reports
- Desmond Chong Chee Wai
- Wei Xiang Ku
SKP Resources (SKP MK) - 3QFY26: Below Expectations; Near-term Outlook...
3QFY26: Below Expectations; Near-term Outlook Remains Challenging Highlights Below expectations. SKP Resources (SKP) reported a softer 3QFY26 core net profit of RM16.1m (-41% qoq, -37% yoy), bringing 9MFY26 core net profit to RM70.8m (-20% yoy), accounting for 71%/67% of our and consensus forecasts respectively. We deem the results to be below expectations, as we expect the coming quarter to remain weak due to subdued end-demand and cost-down initiatives by a major client to mitigate the impac...
- Curtis Yeung
- Greater China Research Team
Greater China Daily: Friday, February 13, 2026
Top Stories Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, Gee...
- Johnny Yum Chung Man
Lenovo Group (992 HK) - 3QFY26: Solid Beat And Confident Guidance Weig...
Lenovo’s 3QFY26 print is a solid beat, primarily thanks to better-than-expected sales across the board, along with a resilient operating margin. Going forward, management foresees IDG and SSG sales growth moderating to single-digit levels, while ISG may maintain a high double-digit growth. Memory cost hikes will be an ongoing issue, although most of the impact can be resolved by ASP hikes, mix improvements and inventory management. Maintain HOLD and adjust target price to HK$9.85.
- Shirley Wang Xueyi
- Stella Guo Yuting
Budweiser APAC (1876 HK) - 4Q25: Results In Line; Prioritising Growth ...
Bud APAC reported a 4Q25 revenue of US$1,073m, down 4% yoy. Normalised EBITDA was US$167m, down 25% yoy, with a normalised EBITDA margin of 15.6%, down 425bp yoy. For the China market, 4Q25 volume and market share stabilised. For the full year, the company aims to reignite growth and rebuild momentum, with room for commercial investment increase as a percentage of net revenue, while margin improvement will be a long-term success Maintain BUY with unchanged target price of HK$9.90.
- Shirley Wang Xueyi
- Stella Guo Yuting
Yum China Holdings, Inc - A New Era With Steady Growth And Enhanced Sh...
YUMC is the largest restaurant company in China in terms of system sales. We believe its RGM 3.0 strategy, focusing on “Resilience, Growth, and Moat”, will help it stand out in the limited-service restaurant space. It targets a same-store sales index of 100-102 yoy and system sales growth at a mid- to high single-digit CAGR in 2026-28. Operating margin and restaurant margin are estimated to reach at least 11.5% and 16.7% by 2028. Initiate coverage with BUY, Target price: HK$494.80.
- Amerul Iqmal
Sime Darby (SIME MK) - Robust Outlook For Industrial Division; China M...
Robust Outlook For Industrial Division; China Motors Remains A Drag Highlights Management remains focused on achieving its ROE target of 11% by FY30 through disciplined cost optimisation and margin enhancement across the main divisions. Industrials and UMW divisions underpin earnings visibility while prolonged recovery of the motors division remains uncertain. Maintain HOLD with a higher target price of RM2.40. We revised the valuation to reflect the underlying value of MVV land for potent...
- Chong Lee Len
Maxis (MAXIS MK) - 4Q25: In Line; Robust Earnings Driven By Cost Disci...
4Q25: In Line; Robust Earnings Driven By Cost Discipline Highlights Maxis recorded robust 4Q25 results, with core net profit of RM380m (+18% yoy; -8% qoq), underpinned by cost discipline, operational efficiencies and higher service and enterprise revenue base. This brings 2025 net profit to RM1,561m (+12% yoy), in line with expectations. The group declared a final interim DPS of 4 sen/share, and a special 1.5 sen/share DPS for 4Q25. This brings full-year 2025 net DPS to 17.5 sen/share (2024:...
- Carol Dou Xiao Qin
- Sunny Chen
Healthcare - Internet Healthcare: Evolving Amid AI Innovation And Poli...
China’s internet healthcare segment is entering a new phase, fuelled by accelerating AI innovation from tech giants and policy support, eg the pilot programme for first-time online consultations. Despite profitability challenges, leading players are leveraging AI ecosystems and innovative strategies to position themselves for sustained long-term growth. We maintain BUY on Ali Health and PAGD. Maintain OVERWEIGHT on the China healthcare sector.
01177 SINO BIOPHARMACEUTICAL LIMITED
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.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 13, 2026
Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: 2026 Marks The First Year Of Sodium Batteries
CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, Geely; SELL Li Auto.
002594 BYD COMPANY LIMITED 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
2338 WEICHAI POWER CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
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
600699 NINGBO JOYSON ELECTRONIC CORP
PONY JOYSON ELECTRONICS CORP
3750 PONY AI INC
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2026 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Chong Lee Len
Singapore Telecommunications (ST SP) - 9MFY26: In Line; Cost Disciplin...
Singtel delivered strong earnings in 3QFY26, lifting its 3QFY26 underlying net profit by 9% yoy and 12% qoq to S$744m. Earnings were bolstered by Optus and NCS’ positive operating matrix and 15% yoy associate income uplift. Singtel’s 9MFY26 underlying net profit of S$2.1b (+12% yoy) is in line with expectations. Maintain BUY with a higher SOTP-based target price of S$5.50.
- Malaysia Research Team
Malaysia Daily - Friday, February 13, 2026
Top Stories Company Results | Maxis (MAXIS MK/HOLD/RM3.83/Target: RM4.20) Maxis recorded robust 4Q25 results, with core net profit reported at RM380m (+18% yoy; -8% qoq), underpinned by cost discipline, operational efficiencies and a higher service and enterprise revenue base. This brings 2025 net profit to RM1,561m (+12% yoy), which we deem in line with expectations. The group declared a final interim DPS of 5.5 sen/share (113% payout), amounting to a full-year 2025 net DPS to 17.5 sen/share. M...
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Equity Strategy - Singapore Budget 2026: Building From Stre...
The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE.
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE 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)
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Expect A Slightly Weakened Net Profit In...
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt187.50/Target: Bt214.00) BH is expected to post a slight earnings contraction in 4Q25 due to a high tax-benefit base last year, despite decent revenue growth supported by Middle Eastern and Thai check-up demand. Cambodian patient revenue remains under pressure from ongoing tensions and should persist from the election results. Margins should improve slightly on continuous cost controls. Influenza cases continue to rise yoy, supporting Thai patien...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 4Q25: Net Profit In Line With Expectations
Company Results | Thai Oil (TOP TB/BUY/Bt51.50/Target: Bt58.00) TOP’s 4Q25 net profit was in line with our forecast and 7% above consensus, despite significant extra losses. The refining business remained resilient, supported by a strong market GRM. Looking ahead at 1Q26, we expect net profit to recover both qoq and yoy, driven by lower stock loss risk, easing crude premium, and a strong rebound in aromatics spreads. TOP also announced a 2H25 dividend of Bt1.00/share. Upgrade BUY with a higher t...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 4Q25: Strong Earnings Recovery
Company Results | Bangchak Corporation (BCP TB/BUY/Bt36.00/Target: Bt40.00) BCP reported a 4Q25 net profit of Bt2.2b, largely in line with our estimate, doubling qoq and rebounding strongly yoy. Core profit rose to Bt4.1b (+125% yoy, +27% qoq), driven by a higher GRM of US$10.80/bbl and record-high run rate of 280kbd. FY25 core profit increased 67% yoy to Bt10.2b. We expect earnings momentum to remain solid in 2026, supported by resilient distillate demand, renewable contributions, and BSRC inte...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Friday, February 13, 2026
Top Stories Company Results | Bangchak Corporation (BCP TB/BUY/Bt36.00/Target: Bt40.00) BCP reported a 4Q25 net profit of Bt2.2b, largely in line with our estimate, doubling qoq and rebounding strongly yoy. Core profit rose to Bt4.1b (+125% yoy, +27% qoq), driven by a higher GRM of US$10.80/bbl and record-high run rate of 280kbd. FY25 core profit increased 67% yoy to Bt10.2b. We expect earnings momentum to remain solid in 2026, supported by resilient distillate demand, renewable contributions,...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Singapore Research Team
Singapore Daily: Friday, February 13, 2026
Top Stories Strategy | Bullish Foundations In Place For 2026 The Singapore Budget for 2026 did not provide any major surprises, with the financial sector likely to be the most identifiable market beneficiary. We remain bullish on the Singapore market in 2026 given positive earnings growth prospects as well as funds flow momentum. Key stock picks are CLAR, CLI, CIT, DBS, DFI, FR, GENS, KEP, SE, ASL, CAREIT, CSE, FEH, IFAST, UGAI and VALUE. Company Results | Singapore Telecommunications (ST SP/...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
AIY IFAST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
FEH FOOD EMPIRE HOLDINGS LTD
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Alden Gabriel Lam
- Willinoy Sitorus
United Tractors (UNTR IJ) - Gold Licence Uncertainty And Margin Headwi...
Company Update | United Tractors (UNTR IJ/HOLD/Rp28,750/Target: Rp30,000) UNTR faces 2026 earnings pressure from the Agincourt licence uncertainty, the cut in RKAB coal target, and margin compression in the mining contracting business. Authorities have indicated that the Agincourt licence remains under review. On a positive note, UNTR has completed the Doup gold project acquisition. Maintain HOLD with a higher SOTP-target price of Rp30,000 (from Rp28,000) following the successful acquisition of ...
- Alden Gabriel Lam
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Friday, February 13, 2026
Company Update | United Tractors (UNTR IJ/HOLD/Rp28,750/Target: Rp30,000) UNTR faces 2026 earnings pressure from the Agincourt licence uncertainty, the cut in RKAB coal target, and margin compression in the mining contracting business. Authorities have indicated that the Agincourt licence remains under review. On a positive note, UNTR has completed the Doup gold project acquisition. Maintain HOLD with a higher SOTP-target price of Rp30,000 (from Rp28,000) following the successful acquisition of ...
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