Broker Name: Goldman Sachs, Citi, CLSA
Date of Report: March 25-26, 2025
Excerpt from Goldman Sachs, Citi, CLSA report.
Report Summary:
- Goldman Sachs has trimmed its 2026 earnings growth forecast for Asian equities, citing higher energy prices and macro headwinds, especially in India and ASEAN. China, Japan, and Korea remain overweight, while themes like energy security and semiconductors are favored.
- HSBC is reinstated at Buy by GS, viewed as a global liquidity leader with strong deposit growth, cost efficiency, and robust return forecasts supporting improved valuation.
- PDD Holdings delivers in-line results with strong top-line growth and a favorable risk-reward profile, driven by the Temu platform and international expansion; Buy ratings maintained by both GS and Citi.
- Kuaishou reports in-line results but faces profitability pressure in 2026 due to slower ad growth and higher AI investments; outlook remains positive for AI-driven growth despite near-term margin impact.
- Anta posts a net profit beat, maintains cautious 2026 guidance, and plans to sustain a 50% payout ratio; multi-brand strategy and potential Puma acquisition are highlighted.
- Mengniu Dairy’s core results are in line, with a new three-year shareholder return plan aiming for steady DPS growth and continued share buybacks.
- Nongfu Spring shows strong revenue and profit growth for 2H25, reiterates double-digit revenue guidance for 2026, and remains resilient amid raw material cost pressures.
- Pop Mart’s 2025 results were below expectations due to slower Americas growth, but management targets 20%+ revenue growth in 2026 and prioritizes operational optimization.
- Central Pattana and Gas Malaysia are both seen entering positive growth cycles, with large-scale expansion plans and regulatory tailwinds.
- Haidilao, China Life, China Jinmao, and Samsonite deliver mixed results, with Haidilao and Jinmao on recovery paths and China Life emphasizing a strong dividend.
Above is an excerpt from a report by Goldman Sachs, Citi, and CLSA. Clients of Goldman Sachs, Citi, or CLSA can be the first to access the full report from the respective broker’s website:
Goldman Sachs: https://www.goldmansachs.com
Citi: https://www.citigroup.com
CLSA: https://www.clsa.com
