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CGS INTERNATIONAL |
CGS INTERNATIONAL |
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NIO Inc Surprise profit; industry headwinds still a concern
■ NIO reported its first-ever quarterly net profit in 4Q25. ■ The company plans to launch 3 new SUV models in FY26F, which we believe can support sales volume and GPM. ■ Reiterate Add with a lower TP of HK$49.8
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Yangzijiang Shipbuilding Strategic investment in a key customer
■ YZJSB plans to acquire a 10% stake in the parent company of its customer Seaspan for US$825.7m, fully funded through internal cash. ■ The transaction is c.6% accretive based on YZJSB’s FY25 EPS; implied valuation of c.11x trailing P/E (1.8x P/BV) appears reasonable to us. ■ Following the investment, we expect YZJSB to remain in a strong net cash position, which suggests limited risk to its dividend policy.
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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Centurion Corporation Preparing for scalable fee income
▪ 2H25 revenue exceeded our expectations, at 105% of our FY25 forecasts, driven by revenue contribution from the remaining 55% stake in the 6,290-bed Westlite Mandai consolidated in 2H25. 2H25 adj. PATMI fell below our expectations, at 91% of our FY25 forecasts. This was due to a 33% YoY increase in 2H25 administrative fees (excl. CAREIT IPO fees) because of higher manpower costs.
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China Aviation Oil Jet fuel volumes rise, margins take flight
• 2H25/FY25 PATMI exceeded our expectations at 55%/77% of FY25e forecast. Jet fuel volumes increased 15.3% YoY to 8.8mn mt in 2H25 while margins expanded sharply, with gross profit surging 140% YoY to US$42.4mn. CAO is in a strong net cash position of US$686.9mn.
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| UOB KAYHIAN | UOB KAYHIAN |
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Soon Hock Enterprise (SHOCK SP) 2025: Slight Beat; Attractive 6% Yield And Visible Pipeline
Highlights • 2025 net profit of S$38m came in 2% above our expectation, while revenue of S$228m matched our forecast following partial TOP of Stellar@Tampines. • 2026-27 earnings are backed by the remaining recognition from Stellar@Tampines, alongside Skye@Tuas and Senang Crescent projects. • Maintain BUY with an unchanged target price of S$0.71. SHE offers an attractive 6% dividend yield under its 25% payout policy.
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Tencent Holdings (700 HK) Launch Of WorkBuddy And One-Click Deployment Of “Lobster” OpenClaw Agent Across WeChat And QQ
Highlights • 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 target price of HK$800.00.
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