.50/Target: Bt42.00) We forecast CBG’s 1Q26 core profit at Bt619m (-18.7% yoy, -6.3% qoq), mainly pressured by a yoy decline in overseas energy drink sales, particularly from the Cambodia market. We remain cautious due to intensifying competition in the Bt10 segment, rising raw material costs weighing on margins from 2Q26 due to lower cost pass-through, and the still-weak international market. Maintain HOLD with a target price of Bt42.00.
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - 1Q26: Earnings Beat Due To Middle East C...
Company Results | Bumrungrad Hospital (BH TB/BUY/Bt173.00/Target: Bt196.00) BH reported a strong 1Q26 with net profit of Bt1.79b (+3.2% yoy), beating expectations on stronger top-line and margins, driven by Middle East patients (+21.3% yoy). Foreign patient mix rose to 66%, supporting EBITDA margin expansion. However, Middle East tensions remain a key risk, although an easing of the conflict will improve the outlook for 3Q26 recovery. BIH Phuket has been delayed to 2H27, easing cost pressure in ...
- Tanapon Cholkadidamrongkul
Retail - Upgrade Home Improvement Retail To OVERWEIGHT
Sector Update | Retail We expect the home improvement segment’s 1Q26 earnings to decline 12% yoy, dragged by weak operations from HMPRO. The 2Q26 earnings outlook is expected to increase yoy on a low-base effect and resilient gross margin in 2Q26. We maintain our preference for the home improvement segment over the grocery retail segment, supported by the former’s stronger pricing power and lower financial leverage. Upgrade the home improvement retail segment to OVERWEIGHT. Maintain MARKET WEI...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Oil & Gas - Refinery: Government Intervention On Refiners Should Be Te...
Sector Update | Oil and Gas EPAC has announced a reduction in diesel ex-refinery prices by Bt5.00/litre for 24 April-8 May (including a prior Bt2.00/litre cut), which will ease to Bt3.00/litre from 9-19 May. The impact from government measures appears limited; despite the reduction in diesel GRM, we believe the refining business will still generate positive core earnings. Maintain MARKET WEIGHT. TOP and PTTGC are our top picks.
- Thanawat Thangchadakorn
Banking - 1Q26: Results Beat; Non-II Remains The Key Driver
Sector Update | Banking Banks under our coverage reported a combined net profit of Bt57.2b, down 2% yoy but up 20% qoq, beating our expectation by 11% and the market's estimate by 12%. The key reason for the beat was the strong qoq increase in investment gains. Banks mostly added management overlays to cushion against the potential impact from the Middle East tensions. Maintain MARKET WEIGHT. Our top pick is BBL.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 24, 2026
Top Stories Sector Update | Banking Banks under our coverage reported a combined net profit of Bt57.2b, down 2% yoy but up 20% qoq, beating our expectation by 11% and the market's estimate by 12%. The key reason for the beat was the strong qoq increase in investment gains. Banks mostly added management overlays to cushion against the potential impact from the Middle East tensions. Maintain MARKET WEIGHT. Our top pick is BBL. Sector Update | Oil and Gas EPAC has announced a reduction in diese...
- Desmond Chong Chee Wai
Vitrox Corporation (VITRO MK) - 1Q26: Within Expectations; Momentum Co...
1Q26: Within Expectations; Momentum Continues But Valuation Remains Stretched Highlights Within expectations. Vitrox Corporation (Vitrox) reported a record 1Q26 net profit of RM51.2m (+11% qoq, +105% yoy). This came in within our and consensus estimates at 26% and 27% respectively. The sequential growth in earnings was mainly due to superior margin recorded through production innovation and cost optimisation. 1Q26 sales improved meaningfully by 89% yoy, on the back of demand recovery in both...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Solarvest Holdings (SOLAR MK) - Record Orderbook; Strong Multi-Year Gr...
Record Orderbook; Strong Multi-Year Growth Trajectory Highlights Solarvest has been awarded its largest EPCC contract valued at RM1.06b for its 20%-owned 470MWac LSS5+ project in Perak, slated for commissioning by end-Feb 28. This brings orderbook to a record RM2.7b, reinforcing its ability to deliver top-line and net profit CAGR of 38% and 31% respectively over FY25-28F. The group has taken delivery of 110MW of modules that remain eligible for the 9% VAT export tax rebate. This exceeded ear...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Telecommunications - Defending Market Share; Cost Cuts On DNB Front
Defending Market Share; Cost Cuts On DNB Front Highlights Telcos likely to focus on defending market share, shift towards more rational competition amid greater focus on cost efficiencies and cash-flow discipline. Robust underlying demand for ICT, cloud and cybersecurity services will drive enterprise revenue for the sector. While DNB is likely to remain loss-making through 2028, ongoing cost reduction efforts should gradually narrow the losses, resulting in a 2-7% earnings drag on CelcomDig...
- Malaysia Research Team
Malaysia Daily - Friday, April 24, 2026
Top Stories Sector Update | Telecommunications We project sustained demand for connectivity, ICT, cloud, and cybersecurity services over the next three years, supported by a shift towards more rational competition and a greater focus on profitability and cash flow discipline. While DNB is likely to remain loss-making through 2028, ongoing cost-reduction efforts should gradually narrow losses, resulting in a 2-7% earnings drag on CelcomDigi and Maxis. Maintain MARKET WEIGHT. Top picks: Axiata Gro...
- Carol Dou Xiao Qin
- Sunny Chen
Ping An Healthcare and Technology Company (1833 HK): 1Q26: Results Sat...
PAGD’s 1Q26 results were satisfactory, with revenue and adjusted net profit up 9.1% and 45.8% yoy respectively. Management guided for conservative mid-single-digit revenue growth in 2026, reflecting a temporary transition in commercial insurance enablement. We lower our 2026 revenue growth estimate to 5.4% yoy, but forecast revenue and adjusted net profit CAGR of 14% and 42% for 2026-28, driven by corporate health management. Maintain BUY with a lower target price of HK$14.50, with medium-term e...
- Ken Lee
China Automobile Weekly: Takeaway From Visits To Minth, Joyson Electro...
This week we visited Minth, Joyson Electronic, Hesai and CaoCao, while CATL held a Tech Day showcasing new products. The companies are expanding into new businesses such as humanoid robot parts and robotaxis, creating second growth curves. They are transforming from hardware suppliers to total solution providers by leveraging core know-how such as advanced material development and high-precision manufacturing. We maintain MARKET WEIGHT on the Automobile sector. Top BUYs: CATL, Geely, BYD and Min...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600699 NINGBO JOYSON ELECTRONIC CORP. CLASS A
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
PONY PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Carol Dou Xiao Qin
- Joyce Chu
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, April 24, 2026
Top Stories Sector Update | Automobile This week we visited Minth, Joyson Electronic, Hesai and CaoCao, while CATL held a Tech Day showcasing new products. The companies are expanding into new businesses such as humanoid robot parts and robotaxis, creating second growth curves. They are transforming from hardware suppliers to total solution providers by leveraging core know-how such as advanced material development and high‑precision manufacturing. We maintain MARKET WEIGHT on the Automobile se...
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
Singapore Daily: Friday, April 24, 2026
Top Stories Company Results | Nanofilm Technologies International (NANO SP/BUY/S$1.43/Target: S$1.91) Nanofilm’s 1Q26 revenue of S$55m (+24% yoy) is within expectation, at 20% of our full-year estimate. EBITDA margin of 26% beat our expectation due to a better product mix and cost control. AMBU remains the largest revenue contributor, accounting for 89% of total revenue, with a 24% yoy growth. The outlook remains positive. Maintain BUY with a 161% higher target price of S$1.91. Compan...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- John Cheong Ming Chern
- Ken Lee
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, April 24, 2026
Greater China Sector Update | Automobile This week we visited Minth, Joyson Electronic, Hesai and CaoCao, while CATL held a Tech Day showcasing new products. The companies are expanding into new businesses such as humanoid robot parts and robotaxis, creating second growth curves. They are transforming from hardware suppliers to total solution providers by leveraging core know-how such as advanced material development and high‑precision manufacturing. We maintain MARKET WEIGHT on the Automobile s...
- Adrian Loh Tzum Yung
Keppel (KEP SP) - Monetisation And Fee Growth Accelerates In 1Q26
1Q26 net profit dipped slightly yoy, but recurring income and free cash flow rose strongly while asset management fees grew 13% yoy to S$108m. KEP is on track for S$2b-3b in asset monetisation this year with S$385m announced ytd; gas margin impact on profits is limited thus far. Maintain BUY with an unchanged target price of S$13.23.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Nanofilm Technologies (NANO SP) - 1Q26: Strong Margin Improvement And ...
Nanofilm’s 1Q26 revenue of S$55m (+24% yoy) is within expectation, at 20% of our full-year estimate. EBITDA margin of 26% beat our expectation due to a better product mix and cost control. AMBU remains the largest revenue contributor, accounting for 89% of total revenue, with a 24% yoy growth. The outlook remains positive. Maintain BUY with a 161% higher target price of S$1.91.
- Andrew Agita Buntoro
- Willinoy Sitorus
Dayamitra Telekomunikasi (MTEL IJ) - Structural Upside With Slight Hea...
Company Update | Dayamitra Telekomunikasi (MTEL IJ/HOLD/Rp530/Target: Rp570) We downgrade MTEL to HOLD with a target price of Rp570 (from Rp700), based on 8.5x 2026 EV/EBITDA (-1.75SD to its five-year average). The revision reflects slower near-term growth amid Telkom’s restructuring and XLSmart integration, partially offset by a visible tenancy pipeline and stable lease rates. Downside remains limited given resilient margins and recurring income, while potential upside is supported by FWA rollo...
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