reports
- Bella Lu Yifei
- Ken Lee
Weichai Power (2338 HK): 4Q25: Earnings down 32% YOY, missing estimate...
Highlights 4Q25 net profit missed our estimate at Rmb2,053m (-31.6% yoy/-36.5% qoq) on margin squeeze, bringing 2025 net profit to Rmb10.93b (-4.1% yoy). Weichai is entering 2-3 years of muted transitional earnings growth, as the old businesses are stagnating but the fast-growing AI-related businesses are still too small to elevate earnings growth. We cut our 2026-27 net profit forecasts by 16%/21% to Rmb11.56b/ Rmb12.29b respectively, and introduce our 2028 forecast of Rmb13.10b. Mainta...
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): 2025: Results Miss; Expect Mid-...
Xtep’s 2025 revenue/earnings missed market consensus by 2%/1% respectively. For 2026, management expects total revenue to achieve mid-single-digit growth, with the core Xtep brand also recording growth. Operating margin is expected to remain in the high single-digit range. In the professional sports segment, management expects Saucony’s revenue to grow 20-30% in 2026, with an improvement in operating margin. Maintain BUY; cut target price by 9% to HK$6.90.
- Greater China Research Team
- Tham Mun Hon
Waterdrop Inc (WDH US): 4Q25: Above Expectations, Targeting Double-Dig...
4Q25 net profit rose 63% yoy and full-year earnings were well ahead of Waterdrop’s guidance and 21% above our expectation. The earnings beat was mainly driven by a core insurance revenue growth of 125% yoy and a one-off tax benefit of Rmb41.7m, partly offset by a 1.8ppt yoy operating margin compression. Management expects double-digit revenue and earnings growth in 2026 and aims to strike a balance between growth and margin discipline. Maintain BUY with a higher target price of US$2.95.
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 2025: Results Slightly Miss; Beer Sales Vol...
Tsingtao Brewery’s 2025 revenue was largely in line but net profit slightly missed estimates. In 2025, sales volume was 76.5m hl (+1% yoy), implying a 4Q25 sales volume of 7.5m hl (flat). In 4Q25, sales volume of the Tsingtao brand/secondary brand was 5.0m hl/2.5m hl (flat/+1% yoy) respectively. Sales volume of mid-range to high-end/other products was 3.8m hl/3.7m hl (+2%/-2% yoy) respectively. Product mix saw a qoq improvement in 4Q25. Maintain BUY but cut target price by 5% to HK$66.70.
- Carol Dou Xiao Qin
- Sunny Chen
Sino Biopharmaceutical (1177 HK): 2025: Adjusted Net Earnings Up 31.4%...
Sino Biopharm’s 2025 revenue rose 10.3% yoy and adjusted earnings surged 31.4% yoy. The company guided doubledigit revenue growth for 2026, supported by robust revenue growth of innovative products and increasing licence fee income. Earnings are likely to expand at a faster pace as the company continues to enhance its operating efficiency. Maintain BUY with a lower target price of HK$7.70, factoring in significant impairment losses in 2025.
- Julia Pan Mengyao
Meituan (3690 HK): 4Q25: Earnings Miss; FD Loss To Halve qoq In 1Q26 A...
4Q25 earnings missed expectations. Total revenue increased 4% yoy to Rmb92b, in line with our and consensus estimates. Non-IFRS net loss totalled Rmb15b, with a net margin loss of 17%, missing consensus estimates. For 1Q26, Meituan expects core local commerce revenue growth to remain flattish or drop slightly, with losses projected to halve sequentially. Maintain SELL with a lower target price of HK$74.00.
- Bella Lu Yifei
- Ken Lee
Pony AI Inc (PONY US): 4Q25: Earnings In Line While Margins Miss.
Pony AI’s 4Q25 bottom line turned around to US$23m on investment gains. 2025 net loss narrowed to US$134m (-51.1% yoy), while adjusted net loss widened to US$174m (+31.5% yoy), in line with our forecasts. We expect earnings to be driven by fleet expansion, BOM cost reduction, and increasing operation efficiency. Raise our 2026-27 net loss forecasts to US$211m/US$163m respectively. We expect bottom line to turn around to US$108m in 2028. Maintain BUY; cut target price to US$24.30 for US stocks an...
- Carol Dou Xiao Qin
- Sunny Chen
Innovent Biologics Inc (1801 HK): 2025: Achieves Robust Earnings; Enco...
Innovent’s 2025 revenue surged 38.4% yoy to Rmb13.0b, and adjusted earnings soared 419.9% yoy to reach Rmb1.7b in 2025, significantly higher than market estimates. Innovent expects chronic and general medicines to drive domestic revenue toward Rmb20b by 2027, and global partnerships to boost licence fee income. With pioneering pipeline assets, Innovent is positioned to become a significant global biopharma player. Maintain BUY with a lower target price of HK$112.00, reflecting smoother licence f...
- Damon Shen
- Jieqi Liu
China Overseas Property Holdings (2669 HK): 2025: Higher Payout Ratio ...
COPH delivered 6.0% yoy revenue growth and 8.0% yoy GFA expansion, with third-party contribution at 42.7%. However, gross margin fell 1.6ppt to 15.0%, leading to a 9.7% yoy decline in net profit to Rmb1.37b. Annual DPS rose 5.6% yoy to HK$0.20, implying a higher payout ratio of 43.2%, reflecting steady growth. We upgrade COPH to BUY. Target price: HK$4.40. Our target price implies 9.2x 2026F PE and a 4.4% dividend yield for 2026.
- Shirley Wang Xueyi
- Stella Guo Yuting
China Mengniu Dairy (2319 HK): 2025: Results In Line; 2026 Revenue Exp...
Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-singledigit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting steady DPS growth while maintaining share buybacks. Maintain BUY and raise target price by 7%...
- Desmond Chong Chee Wai
- Wei Xiang Ku
VS Industry (VSI MK) - 2QFY26: Below Expectations; Cyclical Headwinds ...
2QFY26: Below Expectations; Cyclical Headwinds Persist, But Downside Pricing In Highlights Near-term outlook remains murky amid weaker white goods demand; however, decade-low valuations offer rebound optionality on any positive surprise. We recalibrate our FY26/27 earnings forecasts to RM30m/140m respectively to reflect softer loadings and prolonged gestation. VSI trades at 7.9x FY27F PE (-1.0SD) and 0.5x FY26F P/BV (-2SD), below even MCO trough levels (0.83-0.88x), suggesting limited downsi...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Binastra Corporation Group (BNASTRA MK) - 4QFY26: Yielding On Growing ...
4QFY26: Yielding On Growing Ambitions Highlights Binastra charted resilient earnings growth of 69% yoy in 4QFY26, supported by growing orderbook and LF Lansen contributions. Maintain BUY with an unchanged target price of RM2.68, pegged to FY27 valuations. Binastra offers prospective dividend yields of 4.0-5.5% in FY27- 29, based on our revised 50% payout ratio.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, March 27, 2026
Top Stories Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting s...
- Malaysia Research Team
Malaysia Daily - Friday, March 27, 2026
Top Stories Company Results | Binastra Corporation Group (BNASTRA MK/BUY/RM1.98/Target: RM2.68) 4QFY26 results were within our expectations, with earnings growth lifted by better construction progress billing and subsidiary LF Lansen’s higher contributions. Positively, the group declared a 3.5 sen interim dividend, bringing FY26 payout ratio to 50% with a commendable yield of 3.3%. Overall, Binastra’s record-high orderbook pipeline continues to support record-high earnings in FY27-29, offering a...
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 4QFY26 Results Preview: Gai...
Company Update | Aeon Thana Sinsap (Thailand) (AEONTS TB/SELL/Bt90.50/Target: Bt92.00) We expect AEONTS to report a 4QFY26 net profit of Bt706m, down 3% yoy but up 14% qoq. AEONTS expects to sell written-off receivables in 4QFY26, and we estimate a conservative gain of Bt120m from the sale. Although we see a worsening economic outlook, we reckon the company will lower its credit costs qoq in 4QFY26 from the reversal of special provisions. Maintain SELL with a target price of Bt92.00.
- Thanawat Thangchadakorn
Thailand Daily: Friday, March 27, 2026
Company Update | Aeon Thana Sinsap (Thailand) (AEONTS TB/SELL/Bt90.50/Target: Bt92.00) We expect AEONTS to report a 4QFY26 net profit of Bt706m, down 3% yoy but up 14% qoq. AEONTS expects to sell written-off receivables in 4QFY26, and we estimate a conservative gain of Bt120m from the sale. Although we see a worsening economic outlook, we reckon the company will lower its credit costs qoq in 4QFY26 from the reversal of special provisions. Maintain SELL with a target price of Bt92.00.
- Benyamin Mikael
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, March 27, 2026
Greater China Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting ...
EZQ CHINA MENGNIU DAIRY CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0168 TSINGTAO BREWERY CO. LTD. CLASS H
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
01801 INNOVENT BIOLOGICS INC.
1368 XTEP INTERNATIONAL HOLDINGS
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
WDH WATERDROP INC
BRMS IJ BUMI RESOURCES MINERALS
BNASTRA BINASTRA (BNASTRA MK)
- Jonathan Koh
Lendlease Global Commercial REIT (LREIT SP) - Maintaining Focus On Exp...
The acquisition of the remaining 30% interest in PLQ Mall was marginally accretive, increasing pro forma FY25 DPU by only 0.2%, due to a non‑renounceable 119-for-1,000 preferential offering to raise S$197m. Aggregate leverage was reduced from 38.1% to 37.6%. PLQ Mall provided positive rental reversion in the teens in 1HFY26. Management has commenced reconfiguration for NLA of 16,000sf at Levels 1 & 2, which would provide uplift to rental rates. LREIT provides an attractive FY26 DPU yield of 7.0%...
- Jonathan Koh
Singapore Daily: Friday, March 27, 2026
Top Stories Company Update | Lendlease Global Commercial REIT (LREIT SP/BUY/S$0.53/Target: S$0.78) The acquisition of the remaining 30% interest in PLQ Mall was marginally accretive, increasing pro forma FY25 DPU by only 0.2%, due to a non‑renounceable 119-for-1,000 preferential offering to raise S$197m. Aggregate leverage was reduced from 38.1% to 37.6%. PLQ Mall provided positive rental reversion in the teens in 1HFY26. Management has commenced reconfiguration for NLA of 16,000sf at Levels 1...
- Benyamin Mikael
Bumi Resources Minerals (BRMS IJ) - From Gold To Copper, Resource Upsi...
Company Update | Bumi Resources Minerals (BRMS IJ/BUY/Rp710/Target: Rp1,330) BRMS delivered robust earnings in 2025, supported by strong gold ASP and sales. While near-term production faces a temporary slowdown from the CIL Plant 1 upgrade and pushback work, long-term growth remains intact. We maintain BUY with a higher target price of Rp1,330, reflecting structural re-rating on capacity expansion, underground mine ramp-up, and potential copper reserve upgrades. Highlights • 4Q25 net profit sof...
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