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Kasemsun Koonnara
- Kasemsun Koonnara
CH Karnchang (CK TB) - Optimistic About Construction Business And Earn...
In 4Q24, construction performance is expected to improve, though earnings may be tempered by lower equity income. In 2025, growth will be driven by ongoing projects, the Orange Line (West) starting in 1H25 and the Double Deck project (expected to be signed in 1Q25), supported by healthy gross margins and equity income growth. CK is trading at an undemanding valuation. Maintain BUY. Target price: Bt27.30.
Kasemsun Koonnara
- Kasemsun Koonnara
Kong Ho Meng
- Kong Ho Meng
Uzma (UZMA MK) - 1QFY25: Profits Deemed In line. Looking Forward To A ...
1QFY25: Profits Deemed In line. Looking Forward To A “Rocketing” O&G, New Energy And Digital (Satellite Launch) Era 1QFY25 core profit deemed in line despite accounting for 19% of our/consensus full-year forecasts. We had expected a weak quarter especially from the O&G segment, due to lower activities especially from the well services, as the industry was in the midst of transitioning from the legacy multi-year Integrated Well Services contract to the new Integrated Well Continuity Services (IWC...
Jack Goh Tooan Orng
- Jack Goh Tooan Orng
Sports Toto (SPTOTO MK) - 1QFY25: Landing Weaker Numbers
1QFY25: Landing Weaker Numbers SPTOTO’s 1QFY25 results were below expectations despite fewer draw days and weaker HR Owen performances. We expect SPTOTO to continue delivering steady earnings in the subsequent quarters, offering an attractive prospective yield of c.8% in FY25. Meanwhile, investors’ sentiment should recover and investors should focus on the group’s discounted valuations, especially when the political landscape has largely stabilised after the state elections. Maintain BUY with a ...
Lester Siew
- Lester Siew
SD Guthrie (SDG MK) - 9M24: Results Within Expectations; Expect Decent...
9M24: Results Within Expectations; Expect Decent 4Q24 Finish To The Year 9M24 core net profit of RM1,029m (+47% yoy) is largely in line with expectations. 3Q24 core EBIT rose 21% qoq, driven by better upstream results despite core profit falling 9% qoq on higher tax expenses. 4Q24 results are expected to rise sequentially due to higher CPO and PK selling prices. Maintain HOLD and target price of RM4.75. SDG will host its 3Q24 analyst briefing on 21 Nov 24, 2pm MYT.
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.
Colin Lee ... (+3)
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
Greater China Daily: Tuesday, November 19, 2024
KEY HIGHLIGHTS Results Xiaomi Corp (1810 HK/BUY/HK$28.80/Target: HK$33.50) Xiaomi’s 3Q24 adjusted net profit is a slight beat at Rmb6.3b, as its EV business continued to deliver positive surprises on both product mix and margins. Going forward, Xiaomi is expected to deliver robust sales growth and margin expansion across its smartphones, IoT and EV businesses on the back of competitive product launches and solid execution. Raise target price to HK$33.50 based on higher sales and margins assump...
Carol Dou Xiao Qin ... (+8)
- Carol Dou Xiao Qin
- Colin Lee
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, November 18, 2024
KEY HIGHLIGHTS Economics Economic Activity October data showed signs of stabilisation, with industrial production slightly missing expectations at 5.3% yoy (-0.1ppt), while retail sales grew 4.8% yoy (+1.6ppt), well above forecasts. FAI ytd growth held steady at 3.4% yoy, although property FAI ytd deteriorated further, down to -10.3% yoy and below expectations. The unemployment rate saw a slight improvement. Overall, the real estate sector remains a key drag on economic performance. Results ...
Gigi Cheuk ... (+3)
- Gigi Cheuk
- Greater China Research Team
- Kate Luang
Greater China Daily: Wednesday, November 13 2024
KEY HIGHLIGHTS Small-mid Cap Highlight Modern Dental (3600 HK/NOT RATED/HK$3.68) We visited Modern Dental’s Dongguan factory. The global leader in the dental prosthetics industry has a unique global distribution network and strong cash conversion. The company targets to enhance its leadership through accelerated digitalisation, opportunistic M&As and comprehensive product portfolios. It also targets high single-digit revenue growth in 2024-25 and a 50% dividend payout ratio in the long run, vs...
Bella Lu Yifei ... (+7)
- Bella Lu Yifei
- Greater China Research Team
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Monday, November 4, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: November Conviction Calls The HSI and MSCI China dropped 3.9% and 5.9% mom respectively in October, as investors took profit pending further details on the expected fiscal package. We expect the fiscal stimulus to have been largely priced in and will take profit on most outperformers. Our focus will be on stocks with specific catalysts in the near term. We are adding Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. We add Sinopharm to our SELL li...
Julia Pan Mengyao ... (+2)
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key takeaways from marketing trip.
The key concerns of investors include the sustainability of the recent rally and potential fundamental changes upon policy rollout. We think a valuation repair is underway with the upcoming 11.11 campaign and 3Q/4Q24 results release as a critical juncture. Investors are also becoming increasingly optimistic on mega-cap names such as Tencent, Meituan, Alibaba and JD in view of a favourable regulatory backdrop and stabilised competitive environment. Maintain MARKET WEIGHT.
NEH
NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
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...