Retail: 4Q25 Preview: Expansion-Led Growth, SSSG Gradually Recovering (OVERWEIGHT)
Given the manageable opex, we expect sector op profit to increase by +6.6% yoy in 4Q25 with estimated core profit growth of +4.1% yoy.
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Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)
We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.
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Retail: 3Q25 Preview: Steady Revenue, But Earnings May Come Under Pressure (OVERWEIGHT)
As we expect margins to normalize, core profit growth is estimated to be flat yoy in 9M25, likely falling short of our estimates. Maintain...
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Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco
We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.
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Equity Strategy: 2H25: Positioning for a Growth Rebound
We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.
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