reports
- Bella Lu Yifei
- Ken Lee
Li Auto (2015 HK): 4Q25: Core Earnings Remain Negative, Missing Expect...
Li Auto remained loss-making in 4Q25, disappointing the market. The misses stemmed from ASP and margins, due to escalated competition. The company guides for 1Q26 deliveries of 85,000-90,000 units (down 8.5-3.1% yoy) and revenue of Rmb20.4b-21.6b (down 21.3-16.7% yoy), missing estimates. We cut our 2026-27 net profit forecasts by 36%/46% to Rmb1.49b/Rmb1.21b respectively on lower sales and margins, and introduce 2028 net profit forecast of Rmb1.12b. Maintain SELL; cut target price to HK$45.00.
- Julia Pan Mengyao
HERE Group (HERE US): 2QFY26: Revenue Beat; 3QFY26 Guidance Miss Due T...
HERE’s 2QFY26 revenue came in at Rmb177m, up 39% qoq, and beating our estimate of Rmb157m by 13%. 2QFY26 non-GAAP net loss narrowed 11% qoq to Rmb16m. HERE expects 3QFY26 revenue to be in the range of Rmb140m- 150m, representing an over 15% qoq decline and missing our expectation, but maintains its FY26 revenue guidance at a solid Rmb750m-800m. Maintain BUY with a lower target price of US$5.50.
- Greater China Research Team
- Tham Mun Hon
Futu Holdings (FUTU US): 4Q25: Strong Earnings Beat Despite Challengin...
Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trends, we believe Futu’s current valuation of 12x looks increasingly compelling. Maintain BU...
- Tanapon Cholkadidamrongkul
Central Retail Corp (CRC TB) - Laying The Groundwork For Growth
Company Update | Central Retail Corp (CRC TB/BUY/Bt18.90/Target: Bt25.50) CRC has shifted from portfolio restructuring in 2025 to re-investment in 2026 and is expected to enter expansion mode in 2027. The food segment will be the sales driver, while the fashion segment will be the margin driver. The hardline segment will grow in both sales and margin. Maintain BUY with a target price of Bt25.50.
- Jo Yee Ng
Eco World Development Group (ECW MK) - 1QFY26: In Line; Local SMEs Dri...
1QFY26: In Line; Local SMEs Drive EBP7’s Sales Momentum Highlights 1QFY26 results were in line. Net gearing improved to 0.17x from 0.28x. 4MFY26 sales of RM2.1b were ahead of its full-year sales target of RM4b, aided by strong take up from the EBP7 and Eco Botanic 3 launches. Unbilled sales rose to RM5.1b as of end-1QFY26 (vs RM4.9b as of end-4QFY25). Maintain BUY with a target price of RM2.70, implying a FY26-27 PE of 14- 16x supported by 20% three-year CAGR over FY25-28.
- Amerul Iqmal
Bermaz Auto (BAUTO MK) - 3QFY26: Earnings Recovery Gains Momentum
3QFY26: Earnings Recovery Gains Momentum Highlights 3QFY26 results came in above expectations due to higher-than-expected sales volume and improved margins. We anticipate sustained sales momentum in FY27, driven by robust demand for Mazda 3 and the upcoming launch of the new Mazda CX-5. Raise FY26-27 earnings forecasts by 13%/9% respectively. Maintain BUY with a higher target price of RM1.08, pegged to 11x FY27 EPS.
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Upside Awaits After The War
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt9.75/Target: Bt14.00) We attended BCH’s 4Q25 analyst meeting where the tone was neutral. BCH expects 1Q26 earnings growth to be driven by Middle Eastern patients treated before Ramadan, though the outlook from Apr 26 onward would depend on war developments. For 2026, BCH targets mid-single-digit revenue growth supported by new specialised centres and hospital expansions. Potential upside could come from higher treatment fees from the SSO and ...
- Adrian Loh Tzum Yung
- Amerul Iqmal
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Posmarito Pakpahan
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, March 13, 2026
Greater China Company Results | Futu Holdings (FUTU US/BUY/US$152.64/Target: US$260.00) Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trend...
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 2025: Delivers Profit Despite Exploration Write...
RHP’s 2025 profit fell 81% yoy to US$3.5m on oil price weakness and exploration write-offs. A strong balance sheet and cash of US$31m provide flexibility for future exploration and development. Maintain BUY with a higher target price of S$0.263 (previously S$0.245).
- Malaysia Research Team
Malaysia Daily - Friday, March 13, 2026
Top Stories Company Results | Bermaz Auto (BAUTO MK/BUY/RM0.86/Target: RM1.08) Bermaz Auto delivered a decent set of results for 3QFY26 with a higher core net profit of RM32.6m, which exceeded our expectation due to a higher-than-expected sales volume and a significant improvement in margin. We expect the positive sales momentum to continue, backed by a healthy backlog of orders and robust demand for Mazda 3. We raise our FY26- 27 earnings forecasts by 13%/9% respectively and maintain BUY with a...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily: Friday, March 13, 2026
Top Stories Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt9.75/Target: Bt14.00) We attended BCH’s 4Q25 analyst meeting where the tone was neutral. BCH expects 1Q26 earnings growth to be driven by Middle Eastern patients treated before Ramadan, though the outlook from Apr 26 onward would depend on war developments. For 2026, BCH targets mid-single-digit revenue growth supported by new specialised centres and hospital expansions. Potential upside could come from higher treatment fees from...
- Bella Lu Yifei
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Tham Mun Hon
Greater China Daily: Friday, March 13, 2026
Top Stories Company Results | Futu Holdings (FUTU US/BUY/US$152.64/Target: US$260.00) Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trends...
- Adrian Loh Tzum Yung
Singapore Daily: Friday, March 13, 2026
Top Stories Company Results | RH Petrogas (RHP SP/BUY/S$0.245/Target: S$0.263) RHP’s 2025 profit fell 81% yoy to US$3.5m on oil price weakness and exploration write-offs. A strong balance sheet and cash of US$31m provide flexibility for future exploration and development. Maintain BUY with a higher target price of S$0.263 (previously S$0.245). Market Spotlight US stocks were lower on Thursday, with all indexes falling as industrials, consumer discretionary and healthcare sectors slid. There ...
- Posmarito Pakpahan
Banking - Sovereign Risk Premium Rising, Kopdes Weighs On SOE Banks
Sector Update | Banking We downgrade the Indonesian banking sector to MARKET WEIGHT as rising sovereign risk premiums and fiscal uncertainty increase macro volatility and cap near-term sector re-rating. While the direct earnings impact from higher bond yields remains limited, second-order risk, rupiah pressure and a shorter BI easing cycle, could weigh on NIM, credit growth, and asset quality. Kopdes loans introduce structural NIM pressure, with BBNI most exposed. Valuations stand at 1.67x P/B, ...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Friday, March 13, 2026
Sector Update | Banking We downgrade the Indonesian banking sector to MARKET WEIGHT as rising sovereign risk premiums and fiscal uncertainty increase macro volatility and cap near-term sector re-rating. While the direct earnings impact from higher bond yields remains limited, second-order risk, rupiah pressure and a shorter BI easing cycle, could weigh on NIM, credit growth, and asset quality. Kopdes loans introduce structural NIM pressure, with BBNI most exposed. Valuations stand at 1.67x P/B, ...
- Julia Pan Mengyao
Tencent Holdings (700 HK): Launch Of WorkBuddy And One-Click Deploymen...
We continue to view Tencent as a core holding for investors seeking exposure to AI applications. Tencent launched WorkBuddy on 9 March, an AI agent developed by the Tencent Cloud CodeBuddy team, alongside QQ Open Platform’s integration with OpenClaw. AI applications are also increasingly delivering both cost reductions and revenue uplift across Tencent ecosystems, enabling new monetisation opportunities, with gaming and advertising among the earliest beneficiaries. Maintain BUY with an unchanged...
- Shirley Wang Xueyi
- Stella Guo Yuting
Chongqing Brewery (600132 CH): 2025: Core Net Profit Down 3% yoy; On-P...
In 2025, CBC achieved revenue of Rmb14,722m (+1% yoy) and core net profit of Rmb1,188m (-3% yoy). Sales volume increased 1% yoy and ASP remained largely flat. On-premise channels showed a slight improvement during the CNY holiday, but still remained under pressure. In contrast, off-premise channels performed well. While there has been a surge of small players in emerging channels, this is seen as a positive development for the industry, as it helps to attract more consumers.
- Thanawat Thangchadakorn
Finance - 4Q25: Results In Line; Credit Cost Down yoy In 2025
Sector Update | Finance Finance companies under our coverage reported a combined net profit of Bt6.2b in 4Q25, up 9% yoy but down 3% qoq, in line with our and consensus estimates. We expect the cabinet to commence implementing the government disbursement and stimulus policy in 2H26. The spike in global oil prices is unlikely to impact retail oil prices in Thailand. We reckon that the market was too pessimistic on the finance sector. Maintain OVERWEIGHT on the sector. Top picks: MTC and KTC.
- Thanawat Thangchadakorn
Thailand Daily: Thursday, March 12, 2026
Top Stories Sector Update | Finance Finance companies under our coverage reported a combined net profit of Bt6.2b in 4Q25, up 9% yoy but down 3% qoq, in line with our and consensus estimates. We expect the cabinet to commence implementing the government disbursement and stimulus policy in 2H26. The spike in global oil prices is unlikely to impact retail oil prices in Thailand. We reckon that the market was too pessimistic on the finance sector. Maintain OVERWEIGHT on the sector. Top picks: MTC ...
- Jack Goh Tooan Orng
Top Glove Corporation (TOPG MK) - Setbacks From Macro Challenges; Mode...
Setbacks From Macro Challenges; Modest Growth In FY26 Highlights 2QFY26 results will see a modest sales volume growth, but profitability likely faces pressure from the weakening MYR/USD rate and higher input costs. 2026-27 earnings recovery remains intact despite various challenges, lifted by better sales volume and various production optimisation efforts. Risk-reward still appears unattractive at this juncture. Maintain HOLD and target price of RM0.57.
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