Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [4] Core Insights - The company achieved a year-on-year (yoy) growth of 12% in OPAT per share, exceeding its target, and announced a new share buyback plan of $1.7 billion [3][7] - The company's VONB (Value of New Business) increased by 15% yoy to $5.516 billion, while ANP (Annualized New Premium) and NBVM (New Business Value Margin) grew by 9% and 3.6 percentage points respectively [7] - The report highlights a robust dividend policy, with a proposed payout ratio of 75% of the annual free surplus net income, translating to $743 million, alongside a $1 billion distribution after reviewing the group's capital status [7] Financial Performance Summary - For 2025, the company expects a net profit of $6.234 billion, a decrease of 8.8% yoy, with projections for 2026 and 2027 at $6.958 billion and $8.860 billion respectively [9][11] - The insurance revenue is projected to grow from $21.618 billion in 2025 to $23.224 billion in 2026, reflecting a growth rate of 7.4% [11] - The company's PEV (Price to Embedded Value) for 2026 is estimated at 1.32x, indicating a favorable valuation [9] Market Analysis - The report notes that the company's diversified market strategy continues to show advantages, particularly in mature markets like Hong Kong, while the mainland China market faces temporary growth pressures [9][10] - The Southeast Asian markets exhibit varied performance, with Thailand and Singapore showing positive growth in VONB, while Malaysia's performance is expected to improve in the second half of 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a revenue of 685 million RMB in 2025, representing a year-on-year increase of 89.6%. The net loss was 1.7 billion RMB, a reduction of 34.2% compared to the previous year [2][3] - In Q4 2025, the company reported a revenue of 314 million RMB, up 123.0% year-on-year, with product revenue reaching 211 million RMB, a significant increase of 308.9% [2][8] - The global deployment of Robotaxi is progressing steadily, with operations in 12 countries and over 40 cities. The global Robotaxi fleet reached 1,125 vehicles by March 2026, with a target of 2,600 vehicles by the end of 2026 [8] Financial Performance - Revenue projections for 2026, 2027, and 2028 are 1.08 billion RMB, 1.88 billion RMB, and 2.96 billion RMB, respectively, with growth rates of 57.1%, 74.8%, and 57.6% [3][9] - The company expects to continue reducing net losses, with projections of -1.42 billion RMB in 2026 and -1.29 billion RMB in 2027 [3][9] - The gross margin for Q4 2025 was 28.5%, down 8.0 percentage points year-on-year, primarily due to a decrease in high-margin ADAS research service contributions [8] Business Development - The company is enhancing its software and hardware capabilities, launching a new AI simulation platform, WeRide GENESIS, to accelerate model iteration and safety verification [8] - A new generation of GXR vehicles designed for autonomous taxis is being produced in collaboration with Geely, which includes pre-installed autonomous driving systems [8] - The company aims to evolve into a comprehensive platform for autonomous driving technology solutions and smart mobility services [8]

Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Insights - The company is expected to achieve steady growth in operating performance in 2025, with a projected revenue of 25.737 billion RMB, representing a year-on-year increase of 11.2%, and a net profit of 2.692 billion RMB, up 16.1% year-on-year [2][10]. - The gross profit margin is forecasted to be 28.0%, a slight decrease of 0.9 percentage points year-on-year, while the net profit margin is expected to improve by 0.5 percentage points to 10.5% [10]. - The company is actively expanding into new markets and product lines, focusing on AI, robotics, low-altitude economy, and smart mobility, with significant advancements in core business areas such as battery boxes and chassis components [10]. Financial Summary - Total revenue is projected to grow from 23.147 billion RMB in 2024 to 25.737 billion RMB in 2025, with a compound annual growth rate (CAGR) of 11.2% [4]. - Net profit is expected to increase from 2.319 billion RMB in 2024 to 2.692 billion RMB in 2025, reflecting a growth rate of 16.1% [4]. - The company’s PE ratio is projected to be 14 in 2025, with a target price of 49.47 HKD based on a 16x PE for 2026 [10]. Business Development - The company has made significant progress in its core business, including breakthroughs in the European Toyota structural parts business and securing orders from Chery and BYD for battery boxes [10]. - The company is also enhancing its capabilities in smart exterior parts and traditional products, winning multiple orders from Japanese brands and entering new markets in Europe and North America [10]. - The focus on developing a second growth curve includes investments in electric vehicle wireless charging systems and partnerships with major Chinese automotive brands for project development [10].

Investment Rating - The report maintains a "Strong Buy" rating for Leap Motor (09863.HK) with a target price of HKD 61.68, indicating a potential upside of 37% from the closing price on March 23, 2026 [1][7]. Core Insights - Leap Motor reported a record high net profit of HKD 3.6 billion in Q4 2025, with revenue reaching HKD 21 billion, representing a year-on-year increase of 56% and a quarter-on-quarter increase of 8.1% [1][7]. - The company achieved a total revenue of HKD 64.7 billion for the year 2025, marking a 100% year-on-year growth, and a net profit of HKD 5.4 billion, up by HKD 3.4 billion year-on-year [1][7]. - The report highlights the upcoming new vehicle cycle, with plans to launch several new models in 2026, which is expected to support future sales growth [7]. - Leap Motor's export sales have shown steady growth, with January 2026 exports reaching 15,000 units, a year-on-year increase of 570% [7]. Financial Summary - For 2025, total revenue is projected at HKD 64,732 million, with a year-on-year growth rate of 101.3% [3]. - The net profit for 2025 is estimated at HKD 538 million, with a significant growth rate of 119.1% [3]. - Earnings per share (EPS) for 2025 is projected at HKD 0.38, with a price-to-earnings (P/E) ratio of 105 [3]. - The company is expected to achieve a net profit of HKD 5,140 million in 2026, with a P/E ratio dropping to 11 [3].

Investment Rating - The report maintains a "Buy" rating for Kerry Properties (00683) [3][8] Core Insights - The company is experiencing short-term pressure on IP leasing, but has seen a significant increase in sales and has optimized its finances with generous dividends [8] - For the fiscal year 2025, the company reported a core profit of HKD 2 billion, a decrease of 22% year-on-year, which is slightly below expectations [8] - The company’s total revenue for 2025 is projected at HKD 19.57 billion, reflecting a marginal increase of 0.4% year-on-year, while the consolidated revenue is expected to reach HKD 25.02 billion, a 17% increase [8] Financial Data and Profit Forecast - Revenue projections for the upcoming years are as follows: - 2024: HKD 19.499 billion - 2025: HKD 19.568 billion - 2026E: HKD 16.354 billion - 2027E: HKD 25.227 billion - 2028E: HKD 26.416 billion - Year-on-year growth rates for revenue are projected at 48.96% for 2024, 0.35% for 2025, -16.43% for 2026E, 54.26% for 2027E, and 4.71% for 2028E [7] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2024: HKD 808 million - 2025: HKD 938 million - 2026E: HKD 1.404 billion - 2027E: HKD 2.671 billion - 2028E: HKD 2.923 billion - The projected PE ratios are 40 for 2024, 34 for 2025, 23 for 2026E, 12 for 2027E, and 11 for 2028E [7][9] Business Segments Performance - The company’s property development revenue for 2025 is expected to be HKD 17.67 billion, a year-on-year increase of 28%, with significant contributions from mainland China and Hong Kong [8] - The sales amount for 2025 is projected at HKD 34.68 billion, reflecting a substantial year-on-year increase of 175% [8] - The company’s IP value is estimated at HKD 87.2 billion for 2025, a 3% increase year-on-year, with a total area of 21.06 million square feet, a 13% increase [8] Financial Optimization and Dividends - The company has optimized its finances with a total debt of HKD 55.8 billion, a decrease of 6% year-on-year, and a net debt ratio of 33.3%, down 8.2 percentage points [8] - The dividend per share (DPS) for 2025 is projected to be HKD 1.35, maintaining the same level as the previous year, with a dividend payout ratio of 97% and a corresponding dividend yield of 6% [8]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company reported a revenue of HKD 54.326 billion for 2025, a decrease of 2.6% year-on-year, while the net profit attributable to shareholders was HKD 5.688 billion, down 0.4% year-on-year. The core profit increased by 4.2% year-on-year, aligning with expectations [8]. - The Hong Kong gas sales remained stable, with a projected increase in gas demand from the Northern Metropolis area, potentially adding 5,500 TJ of gas sales volume [8]. - The mainland gas sales volume was stable, with a slight increase in gas margin expected to rise to HKD 0.56 per cubic meter in 2026 [8]. - The company's extended business showed steady growth, with a net profit of HKD 4.68 billion, and significant potential for expansion in the mainland market [8]. - Renewable energy business profits declined, but significant growth is anticipated in 2026, with a projected generation of 32 billion kWh [8]. - The green fuel production capacity is expected to increase, with plans to expand production significantly by 2026, driven by high oil prices and tightening carbon emission policies [8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: HKD 55,621 million in 2026, HKD 56,279 million in 2027, and HKD 57,097 million in 2028, with corresponding growth rates of 2.4%, 1.2%, and 1.5% respectively [7]. - The net profit attributable to shareholders is forecasted to be HKD 6,183 million in 2026, HKD 6,425 million in 2027, and HKD 6,716 million in 2028, with growth rates of 8.7%, 3.9%, and 4.5% respectively [7]. - The earnings per share are projected to be HKD 0.33 in 2026, HKD 0.34 in 2027, and HKD 0.36 in 2028 [7].

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Insights - Geely Automobile reported a revenue of 345.2 billion yuan for 2025, a year-on-year increase of 25%. The net profit attributable to shareholders was 16.85 billion yuan, up 0.2% year-on-year, while the core net profit, excluding foreign exchange gains and losses, reached 14.41 billion yuan, marking a 36% increase year-on-year [2][8]. - The company is in a strong new product cycle, planning to launch over 10 new models in 2026, with a target sales volume of 3.45 million units, representing a 14% year-on-year increase [2][8]. - Geely's high-end product strategy and export growth are expected to significantly enhance profitability, with a projected net profit of over 45 billion yuan in Q1 2026 [2][8]. Financial Performance Summary - For 2025, Geely's total revenue is projected at 351.4 billion yuan, with a year-on-year growth rate of 45.7%. The net profit attributable to shareholders is expected to be 16.85 billion yuan, reflecting a growth rate of 1.3% [8][9]. - The company anticipates a continued increase in revenue and net profit through 2028, with projected revenues of 547.9 billion yuan and net profits of 31.5 billion yuan by that year [8][9]. - The report highlights a projected PE ratio of 10-12 times for 2026, with a target price range of 26.17-31.40 HKD, indicating a potential upside of 25-50% from the current price of 20.90 HKD [2][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a stable performance in its DP business with a revenue of HKD 131 billion, a year-on-year increase of 1%, while the overall gross margin decreased [7] - The sales revenue significantly increased due to the Jinling Huating project, achieving a contract sales amount of HKD 34.7 billion, a year-on-year increase of 175% [7] - The company maintained a high dividend policy, distributing a total dividend of HKD 1.35 per share, resulting in a payout ratio of 97% based on adjusted earnings per share of HKD 1.39 [7] - The forecast for net profit attributable to shareholders for 2026-2028 is HKD 1.2 billion, HKD 3.3 billion, and HKD 3.8 billion, representing year-on-year growth of 27.6%, 172.0%, and 16.5% respectively [7] Financial Performance Summary - For the fiscal year 2025, the company achieved a revenue of HKD 19.568 billion, a slight increase of 0.4% year-on-year, with a net profit of HKD 938 million, up 16% year-on-year [7] - The projected revenues for 2026 and 2027 are HKD 13.891 billion and HKD 21.390 billion, reflecting a year-on-year decrease of 29.01% and an increase of 53.98% respectively [6] - The earnings per share (EPS) for 2026 is projected to be HKD 0.82, with a price-to-earnings (P/E) ratio of 25.68 [6] - The company's return on equity (ROE) is expected to improve from 1.15% in 2026 to 3.52% in 2028 [6] Market Performance - The company's stock price closed at HKD 21.18 on March 23, 2026, with a circulating share capital of 1.451 billion shares [2] - The company has experienced a market performance of -17% over the last 12 months, compared to the Hang Seng Index and the real estate sector [4]

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - Geely Automobile reported a revenue of 345.2 billion yuan for 2025, a year-on-year increase of 25%, with a net profit attributable to shareholders of 16.85 billion yuan, up 0.2% year-on-year. The core net profit, excluding foreign exchange gains and losses, reached 14.41 billion yuan, reflecting a 36% year-on-year growth [2][3]. - The company is in a strong new product cycle, planning to launch over 10 new models in 2026, with a target sales volume of 3.45 million units, representing a 14% increase year-on-year [2][3]. - Geely's high-end product strategy and export growth are expected to significantly enhance profitability, with a projected net profit of over 45 billion yuan in Q1 2026 [2][3]. - The strategic integration and collaboration with partners like Samsung are anticipated to optimize costs and enhance competitive advantages in the smart vehicle sector [2][3]. Financial Summary - Total revenue for 2025 is projected at 351.4 billion yuan, with a year-on-year growth rate of 45.7% [8]. - The net profit attributable to shareholders is expected to reach 16.85 billion yuan in 2025, with a growth rate of 1.3% [8]. - Earnings per share (EPS) is forecasted to be 1.55 yuan for 2025, with a price-to-earnings (P/E) ratio of 12 [8]. - The company aims for a net profit of 24.95 billion yuan in 2026, reflecting a 48.1% year-on-year increase [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - The company is committed to high-quality development, with profits continuing to expand well into 2025. The new CEO's appointment in 2026 is expected to release organizational vitality, supporting the "Buy" rating [2][10]. - The company achieved a revenue of HKD 79.068 billion in 2025, a year-over-year decrease of 1.96%. However, due to favorable raw material prices and product mix optimization, the gross profit margin increased by 1.72 percentage points [10]. - The beverage segment faced some pressure, with a revenue of HKD 50.123 billion in 2025, down 2.9% year-over-year. The company is focusing on consolidating core products and developing innovative offerings [10]. - The instant noodle segment showed resilience, with a revenue of HKD 28.421 billion in 2025, remaining stable. The company launched new products that contributed to double-digit growth in the snack channel [10]. - The new CEO's leadership is expected to enhance organizational efficiency and invigorate the workforce, returning to a more agile and competitive approach [10]. Financial Summary - The financial projections for the company are as follows (in million HKD): - Total Revenue: 2024A: 80,650.91, 2025A: 79,068, 2026E: 81,709, 2027E: 83,996, 2028E: 85,666 [4]. - Net Profit: 2024A: 3,734.43, 2025A: 4,500.70, 2026E: 4,728.77, 2027E: 5,159.88, 2028E: 5,516.25 [4]. - PE Ratio: 2024A: 18.14, 2025A: 15.05, 2026E: 14.33, 2027E: 13.13, 2028E: 12.28 [4]. - The company’s market capitalization is currently HKD 67,751 million, with a share price range over the past 52 weeks between HKD 10.22 and HKD 14.06 [7].