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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Thai Beverage Margin expansion to drive earnings recovery
■ We came away positive post Thai Bev’s FY25 briefing as strong margin expansion trend is likely to continue into FY26F. ■ We expect EBITDA margin to improve 50bp in FY26F on lower input costs across segments, providing relief against elevated marketing spend. ■ THBEV’s diversification into new regions and product lines should also bring revenue growth, in our view. ■ Dividend yield of 5% is still attractive to us despite unchanged FY25 DPS of THB0.62. Reiterate Add, valuations remain inexpensive at 10x fwd P/E.
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Alibaba Group Quick commerce loss should significantly narrow
■ Alibaba’s total revenue rose 5% yoy to Rmb247.8bn in 2QFY3/26, slightly better than our expectation, mainly due to its cloud and quick commerce. ■ Non-GAAP net profit fell 71.3% yoy to Rmb10.5bn in 2QFY26, higher than our estimate, mainly due to better revenue growth and higher investment gain. ■ We forecast revenue to rise 3.2% and non-GAAP NP to fall 38% in 3QFY3/26F. ■ We retain our Add call, with a higher DCF-based TP of HK$206.0.
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UOB KAYHIAN |
DBS RESEARCH |
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Hong Leong Bank (HLBK MK) 3Q25: Solid Underlying Performance
Highlights • Hong Leong Bank’s (HLB) reported 1QFY26 net profit was broadly in line. • HLB’s core operations (ex-associate) delivered a solid performance, with underlying 1QFY26 PBT rising 8% and pre-provision operating profit expanding 11% yoy despite the drag from the 25bp OPR cut. • Maintain BUY and target price of RM23.80 (11.5% ROE and 1.19x FY26F P/B). Valuations remains compelling at 1.0 SD below its historical mean PBV
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IHH HEALTHCARE
Q25: Day-care shift and Fortis consolidation drive a stronger outlook
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| UOB KAYHIAN | |
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Soon Hock Enterprise (SHOCK SP)
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