reports
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Li Ning (2331 HK): 4Q25 Retail Sell-Through Down By Low Single Digit; ...
In 4Q25, Li Ning recorded a low single-digit yoy decline in retail sell-through. Qtd, retail sell-through momentum has not yet improved, and discounts have continued to deepen yoy, leading management to anticipate persistent discount pressure in 2026. For the full year 2025, management is confident in exceeding its previous guidance, expecting modest revenue growth (vs guidance of flattish revenue) and net profit margin to reach the upper end of the high single-digit range. We raise target price...
- Damon Shen
- Jieqi Liu
China Resources Mixc Lifestyle Services (1209 HK): 2025 Results Previe...
CR Mixc’s 2025 core net profit is expected to grow 12.2% yoy, slightly below consensus due to weakness in the VAS segment, while shopping mall operations will drive revenue and margin growth. The company maintains a 100% dividend payout policy, with cash collection improving in 2H25. It is positioned for accelerated commercial expansion under the 15th Five-Year Plan. Maintain HOLD with a target price of HK$43.00.
- Damon Shen
- Jieqi Liu
China Resources Land (1109 HK): 2025 Preview: Expect Core Earnings To ...
We expect CR Land’s 2025 core net profit to decline 18.8% yoy due to lower property development margins and delayed REIT listing gains. Strong shopping mall momentum should support an 11% yoy retail rental growth, while net gearing is expected to decline hoh. We cut our 2025/26/27 earnings forecasts by 14.6%/11.4%/10.7% and lower our SOTP-based target price to HK$35.40. Maintain BUY.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: The Sector Will Continue To Outperform In ...
In the first two weeks of Jan 26, Chinese healthcare stocks saw impressive share price increases. Fuelled by AI healthcare themes, Dian Diagnostics soared by 83.0%, while Ali Health and Medlive rose by 42.0% and 37.5% respectively. Expectations of strong revenue and earnings growths in 2026 also led to significant share price increases of 10-30% for drug innovators and CRDMO leaders. China’s healthcare sector will continue to outperform in 2026. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
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
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: China’s Scrapping Of VAT Rebate For ESS Batte...
China is cancelling VAT rebates for ESS battery exports, pulling forward demand for batteries and lithium carbonate to 2026, thus benefitting CATL and Ganfeng Lithium. The EU has set minimum prices for Chinese EVs as an alternative to the extra tariff, boding well for profitability of Chinese OEMs like Geely, BYD and XPeng. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
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
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- New Credit Beats But M1 Growth Contin...
December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit demand.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Lester Siew
Singapore Daily: Friday, January 16, 2026
Top Stories Strategy | SGX Singapore Equities Forum We recently gave a presentation at the Singapore Equities Forum organised by the SAS and SGX. The forum covered a broad range of topics including the construction and property industries, as well as the small- and mid-cap sector. Stocks mentioned include DFI, FCT, FEH RSTON, VALUE, MPM, CSE, SANLI, ADDV and PRIME. Our small- and mid-cap top picks are FEH, VALUE, CAO and RSTON. Company Update | Bumitama Agri (BAL SP/BUY/S$1.28/Target: S$1.45) B...
- Kong Ho Meng
MISC (MISC MK) - Future-Proofing All Divisions
Future-Proofing All Divisions Highlights 2026: A year of adjustments and embracing new growth. On hindsight, 2025 may be the year where the most brutal point of fleet rejuvenation hit the hardest, as the group bid farewell to many of its legacy LNGC and tanker ships. Looking forward, 2026 is likely the year of adjustments, consolidation and growth. Firstly, we continue to expect the petroleum segment to remain resilient with a focused fleet growth, alongside potential upside from geopolitical ...
- Malaysia Research Team
Malaysia Daily - Friday, January 16, 2026
Top Stories Company Update | MISC (MISC MK/BUY/RM7.85/Target: RM8.70) On hindsight, 2025 was when the most brutal point of fleet rejuvenation was felt. Looking forward, 2026 is poised to be a year of consolidation and growth. We expect the petroleum segment to anchor bullish growth, and are positive on MISC’s ability to replenish new FPSO contracts. We continue to believe LNG earnings have reached the bottom, and are positive on recent progress to dispose idle steam turbine LNGC. Retain BUY, wit...
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, January 16, 2026
Top Stories Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit deman...
- Tanapon Cholkadidamrongkul
CP Axtra (CPAXT TB) - 4Q25 Results Expected To Be Weak
Company Update | CP Axtra (CPAXT TB/HOLD/Bt14.90/Target: Bt15.00) Downgrade CPAXT to HOLD with a lower target price of Bt15.00. We expect 4Q25 earnings to come in at Bt2.8b, down 30% yoy. Key pressures came from weak SSSG and margin compression in the retail business. In the absence of government stimulus, coupled with a high base in 1Q25 and intense competition, we expect CPAXT’s performance to remain unexciting.
- Tanapon Cholkadidamrongkul
CP All (CPALL TB) - Strong Core Business Growth Momentum
Company Update | CP ALL (CPALL TB/BUY/Bt42.25/Target: Bt60.00) We expect 4Q25 net profit of Bt7.3b, flat yoy driven by margin expansion and continued strength in the CVS segment We are impressed that the CVS segment has been able to expand gross margins despite the negative impact from the Half-Half Copayment scheme. Maintain BUY with a lower target price of Bt60.00 (previously Bt65.00).
- Kitpon Praipaisarnkit
Electronics - 4Q25 Earnings To Fall qoq; 2026 Outlook Clouded By Macr...
Sector Update | Electronics Earnings are expected to soften qoq in 4Q25 due to the low season, a strong baht, firmer copper prices and tariff overhang. We upgrade DELTA to HOLD, downgrade KCE to SELL, and maintain HOLD on HANA. We maintain MARKET WEIGHT on the sector as strong data centres would be offset by higher copper prices and a strong baht. We have no top pick, but see trading opportunities for DELTA, with a trading range of Bt144.00-196.00.
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
Thailand Daily - Friday, January 16, 2026
Top Stories Sector Update | Electronics Earnings are expected to soften qoq in 4Q25 due to the low season, a strong baht, firmer copper prices and tariff overhang. We upgrade DELTA to HOLD, downgrade KCE to SELL, and maintain HOLD on HANA. We maintain MARKET WEIGHT on the sector as strong data centres would be offset by higher copper prices and a strong baht. We have no top pick, but see trading opportunities for DELTA, with a trading range of Bt144.00-196.00. Company Update | CP ALL (CPALL T...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, January 16, 2026
Greater China Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
BAL BUMITAMA AGRI LTD
3933 THE UNITED LABORATORIES INTE
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 WUXI APPTEC CO. LTD. CLASS H
DELTA CSPC INNOVATION PHARMACEUTICAL CO L
Z29 DELTA ELECTRONICS
02015 029 GROUP SE
600699 LI AUTO INC
CPAXT JOYSON ELECTRONICS CORP
ONC@US@ CP AXTRA PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
UGAI ASL MARINE (ASL SP)
ULTRAGREEN.AI LIMITED
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Strategy - Positive Takeaways from Singapore Equities Forum
We recently gave a presentation at the Singapore Equities Forum organised by the SAS and SGX. The forum covered a broad range of topics including the construction and property industries, as well as the small- and mid-cap sector. Stocks mentioned include DFI, FCT, FEH RSTON, VALUE, MPM, CSE, SANLI, ADDV and PRIME. Our small- and mid-cap top picks are FEH, VALUE, CAO and RSTON.
- Lester Siew
First Resources (FR SP) : Accumulate On Weakness
FR is expected to report flat qoq 4Q25 earnings, driven by higher output and sales tonnage albeit offset by lower ASPs. For 2026, we forecast earnings to contract slightly by xx% yoy based on our latest CPO price assumption of RM4,250/tonne for the year and after incorporating Indonesia’s latest round of palm oil export levy hike of 2.5%. Maintain BUY. Target price: S$2.53.
- Lester Siew
Bumitama Agri (BAL SP) - Attractive Entry Point Backed By Appealing Yi...
BAL is expected to deliver stronger sequential 4Q25 earnings of Rpb865b (+44% qoq) underpinned by peak production output and a bump in sales recognition from 3Q25’s unsold production. BAL’s earnings base is likely to remain relatively stable yoy in spite of recent negative developments with Indonesia’s delayed biofuel expansion plan and export levy hikes, supported by continued sales volume growth. Upgrade to BUY from HOLD with an adjusted target price of S$1.45 (from S$1.40), based on 11x 2026F...
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q25 Results Preview: Lacklustre Top-line Growth; 1Q...
JD has guided for sluggish low single-digit top-line growth in 4Q25, moderating significantly from 3Q25’s revenue growth of 15% yoy, due to the high-base effect last year as a result of national subsidies. However, 4Q25’s revenue growth performance is likely to mark a cyclical trough, particularly for the JDR segment. We are optimistic about 1Q26 due to the resumption of national subsidies and strong seasonality during the Spring Festival. Maintain BUY with a lower target price of HK$155.00 (US$...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Trade -- December Beats Expectations; Import Growth H...
Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market positive, with full-year growth at...
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