reports
- Heidi Mo Jinghui
- Kai Jie Tang
Beng Kuang Marine (BKM SP) - Asset-Light O&G Player Well-Positioned To...
Highlights • BKM is well-positioned to capture strong demand for FPSO repair services, especially for its corrosion prevention services, amid an ageing fleet. • Acquisition of the entire 49% minority stake of ASOM will enable high earnings accretion of three to fourfold in 2027 vs 2025. • Initiate coverage with BUY and a target price of S$0.64. Catalysts are higher revenue and profit recognition from ASOM following consolidation, as well as winning of more high-value FPSO extension of life jobs...
- Kitpon Praipaisarnkit
KCE (Thailand) (KCE TB) - 1Q26 Results Preview: 1Q26 Expected To Impro...
Company Update | KCE (Thailand) (KCE TB/BUY/Bt28.25/Target: Bt32.00) We expect KCE to report a 1Q26 net profit of Bt155m (-32% yoy, +26% qoq), supported by the resumption of gold-plated PCB production in Feb 26. 2H26 earnings are expected to improve hoh, driven by cost reduction from automation replacing labour. Upgrade to BUY with a higher target price of Bt32.00, underpinned by a gradual recovery in the automation segment in 2027.
- Johnny Yum Chung Man
NAURA Technology Group Co (002371 CH): 4Q25: Results Miss On Margins A...
NAURA’s 4Q25 results missed estimates on weaker-than-expected margins and a surge in operating expenses. Revenue grew 26.3% yoy to Rmb12.1b, but gross margin deteriorated 2.7ppt yoy to 37.2%, while opex ballooned to 37.2% of sales on higher headcount and year-end incentives, pushing operating profit into a Rmb90m loss and net profit down 66% yoy to Rmb394m. 1H26 is expected to remain a transition period before operating scale picks up. Maintain BUY; cut target price to Rmb528.00.
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 1Q26: Results In Line; Credit Cost And NPL R...
Company Results | Krungthai Card (KTC TB/BUY/Bt29.25/Target: Bt47.00) KTC reported a net profit of Bt2.17b in 1Q26, up 17% yoy and 5% qoq. The results were in line with our and consensus estimates. Credit costs and NPL ratio increased qoq in 1Q26. Although we have seen a qoq deterioration in asset quality, we believe KTC will maintain a prudent approach to ensuring good asset quality. We will continue to monitor asset quality closely in 2Q26. Maintain BUY; target price: Bt47.00.
- Damon Shen
- Jieqi Liu
China State Construction Engineering Corporation (CSCEC) (601668 CH): ...
CSCEC’s 2025 net profit fell 15.4% yoy to Rmb39.1b, missing expectations due to weaker property development and higher credit losses. DPS was maintained via a higher payout ratio (+4.5ppt yoy). Positive developments are higher HC margin (+1.0ppt yoy) and growth in OCF. However, higher credit impairment and AR turnover days, as well as rising net debt levels, are key concerns. Cut 2026-27 earnings forecasts by 19%/15% respectively. Lower target price to Rmb5.38, and downgrade to HOLD.
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Monday, April 20, 2026
Top Stories Company Results | Krungthai Card (KTC TB/BUY/Bt29.25/Target: Bt47.00) KTC reported a net profit of Bt2.17b in 1Q26, up 17% yoy and 5% qoq. The results were in line with our and consensus estimates. Credit costs and NPL ratio increased qoq in 1Q26. Although we have seen a qoq deterioration in asset quality, we believe KTC will maintain a prudent approach to ensuring good asset quality. We will continue to monitor asset quality closely in 2Q26. Maintain BUY; target price: Bt47.00. C...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Kerjaya Prospek Group (KPG MK) - Prospects Intact, Resilience Shines T...
Prospects Intact, Resilience Shines Through Highlights We expect KPG to post a solid earnings growth in 2026-27, delivering an organic three-year CAGR of 7-16% on the back of strong construction contract flows and new property developments. Disruptions from rising raw material costs are minimal. We believe KPG is largely protected as its strong operational infrastructure and VOP clauses should minimise impact Maintain BUY with an unchanged target price of RM3.25
- Malaysia Research Team
Malaysia Daily - Monday, April 20, 2026
Top Stories Company Update | Kerjaya Prospek Group (KPG MK/BUY/RM2.27/Target: RM3.25) We believe KPG is poised to post robust earnings growth in 2026-27 as the outlook for property and construction appears solid. Despite industry-wide disruptions from the Iran conflict, KPG’s robust operational infrastructure and strong pipeline of internal contracts signal a resilient earnings delivery. Dividend yields of 5.5% for 2026-27 should also provide a degree of defensiveness amid any uncertainties in t...
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
Greater China Daily: Monday, April 20, 2026
Top Stories Company Results | China State Construction Engineering Corp (601668 CH/HOLD/Rmb4.94/Target: Rmb5.38) CSCEC’s 2025 net profit fell 15.4% yoy to Rmb39.1b, missing expectations due to weaker property development and higher credit losses. DPS was maintained via a higher payout ratio (+4.5ppt yoy). Positive developments are higher HC margin (+1.0ppt yoy) and growth in OCF. However, higher credit impairment and AR turnover days, as well as rising net debt levels, are key concerns. Cut 202...
- Audrey Celia
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kai Jie Tang
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, April 20, 2026
Greater China Company Results | China State Construction Engineering Corp (601668 CH/HOLD/Rmb4.94/Target: Rmb5.38) CSCEC’s 2025 net profit fell 15.4% yoy to Rmb39.1b, missing expectations due to weaker property development and higher credit losses. DPS was maintained via a higher payout ratio (+4.5ppt yoy). Positive developments are higher HC margin (+1.0ppt yoy) and growth in OCF. However, higher credit impairment and AR turnover days, as well as rising net debt levels, are key concerns. Cut 20...
- Heidi Mo Jinghui
- Kai Jie Tang
Reclaims Global - FY26: Earnings Beat Along With Strong Balance Sheet
Reclaims’ FY26 earnings of S$6.8m beat our forecasts by 13%, driven by a stronger project mix and demand. A healthy balance sheet, with net cash of S$27.9m, supports growth and shareholder returns. Reclaims trades at an 11% discount to peers despite higher ROE and yield. Maintain BUY with a target price of S$0.27 amid supportive industry conditions ahead.
- Jonathan Koh
Keppel Pacific Oak US REIT - 1Q26: Gradually Restoring Payout Ratio
KORE reported resilient 1Q26 results with growth in distributable income of 4.3% yoy. It will enhance leasing appeal through spec suite conversions and targeted upgrades. Leasing momentum has picked up since 2Q26 and portfolio occupancy is expected to recover back to 87% by end-26. KORE provides a DPU yield of 3.8% for 2026 and 7.4% for 2027. P/NAV looks depressingly low at 0.28x. Maintain BUY. Target price: US$0.25.
- Heidi Mo Jinghui
- Jonathan Koh
- Kai Jie Tang
Singapore Daily: Monday, April 20, 2026
Top Stories Company Results | KORE US REIT (KORE SP/BUY/US$0.189/Target: US$0.250) KORE reported resilient 1Q26 results with growth in distributable income of 4.3% yoy. It will enhance leasing appeal through spec suite conversions and targeted upgrades. Leasing momentum has picked up since 2Q26 and portfolio occupancy is expected to recover back to 87% by end-26. KORE provides a DPU yield of 3.8% for 2026 and 7.4% for 2027. P/NAV looks depressingly low at 0.28x. Maintain BUY. Target price: U...
- Audrey Celia
- Willinoy Sitorus
Sumber Alfaria Trijaya (AMRT IJ) - Risks Largely Priced In; Fundamenta...
Company Update | Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp1,530/Target: Rp1,940) AMRT guides for high single-digit revenue growth, 4-5% SSSG, and about 1,000 new stores.1Q26 momentum remains solid on festive demand. Operating leverage should improve as recently-added DCs ramp up utilisation. We view AMRT as relatively resilient amid geopolitical tensions, although sustained inflation could weigh on volumes. With the stock down 22.5% ytd, the key overhangs (potential MSCI exclusion and Kopdes risks)...
- Audrey Celia
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Monday, April 20, 2026
Company Update | Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp1,530/Target: Rp1,940) AMRT guides for high single-digit revenue growth, 4-5% SSSG, and about 1,000 new stores.1Q26 momentum remains solid on festive demand. Operating leverage should improve as recently-added DCs ramp up utilisation. We view AMRT as relatively resilient amid geopolitical tensions, although sustained inflation could weigh on volumes. With the stock down 22.5% ytd, the key overhangs (potential MSCI exclusion and Kopdes risks)...
- Johnny Yum Chung Man
Foxconn Industrial Internet (601138 CH): Takeaways From 2025 Analyst B...
FII’s management provided constructive guidance for 2026, reiterating significant yoy growth in 1Q26, followed by sequential growth every single quarter in 2026. The mass production timeline of key new products, including Rubin NVL72, Grok 3 racks, and CPO switches, are in line for 3Q26, while the dollar content in the AI ODM supply chain is expected to rise due to the increasingly demanding requirements on component capabilities. Maintain BUY and keep target price unchanged at Rmb89.50.
- Shirley Wang Xueyi
- Stella Guo Yuting
Kweichow Moutai (600519 CH): 2025: Results Miss; First-Ever Revenue An...
Moutai reported 2025 revenue of Rmb172,054m (-1% yoy) and net profit of Rmb82,320m (-5% yoy), marking its first-ever revenue and net profit decline since listing. This implies 4Q25 revenue of Rmb41,150m (-19% yoy) and net profit of Rmb17,693m (-30% yoy). The company did not set its 2026 sales target, but we believe its current focus is on price stabilisation and channel optimisation. Cut target price by 17% to Rmb1,395.00 and downgrade to HOLD.
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 4Q25: Solid Operating Results Dragged By Taxe...
Han’s Laser’s 4Q25 revenue grew 30.2% yoy and 18.6% qoq to Rmb6.0b, beating estimates. However, net profit only grew 21.8% yoy to Rmb249m, missing expectations due to higher-than-expected taxes and non-controlling interests. Going forward, we anticipate stronger growth in 2026, driven by a sharp recovery in Apple supply chain orders and robust AIrelated PCB equipment demand. We raise our target price to Rmb91.00 but downgrade to HOLD for now.
- Ken Lee
China Automobile Weekly: 1-12 April PV Sales Update And The New Tech/M...
PV sales remained weak during 1-12 April, reflecting the sustained front-loading effect from the roll-back of tax concession, Qingming holiday drag, high oil prices, and purchase delays ahead of Beijing Auto Show new-model debuts. EVs and exports remain bright spots, offsetting domestic ICE-car sales weakness. CPCA projects 13% China’s EV sales growth and 1% yoy overall PV sales growth for 2026, on par with our estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, BYD and Minth.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600699 NINGBO JOYSON ELECTRONIC CORP. 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
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER 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
02015 LI AUTO INC
09868 XPENG INC
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 Activity: 1Q26 GDP Holds At 5.0% yoy; March Data Mixed...
China’s 1Q26 GDP growth came in at 5.0% yoy (+0.5ppt qoq, -0.4ppt yoy), indicating stabilisation from the 2H25 trough. March data was mixed - industrial production rose 6.1% yoy (-0.2ppt mom), beating expectations, while retail sales slowed to 1.7% yoy and FAI ytd edged down to 1.7% yoy (-0.1ppt mom), both missing consensus estimates. Property FAI ytd remained weak at -11.2% yoy. The surveyed unemployment rate rose to 5.4% (+0.1ppt mom). Overall, data was mixed and market neutral.
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