30/10/2026
Greater China
Initiate Coverage | Momenta Global (6880 HK/BUY/HK$146.00/Target: HK$270.00)
Initiate coverage on Momenta with BUY and a target price of HK$270.00. Momenta is the largest independent provider of driving-automation software globally, with a data flywheel of more than 1m vehicles returning about 630,000 clips a day.
Company Results | Budweiser APAC (1876 HK/BUY/HK$5.81/Target: HK$8.30)
Bud APAC’s 3Q26 revenue was in line but EBITDA missed. Management reiterated that China’s near-term priority is to stabilise volume and market share, while continuing to step up commercial investments. In addition, management does not expect any further meaningful one-off impacts related to India’s provision. On shareholder returns, management states that if business performance continues to face pressure and does not improve, maintaining the current dividend level could become increasingly challenging. Maintain BUY; cut target price by 11% to HK$8.30.
Company Results | BYD Electronics (285 HK/SELL/HK$22.24/Target: HK$14.50)
BYDE reported weak results again. Revenue of Rmb45b was in line, but margins missed consensus as consumer devices continued to drag profitability. Bottom line registered a 35% sequential recovery at Rmb537m but still missed consensus expectation by 18%. Management sees strong opportunities in its AI infrastructure-related business and expects robust growth through 2027, but the consumer electronic business seems to have more downside going forward. Maintain SELL; keep target price unchanged at HK$14.50.
Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb45.22/Target: Rmb77.60)
FII’s 3Q26 top- and bottom line results beat consensus estimates by 6.6% and 1.8% respectively, driven by sustained AI computing demand and rising customer share. Cloud-computing and networking revenue maintained strong growth, supported by accelerating AI server and high-speed switch shipments. We raise our 2026-28 net profit forecasts by 1.0%/9.4%/10.5% respectively. Maintain BUY with a target price of Rmb77.60.
Company Results | Geely Auto (175 HK/BUY/HK$13.57/Target: HK$21.00)
3Q26 adjusted net profit of Rmb5.2b (+31.6% yoy/+1.7% qoq) met consensus forecast but slightly missed our estimate, due to share-based payment. Forward earnings growth will be driven by new techs, strong product line-ups, overseas expansion and premiumisation. We cut our 2026-28 net profit forecasts by 11%/2%/2% respectively to factor in forex loss and share-based payments. Maintain BUY on Geely and cut target price from HK$29.00 to HK$21.00.
Company Results | Haier Smart Home (6690 HK/BUY/HK$18.94/Target: HK$26.00)
Haier’s 3Q26 net profit declined 12% yoy. Domestic revenue declined double-digits, dragged by air conditioners, while overseas revenue remained flat. For 4Q26, management targets a return to domestic revenue growth. Regarding margins, raw material cost pressure is expected to persist. Management also indicated that an additional US tariff refund may be recognised in 4Q26 or next year, which could partially offset the ongoing costs from supply-chain restructuring in 4Q26. Maintain BUY; cut target price by 8% to HK$26.00.
Company Results | Midea Group (000333 CH/BUY/Rmb87.48/Target: Rmb116.80)
Midea’s 3Q26 EBIT declined 3% yoy, and reported net profit rose 26% yoy. Excluding investment gains, we estimate the recurring net profit would have declined 11%. In 3Q26, ToC revenue declined by high single digits yoy, with domestic sales down by more than 15%, partially offset by mid-single-digit growth in overseas sales. ToB revenue grew by high single digits. Looking ahead to 4Q26, management targets positive sales growth. Maintain BUY; raise target price by 4% to Rmb116.80.
Company Results | NAURA Technology Group (002371 CH/BUY/Rmb497.30/Target: Rmb783.20)
NAURA’s 3Q26 results were weaker than expected, with revenue growing only 1.3% yoy to Rmb11.3b, gross margin declining 2.0ppt yoy and net profit rising 5% yoy to Rmb2.0b. The miss was due to component shortages in 3Q26 which had pushed order deliveries to 4Q26. Thus, management kept its full-year revenue target of Rmb49b unchanged, implying a meaningful improvement in supply constraint in the near future. Maintain BUY but cut target price to Rmb783.20 to factor in the mounting macro-related risk.
Indonesia
Company Results | Medikaloka Hermina (HEAL IJ/BUY/Rp515/Target: Rp785)
HEAL's 3Q26 earnings improved sequentially but remained weak yoy, as higher depreciation offset EBITDA growth. Non-BPJS revenue continued to expand, although patient volumes lagged capacity additions, weighing on utilisation. BPJS policy dependence remains a structural risk. We maintain BUY but lower our target price to Rp785 from Rp1,120, applying 6.5x 2027 EV/EBITDA (previously 8.8x) to reflect higher sovereign yields and MSCI-related uncertainty.
Malaysia
Sector Update | Oil and Gas
Ageing OSVs are becoming a more critical issue due to a lack of incentives for newbuild orders and fleet replacement. However, vessel age limit is also gradually fading in relevance for oil majors including Petronas, prioritising conditional assessments instead. Another shifting trend is ESG-focused, ie the increasing acceptance of alternative fuels and next generation hybrid designs over conventional models. We see non-rated players like Keyfield, Alam Maritim, Lianson Fleet and Perdana Petroleum as standouts Maintain sector MARKET WEIGHT.
Company Update | KIP REIT (KIP MK/BUY/RM0.865/Target: RM1.110)
KIP REIT’s focus will be on organic growth, having achieved its AUM target of RM2.0b. KIPMall Setapak could achieve 20-25% higher rental rates for new tenants, while AEI for Masai Mall is expected to generate ROI of 10%. Maintain BUY with a lower target price of RM1.11 as we increase our cost of equity assumption and roll over our valuation base to FY27. KIP REIT is one of our top picks, offering attractive yields of 8.6% and 9.0% for FY27 and FY28.
Singapore
Company Results | CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.28/Target: S$3.11)
Office occupancy rose 1.0ppt qoq to 95.4% with broad-based improvements in Singapore, Germany and Australia. We estimate rental reversion for retail portfolio has improved from +3.5% in 2Q26 to 6.6% for 3Q26. Paragon, balance 55% of CapitaSpring and Gallileo’s progressive handover to ECB would contribute fully for six months in 2H26. Maintain BUY. Target price: S$3.11.
Company Results | Nanofilm Technologies International (NANO SP/BUY/S$0.805/Target: S$1.090)
3Q26 revenue grew 2% yoy to S$74m, with strong NFBU and IEBU growth offsetting weaker AMBU revenue. 9M26 revenue of S$187m (+4% yoy) is broadly in line with our estimate. Gross and EBITDA margins each improved 5ppt yoy on better cost control and operational optimisations. The flagship coating programme has reached full capacity, supporting 4Q26. Maintain BUY on Nanofilm with a lower target price of S$1.09.
Company Update | Keppel (KEP SP/BUY/S$10.24/Target: S$11.90)
Keppel’s 3Q26 headline net profit rose 15% yoy, but 9M26 core earnings growth of over 10% lagged our 20% full-year forecast, reflecting weaker-than-expected integrated power earnings growth. Asset management fees increased 18% yoy, supported by expanding FUM. We lower our 2026-28 core earnings forecasts by 4-6% as we fine-tune our integrated power estimates. The outlook remains positive for Keppel, supported by secular growth in power demand and digital infrastructure investment. Maintain BUY with a lower target price of S$11.90.
Thailand
Sector Update | Oil and Gas
While we remain cautious on the petrochemical sector and maintain an UNDERWEIGHT rating due to Chinese oversupply, we view the new JVCo as a win-win for PTTGC and SCGC. PTTGC stands to benefit more from significant asset expansion with limited financial burden, reasonable acquisition valuation, and stronger value-chain integration to accelerate its transition towards specialty chemicals. We maintain MARKET WEIGHT on the oil and gas sector, with TOP and SCGP as our top picks.
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt46.50/Target: Bt58.00)
CENTEL should report 3Q26 net profit of Bt220m (+37.1% yoy, +32.1% qoq), driven by strong hotel performance in the Maldives and upcountry destinations, alongside improving food margins. Refinancing and new bond issuance should generate further interest savings from 4Q26. Strong forward bookings support positive 4Q26 RevPar growth across key markets. Food performance remains resilient despite headwinds, with seasonal demand expected to strengthen. Maintain BUY with a target price of Bt58.00, supported by strong bookings, lower financing costs and margin improvement.
Company Update | Minor International (MINT TB/HOLD/Bt20.50/Target: Bt19.50)
MINT’s 3Q26 core profit is expected to grow 2.9% yoy to Bt2.85b, supported by hotel RevPar growth, but pressured by rising interest expenses and operating costs. The postponed REIT launch limits deleveraging, while European hotel disposals remain pending. Weak 4Q26 bookings across Thailand, Europe, and the Maldives suggest limited demand recovery. With interest rates unlikely to decline and debt remaining elevated, earnings growth faces continued headwinds. Maintain HOLD, with the target price reduced to Bt19.50.
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