reports
- Felix Fischer
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Jin Yoon
BABA FY3Q26 Results: AI Investments to Weigh Down Margins for FY27
What’s new: Alibaba’s reported FY3Q26 results that were below consensus and our expectations. External cloud and AI revs could grow at least 40% CAGR over the next five years as demand for AI remains resilient. However, investments in AI including marketing spending related to Qwen App could continue to weigh down margins heading into FY27. We lower our PT from US$200 to US$170 on lowered margin outlook. Our updated PT of US$170 implies 21.8x FY27E P/E. We maintain our BUY rating. Analysts: Jin...
Moody's Ratings assigns Aa2 to Waukee Community School District, IA's ...
Rating Action: Moody's Ratings assigns Aa2 to Waukee Community School District, IA's Series 2026 A GOs; outlook stable. Global Credit Research- 20 Mar 2026. New York, March 19, 2026-- Moody's Ratings has assigned a Aa2 rating to Waukee Community School District, IA's General Obligation Bonds, Series 2026 A with a proposed par amount of around $21 million.
Moody's Ratings affirms Fortune Brands' Baa2 senior unsecured ratings;...
Rating Action: Moody's Ratings affirms Fortune Brands' Baa2 senior unsecured ratings; outlook stable. Global Credit Research- 20 Mar 2026. New York, March 19, 2026-- Moody's Ratings affirmed the Baa2 senior unsecured ratings and P-2 short-term commercial paper rating of Fortune Brands Innovations, Inc..
- 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...
- Ewa Manthey
- Warren Patterson
- 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.
Moody's Ratings assigns Aa3 to the County of Cowlitz's (WA) GOLT Bonds...
Rating Action: Moody's Ratings assigns Aa3 to the County of Cowlitz's GOLT Bonds; affirms Aa3 issuer rating. Global Credit Research- 19 Mar 2026. New York, March 19, 2026-- Moody's Ratings has assigned a Aa3 rating to the County of Cowlitz's proposed $11.8 million Limited Tax General Obligation Improvement and Refunding Bonds, 2026.
- 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.
Moody's Ratings assigns ratings to four classes of notes issued and on...
Rating Action: Moody's Ratings assigns ratings to four classes of notes issued and one class of loans incurred by Chamonix Infrastructure Funding I, LLC. Global Credit Research- 19 Mar 2026. New York, March 19, 2026-- Moody's Ratings has assigned ratings to four classes of notes issued and one class of loans incurred by Chamonix Infrastructure Funding I, LLC:.
- 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...
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