亚太观点

Thursday, 13 August 2026 Top Call | Country Top Calls | Key Rating and Target Price Changes TopCall Tencent Holdings (0700.HK) - Clearer AI Roadmap Backed By Accelerated AIInvestment Pace With the successful initial investments in its AI foundation, coupled with strongtraction from both the Hy3 model and the WorkBuddy productivity agent, Tencenthas further accelerated the ramp-up of its AI compute infrastructure to supportthe anticipated release of a more powerful Hy4 model later this year and its clearerstrategic roadmap for the Weixin AI agent, Xiaowei. We believe that mgmt isconfident of stronger model intelligence and that better AI applications willenhance user value, paving the way for monetization across existing businessesand new AI-native products. While resource priorities remain on model training,inference cost for WorkBuddy and other AI product initiatives, Tencent is alsopivoting to monetize surplus compute capacity via its cloud services over time.Post estimate tweak, our TP is raised to HK$765; reiterate Buy as Tencent’s AIinitiatives show clear signs of fruition along with resilient core. Alicia Yap, CFA Hon Hai Precision (2317.TW) - Scaling AI Infrastructure with Vertical Integrationand Efficiency Hon Ha delivered another record quarter, with 2Q26 revenue of NT$2.53tn, (up19% QoQ, 41% YoY) and OPM at 3.75% (vs 3.6% in 1Q26, beat consensus of 3.3%).Management expects YoY OPM expansion for the year while cloud/networkingexceeded 50% of revenue for the first time in 2Q26. 3Q revenue is guided to growsignificantly QoQ/YoY, driven by continued AI growth plus the traditional peakseason. While the GB system remains strong and is expected to continue into nextyear, the new-generation VR AI racks are scheduled to enter mass production in3Q, with shipments accelerating in 4Q and becoming mainstream in 2027. Longerterm, Hon Hai is extending toward complete AI infrastructure, including racks, networking, modular data centers, supercomputing centers and sovereign-AIinfrastructure. With multiple catalysts ahead, we reiterate Buy with TP of NT$400. Laura (Chia Yi) Chen China International Marine Containers (000039.SZ/2039.HK) - Initiate at Buy:Riding on Offshore Engineering and AIDC Opportunities We initiate coverage ofChina International Marine ContainersA/H shares withBuy ratings. CIMC is the global leading container (box) manufacturer, and it hasalso evolved into an industrial powerhouse. CIMC's investment case isunderpinned by: 1) multi-year Offshore Engineering and FPSO/FLNG upcycle amidenergy security demand; 2) AI infrastructure opportunity via AIDC modularbuilding; and 3) asymmetric risk/reward in Containers given low expectations TheA/H-shares have both corrected ~34% from their early-May peaks, suggestingsignificantly more caution has been baked in regarding AI hype as well as containerand FX headwinds. We set SOTP-based target prices of Rmb12.5 (A-share) andHK$11.0 (H-share); the latter embeds a 20% A-H discount and 0.9 HKD/RMB. Weanticipate CIMC to enter profit upcycle in 2H26E with 34% 2026E-28E profitCAGR. Catalysts: new AIDC/FPSO order wins, rig disposal/renewal. US Equity Strategy - Mid-Quarter Update: 8100 Remains in Line of Sight With Q2 earnings mostly behind us, we lift our full year S&P 500 index estimate to$365 from a previous $350. The fundamental tailwinds supporting our year-end8100 target remain mostly in place. Broadening has been happening and shouldcontinue premised on our expectation for the market to price out Fed rate hikes.The earnings story does require a disclaimer, as described below. Revenue trendsfor the AI capex spenders should help provide a floor for the AI-influenced portionof the index, for now. The path to 8100 requires broadening via soft landingsentiment supported by the Tech reset and renewed confidence in AIfundamentals. Scott T Chronert | Patrick Galvin, CFA S&P 500 YoY EPS Growth (Quarterly Estimatesvs. Actuals)S&P 500 Quarterly EBIT Margins CountryTopCalls Galaxy Entertainment (0027.HK) - Sector Top Pick: Operational Excellence + 5%Dividend Yield During a tough 2Q26 (with World Cup), Galaxy shows operational excellence with a9% YoY increase in luck-adjusted property EBITDA and 0.9-ppt improvement inluck-adjusted EBITDA margin (to 31.4%). For the first time ever, Galaxy’s gamingproperty EBITDA exceeds that of Sands China on a reported basis (even on a luck-adjusted basis, the gap between them narrowed significantly). We also appreciatethe Board’s generosity in dividends (raising its interim DPS from HK$0.70 in 1H25to HK$0.90 in 1H26). Our current HK$1.80 FY26E DPS forecast implies a decent~5% dividend yield. We believe Galaxy has a strong start to 3Q26E with a ~23%market share in July. We believe Galaxy will ride on its star-studded event lineup inthe remainder of 3Q26 (including TMEA 2026, i-dle World Tour and World TableTennis Champions) and deliver sequential EBITDA recovery. Galaxy (TP unchangedat HK$44) remains our Top Pick in Macau.