The Point for Asia Pacific

This report provides a daily update on Asia-Pacific markets, featuring key stock initiations for Chery, insights into China's cosmetics market, and macroeconomic analysis for China, India, and Indonesia.

Key Takeaways

• 1.China cosmetics market shows resilient demand but increasing polarization between premium/derma and mass-market segments.
• 2.Chery (9973.HK) initiated at Buy with HK$36 TP, driven by strong export growth and a cyclical bottom in the automotive sector.
• 3.China's economic slowdown in Q2 2026 is driven by de facto fiscal austerity, which is expected to reverse in H2.

Table of Contents

• Top Call
• Chery (9973.HK) - Initiate at Buy/HK$36 TP; Largest Export Brand in China
• Techtronic (0669.HK) - Opening 30D CW on Expectation of Good 1H26 Results
• Tokyo Ohka Kogyo (4186.T) - Aimechatec announces big orders for bonders and debonders
• Country Top Calls
• Asia FX and Rates Strategy - Indonesia Trip Note – Striving for Stability
• China Economics - Austerity Now, Acceleration Later?
• India Equity Strategy - Earnings Trend Reasonable; Sustenance Key - Risk Reward Favorable
• Largan Precision (3008.TW) - Phone camera upgrade + Fiber Array upside

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