reports
- Bella Lu Yifei
- Ken Lee
Zhejiang Sanhua Intelligent Controls Co (002050 CH): 4Q25: Earnings Mi...
4Q25 adjusted net profit came in below estimates at Rmb875m (+0.6% yoy/-18.5% qoq), due to revenue disappointment and one-off items. Looking ahead, Sanhua’s earnings will be driven by new EV thermal management system projects, the AI-related businesses and the commercial HVAC business. We trim our 2026-27 net profit forecasts by 5%/4% to Rmb4,716m/Rmb5,449m respectively, and introduce our 2028 net profit forecast of Rmb6,286m. Maintain BUY; cut target prices to Rmb57.00/HK$64.00 for A-share/H-sh...
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 4Q25: Core Operating Profit Misses, Memory Head...
Xiaomi's 4Q25 adjusted net profit of Rmb6.3b beat our/consensus estimates by 28%/10%, though it was driven by nonoperating items, and core operating profit missed our estimate by 20%. Management guided that memory price headwinds will persist beyond 2027, but remains committed to maintaining its smartphone market share and current margin levels. On the brighter side, Xiaomi’s emerging businesses, such as EV and AI, remain solid and are likely to remain key investor focus. Maintain HOLD; cut targ...
- Julia Pan Mengyao
Tongcheng Travel Holdings (780 HK): 4Q25: Solid Results And Promising ...
TT’s 4Q25 earnings were largely in line. Revenue grew 14.5% yoy to Rmb4.8b, slightly better than our and consensus expectations. Adjusted net profit rose 18% yoy to Rmb779m and net margin inched up 0.5ppt yoy to 16.1% in 4Q25. 1Q26 revenue is guided to grow 10-15% yoy, while adjusted net profit is guided at Rmb900m-950m, in line with our expectations. Maintain BUY with a lower target price of HK$25.00.
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Giordano International (709 HK): 2025: Results Miss On Softened Busine...
Giordano’s 2025 revenue/net profit saw changes of -1.7%/+0.5% yoy, 4.5%/4.3% below our estimates on lower-thanexpected core business growth and softened performance of the non-Giordano brands in Indonesia. For 2026, Giordano targets a 3-5% revenue growth for its core brands and is cautious on potential logistics cost hikes due to geopolitical tension. It expects its Mainland China store consolidation to continue into 2027 while it focuses on Southern China development and e-commerce. Maintain BU...
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 2025: Results Beat; Targets Resilient Revenue G...
WuXi AppTec’s total revenue and adjusted earnings expanded 15.8% and 41.3% yoy respectively in 2025, beating market estimates and its growth guidance. Its backlogs increased 28.8% yoy at end-Dec 25. The company targets total revenue to reach Rmb51.3b-53.0b with continuing operations expected to achieve revenue growth of 18-22% yoy in 2026. We are confident that WuXi AppTec will achieve its revenue target, given strong market demand and consistent service capability improvements. Maintain BUY and...
- Bella Lu Yifei
- Ken Lee
Ningbo Tuopu (601689 CH): 4Q25: Earnings Resume Growth, Albeit Below E...
NTP’s 4Q25 results missed our estimates, but adjusted earnings growth reversed positive at 13% yoy/21% qoq, driven by revenue growth and margin recovery. Looking ahead, earnings will be driven by the ramp-up of the Mexico plant, the launches of new projects with auto OEMs, and the AI-related businesses. We trim our 2026-27 net profit forecasts by 8%/12%. Maintain BUY and cut target price to Rmb93.00, pegged to 47x 2026F PE.
- Bella Lu Yifei
- Ken Lee
Nexteer Automotive Group (1316 HK): 2H25: Earnings Miss On Margins.
Nexteer’s 2H25 net profit missed expectations at US$39m (-16.3% yoy/-39.3% hoh) on margin disappointment. EBIT margin dipped 0.4ppt yoy/1.2ppt hoh to 3.0% on expense spikes. Looking ahead, earnings growth will be driven by expansion of customer bases and product lines. We trim our 2026-27 net profit estimates by 18%/23% to US$134m/US$149m respectively, on slower global vehicle sales, and introduce our 2028 net profit forecast of US$173m. Maintain BUY and cut target price from HK$10.00 to HK$8.30...
- Bella Lu Yifei
- Ken Lee
Minth Group (425 HK): 2H25: Earnings Miss On Revenue.
Minth’s 2H25 net profit slightly missed expectations at Rmb1,416m (+13.1% yoy/+10.9% hoh), with one-off gains partly offsetting revenue miss. Looking ahead, earnings growth will be driven by new product lines and customer base expansion. We trim our 2026-27 net profit estimates by 11%/13% to Rmb2,874m/Rmb3,376m respectively, on short-term turbulence of EV sales, and introduce our 2028 net profit forecast of Rmb4,012m, implying a 15% three-year CAGR. Maintain BUY and cut target price from HK$62.0...
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Strong Air Traffic Despite The Conflic...
Company Update | Airports of Thailand (AOT TB/BUY/Bt47.75/Target: Bt80.00) AOT awaits cabinet approval for BKK’s updated Master Plan, including the East Expansion adding 81,000sqm and 15m passengers, while the South Terminal targets 120m capacity in the long term. Air traffic remains strong, driven by Chinese tourism recovery, and is expected to support growth through Aug 26. Despite rising fuel costs pressuring airlines, AOT and hotels remain resilient. A confirmed PSC hike effective 20 Jun 26 ...
- Thailand Research Team
Thailand Daily: Wednesday, March 25, 2026
Company Update | Airports of Thailand (AOT TB/BUY/Bt47.75/Target: Bt80.00) AOT awaits cabinet approval for BKK’s updated Master Plan, including the East Expansion adding 81,000sqm and 15m passengers, while the South Terminal targets 120m capacity in the long term. Air traffic remains strong, driven by Chinese tourism recovery, and is expected to support growth through Aug 26. Despite rising fuel costs pressuring airlines, AOT and hotels remain resilient. A confirmed PSC hike effective 20 Jun 26 ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Wednesday, March 25, 2026
Top Stories Company Results | Minth Group (425 HK/BUY/HK$36.00/Target: HK$56.00) Minth’s 2H25 net profit slightly missed expectations at Rmb1,416m (+13.1% yoy/+10.9% hoh), with one-off gains partly offsetting revenue miss. Looking ahead, earnings growth will be driven by new product lines and customer base expansion. We trim our 2026-27 net profit estimates by 11%/13% to Rmb2,874m/Rmb3,376m respectively, on short-term turbulence of EV sales, and introduce our 2028 net profit forecast of Rmb4,01...
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
002050 CH WUXI APPTEC CO. LTD. CLASS H
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Wei Xiang Ku
Hume Cement Industries (HUME MK) - Coal Concerns Overdone; Logistics H...
Coal Concerns Overdone; Logistics Headwinds Gradually Easing Coal Concerns Overdone; Logistics Headwinds Gradually Easing Highlights - Recent share price weakness in the cement sector reflects the rebound in Newcastle coal prices (+25% ytd). However, we see limited impact on Hume given its use of lower-grade coal and prior stockpiling. - The impact of stricter overloading enforcement is expected to be contained, supported by prior cement price hikes and operational efficiencies. Improving truck ...
- Malaysia Research Team
Malaysia Daily - Wednesday, March 25, 2026
Top Stories Company Update | Hume Cement Industries (HUME MK/BUY/RM3.32/Target: RM5.00) Coal-driven weakness appears overdone given limited cost impact on Hume. Overloading enforcement impact should ease with price hikes and improving truck availability. Maintain BUY with a target price of RM5.00. Market Spotlight The FBMKLCI slipped 11.95pt to close at 1,708.76 yesterday as risk appetite waned as fading hopes of de-escalation in the West Asia conflict weighed on sentiment. US stocks were lo...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Wednesday, March 25, 2026
Top Stories ASEAN Gems Corporate Highlights | Food Empire Holdings (FEH SP/BUY/S$3.18/Target: S$4.21) The Taipei Conference in Mar 26 received strong client interest, highlighting FEH’s market leadership, consistent earnings delivery and high growth profile. Targeted reinvestment in key markets alongside geographic diversification remains a key growth driver. Maintain BUY with an unchanged target price of S$4.21. FEH trades at 19x 2026F PE, a 20% discount to regional peers’ 23.4x. Market Spot...
- Andrew Agita Buntoro
- Willinoy Sitorus
Surya Pertiwi (SPTO IJ) - Market Leader With High Dividend Yield
Small/Mid Cap Highlights | Surya Pertiwi (SPTO IJ/NOT RATED/Rp635) SPTO combines Japan-quality manufacturing with a structural cost advantage from domestic production, supporting resilient margins. Its dominant distribution network and long-standing exclusivity with TOTO underpin strong project exposure, with seasonal 4Q tailwinds. High dividends with a yield of about 11% are supported by a solid balance sheet and low capex needs. Growth optionality comes from e-commerce expansion and the Zanru ...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Wednesday, March 25, 2026
Small/Mid Cap Highlights | Surya Pertiwi (SPTO IJ/NOT RATED/Rp635) SPTO combines Japan-quality manufacturing with a structural cost advantage from domestic production, supporting resilient margins. Its dominant distribution network and long-standing exclusivity with TOTO underpin strong project exposure, with seasonal 4Q tailwinds. High dividends with a yield of about 11% are supported by a solid balance sheet and low capex needs. Growth optionality comes from e-commerce expansion and the Zanru ...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kai Jie Tang
- Kate Luang
- Ken Lee
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, March 25, 2026
Greater China Company Results | Giordano International (709 HK/BUY/HK$1.50/Target: HK$1.92) Giordano’s 2025 revenue/net profit saw changes of -1.7%/+0.5% yoy, 4.5%/4.3% below our estimates on lower-than-expected core business growth and softened performance of the non-Giordano brands in Indonesia. For 2026, Giordano targets a 3-5% revenue growth for its core brands and is cautious on potential logistics cost hikes due to geopolitical tension. It expects its Mainland China store consolidation to ...
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
AOT-R AIRPORTS OF THAILAND PCL NVDR
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
SPTO SURYA PERTIWI TBK PT
FEH FOOD EMPIRE HOLDINGS LTD
HUME WUXI APPTEC CO. LTD. CLASS H
002050 CH HUME CEMENT INDUSTRIES BHD
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Food Empire Holdings (FEH SP) - Remain Positive On Market Leader With ...
The Taipei Conference in Mar 26 received strong client interest, highlighting FEH’s market leadership, consistent earnings delivery and high growth profile. Targeted reinvestment in key markets alongside geographic diversification remains a key growth driver. Maintain BUY with an unchanged target price of S$4.21. FEH trades at 19x 2026F PE, a 20% discount to regional peers’ 23.4x.
- Kate Luang
Sun Hung Kai & Co (86 HK): 2025: Creating certainties from uncertainti...
Highlights SHK & Co.’s 2025 attributable net profit grew 322% yoy to HK$1,593m in 2025, 9% above our estimate, thanks to robust investment returns. Investment management recorded a HK$1,826m pre-tax profit in 2025 with positive contributions across most asset classes. SHK & Co. is building a principal-led ecosystem as it transitions to a leading alternative investment platform. Its growing strategic partnerships expand its network, enhance cross-platform synergies and create differentiated inv...
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
Zijin Mining Group (2899 HK): 2025: In Line; Gold Tailwinds With A Rob...
Zijin Mining reported 2025 earnings of Rmb51.8b (+61.5% yoy), within expectations, primarily supported by strong gold price tailwinds. The group produced 89.5 tonnes of mine gold (+22.8% yoy) and 1.09m tonnes of mine copper (+1.6% yoy), while group gross margin expanded to 27.7% (+7.4ppt yoy). Gold/copper contributed 40.9%/34.5% of gross profit respectively. Production growth will be supported by copper expansions at Julong and Serbia, optimisation of acquired gold assets, and a rapid lithium pr...
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