reports
- Bella Lu Yifei
- Ken Lee
Huizhou Desay SV (002920 CH): 4Q25: Core Net Profit Up 38.7% YOY, Miss...
DSV’s 4Q25 core net profit missed estimates at Rmb690m (+38.7% yoy/+20.7% qoq) on lower-than-expected gross margin given price pressure from OEMs. Looking ahead, DSV’s earnings will be driven by AI, globalisation, low-speed unmanned vehicles and robotics. We cut our 2026-27 net profit forecasts by 12%/10% to Rmb2,783m/Rmb3,457m respectively, based on lower gross margin of 19%, and introduce our 2028 net profit forecast of Rmb4,223m. Maintain BUY and cut target price from Rmb190.00 to Rmb168.00.
- Bella Lu Yifei
- Ken Lee
Contemporary Amperex Technology Co (300750 CH): 4Q25: Results Beat Our...
4Q25 earnings beat our estimates at Rmb19,359m (+25.9% yoy/+4.4% qoq) on sales volume and margins. CATL's earnings will be driven by the accelerating electrification across EVs, ESS, robots, and DCs, and the company’s strong product pipeline, supporting an over 20% volume CAGR. We raise our 2026-27 net profit forecasts by 6%/15% to Rmb84.06b/Rmb108.80b respectively, based on higher sales volume, and introduce our 2028 net profit forecast of Rmb136.00b. Maintain BUY, with higher target prices for...
- Damon Shen
- Jieqi Liu
China Property: NPC Signals Policy Support, Property Sales Stay Subdue...
The 2026 NPC Government Work Report sets a supportive policy tone for the property sector, focusing on supply control, destocking and HPF reform. However, high-frequency data in early-Mar 26 remains weak partly due to the high base and we expect Tier 1-2 new-home sales to stay soft in 1Q26. We maintain UNDERWEIGHT on the sector but suggest keeping some exposure as a hedge against policy volatility; CR Land remains our top pick.
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Inflation -- Feb Inflation Data Above Expectations.
In February, China's headline CPI inflation rose to 1.3% yoy, driven by Chinese New Year effects, with food prices up 1.7% yoy. Core inflation climbed to 1.8% yoy, led by services inflation. PPI deflation eased to -0.9% yoy (better than the expected -1.1%), reflecting moderating producer goods price deflation amid rising commodity costs and government oversight. This trend should support positive CPI readings and help curb deflationary expectations.
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - Aggressive Growth Target
Company Update | Berli Jucker (BJC TB/BUY/Bt13.40/Target: Bt18.00) Management expects 2026 revenue to grow 4-6%, with gross margin improving by 20-40bp. If BJC achieves this target, it would imply a 5-9% upside to earnings. Energy price risk in 1Q26 should be limited, as lower soda ash costs support packaging margins while Big C can offset higher logistics costs through higher distribution income. Maintain BUY with a target price of Bt18.00.
- Tanapon Cholkadidamrongkul
Thailand Daily - Tuesday, March 10, 2026 [Update: BJC TB]
Top Stories Company Update | Berli Jucker (BJC TB/BUY/Bt13.40/Target: Bt18.00) Management expects 2026 revenue to grow 4-6%, with gross margin improving by 20-40bp. If BJC achieves this target, it would imply a 5-9% upside to earnings. Energy price risk in 1Q26 should be limited, as lower soda ash costs support packaging margins while Big C can offset higher logistics costs through higher distribution income. Maintain BUY with a target price of Bt18.00.
- Lester Siew
IOI Corporation (IOI MK) - Production Growth To Sustain Positive Momen...
Production Growth To Sustain Positive Momentum Highlights Management remains sanguine on its FFB growth trajectory in 2HFY26, with full-year output expected to rise 5-8% yoy as its accelerated replanting programme has reached a positive inflection point. A broad-based earnings recovery for its downstream segment however may stay elusive, with the outlook for 2HFY26 across sub-segments still rather mixed. Maintain HOLD on IOI with unchanged SOTP-derived target price of RM4.30.
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Renewable Energy - Compelling Risk-Reward; Prospects Remain Bright
Compelling Risk-Reward; Prospects Remain Bright Highlights We expect record-high EPCC replenishment opportunities of RM13b-23b over the next five years for the sector (three-year earnings CAGR of 28% over 2025-28F), with existing players benefitting from elevated orderbooks. Valuations appear attractive and we believe risk of rising solar module prices (+22% mom) and margin compression are largely priced in. Key re-rating catalysts for the sector include: a) a stronger ringgit to offset risi...
- Malaysia Research Team
Malaysia Daily - Tuesday, March 10, 2026
Top Stories Sector Update | Renewable Energy We expect record-high EPCC replenishment opportunities of RM13b-23b over the next five years, with existing players benefitting from elevated orderbooks. Importantly, we believe current share prices have largely discounted future orderbook wins from DCs, as well as monetisation of solar assets in the longer run. We see this as a good opportunity to accumulate quality names with earnings visibility and growth potential. Maintain OVERWEIGHT. Our sector ...
- Adrian Loh Tzum Yung
- Audrey Celia
- Bella Lu Yifei
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jieqi Liu
- Ken Lee
- Lester Siew
- Singapore Research Team
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 10, 2026
Greater China Economics | Inflation In February, China's headline CPI inflation rose to 1.3% yoy, driven by Chinese New Year effects, with food prices up 1.7% yoy. Core inflation climbed to 1.8% yoy, led by services inflation. PPI deflation eased to -0.9% yoy (better than the expected -1.1%), reflecting moderating producer goods price deflation amid rising commodity costs and government oversight. This trend should support positive CPI readings and help curb deflationary expectations. Sector Up...
- Adrian Loh Tzum Yung
- Singapore Research Team
Equity Strategy: Singapore Stock Picks In A Turbulent Market
With war clouds, an oil shock, and market volatility, we focus on Singapore’s defensive sectors and quality blue-chip names. Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
P34 DELFI
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Joyce Chu
- Ken Lee
- Tham Mun Hon
Greater China Daily: Tuesday, March 10, 2026
Top Stories Economics | Inflation In February, China's headline CPI inflation rose to 1.3% yoy, driven by Chinese New Year effects, with food prices up 1.7% yoy. Core inflation climbed to 1.8% yoy, led by services inflation. PPI deflation eased to -0.9% yoy (better than the expected -1.1%), reflecting moderating producer goods price deflation amid rising commodity costs and government oversight. This trend should support positive CPI readings and help curb deflationary expectations. Sector Upd...
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Daily: Tuesday, March 10, 2026
Top Stories Strategy | Singapore Stock Picks In A Turbulent Market With war clouds, an oil shock, and market volatility, we focus on Singapore’s defensive sectors and quality blue-chip names. Deployment of funds from MAS’ Equity Market Development Programme could provide some respite in March and April. Key stock picks are CLAR, CLI, CIT, DBS, DFI, KEP, SE, ST, YZJSGD, ASL, CAREIT, CSE, DELFI, FEH, IFAST, UGAI and VALUE. Market Spotlight US stocks were higher on Monday, with all indexes risi...
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Audrey Celia
- Willinoy Sitorus
Consumer - Macro Headwinds Accumulate, Downgrade To MARKET WEIGHT
Sector Update | Consumer We downgrade the sector to MARKET WEIGHT as macro headwinds rise, including fiscal risks, higher soft commodity costs, a weaker rupiah, and greater government intervention. Easing fiscal support, combined with higher input costs and currency weakness, could weigh on consumer spending and company margins. Our focus remains on resilient names with demonstrated earnings resilience, limited forex exposure, and lower sensitivity to soft commodity spikes. Top picks: CMRY and A...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Tuesday, March 10, 2026
Sector Update | Consumer We downgrade the sector to MARKET WEIGHT as macro headwinds rise, including fiscal risks, higher soft commodity costs, a weaker rupiah, and greater government intervention. Easing fiscal support, combined with higher input costs and currency weakness, could weigh on consumer spending and company margins. Our focus remains on resilient names with demonstrated earnings resilience, limited forex exposure, and lower sensitivity to soft commodity spikes. Top picks: CMRY and A...
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Solarvest Holdings (SOLAR MK) - Galloping Into A Multi-Year Growth Opp...
Galloping Into A Multi-Year Growth Opportunity Highlights Solarvest Holdings (Solarvest) is poised to be a key beneficiary in Malaysia’s robust RE sector, with a leading 30% share of the EPCC segment in Malaysia. The stock offers robust three-year earnings CAGR of 31% over FY25-28F, driven by: a) a strong LSS5 and LSS5+ EPCC orderbook; b) earnings uplift from CGPP and LSS5 assets; and c) a potential new CRESS win by 2H26. We initiate coverage with a BUY call and a target price of RM3.00.
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Renewable Energy - Compelling Risk-Reward; Prospects Remain Bright
Compelling Risk-Reward; Prospects Remain Bright Highlights The sector has underperformed the FBMKLCI by 31% ytd and valuations are undemanding at -1SD from mean levels. We see this as a good opportunity to accumulate quality names with earnings visibility and growth potential. We initiate coverage on Solarvest (BUY/Target Price: RM3.00) and Northern Solar (BUY/Target: RM1.00). We expect record EPCC replenishment opportunities of RM13b-23b over the next five years, with existing players benef...
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy - Digging Into A More Defensive Mode
Digging Into A More Defensive Mode Highlights The past week’s events require reassessment of the financial impact of the US-Israel vs Iran conflict. With Iran’s organised and persistent military response that has targeted/crippled the regional logistics/production of crude oil, the situation could morph into a war of attrition and further elevate Brent crude oil prices by more than 20% to over US$88/bbl. Such a scenario raises the probabilities of Brent crude oil prices rising to US$100/bbl, s...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Gamuda (GAM MK) - 2QFY26: Closer To Reality
2QFY26: Closer To Reality Highlights Results were below expectations (38% of our and consensus’ estimates). Gamuda charted weaker-than-expected earnings growth of 11% yoy in 1HFY26, but we anticipate 2HFY26 earnings to come in stronger. Maintain BUY with an unchanged target price of RM5.25, pegged to FY27 valuations. We cut our FY26 earnings forecast by 8% to reflect slower-thanexpected overseas’ project progress and property sales.
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