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Julia Pan Mengyao ... (+2)
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US): 2QFY25: Revenue in...
EDU’s 2QFY25 results missed our expectations. Revenue grew 19% yoy to US$1,039m, in line with consensus estimate. Non-GAAP net profit came in at US$36m, missing our and consensus estimates, while net margin shrank 2ppt yoy to 3% for 2QFY25. EDU expects 3QFY25 revenue (excluding East Buy) to increase 18-21% yoy to US$1,007.3m- 1,032.5m, 2-3ppt below forecasts. Maintain BUY with a lower target price of US$80.00 (HK$63.00).
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
SCB X (SCB TB) - 4Q24: Results Beat Expectations; Credit Costs Down q...
SCB reported 4Q24 net profit of Bt11.7b (+7% yoy, +7% qoq). The results are above our and market expectations by 12% and 18% respectively. The key positive surprise was lower-than-expected provision expenses. Robust non-II supported the bottom line. Meanwhile, asset quality improved qoq in 4Q24. We remain positive on its asset quality outlook. Maintain BUY with a higher target price of Bt140.00.
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - 4Q24: Results In Line; Big Drop In Credit C...
KTB reported 4Q24 net profit of Bt10.5b (+71% yoy, -6% qoq). The results were in line with our and consensus expectations. Non-II weakened qoq, attributed to a loss on financial instruments measured at FVPL. Meanwhile, a big drop in credit cost signalled a good asset quality trajectory. Overall asset quality is healthy. KTB will maintain a high coverage ratio to buffer against any economic uncertainties. Maintain BUY with a target price of Bt25.50.
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Kasikorn Bank (KBANK TB) - 4Q24: Results Exceed Market Expectations; M...
KBANK reported 4Q24 earnings of Bt10.5b (+12% yoy, -12% qoq). The results are in line with our forecast but exceed market expectation by 9%. Strong non-II boosted the overall performance. A qoq increase in credit cost raises our concerns but KBANK will likely maintain a normalised credit cost in 2025. We expect KBANK to maintain good asset quality in 2025. Maintain BUY with an unchanged target price of Bt190.00. KBANK is one of our top picks in the banking sector.
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - 4Q24: Results In Line With Expectations; A Sig...
BBL reported 4Q24 earnings of Bt10.4b (+17% yoy, -17% qoq). The results were in line with our and consensus expectations. Provision expenses fell 7% qoq, resulting in a reduction in credit cost qoq. BBL reported a significant drop in NPL ratio qoq due to good results from debt restructuring in the past. However, we may see increased credit cost and NPL ratio like in the past regardless of an economic recovery. Maintain HOLD with a target price of Bt170.00.
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.
Greater China Research Team ... (+4)
- Greater China Research Team
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, January 9, 2025
KEY HIGHLIGHTS Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60) Sales momentum of the Anta brand and Fila both improved in 4Q24 compared to 3Q24, in terms of yoy growth, especially for Fila, although both brands fell short of the full-year sales targets. By channel, the performance of the offline channel has normalised. For 2025, management maintains the company’s mid- to long-term sales targets. In addition, the company plans to prioritise Super Anta as the key focus of store innov...
Damon Shen ... (+3)
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Tuesday, November 26, 2024
KEY HIGHLIGHTS Strategy China And Hong Kong Property In Nov 24, new and second-hand home transactions in major cities showed positive mom growth, although listing prices continued to trend down. In Hong Kong, the latest CCL index fell 0.7% wow after rebounding 2.2% since end-Sep 24, and primary transactions also declined mom. Rising geopolitical risks and uncertainties of rate cuts weigh on the recovery of property sales. CEWC in Dec 24 will be the next key event to watch. Maintain MARKET WEIG...
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...
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...