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Tanaporn Visaruthaphong
- Tanaporn Visaruthaphong
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 1QFY26 Results Preview: Sha...
AEONTS will announce its 1QFY26 earnings results on 9 Jul 25. We expect the company to post a 1QFY26 net profit of Bt751m (+43% yoy, +4% qoq). AEONTS guides that it typically sells written-off receivables twice a year. Meanwhile, the share repurchase programme should help to limit share price downside. Currently, AEONTS has already bought back 1.12m shares, accounting for 44.6% of the total budget. Maintain BUY. Target price: Bt140.00.
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Malaysia Research Team
- Malaysia Research Team
Malaysia Daily - Wednesday, June 11, 2025
KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 Higher production and inventory build-up in May 25. Company Update QL Resources (QLG MK/HOLD/RM4.56/Target: RM4.80) Page 4 Fairly insulated from trade tariff war but overall outlook is unexciting. Maintain HOLD. TRADERS’ CORNER Page 7 Kossan Rubber Industries (KRI MK): Technical BUY Mah Sing Group (MSGB MK): Technical BUY
Claire Wang Kelai ... (+2)
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Metals & Mining: Copper -- Trade uncertainties cloud 2H25; decar...
Copper prices rebounded on renewed US-China trade optimism, while demand remains under pressure from macro headwinds. Looser supply conditions have weighed on the Yangshan premium and spurred export activity. The near-term outlook remains neutral, with trade negotiations a key swing factor. A more constructive view emerges for 1H26, underpinned by green energy momentum and a global policy-driven recovery. Maintain OVERWEIGHT.
Claire Wang Kelai ... (+3)
- Claire Wang Kelai
- Greater China Research Team
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, June 11, 2025
KEY HIGHLIGHTS Sector Metals And Mining Copper prices rebounded on renewed US-China trade optimism, while demand remains under pressure from macro headwinds. Looser supply conditions have weighed on the Yangshan premium and spurred export activity. The near-term outlook remains neutral, with trade negotiations a key swing factor. A more constructive view emerges for 1H26, underpinned by green energy momentum and a global policy-driven recovery. Maintain OVERWEIGHT. TRADERS’ CORNER China Over...
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 ... (+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 ...
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...
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...