reports
- Bella Lu Yifei
- Ken Lee
Yadea Group Holdings Ltd. (1585 HK): 2H25: Results Miss; Cut Target Pr...
2H25 net profit came in below estimates at Rmb1,263m (+429.4% yoy/-23.4% hoh) on sales volume and margins. Looking ahead, we expect Yadea’s earnings to be driven by the recovery of China’s electric two-wheeler market, product premiumisation, and exports. Trim our 2026-27 net profit forecasts by 11%/11% to Rmb3,205m/Rmb3,679m respectively and introduce 2028 net profit forecast of Rmb4,126m, implying 14% three-year CAGR. Maintain BUY; cut target price from HK$19.50 to HK$18.00, pegged to 15x 2026F...
- Shirley Wang Xueyi
- Stella Guo Yuting
Shenzhou International (2313 HK): 2H25: Results Miss; Expect Mid-Singl...
2H25 results missed. For 2026, management expects mid-single-digit capacity growth. Specifically, it continues to remain positive on Uniqlo, while PUMA faces uncertainties due to destocking. Management sees uncertainties in gross margin, mainly due to the volatility in raw material prices, higher depreciation of the fabric factory and forex impact. However, the impact from US tariffs should remain at the same level as in 2H25. Maintain BUY but cut target price by 11% to HK$72.50.
- Shirley Wang Xueyi
- Stella Guo Yuting
Midea Group (000333 CH): 4Q25: Solid Results; Expect Mid-To-High Singl...
Midea reported 4Q25 revenue of Rmb93,786m (+6% yoy), and net profit of Rmb6,062m (-11% yoy). Excluding the M&A impact, 4Q25 revenue would have increased by low single digit yoy and net margin would been flat yoy. For 1Q26, management expects both revenue and profit to still record growth on last year’s high base. For 2026, management expects revenue growth in the mid-to-high single-digit range, and net margin to remain relatively stable. Maintain BUY but cut target price by 2% to Rmb112.60.
- Carol Dou Xiao Qin
- Sunny Chen
Hansoh Pharmaceutical Group Company (3692 HK): 2025: Results Beat; Inn...
2025 results beat expectations with accelerated revenue and earnings growth of 22.6% yoy and 27.1% yoy respectively. The strong growth was mainly due to a surge in innovative product sales and collaboration revenue. Hansoh expects revenue growth to remain resilient at double-digit for 2026. The growing number of new product approvals and out-licensing deals will support sustainable revenue and earnings growth in the years ahead. Maintain BUY and lower target price to HK$45.00, factoring in recen...
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 2025: Below Expectations; Mar...
Goldwind reported 2025 earnings of Rmb2,774m (+49.1% yoy), missing our estimate mainly due to lower-than-guided turbine shipments and fewer wind farm disposals. Margins improved, with WTG gross margin rebounding to 9.0% as pricing stabilised and larger-capacity turbines dominated deliveries. External shipments reached 26.6GW (+66% yoy) and backlog remained solid at 53.7GW. Management guides for 2026 shipments of 45GW and WTG margin of 9-10%, reflecting caution over logistics costs, overseas comp...
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
CMOC (3993 HK): 2025: In Line; Copper Strength and DRC Execution Drive...
CMOC reported 2025 earnings of Rmb20,338.8m (+50.3% yoy), in line with expectations, driven by higher copper/cobalt prices and stronger output from its DRC operations. Group gross margin expanded to 23.9% (+7.3ppt yoy), with copper/cobalt margins rising to 55.2%/63.6%, respectively. Copper production reached 741,149 tonnes (+14% yoy), supported by throughput improvements at TFM and KFM. 2026 copper output is guided at 760,000-820,000 tonnes. Liquidity remains strong despite working-capital swing...
- Shirley Wang Xueyi
- Stella Guo Yuting
China Tourism Group Duty Free (601888 CH): 2025: Results In Line; Sany...
CTGDF reported 2025 revenue of Rmb53,694m (-5% yoy), and net profit of Rmb3,586m (-16% yoy). This implies 4Q25 revenue of Rmb13,831m (+3% yoy, +18% qoq), and net profit of Rmb534m (+54% yoy, +18% qoq). Excluding the impact of goodwill impairment, 4Q25 net profit would have increased by 151% yoy. In 2025, Hainan sales showed recovery in 2H25 with Sanya rebounding strongly, while Sunrise Shanghai saw further deterioration. Maintain BUY but cut target price by 7% to Rmb99.80.
- Damon Shen
- Jieqi Liu
China Resources Mixc Lifestyle Services (1209 HK): 2025: Results In Li...
CR Mixc’s 2025 results met expectations, with core net profit up 13.7% yoy to Rmb3,950m. Managed GFA rose 3.5% yoy to 440.8m sqm, while commercial revenue grew 10.1% with SSSG of 12.2% and higher margins. Total dividend payout stayed at 100%, with double-digit DPS growth expected in 2026. Under the 15th Five-Year Plan, the company targets double-digit growth across segments and a doubling of membership revenue by 2030. Target price raised to HK$49.00; upgrade to BUY.
- Damon Shen
- Jieqi Liu
CR Land (1109 HK): 2025: Earnings Beat Expectations; Upgrade 15th FYP ...
CR Land’s 2025 core net profit fell 11.6% yoy but beat expectations on better-than-expected DP margins and strong IP performance, while gearing edged up. Mall operations delivered robust SSSG, and REIT expansion progressed. Under its 15th FYP, the company is shifting DP toward quality development, strengthening core IP assets and scaling up asset-light management. We raise our earnings forecasts and lift our target price by 4.5% to HK$37.00. Maintain BUY.
- Greater China Research Team
- Tham Mun Hon
China Merchants Bank (3968 HK): 2025: In Line; Emerging Asset Quality ...
CMB’s results were in line with the preliminary results as net profit grew 0.8% yoy, due to a narrowing decline in PPOP amid positive NII growth and accelerated fee income growth. Asset quality deteriorated sequentially, with a sudden spike in property developer NPL and continued pressure from the retail segment. Management is more cautious on the 2026 outlook, particularly in NIM and asset quality. Maintain HOLD given the gloomy outlook and unsurprising shareholder returns. Target price: HK$49....
- Johnny Yum Chung Man
BYD Electronic (285 HK): 4Q25: Significant Miss; 2026 A Transitional Y...
BYDE reported a significant 4Q25 earnings miss, with net profit declining 68.6% yoy to Rmb378m on a deteriorating product mix and market share losses in the higher-margin iPhone component business. Management guides for flattish 2026 revenue, positioning it as a transitional year before growth recovers in 2027 on improved AI server contributions and Apple business recovery. Downgrade to HOLD due to headwinds in 2026. Cut target price to HK$26.40.
- Bella Lu Yifei
- Ken Lee
BYD Company (1211 HK): 4Q25: Results In Line; Earnings To Recover From...
4Q25 net profit came in as expected at Rmb9,286m (-38.2% yoy/+18.7% qoq). We believe BYD’s earnings bottomed out in 4Q25-1Q26, and 2026-28 profit will be driven by new tech launches, overseas expansion and external battery sales. We raise our 2026-27 net profit forecasts by 58%/100% to Rmb45.41b/Rmb56.35b respectively, and introduce our 2028 net profit forecast of Rmb69.64b, implying a 29% three-year CAGR. Upgrade from SELL to BUY; lift target price from HK$81.00 to HK$130.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 31, 2026
Top Stories Company Results | BYD Company (1211 HK/BUY/HK$105.80/Target: HK$130.00) 4Q25 net profit came in as expected at Rmb9,286m (-38.2% yoy/+18.7% qoq). We believe BYD’s earnings bottomed out in 4Q25-1Q26, and 2026-28 profit will be driven by new tech launches, overseas expansion and external battery sales. We raise our 2026-27 net profit forecasts by 58%/100% to Rmb45.41b/Rmb56.35b respectively, and introduce our 2028 net profit forecast of Rmb69.64b, implying a 29% three-year CAGR. Upg...
01109 CHINA RESOURCES LAND LIMITED
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
- Singapore Research Team
MetaOptics (METAO SP) - From Lab To Market: A Metalens Player With Sca...
MetaOptics is an early-stage semiconductor optics company transitioning from R&D to commercialisation, with 2025 revenue rising 891% yoy to S$0.8m driven by its first DLW sale. Positioned in the high-growth metalens market (75% CAGR), it differentiates itself through colour imaging and scalable manufacturing. While still loss-making, its valuation reflects growth potential, with upside dependent on customer adoption and production scale-up.
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
Northern Solar (NORTHERN MK) - Maiden Utility-Scale Project To Spur Ne...
Maiden Utility-Scale Project To Spur Near-Term Growth Highlights Northern Solar has secured its maiden RM120m utility-scale EPCC contract, likely for the LSS5 programme. This bolsters earnings visibility over FY27-28. The company commands a healthy orderbook of RM204m, with recurring orderbook replenishment estimated at RM80m-100m. We project net profit growth of 43% for FY27 as ATAP and BESS will pivot Northern Solar’s orderbook to a blue-sky estimate of RM300m. Maintain BUY with a target...
- Philip Wong
Duopharma Biotech (DBB MK) - Defensive Earnings, Bargain Valuations
Defensive Earnings, Bargain Valuations Highlights Supply chain is largely intact despite geopolitical uncertainties. Costs have risen but are highly manageable, further supported by healthy inventory levels. Wan Amir-Jeffery’s appointment provides familiarity and strategic continuity, while the award of the human insulin contract is expected to be announced in the near term. Maintain BUY and target price of RM1.62. Duopharma offers highly visible defensive earnings and bargain valuations.
- Malaysia Research Team
Malaysia Daily - Tuesday, March 31, 2026
Top Stories Company Update | Duopharma Biotech (DBB MK/BUY/RM1.25/Target: RM1.62) Duopharma’s supply chain is largely intact despite geopolitical uncertainties. Costs have risen but are highly manageable, further supported by healthy inventory levels. There is new management at the helm but Wan Amir-Jeffery is highly seasoned and provides familiarity and strategic continuity, while the award of the human insulin contract is expected to be announced in the near term. Maintain BUY and target price...
- Thanawat Thangchadakorn
Banking: 1Q26 Results Preview: Credit Costs Expected To Decline
Sector Update | Banking We expect banks under our coverage to report an aggregated net profit of around Bt51.3b in 1Q26, down 12% yoy but up 8% qoq. We expect the banking sector’s credit cost to decline 13bp yoy in 2026. Market concerns over the spike in oil prices will drag on banks’ asset quality. Our findings indicate that when oil prices jump, the banking sector's NPL ratio typically increases only slightly and insignificantly. Maintain MARKET WEIGHT. Our top pick is BBL.
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, March 31, 2026
Top Stories Sector Update | Banking We expect banks under our coverage to report an aggregated net profit of around Bt51.3b in 1Q26, down 12% yoy but up 8% qoq. We expect the banking sector’s credit cost to decline 13bp yoy in 2026. Market concerns over the spike in oil prices will drag on banks’ asset quality. Our findings indicate that when oil prices jump, the banking sector's NPL ratio typically increases only slightly and insignificantly. Maintain MARKET WEIGHT. Our top pick is BBL.
- Singapore Research Team
Singapore Daily: Tuesday, March 31, 2026
Top Stories Small/Mid Cap Highlights | MetaOptics (METAO SP/NOT RATED/S$0.45) MetaOptics is an early-stage semiconductor optics company transitioning from R&D to commercialisation, with 2025 revenue rising 891% yoy to S$0.8m driven by its first DLW sale. Positioned in the high-growth metalens market (75% CAGR), it differentiates itself through colour imaging and scalable manufacturing. While still loss-making, its valuation reflects growth potential, with upside dependent on customer adoption ...
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