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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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Pop Mart FY26F: From rapid to normalised growth
■ Pop Mart’s FY25 revenue reached Rmb37.1bn, up 185% yoy (2H25: +174% yoy), lower than our estimate, mainly dragged by overseas markets. ■ FY25 adjusted net profit rose to Rmb13.1bn, up 285% yoy (2H25: +251% yoy), at the lower end of market consensus’ estimates (Rmb13bn-14bn). ■ Management guides for no less than 20% revenue growth in FY26F, lower than market expectations. We expect revenue and NP to increase 23% and 18% in FY26F. ■ We reiterate Add with a lower TP of HK$257.2, based on 22x P/E. We remove it from our High Conviction list, due to its transition from rapid growth to high-quality growth.
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PDD Holdings To build a new business unit in the next three years
■ PDD reported 4Q25 revenue of Rmb123.9bn (+12.0% yoy), in line with our expectations, mainly driven by the recovery in its overseas platform, Temu. ■ 4Q25 adj. OP rose 5.3% yoy, in line, but non-GAAP net profit declined 12% yoy to Rmb26.3bn, below expectations, mainly driven by higher forex loss and income tax. ■ We forecast revenue/non-GAAP NP to increase by 11.4%/10.2% yoy in 1Q26F and 12.1%/16.4% in FY26F. ■ Reiterate Add with a slightly lower DCF-based TP of US$141.
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LIM & TAN |
LIM & TAN |
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Driven by significant portfolio growth, newly-listed community living operator, The Assembly Place Holdings Ltd / TAP ($0.24, unchanged) has delivered a strong set of maiden results for the 12 months ended 31 December 2025 (“FY2025”) with double-digit increases across both revenue and core earnings. The Group, which commenced trading on the Catalist Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 23 January 2026, reported adjusted NPAT growth of 24.2% to S$7.7 million (FY2024: S$6.2 million), fuelled by revenue growth of 42.4% to S$27.0 million (FY2024: S$18.9 million). The Group’s stellar topline performance was driven primarily by TAP’s core CommunityDriven Stays segment, which accounted for 93.3% of total revenue. Revenue from the Community-Driven Stays segment rose 42.4% year-on-year to S$25.2 million in FY2025 from S$17.7 million in FY2024. At its last traded price of 24 cents, TAP is capitalized at $92mln and trades at 12x historical PE vs 10-11x for Coliwoo. Coliwoo provides a yield of 4% at its last traded price of 50 cents. There is no dividend for TAP. Based on Bloomberg consensus, TAP’s target price of 34 cents implies 42% potential upside vs Bloomberg consensus target price for Coliwoo of 78 cents (implying a 56% upside potential for Coliwoo vs its last traded price of 50 cents).
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We highlight Beng Kuang Marine’s / BKM ($0.385, up 0.5 cents) annual report. Beng Kuang Marine Limited delivered another year of steady progress in FY2025, marking a continued milestone in its transformation into a specialised offshore engineering and asset integrity solutions provider. Against the backdrop of evolving energy industry dynamics, the Group has successfully repositioned itself away from traditional marine services toward a more asset-light, service-centric model focused on supporting offshore production infrastructure. This strategic shift has strengthened operational resilience, improved margins, and enhanced cash generation. BKM’s market cap stands at $86.5mln and currently trades at 10.7x forward PE and 2.5x PB, with a dividend yield of 1.6%. Given higher oil prices with the ongoing war, this should be a net positive for BKM and we thus recommend a BUY on BKM. |
| DBS GROUP RESEARCH | |
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Hong Leong Asia Ltd Post-conference notes: Rising costs remains a concern but have mostly passed on
Overall growth trajectory remains intact, driven by large orderbook and stringent cost management Higher fuel prices have begun to inflate costs, but HLA has so far been able to pass on bulk of these price increases Increased reliance on alternative fuels emerging as the key competitive advantage for HLA Maintain BUY with unchanged TP of SGD3.90.
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