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Jo Yee Ng
- Jo Yee Ng
Eco World Development Group (ECW MK) - Replenishment Of Industrial Lan...
Replenishment Of Industrial Landbank In Kulai Highlights Second partnership with SD Guthrie. Eco World Development Group (Eco World) has announced that it had entered into a JV with SD Guthrie Land Venture (SDGLV) and Permodalan Darul Ta’zim (PDT) to develop Eco Business Park 8 (EBP 8), a new integrated industrial park in Mukim Kulai, Johor. The JV, EBP8SB, will purchase the freehold land for a consideration of RM814.8m from SD Guthrie. Eco World, SDGLV, and PDT will each hold a 65%, 25%, an...
Malaysia Research Team
- Malaysia Research Team
Automobile - MAA Oct 25 TIV: Sales Increase mom And yoy
MAA Oct 25 TIV: Sales Increase mom And yoy Highlights Malaysia Automotive Association’s (MAA) total industry volume (TIV) for Oct 25 came in at 75,992 units (+30% mom, 9.3% yoy), marking the highest monthly sales in 2025. The improvement was driven by forward purchases of EVs ahead of the expiry of the tax incentive for completely built-up (CBU) EVs as well as aggressive year-end promotional campaigns. Cumulatively, 10M25 TIV of 655,328 units accounts for 84% of our 2025 TIV forecast. Perodu...
Jack Goh Tooan Orng
- Jack Goh Tooan Orng
Zetrix AI (ZETRIX MK) - 3Q25: Modelling Blockchain Accelerations
3Q25: Modelling Blockchain Accelerations Highlights 3Q25 results were within expectations, with 9M25 earnings making up 75% and 74% of ours and consensus expectations. Blockchain segment contributed around RM151m in revenue in 3Q25 (50% of total revenue), with the bulk of it arising from token sales (45%). Wider adoption and roll-out of various blockchain services such as Ztrade, My Digital ID and NurAI are key growth drivers. Maintain BUY and target price of RM1.52.
Lester Siew
- Lester Siew
Hap Seng Plantations (HAPL MK) - 3Q25: Results Miss On Weak Production...
3Q25: Results Miss On Weak Production; Output May Peak In 4Q25 Highlights Hap Seng Plantations’ (HAPL) 9M25 results missed expectations with core profit of RM94m accounting for 51%/59% of ours and consensus forecasts. 3Q25 core net profit came in sequentially weaker at RM28m (-6% qoq) despite better sales volume and ASPs. We lowered our 2025 earnings forecasts by 18% on account of lower production volume assumptions. Downgrade to HOLD with an unchanged target price of RM2.20.
Benjaphol Suthwanish ... (+2)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 2026 Outlook Remains Challenging
Company Update | PTT (PTT TB/BUY/Bt30.50/Target: Bt38.00) Management believes that the outlook for 2026 remains challenging, given the expected slowdown in both global and Thailand GDP growth. On the positive side, the E&P, gas, and oil retail businesses will maintain solid momentum. We remain positive on PTT even though the utility model is still not clearly outlined, as it should enhance profitability of the gas business. In addition, the process of securing a strategic partner is progressin...
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 ... (+3)
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, October 13, 2025
Top Stories Sector Update | Internet The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed in...
Carol Dou Xiao Qin ... (+9)
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, September 25, 2025
Top Stories Strategy | China’s 15th Five-Year Plan: Unlocking Domestic Consumption The 15th Five-Year Plan (2026-30) targets a 4.5-5.0% yoy GDP growth toward 2035 modernisation. Priorities include boosting services-led consumption via subsidies, tax reforms and consumer credit; advancing innovation in semiconductors, EVs, robotics and biotech; and extending anti-involution reforms to consolidate sectors with excess capacity. Green transition shifts focus on grid efficiency, storage and nuclear....
Ejann Hiew ... (+3)
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, September 24, 2025
Top Stories Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with the estimated payback period for the Guangzhou Beijing Road store at 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exce...
Bella Lu Yifei ... (+8)
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, August 20, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.28/Target: HK$33.80) 1H25 results beat expectations. Sales volume of sub-premium beer and above saw mid-to-high single-digit growth. In the 15th Five-Year Plan, CR Beer will remain focused on Heineken as its core, while strengthening the sub-premium segment as another growth driver. The baijiu business is not expected to deteriorate further amid the adjustment phase in 2H25, but any potential impairment will still depend on business...
Bella Lu Yifei ... (+10)
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
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 ...
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...