Orient Overseas (International) (316 HK): 2024: Results in line; more ...

2024 core earnings of US$2.60b (+94% yoy) was in line, at 100% of our forecast. A final dividend of US$1.32 was declared, leading to a full-year yield of 13.5%. For 2025, management expects a more challenging business environment amid geopolitical tensions. We expect OOIL’s earnings to moderate 37% yoy in 2025. While share price downside is limited by its large net cash pile and still-decent 2025 yield, OOIL lacks near-term re-rating catalysts. Downgrade to HOLD. Target price: HK$114.50.

Li Auto (2015 HK): 4Q24: Earnings beat on margins. Maintain BUY. Raise...

Li Auto’s 4Q24 earnings came in above estimates at Rmb3,542m (-37% yoy/+26% qoq), due to upbeat ASP and margins. Going forward, Li Auto’s sales growth will be driven by: a) product upgrades, b) new model launches, and c) expansion in overseas markets. We lift our 2025-26 net profit forecasts from Rmb8.25/Rmb9.12b to Rmb9.06b/Rmb11.57b respectively and introduce our 2027 net profit forecast of Rmb14.95b. Maintain BUY. Raise target price from HK$156.00 to HK$160.00.

Contemporary Amperex Technology (300750 CH): 4Q24 earnings beat while ...

CATL posted mixed 4Q24 results with revenue of Rmb103.0b (-3.1% yoy/+11.6% qoq) and net profit of Rmb15.4b (+18.5% yoy/+17.1% qoq). Gross margin dipped due to changes in accounting policies. Looking ahead, CATL’s earnings will be driven by the ramp-up of its new battery products. We raise our 2025-26 net profit forecasts by 12%/11% to Rmb66,108m/Rmb79,528m respectively, and introduce our 2027 net profit estimate of Rmb94,240m. Maintain BUY. Lift target price from Rmb350.00 to Rmb390.00.

AIA Group (1299 HK): 2024: VONB slightly below expectations; new US$1....

AIA’s VONB grew 17% yoy in 2024, slightly below our and market expectations, mainly due to economic assumption changes in China amid falling rates. OPAT per share increased 12% yoy, ahead of management’s three-year growth target. DPS jumped 8.8% yoy with a new US$1.6b buyback programme, translating into a decent 6% yield. We believe its current valuation of 1.1x 2025F P/EV (-2.0SD) does not fully capture its improving fundamentals. Maintain BUY. Target price: HK$93.00.

Waterdrop Inc (WDH US): From crowdfunding to insurtech leadership with...

As a leading insurtech player in China with strong brand equity, Waterdrop has accumulated a sizeable user base and is well-positioned to unlock greater lifetime value for sustained growth. Leveraging its proprietary technology, the company aims to enhance operational efficiency and improve its overall margins. Downside risk appears limited, given its attractive valuation, increasing shareholder returns and solid net cash position. Initiate coverage with BUY and a target price of US$2.20.

Greater China Consumer: The State Council issued a plan on special ini...

On 16 March, the State Council issued a plan on special initiatives to boost consumption, aiming to increase spending power by increasing income and reducing financial burdens, generate effective demand through high-quality supply, and improve the consumption environment to strengthen consumers’ willingness to spend. In the China consumer sector, we prefer Anta, CR Beer, Galaxy, Haier, Mengniu, Midea, Miniso and Yili. Maintain OVERWEIGHT.

China Economics: Money Supply -- Credit demand remains subdued.

February's M1 growth slowed to 0.1% yoy (-0.3ppt), missing consensus’ 1.0%, due to the Chinese New Year effect. M2 remained steady at 7.0% yoy, but new bank loans fell to Rmb1.01t compared with Jan 25’s Rmb5.13t, while new TSF fell to Rmb2.23t, both below forecasts. Thus, outstanding bank loans growth edged lower to 7.3% yoy. Nevertheless, outstanding TSF growth rose to 8.2% yoy due to increased government bond issuance. Weak domestic demand remains a key issue.

United Group - ESG Report - Lucror Analytics

Moody's Ratings assigns Aa3 to St. Clair County Public Building Commis...

Moody's Ratings (Moody's) has assigned a Aa3 rating to the St. Clair County Public Building Commission, IL's Public Building Revenue Bonds, Series 2025A and Taxable Public Building Revenue Refunding Bonds, Series 2025B with a proposed par amount of $15 million and $8 million, respectively. We mainta...

SCB X (SCB TB) - High Dividend Payout Ratio Would Be A Prominent Catal...

SCB expects its Gen 2 business to contribute more profit in 2025. Thai corporates have adopted deleveraging by issuing debentures and reducing their dependence on bank loans. SCB might face some challenges from domestic debentures. SCB guided that the company will prioritise good asset quality in 2025. It has set a target to achieve 10% ROE in the medium term and intends to maintain a dividend payout of 80%. Maintain BUY with a target price of Bt140.00.

OSOTSPA (OSP TB) - Market Overly Concerned About Company Strategy

Although we still expect competition in the domestic energy drinks market to intensify once OSP relaunches its Bt10/bottle energy drinks, we believe the market is overly concerned about the company. We foresee limited downside risk to our and market estimates in the worst-case scenario. Currently, OSP is trading at 15.2x 2025F PE. Maintain BUY. Target price: Bt20.00.

Thailand Daily - Monday, March 17, 2025

KEY HIGHLIGHTS ASEAN Gems Corporate Highlights Osotspa (OSP TB/BUY/Bt15.00/Target: Bt20.00) Market overly concerned about company strategy. SCB X (SCB TB/BUY/Bt124.50/Target: Bt140.00) High dividend payout ratio would be a prominent catalyst.

Regional Morning Notes - Monday, March 17, 2025

GREATER CHINA Economics Money Supply: Credit demand remains subdued. Sector Update Consumer: The State Council issued a plan on special initiatives to boost consumption. Initiate Coverage Waterdrop Inc (WDH US/BUY/US$1.50/Target: US$2.20): From crowdfunding to insurtech leadership with differentiated business model. Results AIA Group (1299 HK/BUY/HK$61.25/Target: HK$93.00): 2024: VONB slightly below expectations; new US$1.6b buyback programme. Contemporary Amperex Technology (300750 CH/BUY/Rmb26...

Singapore Daily - Monday, March 17, 2025

KEY HIGHLIGHTS Update Sembcorp Industries (SCI SP/BUY/S$5.96/Target: S$8.00): Small storms in a teacup present a buying opportunity. Maintain BUY and target price of S$8.00. TRADERS’ CORNER Wilmar International (WIL SP): Trading BUY Aztech Global (AZTECH SP): Trading BUY

Sembcorp Industries (SCI SP) - Small Storms In A Teacup

We strongly believe that the share price decline on SCI’s double whammy of negative news from Vietnam and Indonesia last week presents a buying opportunity for investors. SCI’s exposure to Vietnam renewables is only 3% of its attributable capacity and, more importantly, the cancellation of the Indonesian GSA is a non-event given that SCI can source for alternative LNG and should costs be higher, contract terms allow such costs to be passed on. Maintain BUY. Target price: S$8.00.

Malaysia Daily - Monday, March 17, 2025

KEY HIG HLIGH TS ASEAN Gems Corporate Highlights ITMAX System (ITMAX MK/BUY/RM3.70/Target: RM4.30) Page 2 A potential surprise could emerge from Kota Kinabalu. Expect ITMAX to maintain its contract-winning streak for the rest of the year. NationGate Holdings (NATGATE MK/BUY/RM1.36/Target: RM2.33) Page 5 Remains deeply undervalued at 14.6x 2025F PE, making it one of the cheapest AI-related tech stocks. Yinson Holdings (YNS MK/BUY/RM2.24/Target: RM3.75) Page 8 Continues to be “the benchmark” with ...

Henan Airport Investment Group Co., Ltd.:Second Party Opinion – Sustai...

We have assigned an SQS3 to Henan Airport Investment's Sustainable Finance Framework, which is aligned with relevant principles and demonstrates a moderate contribution to sustainability.

Henan Airport Investment Group Co., Ltd.: Second Party Opinion – Susta...

We have assigned an SQS3 to Henan Airport Investment's Sustainable Finance Framework, which is aligned with relevant principles and demonstrates a moderate contribution to sustainability.

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries, West China Cement, China Hongqiao

Greater China Daily: Monday, March 17, 2025

KEY HIGHLIGHTS Economics Money Supply February's M1 growth slowed to 0.1% yoy (-0.3ppt), missing consensus’ 1.0%, due to the Chinese New Year effect. M2 remained steady at 7.0% yoy, but new bank loans fell to Rmb1.01t compared with Jan 25’s Rmb5.13t, while new TSF fell to Rmb2.23t, both below forecasts. Thus, outstanding bank loans growth edged lower to 7.3% yoy. Nevertheless, outstanding TSF growth rose to 8.2% yoy due to increased government bond issuance. Weak domestic demand remains a key ...