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Jonathan Koh
- Jonathan Koh
REITs - Data Centre REITs: No Let-up In Innovation To Advance AI
Highlights • Advances in agentic AI are expected to fuel proliferation of AI applications and surge in AI inference workload. Data centre capacity is projected to almost triple to 219GW by 2030, of which 156GW or 71% caters to AI workload. • The impending listing of OpenAI and Anthropic would intensify attention on data centre REITs. NTTDCR (Target: US$1.42) offers the highest FY27 DPU yield of 8.6%. KDCREIT (Target: S$2.82) has a resilient Singapore-centric portfolio and is well supported by sp...
Benjaphol Suthwanish
- Benjaphol Suthwanish
SCG Packaging (SCGP TB) - 1Q26 Earnings To Be Resilient ‒ Net Profit ...
Company Update | SCG Packaging (SCGP TB/BUY/Bt20.80/Target: Bt26.00) We expect SCGP’s 1Q26 net profit to remain flat qoq, despite the absence of significant extra gains. This stability is supported by higher selling prices and an improved gross margin. Our 1Q26 net profit estimate accounts for 23% of the full-year 2026 forecast. Looking ahead to 2Q26, we anticipate net profit to decline qoq due to the low season in Thailand, but to still grow yoy. However, Thailand’s economic stimulus measures c...
Tanapon Cholkadidamrongkul
- Tanapon Cholkadidamrongkul
CP ALL (CPALL TB) - Reaching A New Historical Hig
Company Update | CP ALL (CPALL TB/BUY/Bt47.25/Target: Bt62.00) We expect CPALL’s 1Q26 core earnings to come in at Bt8.0b, up 6.0% yoy and 10.3% qoq to reach a new historical high. CPALL is expected to be the only grocery retailer under our coverage to deliver positive earnings growth in 1Q26. Maintain BUY with a target price of Bt62.00.
Kitpon Praipaisarnkit
- Kitpon Praipaisarnkit
AP (Thailand) (AP TB) - 1Q26 Presales Declines Slightly, Accounting Fo...
Company Update | AP (Thailand) (AP TB/BUY/Bt8.50/Target: Bt10.80) We maintain a positive view on AP’s earnings outlook, continuing to favour the company as it is a market leader. We believe AP is pursuing a more aggressive strategy than its peers, which should help preserve market share and support profit growth amid industry consolidation. In addition, we expect an attractive dividend yield of 5-6% (single payment) to help underpin the share price. AP will go XD on 6 May 26 for a dividend of Bt...
Tanapon Cholkadidamrongkul
- Tanapon Cholkadidamrongkul
Beverage - Pricing Key To Market Differentiation For Highly Substituta...
Sector Initiate Coverage | Beverage The beverage sector’s 1H26 earnings are expected to drop yoy, mainly dragged by CBG. While we anticipate a potential sales recovery in 2H26, we are also monitoring international developments and domestic market share dynamics. Rising energy and raw material costs will pressure margins. In the short term, we prefer OSP for its higher gross margin buffer and lower domestic market share pressure. Initiate coverage on OSP with BUY and on CBG with HOLD. We are MARK...
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 ... (+9)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Wednesday, March 25, 2026
Top Stories Company Results | Minth Group (425 HK/BUY/HK$36.00/Target: HK$56.00) Minth’s 2H25 net profit slightly missed expectations at Rmb1,416m (+13.1% yoy/+10.9% hoh), with one-off gains partly offsetting revenue miss. Looking ahead, earnings growth will be driven by new product lines and customer base expansion. We trim our 2026-27 net profit estimates by 11%/13% to Rmb2,874m/Rmb3,376m respectively, on short-term turbulence of EV sales, and introduce our 2028 net profit forecast of Rmb4,01...
M3I
MINTH GROUP LIMITED
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
002050 CH WUXI APPTEC CO. LTD. CLASS H
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
002050 CH WUXI APPTEC CO. LTD. CLASS H
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
Bella Lu Yifei ... (+15)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Curtis Yeung
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, February 27, 2026
Top Stories Sector Update | Automobile China's humanoid robotics sector is accelerating, with 2025 global shipments up 508%. Key players anticipate significant revenue contributions by 2031: CATL expects 3-7% from batteries; Minth and LeaderDrive project 5-12% and 45-65% respectively; Tuopu forecasts 15-25% from motion systems; and RoboSense targets 40-60% from LiDAR. We maintain a MARKET WEIGHT rating on the sector. Top BUY recommendations include CATL, Ganfeng Lithium, Minth (target price rais...
K3SD
BAIDU INC SPONSORED ADR CLASS A
00293 CATHAY PACIFIC AIRWAYS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
86 SUN HUNG KAI & CO LTD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
02577 INNOSCIENCE (SUZHOU) TECHNOLOGY HOLDING CO. LTD.
ONC@US@ BEONE MEDICINE INC
00293 CATHAY PACIFIC AIRWAYS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
86 SUN HUNG KAI & CO LTD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
02577 INNOSCIENCE (SUZHOU) TECHNOLOGY HOLDING CO. LTD.
ONC@US@ BEONE MEDICINE INC
Carol Dou Xiao Qin ... (+5)
- Carol Dou Xiao Qin
- Curtis Yeung
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, February 25, 2026
Top Stories Sector Update | Consumer The CNY consumption data exhibited accelerated growth momentum compared with the two Golden Weeks last year, which we view as early signs of a broader consumption recovery. We favour companies benefitting from: a) segments showing initial signals of recovery, such as restaurants; b) exposure to China’s structural consumption growth drivers, particularly in services and experiential consumption; c) potential policy tailwinds; and d) overseas growth. Our prefer...
Curtis Yeung ... (+3)
- Curtis Yeung
- Damon Shen
- Jieqi Liu
Greater China Daily: Tuesday, February 24, 2026
Top Stories Sector Update | Hong Kong Property Residential prices rebounded more strongly than expected in 4Q25 and ytd, supported by positive rental yield spread over mortgage rates and stabilising population trends in Hong Kong. However, the yield spread has narrowed and supply remains relatively high despite easing sequentially. We raise our 2026 price growth forecast to 7% and primary transaction estimate to 25,000 units. We downgrade SHKP to HOLD, keep Kerry Properties at BUY, and maintain ...
Curtis Yeung ... (+3)
- Curtis Yeung
- Greater China Research Team
- Tham Mun Hon
Greater China Daily: Monday, February 23, 2026
Top Stories Sector Update | Metals And Mining Gold is holding near US$5,000/oz, supported by geopolitical risk, sustained central bank buying and policy uncertainty, reinforcing a higher structural floor. Despite tempered rate-cut expectations, gold equities still price in lower long-term bullion assumptions, implying valuation upside amid volatility. Copper’s pullback appears cyclical, with LME inventory builds driven by Chinese New Year seasonality and a temporary import arbitrage closure. We ...
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...