reports
- Gigi Cheuk
- Joyce Chu
- Kate Luang
VSTECS Holdings (856 HK): 2025: Cloud computing segment continues to l...
Highlights VSTECS's 2025 revenue missed our forecast on slower growth in enterprise systems in 2H25 but net profit beat on lower finance expenses, higher other gains, and an increased share of associates’ profits. The company has been strategically focusing on developing comprehensive AI products and has launched VClaw, an enterprise-grade AI agent. Management guides a three-year earnings CAGR of 20% in 2026-28 and targets AI business revenue growth of 150%/120%/90% in 2026-28 respectively. ...
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Takeaways From SU7 Facelift Launch Event.
Xiaomi officially launched the SU7 facelift version and introduced upgrades in both performance, comfort, autonomous driving capabilities across its product line-up, with a key surprise in its pricing only increasing by Rmb4,000 across the board which is better than expected. The SU7 facelift received 15,000 units of non-refundable orders in the first 34 minutes after launch, which is on track but unlikely to cause excitement to the investors at this point. Maintain HOLD and keep target price at...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Crystal International (2232 HK): 2025: Revenue Misses On Worker Effici...
Crystal’s 2025 revenue/net profit grew 6.9%/12.0% yoy respectively, 4% below our estimates due to a high base in 2H24 and worker efficiency challenges. For 2026, Crystal prioritises upskilling workers in 1H26 given robust demand and guides a stable gross margin amid tariff uncertainties. Management is positive on long-term wallet share gains and an annual 0.5ppt net margin expansion in the next three years. Maintain BUY with a lower target price of HK$7.84 based on 11.3x 2026F PE.
- Greater China Research Team
- Tham Mun Hon
Chuangxin Industries Holdings (2788 HK): 2025: In Line; Aluminium Cost...
Chuangxin Industries reported 2025 earnings of Rmb2,730.8m (+32.8% yoy), supported by stronger aluminium prices and increased alumina external sales. Aluminium segment gross margin expanded to 30.2% (+3.3ppt yoy). Alumina revenue rose 138.8% yoy to Rmb4.42b on 2.55m tonnes sales, while margin declined to 4.6% as domestic alumina prices fell 20.6% yoy to Rmb3,236/tonne. Management expects blended electricity cost to decline to Rmb0.30-0.31/kWh in 2026, while the 500kt Saudi Phase 1 project is pro...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Horizon Robotics (9660 HK): 2025: Raising 2026-28 Revenue CAGR From 50...
Horizon’s 2025 revenue beat our forecast by 7% but adjusted net loss was 8% greater than expected on rising R&D costs. For 2026, management guides 35% hardware shipment growth to 5.4m units (400k HSD) and significant ASP growth from a higher AD mix of 55%. It will launch cockpit-driving in 2026 and J7 in 2027. Management raised its 2026-28 revenue CAGR guidance from 50% to 60% on a robust product pipeline. Maintain BUY. Lower target price to HK$8.45 (6.4x 2028 EV/Sales).
- Julia Pan Mengyao
Alibaba Group (9988 HK): 3QFY26: Earnings Miss; Targeting A US$100b AI...
Alibaba’s 3QFY26 earnings missed expectations. Revenue grew 1.7% yoy to Rmb284.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb16.7b, down 44% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 4QFY26, management expects: a) a significant narrowing of quick commerce losses, b) a recovery in CMR growth and profitability, and c) continued strong growth in cloud revenue. Maintain BUY with a lower target price of HK$192.00 (US...
- Greater China Research Team
- Tham Mun Hon
AIA Group (1299 HK): 2025: Upbeat Shareholder Returns; Strong Momentum...
AIA’s 2025 VONB growth of 17% yoy was slightly below our expectation due to lower-than-expected sales growth in Mainland China and Thailand. That said, management noted the strong ytd VONB momentum in the Mainland China and Hong Kong markets. AIA announced a total share buyback of US$1.7b, implying a shareholder return yield of 4% for 2025. AIA also disclosed its US$3.3b private credit exposure (2% of total non-par and surplus assets) to ease market concerns. Maintain BUY. Target price: HK$109.0...
- Johnny Yum Chung Man
AAC Technologies (2018 HK): 2H25: Solid Results; Premium Smartphone Up...
AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00.
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 1Q26 Results Preview: Inventory Ga...
Company Update | Star Petroleum Refining (SPRC TB/HOLD/Bt7.15/Target: Bt7.00) SPRC is expected to report a 1Q26 core loss of ~Bt0.5b due to a 30-day maintenance shutdown and higher opex, but net profit of ~Bt4.5b will be supported by strong inventory gains. Refining margins have improved on Middle East supply disruptions, though normalisation remains a risk. Crude supply is secured via Chevron. We expect earnings to recover starting from 2Q26, but upside remains limited due to margin volatility.
- Arsit Pamaranont
Thailand Daily - Friday, March 20, 2026
Top Stories Company Update | Star Petroleum Refining (SPRC TB/HOLD/Bt7.15/Target: Bt7.00) SPRC is expected to report a 1Q26 core loss of ~Bt0.5b due to a 30-day maintenance shutdown and higher opex, but net profit of ~Bt4.5b will be supported by strong inventory gains. Refining margins have improved on Middle East supply disruptions, though normalisation remains a risk. Crude supply is secured via Chevron. We expect earnings to recover starting from 2Q26, but upside remains limited due to margi...
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Friday, March 20, 2026
Top Stories Company Update | LHN (LHN SP/BUY/S$0.585/Target: S$0.71) LHN continues to report strong occupancy across its core segments, while advancing capital recycling initiatives alongside sustained momentum in Coliwoo’s portfolio. The stock trades at 8.3x adjusted FY26F PE, representing a steep 54% discount to peers’ average at 18.2x 2026F PE. Maintain BUY with a lower target price of S$0.71 (compared with S$0.84 previously). Market Spotlight • US stocks were lower on Thursday, with all ind...
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Tham Mun Hon
Greater China Daily: Friday, March 20, 2026
Top Stories Company Results | AAC Technologies (2018 HK/BUY/HK$34.30/Target: HK$41.00) AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00. Company Results | AIA Group (1299 HK/BUY/HK$82.80/Target: HK$109.00) AI...
- Arsit Pamaranont
- Gigi Cheuk
- Greater China Research Team
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kai Jie Tang
- Kate Luang
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, March 20, 2026
Greater China Company Results | AAC Technologies (2018 HK/BUY/HK$34.30/Target: HK$41.00) AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on the back of better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding for steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00. Company Results | AIA Group (1299 HK/BUY/HK$82.80...
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPRC STAR PETROLEUM REFINING
01810 XIAOMI CORP. CLASS B
02232 CRYSTAL INTERNATIONAL GROUP
09988 ALIBABA GROUP HOLDING LTD.
LHN LHN LTD
9660 HK HORIZON ROBOTICS INC (9660 HK)
2788 HK Equity CHUANGXIN INDUSTRIES
2018 AAC TECHNOLOGIES HOLDINGS INC (2018 TT)
- Heidi Mo Jinghui
- Kai Jie Tang
LHN (LHN SP) - Portfolio Resilience; Transitioning To Asset-Light Busi...
LHN continues to report strong occupancy across its core segments, while advancing capital recycling initiatives alongside sustained momentum in Coliwoo’s portfolio. The stock trades at 8.3x adjusted FY26F PE, representing a steep 54% discount to peers’ average at 18.2x 2026F PE. Maintain BUY with a lower target price of S$0.71 (compared to S$0.84 previously).
- Chong Lee Len
Solarvest Holdings (SOLAR MK) - Secures RM90m EPCC Contract For A LSS5...
Secures RM90m EPCC Contract For A LSS5+ Solar Farm Highlights In a Bursa Malaysia announcement, Solarvest Holdings (Solarvest) said it has successfully secured a contract for the EPCC of a 36MWac solar photovoltaic plant in Padang Siding, Perlis. This represents the group’s first LSS5+ EPCC contract win with a total project value of RM89.5m COD is slated for 26 Feb 28.
- Chong Lee Len
Gas Malaysia (GMB MK) - EC Gives Green Light For FSRU In Yan, Positive...
EC Gives Green Light For FSRU In Yan, Positive For GMB Highlights In a Bursa Malaysia announcement, Gas Malaysia (GMB) said it has been given a Letter to Proceed (LTP) from the Energy Commission of Malaysia (EC) with regard to a liquefied natural gas (LNG) regasification terminal project in Yan, Kedah. The terminal is expected to house an offshore floating storage and regasification unit (FSRU) with a planned regasification capacity of up to 6MTPA. Essentially, the LTP allows GMB to proceed ...
- Amerul Iqmal
Automobile - MAA TIV Feb 26: Sales Down mom And yoy
MAA TIV Feb 26: Sales Down mom And yoy Highlights Feb 26 TIV weakened on seasonality. The Malaysia Automotive Association’s (MAA) total industry volume (TIV) for Feb 26 came in at 52,414 units (-18% mom, -20% yoy). The decline was broadly in line with expectations, mainly attributed to fewer working days and plant shutdowns during the Chinese New Year (CNY) holiday. Cumulatively, 2M26 TIV reached 116,712 units (+0.9% yoy), supported by strong sales in Jan 26, and accounted for 15% of our 2026 ...
- Jack Goh Tooan Orng
Top Glove Corporation (TOPG MK) - 2QFY26: Propelling Forward Despite C...
2QFY26: Propelling Forward Despite Challenges Ahead Highlights TOPG charted resilient revenue and sales volume growth in 2QFY26, but results were below expectations as net profit and margin contracted due to lower blended ASP and weakening forex. Management raised ASPs as much as US$7/’000 pieces in April, mainly to offset the spiking raw material prices due to the Middle East tensions. While FY26 earnings remain on track for good growth (+15%), risk-reward appears balanced with fair valua...
- Malaysia Research Team
Malaysia Daily - Thursday, March 19, 2026
Top Stories Company Results | Top Glove (TOPG MK/HOLD/RM0.575/Target: RM0.60) Top Glove charted strong volume sales in 2QFY26, but profitability compressed on a weakening MYR/USD rate and lower ASP. While raw material costs have spiked due to the ongoing Middle East tensions, management guided a steep ASP revision in April which will offset rising costs. Overall, 2HFY26 should see improving volume sales. In view of the current challenging environment, we reduce our FY26-27 earnings forecasts and...
- Julia Pan Mengyao
Tencent Holdings (700 HK): 4Q25: In-line results; AI Empowers All Busi...
Tencent’s 4Q25 earnings came in better than expected. Revenue grew 15.4% yoy to Rmb192.9b, 2-3% ahead of our and consensus estimates. Gross margin expanded 3.3ppt yoy to 56.4%, in line with consensus forecasts. Non-IFRS operating profit grew 18.4% yoy to Rmb72.6b, while non-IFRS operating margin expanded 1ppt yoy to 37.6% on a positive shift in revenue mix. Non-IFRS diluted EPS ramped up 19.5% yoy, 6.5% higher than consensus estimates. Maintain BUY with a lower target price of HK$757.00.
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