reports
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): 2025: Results Miss; Strives For G...
CSPC’s 2025 revenue and adjusted earnings dropped 10.4% and 24.5% yoy, respectively. The results slightly missed our estimates and were significantly below market estimates. CSPC targets positive revenue growth in 2026, though the VBP price pressure to continue depressing revenue and profit margin. Out-licensing deals will become a new revenue growth driver generating significant licensing income to support positive revenue growth in the next few years. Maintain HOLD and target price of HK$8.80 ...
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): 2025: Satisfactory Results, Growth ...
2025 revenue rose 16.7% yoy and adjusted net earnings attributable to shareholder grew 17.9% yoy, beating market estimates and its own growth guidance. Seeing a strong momentum in market demand, WuXi Bio guided for revenue to continue accelerated growth at 13-17% yoy in 2026. It also expects margin improvement as overseas facilities ramp up utilisation rates. Maintain BUY with a lower target price of HK$45.00 to factor in considerably weak market sentiment brought about by rising geopolitical ri...
- Shirley Wang Xueyi
- Stella Guo Yuting
Haidilao International Holding (6862 HK): 2025: Revenue In Line But Ne...
Haidilao’s 2025 revenue was in line, but earnings missed expectations. For 2026, it aims to further enhance operations at existing Haidilao restaurants. Positively, its table turnover recorded yoy growth in January-February and continued to rise yoy into March. For the Pomegranate plan, it will focus on two value-oriented brands: A seafood-stall concept (targeting 500 stores over the next three years) and a sushi concept (targeting 100 stores over the next two years). Maintain BUY; cut target pr...
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): 2025: Results Beat; Conservative Sales Outlook ...
Anta’s 2025 revenue and earnings both beat market consensus by 2%. For 2026, management targets low single-digit / mid single-digit / over 20% retail sales growth for the Anta brand / Fila / all other brands (excluding Jack Wolfskin), with operating margins of around 20% / around 25% / above 25%. On shareholders return, management does not plan to launch new share buybacks and aims to maintain the dividend payout ratio of around 50%. Maintain BUY; cut target price to HK$99.70.
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
Anhui Conch Cement (914 HK): 2025: Below Expectations; Cost Discipline...
Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overseas and downstream growth partly offset weak domestic demand. Maintain BUY. Target price: H...
- Lester Siew
Kuala Lumpur Kepong (KLK MK) - Operational Stability To Underpin FY26 ...
Operational Stability To Underpin FY26 Results Highlights We expect KLK’s upstream plantations business to continue anchoring FY26’s earnings, backed by a healthy FFB production growth trajectory while operating costs are expected to remain stable yoy. Its downstream operations are still expected to recover meaningfully off FY25’s low base and drive FY26’s core net profit growth of 41% yoy. Maintain BUY on KLK with an unchanged target price of RM22.25.
- Philip Wong
Oriental Kopi Holdings (KOPI MK) - Grounded Valuations, Brewing Upside
Grounded Valuations, Brewing Upside Highlights On the cusp of regional expansion, unlocking FMCG export potential. Malaysia’s tourism exposure to conflict-affected regions remains limited, implying manageable impact. Upgrade to BUY as value has emerged following overplayed fears. Unchanged target price of RM1.40.
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Strategy For ‘Trump-dora’s’ Box (Prolonged Iran Conflict)
Strategy For ‘Trump-dora’s’ Box (Prolonged Iran Conflict) Highlights While there is fresh optimism of the US’ touted 15-point plan to close the global economic Pandora’s box that was pried open by US-Israel attack on Iran, we provide a current damage report and explore a protracted conflict scenario. Malaysia remains a net exporter of oil & gas (O&G), but there are wide concerns that the government deficit will significantly widen under the scenario of the Brent crude oil price sustaining we...
- Malaysia Research Team
Malaysia Daily - Thursday, March 26, 2026
Top Stories Strategy | Strategy for ‘Trump-dora’s’ Box (Prolonged Iran Conflict) Despite fresh optimism of the US’ touted 15-point plan to close the global economic Pandora’s box pried open by the USIsrael attack on Iran, we assess the current damages and explore a protracted conflict scenario. While the first wave (direct) impact of the oil & gas supply shock may be only slightly negative to corporate earnings on an unhedged basis, channel checks indicate heavier-than-expected cost inflation to...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, March 26, 2026
Top Stories Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Oversea...
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01024 KUAISHOU TECHNOLOGY CLASS B
- Thanawat Thangchadakorn
TMBThanachart Bank (TTB TB) - 1Q26 Results Preview: Earnings To Dip on...
Company Update | TMBThanachart Bank (TTB TB/HOLD/Bt2.20/Target: Bt2.30) We expect TTB to post a net profit of Bt5.09b in 1Q26, (-0.1% yoy, -2.8% qoq). Provisions are expected to rise in 1Q26, driven by higher management overlay amid geopolitical and economic uncertainties. Asset quality remains solid with credit cost and NPL ratio remain within its guided range. Maintain HOLD with a higher target price of Bt2.30.
- Audrey Celia
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Lester Siew
- Malaysia Research Team
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, March 26, 2026
Greater China Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overse...
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
KLK KUALA LUMPUR KEPONG BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
01024 KUAISHOU TECHNOLOGY CLASS B
KOPI MK ORIENTAL KOPI HOLDINGS BHD
- Heidi Mo Jinghui
- John Cheong Ming Chern
CSE Global (CSE SP) - Positive On Record-High Data Centre-Led Orders; ...
The Mar 26 Taipei Conference saw strong client interest, reflecting solid 2025 execution and continued electrification momentum, supported by hyperscale data centre and LNG demand, underscoring the strength in CSE’s business model. A record high of S$1b in orders further reinforces its positioning in high-growth markets and supports a healthy earnings outlook. Maintain BUY with an unchanged target price of S$1.43.
- Thanawat Thangchadakorn
Thailand Daily: Thursday, March 26, 2026
Company Update | TMBThanachart Bank (TTB TB/HOLD/Bt2.20/Target: Bt2.30) We expect TTB to post a net profit of Bt5.09b in 1Q26, (-0.1% yoy, -2.8% qoq). Provisions are expected to rise in 1Q26, driven by higher management overlay amid geopolitical and economic uncertainties. Asset quality remains solid with credit cost and NPL ratio remain within its guided range. Maintain HOLD with a higher target price of Bt2.30.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Thursday, March 26, 2026
Top Stories ASEAN Gems Corporate Highlights | CSE Global (CSE SP/BUY/S$1.25/Target: S$1.43) The Mar 26 Taipei Conference saw strong client interest, reflecting solid 2025 execution and continued electrification momentum, supported by hyperscale data centre and LNG demand, underscoring the strength in CSE’s business model. A record high of S$1b in orders further reinforces its positioning in high-growth markets and supports a healthy earnings outlook. Maintain BUY with an unchanged target price...
- Audrey Celia
- Willinoy Sitorus
Indah Kiat Pulp & Paper (INKP IJ) - Defensive Alpha Play Amid Macro Un...
Company Update | Indah Kiat Pulp & Paper (INKP IJ/BUY/Rp9,700/Target: Rp14,700) The Karawang plant expansion remains on track, and we expect it to contribute 12% of revenue in 2026, rising to 29% by 2029, implying a three-year CAGR of 49%. Since Sep 25, BHKP prices have trended upward, reaching about US$595/tonne, (10% above the FY25 ASP). Our core thesis continues to rest on INKP’s integrated, low-cost positioning, which provides a rare defensive-alpha profile. Maintain BUY with a higher target...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Thursday, March 26, 2026
Company Update | Indah Kiat Pulp & Paper (INKP IJ/BUY/Rp9,700/Target: Rp14,700) The Karawang plant expansion remains on track, and we expect it to contribute 12% of revenue in 2026, rising to 29% by 2029, implying a three-year CAGR of 49%. Since Sep 25, BHKP prices have trended upward, reaching about US$595/tonne, (10% above the FY25 ASP). Our core thesis continues to rest on INKP’s integrated, low-cost positioning, which provides a rare defensive-alpha profile. Maintain BUY with a higher target...
- 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.
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