HDFC Bank Ltd (HDFCBANK.NS) enters the next three years with solid profitability and a calmer share price. On a trailing basis, revenue stands at INR 2.74T and net income at INR 705.75B, translating to a 25.79% profit margin and 13.92% return on equity. The stock closed around INR 964, up 9.89% over 52 weeks, below its 50-day average (INR 984.25) but above the 200-day (INR 928.83), with a low 0.61 beta. Growth has slowed, with quarterly revenue up 1.10% year over year and earnings down 1.30%, while the bank maintains a 29.77% operating margin. A forward dividend of INR 11 (1.14% yield) and a 25.15% payout ratio balance reinvestment with cash returns. This note outlines potential paths to 2028, key drivers to monitor, and risks that could shift valuation.

As of , Industrial and Commercial Bank of China (ICBC; 1398.HK) sits at the intersection of high income and policy-driven headwinds. The stock has gained 32.43% over 12 months, closing near HK$5.74, while offering a forward dividend yield of 11.42% on a 64.18% payout. Operating metrics remain sturdy for a state lender—revenue of 665.27B and net income of 348.53B (ttm) imply a 54.64% profit margin—yet earnings growth is modest and operating cash flow is negative, reflecting banking flow dynamics and subdued loan demand. Headlines point to margin pressure across China’s big banks and to ICBC’s push into Hong Kong’s emerging stablecoin regime, a potential fee-income lever. We outline a three‑year outlook focused on dividend resiliency, asset quality, digital initiatives, and how policy rates, property risks, and regulatory changes could steer returns.

Suntory Beverage & Food Limited (2587.T) enters late‑2025 with resilient cash generation but soft top‑line momentum. Trailing‑twelve‑month revenue stands at ¥1.69T and quarterly revenue growth is −1.10% year on year, while profitability metrics remain solid (operating margin 10.14%, profit margin 5.23%). The balance sheet is conservatively positioned, with cash exceeding debt and a current ratio of 1.23, supporting a forward dividend yield of 2.56% at a payout ratio of 43.82%. Shares trade around ¥4,698, down 14.34% over the past 52 weeks versus the S&P 500’s +16.54%, leaving sentiment restrained. With operating cash flow of ¥189.14B and levered free cash flow of ¥74.56B, management has room to defend margins and shareholder returns. This note outlines a three‑year outlook based on recent trends, risks, and catalysts.

Wilmar International (F34.SI) enters the next three years with a mixed setup: steady top‑line growth, thin margins, and a discounted valuation. Over the past six months the share price drifted toward the lower end of its 52‑week range, even as revenue grew year‑on‑year and cash generation remained positive. Leverage is elevated but manageable, the dividend yield is attractive, and ownership is tightly held, which can temper volatility but also mute near‑term catalysts. With a broad footprint across edible oils, agri‑processing and consumer products, Wilmar remains sensitive to commodity cycles and policy shifts, yet its integrated model provides resilience. This note outlines key metrics as of today and maps best‑, base‑ and worst‑case paths to September 2028, highlighting the variables most likely to move the stock.