Daily Brief Equity Bottom-Up: 2026 High Conviction: Geely (175 HK) To Be the Largest and more

• The deliveries still grew strongly by 24% YoY in November 2025.
• We believe Geely will take BYD’s place as the largest Chinese producer.
• We also believe the stock has an upside of 49% for the next twelve months.

• After a tragic 61.4pp underperformance against the HSI in 2025, the market is almost unanimously bearish on Meituan (3690 HK), which presents opportunities in 2026.
• Negative news did not push it further down; P/B is at over 1SD below average, and net cash-to-share price is 5.6pp above the historical average.
• 3Q25 margins are so depressed that sustaining the price war is difficult. As the 7th-heaviest HSI constituent, it is the one to move the Index next year. 

• Options ADT surged 91% YoY, bullion now drives 57% of ADT, and the costly technology transition is complete, sharply improving MCX’s margin profile. 
• Options-Led participation, lower tech costs, and new products like electricity derivatives create a stronger, more diversified growth engine while reinforcing MCX’s quasi-monopoly in metals and energy. 
• With operating leverage unlocked, product expansion underway, and volume visibility improving, MCX shifts from a cyclical trade to a high-conviction multi-year structural compounding story.

• Solstice Advanced Materials (SOLS US) is a recent spin-off from legacy conglomerate Honeywell International (HON US). It sports a market capitalization of US$7.5bn and ADTV of US$226m. 
• It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.
• In this note, we will talk about the company’s past performance and future prospects.

• The streaming wars just got their biggest twist yet.
• Netflix, already the world’s largest video platform by subscribers, is poised to acquire Warner Bros Discovery in a mammoth $82.7 billion cash-andstock deal.
• If completed, the transaction would bring HBO, HBO Max, and an iconic catalog—think Game of Thrones, The Big Bang Theory, and the entire DC Universe—under Netflix’s roof.

• Ralph Lauren’s recent fiscal performance demonstrates strong progress as the company continues to execute its strategic growth plan, coined “Next Great Chapter: Drive.” The second quarter of fiscal year 2026 delivered better-than-expected results across various financial metrics, indicating robust brand strength and alignment of operational execution with its strategic objectives.
• From a financial perspective, Ralph Lauren reported a 14% increase in total company revenue, exceeding expectations.
• This growth was marked by significant contributions from each geographical segment, including a 16% increase from Asia, a 15% increase from Europe, and a 13% increase in North America.

• Business Breakdowns is a series diving deep into a single business
• Doximity is a B2B media business for medical professionals
• Community engine, social network, and tools make life easier for medical professionals

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• Lincotrade & Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, residential premises as well as showflats and sales galleries.
• Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (“A&A”) works and other building construction services.
• Catering to its current operational requirements and future needs, the Company has acquired a larger JTC facility in Tuas with approval to build a 204-bed ancillary workers dormitory.

• DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges.
• The company’s net sales rose to $3.1 billion, marking a 6% growth on an organic basis compared to the previous year.
• This growth was driven largely by volume increases across the board, particularly within its Healthcare & Water and Electronics segments, which saw significant demand influenced by advancements in AI technology.

• The recent earnings release from Expedia Group for the third quarter of 2025 reveals a mixed yet optimistic outlook for the company.
• While the company reports exceeding top and bottom line expectations with a 12% growth in bookings and 9% revenue increase, alongside expanded EBITDA margins, there are nuances to consider in assessing its performance.
• Positive aspects include the substantial growth in the B2B segment, which saw a 26% increase in bookings, marking the 17th consecutive quarter of double-digit growth.