Broker Name: Goldman Sachs, Citi, CLSA
Date of Report: March 25-26, 2025/2026 (inferred from company reporting dates and analyst briefing dates)
Excerpt from Goldman Sachs, Citi, and CLSA reports:
Report Summary:
- Goldman Sachs has trimmed 2026 earnings growth forecasts for Asian equities, lowering index targets due to higher-for-longer energy prices and macro headwinds, particularly downgrading India and the Philippines while favoring sectors like energy, banks, and structural themes such as energy security and semiconductors.
- HSBC is viewed as a strong global liquidity engine with expected above-consensus earnings growth and improved return on tangible equity, leading Goldman Sachs to reinstate a Buy rating and raise price targets.
- PDD Holdings remains a top China Internet pick for 2026, benefitting from global expansion, strong cash reserves, and a favorable valuation, with Temu’s profits expected to boost growth.
- Kuaishou’s 2026 profitability outlook is weighed down by high AI investments and slower ad growth, resulting in downward revisions to profit forecasts despite ongoing growth in innovative AI platforms.
- Anta and Mengniu Dairy both delivered solid results, with Anta maintaining a positive multi-brand outlook and shareholder-friendly policies, and Mengniu announcing a three-year shareholder return plan despite sales decline.
- Nongfu Spring posted robust sales and profit growth, reinforcing its competitive positioning despite raw material cost pressures.
- Citi highlights steady but moderated growth guidance for Anta and Pop Mart into 2026, adjusting earnings forecasts and targets accordingly.
- CLSA notes Central Pattana’s ambitious five-year growth plan, Gas Malaysia’s positive regulatory and infrastructure catalysts, and updates on China/Hong Kong consumer and insurance names, including cautious optimism for recovery and shareholder return enhancements.
Above is an excerpt from a report by Goldman Sachs, Citi, and CLSA. Clients of Goldman Sachs, Citi, and CLSA can be the first to access the full report from the Goldman Sachs, Citi, and CLSA websites: goldmansachs.com, citigroup.com, clsa.com.
