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Carol Dou Xiao Qin ... (+2)
- Carol Dou Xiao Qin
- Sunny Chen
Aier Eye Hospital Group (300015 CH): Weak economic conditions cloud op...
Our channel check indicates the challenging economic conditions may have led to the relatively weak performance of optometry and refractory businesses for Aier in 2Q25 vs 1Q25. However, we expect a mild yoy revenue growth in 2Q25. Given its continued efforts in improving service capability and operating efficiency, we remain optimistic about the company’s long-term earnings growth outlook. Maintain BUY with a lower target price of Rmb16.70.
Damon Shen ... (+2)
- Damon Shen
- Jieqi Liu
China Property Management: 1H25 results preview: SOEs' performance is ...
For 1H25, we expect major SOE PM companies’ businesses to be largely on track. CGS sees higher revenue growth but faces a margin decline, OCF pressures, and high impairment risks, which could delay its recovery. Maintain UNDERWEIGHT for the sector. Amid slowing residential contract growth but steady retail sales, CR Mixc is favoured over COPH. Raise all PM companies’ target prices due to lower WACC and maintain ratings.
Bella Lu Yifei ... (+2)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV sales growth turned negative yoy, despite ...
China’s PV insurance registrations rebounded 7% wow but dipped 0.5% yoy in the 29th week of 2025. BYD is suffering online backlash for sponsoring CNMFT. The China government is mulling over measures to crack down on zero-mileage secondhand cars. GWM reported an upbeat 2Q25 net profit on exceptional gains. We raise our 2025 net profit forecast by 26% and keep core earnings estimates unchanged. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.
300014
EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
Kasemsun Koonnara
- Kasemsun Koonnara
Supalai (SPALI TB) - 2Q25 Results Preview: Expect Earnings to Recover ...
We expect SPALI to post a strong qoq earnings recovery in 2Q25, although earnings are likely to be lower on a yoy basis. The qoq improvement is expected to be driven by improving transfer activity and equity income. However, we remain cautious on the outlook for 2H25, given the challenging economic conditions and intensifying competition. SPALI has scaled down its launch pipeline plans for 2025 and is unlikely to achieve its full-year presales targets. Maintain HOLD. Target price: Bt14.70.
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...