Broker: Maybank Research Pte Ltd
Date of Report: April 7, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock: Zixin Group Holdings Ltd. (ZXGH SP)
- Action/Call: Not Rated (No explicit BUY/SELL/HOLD recommendation or target price provided)
- Most Important Idea: Zixin Group is entering a phase of strong, sustainable, multi-year growth driven by a vertically integrated sweet potato ecosystem in China, with plans to double cultivation area, expand cold storage and processing capacity, and diversify into higher-margin products and overseas markets.
- Key Highlights:
- Growth & Expansion: Planting area expected to grow 110% YoY in FY26E; cold storage capacity to expand further by 185% by end-FY26.
- Product Mix: Over 70% of revenue comes from higher-margin processed sweet potato products, supporting margin expansion and PATMI growth.
- Financials: 1H26 revenue rose 40.8% YoY to RMB220.6m, net profit up 105.5% YoY to RMB16.1m. Gross margin at 30.2%. Net cash position at RMB187.7m as of Sep’25.
- Overseas & Market Development: Expansion into Hainan (through JV with CITIC Construction) and international export markets with a multi-year growth trajectory.
- ESG: Emphasizes improved resource efficiency, zero major compliance issues, and a predominantly female and experienced workforce.
- Implications/Analysis:
- Zixin’s integrated model and capacity expansion position the company for long-term growth. Margin improvements are expected as product mix shifts to higher-value items and utilization rises.
- Key risks include agricultural supply volatility, FX fluctuations (RMB revenue, SGD listing), and execution risks in expansion and new facility utilization.
- No target price or explicit investment call was provided; investors should monitor for future rating or target price updates.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : www.maybank-keresearch.com
