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Ceilica Su Rui ... (+2)
- Ceilica Su Rui
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 1Q24: In line; margin expansion on effective p...
Zijin reported 1Q24 earnings of Rmb6,260.8m (+15.1% yoy), in line with expectations. Gross margin of mining entities expanded by 0.97ppt yoy to 54.5%, driven by cost savings and a spike in metal prices. Mine-produced copper/gold production volume rose 5.2%yoy/5.3% yoy to 262,649 tonnes/16,805kg, and management is confident of meeting the 10%/9% yoy production growth targets for 2024. There is limited impact from the production halt at the Kolwezi mine. Maintain BUY. Target price: HK$18.10.
Johnny Yum Chung Man
- Johnny Yum Chung Man
Shenzhen Inovance (300124 CH): 4Q23/1Q24: Results in line. Automation ...
Inovance’s 4Q23/1Q24 results are largely in line with its preliminary results and profit guidance. Management guided for a 15-35%/5-20% growth in 2024’s revenue/net profit respectively, with growth continuing to be driven by general automation and the EV business. However, it also highlighted a challenging macro environment in China and will focus on optimising operational efficiency to offset price competition and raw material price hikes. Maintain BUY. Cut target price to Rmb75.50.
Kenny Yong Hui Lim
- Kenny Yong Hui Lim
Ping An Insurance Group (2318 HK): 1Q24: Spring is around the corner.
Ping An’s results are broadly in line. The declines in OPAT and net profit were mainly due to weak equity market returns and higher CoR in the P&C segment. VNB growth grew 21% yoy, beating our expectations, led by margin improvement. Net investment yield dropped to 3.0% and its insurance fund exposure to property was largely manageable. Looking ahead, we continue to expect a mid to high single-digit NBV growth and 20% OPAT growth in 2024. Maintain BUY. Target price: HK$52.00.
Jo Yee Ng ... (+3)
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Jonjee Hi-Tech Industrial & Commercial Page 10 (600872 CH): 1Q24: Resu...
1Q24 earnings ran ahead of our full-year estimate due to higher-than-expected gross margin expansion, which we attribute to product mix upgrade and lower raw material costs. We remain optimistic on Jonjee’s operating efficiency in 2024, given the low base, clear strategic goals by the new management team which is vastly experienced, as well as gross margin expansion. Maintain BUY with an unchanged target price of Rmb36.10.
Julia Pan Mengyao ... (+2)
- Julia Pan Mengyao
- Ming San Soong
iFlytek (002230 CH): FY23 and 1Q24: Earnings missed; dividend of Rmb1....
iFlytek reported its 2023 and 1Q24 results. 2023 revenue grew 4% yoy, below expectations, while net profit rose 17% yoy to Rmb657m, 12% lower than consensus estimates. Meanwhile, 1Q24 revenue grew 26.3% yoy to Rmb3.65b, in line with consensus expectations. Net profit came in at Rmb300m, below consensus forecasts by 73%. Adjusted net loss expanded 30% yoy to Rmb441m. Downgrade to HOLD with a lower target price of Rmb40.00.
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.
Bella Lu Yifei ... (+5)
- Bella Lu Yifei
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
Greater China Daily - Friday, April 5, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. Sector Automobile: Weekly: Prefer high value-added automotive part companies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.09/Target: HK$2.81): SGM result: Chairman removed; Colin Currie appo...
Jo Yee Ng ... (+7)
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, April 3, 2024
KEY HIGHLIGHTS Strategy Small-Mid Cap Biweekly Eyeing re-rating for refrigerant suppliers as AC dealers front-load for peak sales in 2Q24. Results China Construction Bank (939 HK/BUY/HK$4.85/Target: HK$6.00) 2023: Results in line; expect revenue headwinds to persist in 2024. COSCO SHIPPING Holdings (1919 HK/BUY/HK$8.44/Target: HK$10.60) 2023: Results in line; expect an upbeat 1H24 performance. Maintain BUY. Kweichow Moutai (600519 CH/BUY/Rmb1,713.99/Target: Rmb2,488.00) 2023: Earnings up ...
Bella Lu Yifei ... (+17)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 2, 2024
KEY HIGHLIGHTS Economics PMI First expansion in six months. Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Macau Gaming Mar 24 GGR up 6% mom; May 24 Golden Week a potential catalyst. Results China Feihe (6186 HK/BUY/HK$3.68/Target: HK$4.43) 2023: Results in line; healthy channel inventory and improved operating efficiency to drive growth. Upgrade to BUY. China Longyuan Power (916 HK/BUY/HK$5.4...
00688
CHINA OVERSEAS LAND & INVESTMENT LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Bella Lu Yifei ... (+11)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 28, 2024
KEY HIGHLIGHTS Results BYD Company (1211 HK/SELL/HK$201.60/Target: HK$140.00) 4Q23: Earnings up 19% yoy but down 17% qoq, in line. Management guides for flat earnings in 2024. Maintain SELL. Target price: HK$140.00. China Mengniu Dairy (2319 HK/BUY/HK$17.08/Target: HK$22.50) 2023: Missed estimates on one-off loss; weak demand to persist in the near term. China Merchants Bank (3968 HK/BUY/HK$30.95/Target: HK$44.00) 2023: Rise to the occasion. Country Garden Services (6098 HK/HOLD/HK$5.27...
00823
LINK REAL ESTATE INVESTMENT TRUST
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
M3I MINTH GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
M3I MINTH GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
Carol Dou Xiao Qin ... (+5)
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, March 7, 2024
KEY HIGHLIGHTS Sector Healthcare ICL: Twin giants continue to stay ahead of the competition. Results JD.com (9618 HK/BUY/HK$89.20/Target: HK$116.00) 4Q23: Earnings beat; US$3b buyback plan. Vague visibility on 2024 outlook and 3P monetisation. TRADERS’ CORNER Yihai International Holding Ltd. (1579 HK): Trading Buy range: HK$12.00-12.50 Xinyi Glass Holdings Limited (868 HK): Trading Buy range: HK$8.30-8.50
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...