TRIP.COM(US:TCOM)2025-11-25 01:19Summary of Key Points from the Conference Call Industry Overview - The focus for 2026 in Asian markets will shift from AI-driven stocks to growth opportunities beyond AI, dividends, and previously overlooked stories in Asia [2][12][14] - Key themes include structural stories in energy self-sufficiency, new technology, financial deepening, and the growth of formal retail in ASEAN [12][14] Company-Specific Insights 1. Harbin Electric (1133 HK) - Sector: Electrical Equipment - Market Cap: USD 3.648 billion - Current Price: HKD 15.53; Target Price: HKD 22.00 - PE Ratio: 10.7; PB Ratio: 1.6; ROE: 16.2% - Key Points: - Benefiting from China's push for energy self-sufficiency, particularly in coal and nuclear power [16][18] - Expected earnings CAGR of 34% from 2024-2027 [19] - Potential inclusion in Stock Connect in 2026 [19] 2. Horizon Robotics (9660 HK) - Sector: Auto Components - Market Cap: USD 14.901 billion - Current Price: CNY 8.44; Target Price: CNY 11.00 - Key Points: - Positioned to benefit from the growth of autonomous driving technology [23][25] - Expected revenue CAGR of 64% from 2025-2027 [27] 3. Goldwind Science & Tech (002202 CH) - Sector: Electric Utilities - Market Cap: USD 8.753 billion - Current Price: CNY 15.35; Target Price: CNY 20.40 - Key Points: - Leading manufacturer of wind turbines with strong demand in emerging markets [30][32] - Expected net profit growth of 58% in 2025 [32] 4. Trip.com Group (TCOM US) - Sector: Internet Software & Services - Market Cap: USD 48.707 billion - Current Price: USD 74.52; Target Price: USD 90.00 - Key Points: - Dominates China's online travel market with over 50% GTV [39] - Expected revenue growth of 15% CAGR from 2025-2027 [39] 5. BOCHK Holdings (2388 HK) - Sector: Commercial Banks - Market Cap: USD 54.013 billion - Current Price: HKD 39.70; Target Price: HKD 45.20 - Key Points: - Benefits from increased cross-border opportunities and offers a 5.5% dividend yield [44][46] 6. PB Fintech (POLICYBZ IN) - Sector: Internet Software & Services - Market Cap: USD 8.999 billion - Current Price: INR 1,734.70; Target Price: INR 2,250.00 - Key Points: - Operates India's largest online insurance marketplace [49] - Expected revenue CAGR of 30% from 2025-2028 [51] 7. Phoenix Mills (PHNX IN) - Sector: Real Estate Management & Development - Market Cap: USD 6.904 billion - Current Price: INR 1,714.80; Target Price: INR 2,110.00 - Key Points: - Largest mall operator in India, evolving into a mixed-use developer [54][56] 8. E-Mart (139480 KS) - Sector: Multiline Retail - Market Cap: USD 1.482 billion - Current Price: KRW 79,000.00; Target Price: KRW 120,000.00 - Key Points: - Trading at 0.2x PB, highlighting deep value [59] - Transformation into a multiline retailer with various catalysts for growth [60] 9. E Ink Holdings (8069 TT) - Sector: Technology - Market Cap: Not specified - Current Price: TWD 169.00; Target Price: TWD 305.00 - Key Points: - Holds over 90% of the global e-paper market and expanding capacity [62] 10. ICTSI (ICT PM) - Sector: Transport & Logistics - Market Cap: Not specified - Current Price: PHP 558.50; Target Price: PHP 630.00 - Key Points: - Offers growth and yield at attractive valuations [62] 11. City Developments (CIT SP) - Sector: Real Estate Management & Development - Market Cap: Not specified - Current Price: SGD 7.43; Target Price: SGD 11.00 - Key Points: - Positioned to benefit from a turnaround in Singapore's property sector [62] 12. Sumber Alfaria Trijaya (AMRT IJ) - Sector: Retail - Market Cap: Not specified - Current Price: IDR 1,895.00; Target Price: IDR 2,900.00 - Key Points: - Expected to benefit from policies boosting consumption in Indonesia [62] Additional Insights - Asian dividends have doubled over the last 20 years, indicating potential for further increases in payout ratios [12] - The report emphasizes the importance of EPS growth for continued market gains, particularly in China [12][14]