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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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iX Biopharma Ltd Year of the Unicorn
▪ iX Biopharma has secured US$41mn funding from the US Department of Defense (DoD) to support the Phase 3 clinical development of its pain drug Wafermine. It validates iX Biopharma’s WaferiX technology platform, and allows entry into the US$5-6bn acute pain drug market in the US.
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Nanofilm Technologies International Limited Poised for a comeback
▪ We visited Nanofilm’s facilities in Shanghai, China, from 24-27 Mar 2026. We saw Nanofilm’s coating solutions, notably Filtered Cathodic Vacuum Arc (FCVA), FCVAhybrid, and tetrahedral amorphous carbon (ta-C). Nanofilm’s coating solutions can be applied to computers, communications, and consumer electronics (3C), automotive, precision engineering, and semiconductors. Applications include coatings on watch enclosures to increase durability, and to smartphones’ internal electrical components to prevent short circuits.
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UOB KAYHIAN |
MAYBANK SECURITIES |
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Strategy Monthly Market Radar
Highlights • The STI fell 2.2% mom to 4,885.45 in March, giving up January and February’s strong gains. Index movements were largely influenced by Middle East tensions. • Key events: Strong retail inflows, Oiltek’s major contract win, CLAR’s capital raising, IPO of UI Boustead REIT. • Key things to look out for: 1Q26 GDP (14 April), Iran war developments, Singapore government’s supportive measures, UOBKH Small-Mid Cap Day (16 April).
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Marco Polo Marine (MPM SP)
Proxy to energy diversification
Diversification of energy supplies
With the Iran-US war, importance of energy diversification away from reliance on O&G is now a key consideration for many countries globally. Australia, Japan, Taiwan, South Korea and Vietnam have committed to building windfarms from 2026-2030. We believe MPM is in a solid position with a first-mover advantage to benefit from this structural wave. Maintain BUY and TP of SGD0.20, as we believe MPM is entering a rapid growth phase from FY26E to FY30E. Our TP is based on 20x FY26E P/E and the offers 38% upside from the current share price.
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| CGS INTERNATIONAL | UOB KAYHIAN |
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Alibaba Group CMR growth missed slightly in March quarter
■ We expect Alibaba’s 4QFY3/26F CMR growth at 2% yoy, lower than its mid-singledigit GMV growth, due to an increase in merchants’ rebate. ■ We forecast losses of Rmb18bn for Quick Commerce and c.Rmb20bn for AI-related business, leading to 4QFY26F non-GAAP net profit falling 45% yoy to Rmb16.5bn. ■ We believe the losses from Quick Commerce will be cut by half consecutively in FY3/27F and FY3/28F, and that the segment will turn profitable in FY3/29F. ■ Reiterate Add, with a slightly lower DCF-based TP of HK$175.
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Automobile Weekly: 4Q25 Results Review And 2026 Outlook
Highlights • The upstream segments (battery materials and battery) generally outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments in 4Q25, due to a rebound in material prices. • China’s auto sector profits are should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26, as: a) the front-loading effect is fading; b) local subsidies have resumed; c) OEMs are launching new techs; and d) overseas sales remain buoyant. • Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Minth and Ganfeng Lithium. Top SELL: Li Auto.
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