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Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Kasikorn Bank (KBANK TB) - 2026 Targets Announced With A Sharp Drop In...
Company Update | Kasikorn Bank (KBANK TB/HOLD/Bt190.00/Target: Bt180.00) We came away from the meeting with a slightly negative view. KBANK announced that its 2026 NIM target is set to drop significantly yoy, which leaves us concerned. However, KBANK reiterated that it will maintain prudent lending practices and improve asset quality, aiming for credit cost normalisation by the end of the year. We expect a special dividend payment in 2025 benefitting from excess capital. Maintain HOLD with a low...
Tanapon Cholkadidamrongkul
- Tanapon Cholkadidamrongkul
Retail - Rotate Into Laggards
Sector Update | Retail We do not expect the retail sector to see a severe post-election contraction, as sector returns did not outperform the SET Index in the pre-election period. The early signs of recovery should emerge from Mar 26 onwards. Maintain MARKET WEIGHT. We switch our top picks to BJC and CPALL, as they are clear laggards with the cheapest valuations.
Tanapon Cholkadidamrongkul ... (+2)
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 09, 2026
Top Stories Sector Update | Retail We do not expect the retail sector to see a severe post-election contraction, as sector returns did not outperform the SET Index in the pre-election period. The early signs of recovery should emerge from Mar 26 onwards. Maintain MARKET WEIGHT. We switch our top picks to BJC and CPALL, as they are clear laggards with the cheapest valuations. Company Update | Kasikorn Bank (KBANK TB/HOLD/Bt190.00/Target: Bt180.00) We came away from the meeting with a slightly ...
Desmond Chong Chee Wai ... (+3)
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Corporate Deals Galore
Corporate Deals Galore Highlights Our channel checks suggest that many more value-accretive corporate exercises, such as M&A, privatisation, IPO and asset monetisation, as well as capital management, could materialise in 2026, following the heels of the first mega deal of Sunway Bhd’s proposed acquisition of IJM Corporation. Such deals relate mainly in the mid-cap space, and should help revive interests in the small-mid cap segment, beyond generating alpha returns for the pertinent companies...
Malaysia Research Team
- Malaysia Research Team
Malaysia Daily - Monday, February 9, 2026
Top Stories Strategy | Corporate Deals Galore Our channel checks suggest that more value-accretive M&A, privatisation, IPO and asset monetisation and capital management corporate exercises could materialise in 2026, following the heels of this year’s first mega deal of Sunway Bhd’s proposed acquisition of IJM Corporation. Such deals relate mainly in the mid-cap space, and should help revive interests in the small-mid cap segment. Beneficiaries include a handful of the O&G (eg Yinson Holdings) an...
Greater China Research Team
- Greater China Research Team
Strategy - Alpha Picks: Greater China October Conviction List
As we continue to expect market volatility, we maintain exposure to names that have resilient earnings or are expected to enjoy an earnings growth recovery, such as Ausnutria Dairy (1717 HK), CSPC (1093 HK) and Dongfeng Motor (489 HK), and add PICC P&C (2328 HK) to our BUY list.
01093
CSPC PHARMACEUTICAL GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy - The End Of Cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop have fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors in our BUY list.
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy: The end of cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop has fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors into our BUY list.
Bella Lu Yifei ... (+5)
- Bella Lu Yifei
- Curtis Yeung
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, February 5, 2026
Top Stories Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, with 40...
Greater China Research Team ... (+2)
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Monday, January 19, 2026
Top Stories Company Update | Prudential (2378 HK/BUY/HK$123.40/Target: HK$138.00) We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to ...
Bella Lu Yifei ... (+8)
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Frdiay, January 2, 2026
Top Stories Economics | PMI December Manufacturing PMI rose to 50.1, back in the expansionary zone for the first time since March. Non-manufacturing PMI also improved at 50.2 (+0.7pt mom), driven by a rebound in construction activity, while services PMI remained slightly contractionary, pointing to weak domestic demand. Enterprise PMI showed divergent trends, with large firms leading the improvement. Overall, the December data points to an uneven recovery despite the positive headline numbers. ...
Gigi Cheuk ... (+3)
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Daily: Monday, December 8, 2025
Top Stories Small/Mid Cap Highlights | Plover Bay Technologies (1523 HK/BUY/HK$5.90/Target: HK$7.60) We held a pre-blackout call with Plover Bay. In 2H25, growth momentum continued across all markets and management saw growing demand from new verticals. Meanwhile, subscription take-up rates continued to improve on enhanced software features and organic growth. Plover Bay has seen strengthened brand awareness for its Peplink routers since its collaboration with Starlink in Jan 24, and will conti...
Bella Lu Yifei ... (+2)
- Bella Lu Yifei
- Ken Lee
Greater China Daily: Friday, December 5, 2025
Top Stories Sector Update | Automobile We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers will regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGHT. Top B...
Jo Yee Ng ... (+9)
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Tuesday, November 14, 2023
KEY HIGHLIGHTS Economics Money Supply A little less to cheer. Strategy Small-Mid Cap Biweekly Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50) Revenue guidance revised down yet sales target mainta...