Investment Rating - The report assigns a "Buy" rating to China Merchants Port (CMPort) and Qingdao Port International (QPIC), while Daqin Railway is rated as "Sell" [63]. Core Insights - The transport infrastructure outlook has been revised positively due to the reduction of reciprocal tariff rates between the US and China, leading to improved volume growth forecasts for 2025 [2]. - Passenger volume is expected to outperform freight volume in 2025, with railway passenger volume projected to grow by 6% YoY and highway freight volume by 4% YoY [4][5]. - Container throughput at key Chinese ports has shown resilience, with a 5% YoY increase in May and a 9% increase YTD, although a decline is expected in 2025 and 2026 [3][8]. Summary by Sections Ports - Container throughput growth at major Chinese ports is forecasted to decrease by 1% to 2% YoY in 2025 and 2026, following a strong performance in early 2025 [3][8]. - Key ports like CMPort and Shanghai International Port Group (SIPG) have had their earnings estimates fine-tuned by 2-3% due to expected deceleration in throughput growth [3]. Toll Roads - Highway freight volume is projected to grow by 4% YoY in 2025, while passenger volume is expected to see minimal growth of 1% YoY [4][20]. - The expressway truck traffic is anticipated to grow by 2% YoY in 2025, with similar flat growth expected in 2026 [22]. Railways - Rail passenger volume is expected to grow by 6% YoY in 2025, with freight volume stable at a 2% growth rate [5][28]. - The number of rail services has increased by 11% YoY in May, indicating strong demand for rail travel [5]. Earnings and Price Target Revisions - CMPort's price target has been raised from HK$14.80 to HK$16.90, reflecting a 3% increase in earnings estimates for 2025-2027 due to better-than-expected container volume [35]. - QPIC's price target has been slightly increased from HK$7.30 to HK$7.50, based on new container throughput forecasts and a higher-than-expected profit contribution from associates [38]. - SIPG's price target has been raised from Rmb5.50 to Rmb5.80, maintaining a Neutral rating while reflecting better-than-expected container volume growth [41].

Investment Rating - The report assigns a 12-month rating of "Buy" for Mainfreight with a price target of NZ$82.00 based on current market conditions [10][28]. Core Insights - Mainfreight's FY25 results slightly exceeded UBS estimates and market consensus, primarily driven by performance in Australia, although the outlook is mixed due to tariff impacts [2][7]. - The company reported revenue of $5.24 billion, an 11% year-over-year increase, and underlying EBITDAR of $792 million, a 6% increase year-over-year [3][4]. - Underlying NPAT decreased by 1% year-over-year to $274 million, which was still above UBS estimates and market consensus [3][4]. Financial Performance - Key financial metrics include: - Revenue: $5.24 billion (+11% YoY) vs. UBS estimate of $5.10 billion - Underlying EBITDAR: $792 million (+6% YoY) vs. UBS estimate of $737 million - Underlying NPAT: $274 million (-1% YoY) vs. UBS estimate of $267 million [3][4]. - The company experienced mixed performance across regions, with notable declines in the US and Asia, while Australia showed strong growth [4][7]. Valuation - The valuation is based on a 12-month price target of NZ$82, derived from an average of P/E (26x) and DCF valuations [5][10]. - The current market cap is NZ$6.70 billion (approximately US$4.00 billion) with a free cash flow of $163 million [10][3]. Guidance and Outlook - No specific guidance was provided, but trading in April and May was described as "disappointing" due to short trading weeks and initial US tariff disruptions [6][7]. - The outlook for US operations indicates potential improvement in A&O and Warehousing earnings in FY26, despite current challenges [7][6]. Company Overview - Mainfreight, established in 1978, has evolved into a global freight forwarder with operations in 20 countries and a workforce of over 6,000 employees [13]. - Approximately 75% of its revenue is generated outside New Zealand, with a comprehensive service offering that includes domestic distribution, warehousing, and international freight services [13].

Investment Rating - The report assigns a "Buy" rating for Thai Oil with a 12-month price target of Bt32.00, while the current price is Bt30.00 [5][26]. Core Insights - Thai Oil is focused on maintaining the budget and timeline for its Clean Fuel Project (CFP), with an investment budget of US$1.8 billion and a completion target by Q328 [2]. - The company is actively communicating with credit rating agencies to address concerns regarding the execution of the CFP, debt management, and support from its parent company, PTT [3]. - The capital expenditure (CAPEX) from 2025 to 2029 will primarily be allocated to the CFP, with expected cash flows from operations between US$1.2 billion to US$1.7 billion [4]. Financial Metrics - Revenue projections show a decline from Bt529.6 billion in 2022 to an estimated Bt372.9 billion in 2025, followed by a gradual increase to Bt588.3 billion by 2029 [8]. - The estimated diluted EPS for 2025 is Bt4.81, with a slight decrease to Bt4.65 in 2026, and a recovery to Bt4.78 in 2027 [6]. - The net debt to EBITDA ratio is projected to be 5.8x for 2025, indicating a high level of leverage [5]. Market Performance - The average daily trading volume is approximately 23.6 million shares, with a market capitalization of Bt67.0 billion (US$2.05 billion) [5]. - The forecasted stock return is 10.7%, combining a price appreciation of 6.7% and a dividend yield of 4.0% [9]. Company Overview - Thai Oil operates a refinery with a capacity of 275,000 barrels per day, accounting for 25% of Thailand's total refining capacity, and has a high upgrading capacity-to-refining capacity ratio of 56% [10].

Investment Rating - The report maintains a "BUY" rating for WEB Travel Group Limited with a 12-month price target of A$6.20, slightly up from the previous target of A$6.15 [5][3]. Core Insights - WEB Travel Group Limited has shown resilience in a challenging macro environment, with a strong exit from FY25 and an acceleration into FY26 driven by its conversion strategy [1]. - The company reported a total transaction value (TTV) of A$4.9 billion for FY25, reflecting a 22% year-over-year increase, and a revenue/TTV margin of 6.7% [2][8]. - Despite a marginal EBITDA miss at A$121 million, the underlying performance was stronger than expected, with improved revenue composition [2][8]. - The company is targeting a long-term TTV of A$10 billion by FY30E with an EBITDA margin of approximately 50% [2][3]. Financial Performance - FY25 TTV was A$4.9 billion, up 22% year-over-year, with a revenue of A$328.4 million, slightly above expectations [2][8]. - EBITDA for FY25 was A$121 million, down 13% year-over-year, but 1% above consensus estimates [2][8]. - Cash flow conversion was reported at 73%, lower than the expected 80% [2]. - Bookings for FY26 year-to-date have increased by 29%, with TTV growth of 37% [2]. Forecasts and Valuation - The report forecasts a TTV of A$5.97 billion for FY26, with a revenue target of A$389.2 million [9]. - EBITDA margins are expected to improve to 44-47% in FY26 and reach 50% by FY27 [2][9]. - The valuation metrics indicate WEB is trading at a forward cash-adjusted PE of 17.5x, with a projected 3-year EPS CAGR of over 15% [1][3].

Investment Rating - The report assigns a "Buy" rating for Ryman Healthcare with a 12-month price target of NZ$4.70, while the current price is NZ$2.41 [10][27]. Core Insights - Ryman Healthcare's sales volumes and free cash flow (FCF) exceeded UBS estimates, but the FY26E sales guidance is below consensus expectations [2][7]. - The company achieved a total build rate of 950 units, slightly above UBS estimates of 937, and sold 416 new units, a 7% year-over-year increase [4][7]. - The average new unit price increased by 4% year-over-year to NZ$974k, while the average resale price rose by 1% to NZ$735k [4][7]. - Ryman Healthcare's net debt decreased to NZ$1.67 billion from NZ$2.51 billion in FY24, and the net tangible assets (NTA) per share fell to NZ$4.18 from NZ$5.01 in FY24 [4][7]. Financial Performance - Care and village fees reached NZ$571 million, a 12% increase year-over-year, surpassing UBS estimates of NZ$559 million [3]. - Deferred Management Fees were NZ$155 million, an 11% increase year-over-year, compared to UBS estimates of NZ$138 million [3]. - Operating expenses rose by 6% year-over-year to NZ$751 million, exceeding UBS estimates of NZ$700 million [3]. - The FCF for FY25 was -NZ$94 million, an improvement from -NZ$187 million in FY24, and better than UBS's estimate of -NZ$101 million [3][7]. Guidance - For FY26E, Ryman Healthcare projects total ORA sales between 1,100 and 1,300 units, significantly below UBS's estimate of 1,592 and consensus of 1,489 [6][7]. - The total build rate for FY26E is expected to be between 226 and 330 units, again below UBS's estimate of 252 and consensus of 302 [6][7]. Valuation - The price target of NZ$4.70 is based on a discounted cash flow (DCF) analysis and sum-of-the-parts (SOTP) valuation [5][14].

Investment Rating - The report assigns a 12-month rating of "Sell" for Mitsubishi Electric with a price target of ¥1,700, indicating a potential decline from the current price of ¥2,901 [5]. Core Insights - The report highlights concerns regarding the FA (Factory Automation) business, which has seen a significant decline in operating profit margins, dropping from nearly 20% in the past to 6.1% in FY3/25 [2][3]. - The company is undergoing restructuring, particularly in the FA business, with plans to make decisions regarding operations worth approximately ¥0.8 trillion by FY3/26 [1][3]. - Despite some positive opinions on the restructuring, the overall sentiment remains bearish due to the company's slow response to market share losses in China and the gradual implementation of cost-cutting measures [3][4]. Financial Performance - Revenue projections show a slight decline from ¥5,521.7 billion in FY3/25 to an estimated ¥5,470.0 billion in FY3/26, with a forecasted operating profit of ¥350.0 billion [7][8]. - The report estimates that the operating profit guidance for FY3/26 includes a one-off profit of over ¥30 billion, suggesting that the underlying performance may be weaker than it appears [4]. - The forecast for EPS (Earnings Per Share) is projected to decrease from ¥156.2 in FY3/25 to ¥129.1 in FY3/26, reflecting a significant drop of 17.3% [6][9]. Valuation Metrics - The report uses an EV/EBITDA multiple of 5x for valuation, leading to a price target of ¥1,700 [4][12]. - Key valuation metrics include a P/E ratio of 22.5 for FY3/26 and a projected dividend yield of 1.7% [9][10]. - The company's market capitalization is reported at ¥6,021 billion, with a free float of 67% [5][8]. Market Position and Outlook - Mitsubishi Electric operates in various sectors, including cyclical and non-cyclical fields, maintaining a strong and stable position within the industry [11]. - The report indicates a bearish outlook for the company's stock, with a forecasted total stock return of -39.7% over the next year [10].

Investment Rating - The report assigns a 12-month rating of "Buy" for Goodman Property Trust (GMT) with a price target of NZ$2.35, indicating a potential upside from the current price of NZ$1.92 [9][28]. Core Insights - Goodman Property Trust reported FY25 cash earnings of NZ$116 million, reflecting a 15% year-over-year increase and exceeding UBS estimates by NZ$1 million. This growth was driven by higher net rental income and reduced operating expenses following management internalization [7][3]. - The company experienced like-for-like rental growth of 7.3%, an increase from 6.5% in FY24, and maintained a high occupancy rate of 99.0% despite a slight decline from 99.5% in FY24 [4][7]. - A new capital partnership was announced, involving a NZ$2.1 billion investment in Highbrook Business Park, with GMT holding a 72% stake, which is seen as a positive development for future growth [7]. Financial Performance - Key financial metrics for FY25 include: - Net rental income of NZ$231 million, up 14% compared to the previous corresponding period (pcp) [3]. - Net operating expenses decreased to NZ$11 million, down 48% from the pcp [3]. - Net interest expense increased to NZ$64 million, up 37% from the pcp [3]. - Cash earnings of NZ$116 million, up 15% from the pcp [3]. - Distribution per unit (DPU) of 6.5 cents, a 5% increase from the pcp [3]. Guidance - For FY26, the expected cash earnings per unit (EPU) is projected at 8.00 cents, slightly above UBS estimates of 7.95 cents, while the DPU is expected to be 6.80 cents, compared to UBS estimates of 6.75 cents [6]. Valuation - The valuation of Goodman Property Trust is based on a Dividend Discount Model (DDM) and Net Asset Value (NAV), supporting the price target of NZ$2.35 [5]. Market Context - The market capitalization of Goodman Property Trust is NZ$2.95 billion (approximately US$1.76 billion), with a free float of 68% and an average daily trading volume of 1.166 million shares [9]. - The forecast stock return is estimated at 25.9%, combining a price appreciation of 22.4% and a dividend yield of 3.5% [12].

Investment Rating - The report assigns a "Buy" rating to Anta Sports, with a target price raised from HKD 115.7 to HKD 122.3 [1] Core Insights - UBS has increased its net profit forecasts for Anta Sports for the years 2025 to 2027 due to better-than-expected earnings contributions from AmerSports [1] - The management indicated that several factors will influence the overall profit margin of the group this year, including strong sales from Descente and Kolon, reduced inventory provisions, and better-than-expected performance from AmerSports [2] - The management also stated that the restructuring of the FILA brand is ongoing, with guidance suggesting that its growth rate will exceed economic growth, maintaining an annual operating profit margin target of 25% [2] Summary by Sections - **Store Performance**: By the end of 2024, SuperAnta and Anta Champion stores are expected to have 45 and 80 locations respectively. In the first five months of 2025, sales from Champion stores doubled, with average monthly sales reaching RMB 550,000. The operating profit margin of Champion stores is reported to be better than the group average [1] - **Sales Strategy**: The SuperAnta stores typically achieve monthly sales two to three times higher than regular stores, with 80% of products being newly developed. The business model aims to sell core products through larger store formats, reducing product costs and providing competitively priced products [1] - **New Store Impact**: Although these new store formats only account for 1% to 2% of the total number of stores, they are expected to help attract new customers [1]

Investment Rating - The report maintains a "Buy" rating for PDD Holdings Inc with a 12-month price target of US$165.00, down from a previous target of US$193.00 [8][13]. Core Insights - The report highlights a 10% year-over-year revenue growth to Rmb96 billion in 1Q25, which missed expectations by 8%, primarily due to transaction services linked to Temu [2][4]. - Adjusted net profit for 1Q25 was Rmb16.9 billion, missing by Rmb11 billion or 39%, attributed to increased sales and marketing spending and lower investment income [2][4]. - The management's cautious tone reflects macroeconomic uncertainties and significant investments impacting profitability, leading to expectations of street downgrades [12]. Revenue and Earnings Analysis - Online market services (OMS) revenue grew by 14.5%, slightly below the consensus of 18%, due to targeted subsidies affecting ad income [3]. - Transaction service revenue missed by Rmb6 billion, primarily due to Temu's challenges in the US market, including tariff impacts and logistical disruptions [4]. - Sales and marketing expenses increased by 44% year-over-year, indicating a shift in customer acquisition strategies [5]. - Investment income decreased significantly, with a net miss of Rmb2 billion, likely due to mark-to-market or impairment losses [6]. Financial Projections - Revenue projections for 2025-2027 have been cut by 28-43%, reflecting increased domestic investments and widening losses for Temu [13]. - The report provides a detailed financial forecast, estimating total revenues of Rmb406.1 billion for 2025, down from a prior estimate of Rmb456.5 billion [15]. - Non-GAAP net income for 2025 is projected at Rmb79.7 billion, a reduction of 43% from previous estimates [15]. Valuation Metrics - The report indicates a significant drop in the price-to-earnings (P/E) ratio, with estimates for 2025 at 13.2x, down from 11.0x previously [15]. - The equity free cash flow yield is projected to be 11.7% for 2025, indicating strong cash generation potential despite current challenges [7]. - The valuation methodology is based on a sum-of-the-parts (SOTP) approach, with core e-commerce operations valued at Rmb137.9 billion [16]. Market Context - PDD Holdings operates in a competitive e-commerce landscape, focusing on value-for-money products and expanding into international markets through Temu [18]. - The report notes that domestic operations are currently profitable, contrasting with Temu's ongoing losses, which are impacting overall profitability [11].

Investment Rating - The investment rating for Nam Long Investment Corporation and Khang Dien House is "Buy" while Vinhomes Joint Stock Company is rated "Neutral" [25]. Core Insights - The residential sector in Vietnam is expected to rebound in 2025 due to fast-tracked approvals and increased supply from developers, which will help ease pent-up demand and improve affordability [1]. - The government is streamlining administrative structures and decentralizing planning, which is anticipated to create a more stable and transparent development pipeline [1]. - Significant new housing supply is expected in Ho Chi Minh City (HCMC) and surrounding provinces, with up to 20,000 units projected to launch in 2025 [2]. - Vinhomes is pursuing an ambitious suburban expansion strategy, planning to launch seven projects in 2025 with a pre-sales target of D150-200 trillion [3]. - Competitive pressures are rising in the market, particularly for mid-sized developers, but Nam Long is less concerned as larger developers may help raise baseline prices [4]. Summary by Sections Market Dynamics - The residential sector is set for a rebound in 2025, driven by increased supply and regulatory changes [1]. - HCMC is expected to see a significant increase in housing supply, with major projects like Eco Retreat and The Global City contributing to this growth [2]. Company Strategies - Vinhomes is focusing on suburban developments, with a major project in Long An planned to deliver over 30,000 residential units [2]. - Nam Long plans to launch multiple projects in the second half of the year, including Waterpoint and Izumi [4]. Valuation and Price Targets - Nam Long's price target is based on RNAV and implies a valuation of 1.7x 2025E P/BV [12]. - Vinhomes has a price target of D65,000 based on a 7x forward PE target multiple, reflecting a 40% discount to RNAV [13].