BUSINESS ACCOUNT
Sign up for a business account to:
-
Access reports individually or via Subscription
-
Receive monthly invoices with payment via CSA or hard dollars
Get access to other exclusive features
-
Analyst access
-
Free Trial Subscriptions
-
Team account with shared subscriptions
-
Advanced analytics to track research consumption and performance
Gigi Cheuk ... (+2)
- Gigi Cheuk
- Kate Luang
Greater China Small-mid Cap Monthly: Thursday, March 13, 2025
Key Calls JBM Healthcare (2161 HK) - Revitalising Iconic Pharma Heritage Brands Enhanced brand recognition for Ho Chai Kung. Thanks to its powder formulation of paracetamol that rapidly relieves fever and pain, Ho Chai Kung saw demand surge during COVID-19 lockdowns in Mainland China, and its brand recognition has been enhanced since then. Subsequently, JBM Healthcare (JBM) strengthened its brand building for Ho Chai Kung with creative campaigns that resonated with younger customers and solid...
Jack Lai Yuan Khai
- Jack Lai Yuan Khai
Scientex (SCI MK) - 1HFY25: Weaker Packaging Drags Earnings
1HFY25: Weaker Packaging Drags Earnings Scientex’s 1HFY25 results missed expectations. While the property division posted respectable results, earnings were dragged by margin compression in the packaging segment. Looking forward, the outlook appears mixed with the challenging environment for the packaging segment offsetting growth from the more robust property division. While we lower our target price to RM4.05, we upgrade our call to BUY on valuation grounds.
Anas Fitri Bin Ahmad
- Anas Fitri Bin Ahmad
Bermaz Auto (BAUTO MK) - 9MFY25: Results Below Expectations; Sales Imp...
9MFY25: Results Below Expectations; Sales Impacted By Lower Sales Volume And Unfavourable Product Mix 9MFY25 Results came in below expectations due to lower sales volume and an unfavourable product mix. BAUTO continues to launch new models; however, intense competition, especially from Chinese brands, poses challenges to its market share and profitability. We cut our FY25-27 forecasts by 11%, 5% and 12% respectively. Maintain HOLD with a lower target price of RM1.00 (from RM1.42).
Malaysia Research Team
- Malaysia Research Team
Malaysia Daily - Thursday, March 13, 2025
KEY HIG HLIGH TS Company Results Bermaz Auto (BAUTO MK/HOLD/RM1.04/Target: RM1.00) Page 2 9MFY25: Results below expectations; sales impacted by lower sales volume and unfavourable product mix. Scientex (SCI MK/BUY/RM3.44/Target: RM4.05) Page 5 2QFY25: Below expectations. While revenue remained flattish, higher competition in the industrial packaging segment resulted in margin compression. Upgrade to BUY. TRADERS’ CORNER Page 8 Econpile Holdings (ECON MK): Technical BUY ELK-Desa Resources (ELK MK...
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Thailand Banking – Potential Improvement In ROE By Liquidating Excess ...
Many banks plan to improve ROE back to the double-digit level. We should see an increase in dividend payout ratio and share buyback programmes. Market expects Thai banks to liquidate excess capital to raise ROE. We conducted a scenario analysis to assess the impact if banks liquidate CET1 by paying a special dividend. We reckon cutting the CET1 ratio to 16% is reachable. BBL has the highest CET1 ratio and should benefit the most if capital is liquidated. Maintain OVERWEIGHT.
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.
Claire Wang Kelai ... (+9)
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Thursday, February 27, 2025
KEY HIGHLIGHTS Economics Hong Kong Budget 2025-26 The 2025-26 Budget balances fiscal discipline with strategic growth initiatives in AI and NM development, funded by prudent bond issuance. Hong Kong positions itself for future growth amid technological transformation, with a planned deficit of 2.0% of GDP and fiscal reserves falling to eight months of expenditure. The budget speech is overall positive on the Hong Kong property sector, with the reduction in stamp duty being a highlight. Result...
Colin Lee ... (+9)
- Colin Lee
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
Greater China Daily: Tuesday, February 18, 2025
KEY HIGHLIGHTS Strategy China And Hong Kong Property Property sales in both mainland China and Hong Kong recovered wow in the third week of Feb 25. With a continued decline in transition volume and improvement of sentiment in a few cities, we expect the land market to continue its structural divergence in 2025. In Hong Kong, the CCL index remained stable, but we expect high inventory to continue weighing on property prices. We stay cautious on NWD with a HOLD rating despite the recent sentimen...
Claire Wang Kelai ... (+3)
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
Greater China Daily: Tuesday, January 28, 2025
KEY HIGHLIGHTS Economics PMI January's manufacturing PMI slipped into the contractionary zone at 49.1 (-1.0pt mom) and the non-manufacturing PMI decreased to 50.2 (-2.0pt mom). Construction (-3.9pt mom) saw a sharper decline than services (-1.7pt mom), while smaller firms struggled due to subdued external demand. Given the weaker data, investors will be looking out for new supportive measures in the run-up to the Two Sessions. TRADERS’ CORNER Galaxy Entertainment (27 HK): Trading buy range: ...
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...
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...