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Malaysia Research Team
- Malaysia Research Team
Scicom (MSC) (SCIC MK) - AI-Driven Inflection Year Backed By Resilient...
AI-Driven Inflection Year Backed By Resilient BPO And GovTech Base Highlights Scicom (MSC)'s (Scicom) landmark AI-enabled Telekon Malaysia contract accelerates its shift toward scalable, higher-margin Agentic AI solutions, moving beyond traditional call centres. This competency also positions it strongly for new GovTech opportunities, potentially securing further concessions. The current EMGS arrangement, backed by fee revision and robust, highvolume student inflows, provides a solid foundat...
Lester Siew
- Lester Siew
Hap Seng Plantations (HAPL MK) - Production Growth Seen Resuming in 20...
Production Growth Seen Resuming in 2026 Highlights We came away from Hap Seng Plantations’ (Hap Seng) 3Q25 briefing feeling sanguine about their 4Q25 prospects, with production expected to come in stronger vs the usual year-end harvests. Despite this year’s production woes, management is expecting FFB production to rise higher to mid single-digits yoy vs their 2025 target. Cash flow generation should remain strong and supportive of high dividend payouts. Maintain BUY on Hap Seng with a tar...
Malaysia Research Team
- Malaysia Research Team
Malaysia Daily - Wednesday, December 10, 2025
Top Stories Company Update | Hap Seng Plantations (HAPL MK/BUY/RM2.06/Target: RM2.65) We came away from Hap Seng Plantations’ 3Q25 briefing feeling sanguine about their 4Q25 prospects while also expecting rebounding production growth next year. Small/Mid Cap Highlights | Scicom (MSC) (SCIC MK/NOT RATED/RM1.42) Scicom’s AI-enabled Telekom Malaysia contract is set to drive a shift toward scalable, higher-margin AI solutions, supported by a strengthened EMGS. The stock remains attractively valued a...
Ejann Hiew ... (+3)
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Mao Geping Cosmetics (1318 HK): NDR Takeaways.
We hosted an NDR group call with Mao Geping. During the 11.11 campaign, the company achieved 32% revenue growth, despite last year’s high base, in line with its internal targets. The company targets a net addition of 30 counters annually, and focuses on just around 50 SKUs with proven market feedback in online channels. In Oct 25, it opened its first self-operated counter in Hong Kong SAR. Looking ahead, it plans to expand into Singapore, Japan, Paris, and London.
Ejann Hiew ... (+9)
- Ejann Hiew
- Heidi Mo Jinghui
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Wednesday, December 10, 2025
Greater China Company Update | Mao Geping Cosmetics (1318 HK/NOT RATED/HK$83.95) We hosted an NDR group call with Mao Geping. During the 11.11 campaign, the company achieved 32% revenue growth, despite last year’s high base, in line with its internal targets. The company targets a net addition of 30 counters annually, and focuses on just around 50 SKUs with proven market feedback in online channels. In Oct 25, it opened its first self-operated counter in Hong Kong SAR. Looking ahead, it plans...
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.
Gigi Cheuk ... (+3)
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Daily: Monday, December 8, 2025
Top Stories Small/Mid Cap Highlights | Plover Bay Technologies (1523 HK/BUY/HK$5.90/Target: HK$7.60) We held a pre-blackout call with Plover Bay. In 2H25, growth momentum continued across all markets and management saw growing demand from new verticals. Meanwhile, subscription take-up rates continued to improve on enhanced software features and organic growth. Plover Bay has seen strengthened brand awareness for its Peplink routers since its collaboration with Starlink in Jan 24, and will conti...
Bella Lu Yifei ... (+2)
- Bella Lu Yifei
- Ken Lee
Greater China Daily: Friday, December 5, 2025
Top Stories Sector Update | Automobile We expect China’s vehicle wholesale shipment to grow 4.9% to 35.7m units in 2026, with EV shipments surging 22.9% and exports rising 20.8%. The anti-involution policy and subsidy rollback will curb overall sales growth but improve OEM margins by banning price wars, while auto parts suppliers will regain bargaining power. Key 2026 investment themes include ADAS, humanoid robotics, eVTOL and recovery of lithium carbonate prices. Maintain MARKET WEIGHT. Top B...
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...
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...