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Desmond Chong Chee Wai ... (+8)
- Desmond Chong Chee Wai
- Hazmy Hazin
- Jack Goh Tooan Orng
- Jessie Guo Yuting
- John Cheong Ming Chern
- Ken Lee
- Kwanchai Atiphophai
- Limartha Adhiputra
Regional Morning Notes - Friday, September 30, 2022
GREATER CHINA Sector Automobile: Weekly: China extends EV purchase tax exemption to 2023. Maintain OVERWEIGHT. Top picks: CATL, Fuyao Glass and Ningbo Xusheng. INDONESIA Update Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp9,725/Target: Rp11,500): Aggressive expansion into East Indonesia. MALAYSIA Results Gamuda (GAM MK/BUY/RM3.85/Target: RM4.35): 4QFY22: Above expectations. Earnings growth was largely driven by both the construction and property segments. Scientex (SCI MK/BUY/RM3.47/Target: RM4....
John Cheong Ming Chern
- John Cheong Ming Chern
Singapore Daily - Friday, September 30, 2022
KEY HIGHLIGHTS Update Nanofilm Technologies International (NANO SP/BUY/S$2.04/Target:S$2.72): High potential earnings contribution from entry into the EV battery industry. TRADERS’ CORNER DBS Group Holdings (DBS SP): Trading Buy Keppel Corp (KEP SP): Trading Buy
John Cheong Ming Chern
- John Cheong Ming Chern
Nanofilm Technologies International (NANO SP) - High Potential Earning...
Nanofilm has formed a JV with Shenzhen Everwin to provide coating services for EVs’ battery components. Shenzhen Everwin currently supplies electroplating services to the top players in the EV industry such as CATL and Tesla. The JV aims to commence production in 1H23 and mass production by 2024. We estimate that the JV could generate at least S$200m additional revenue in 2024 (27% increase), based on the EV segment revenue of Shenzhen Everwin in 2021. Maintain BUY. Target price: S$2.72.
Jessie Guo Yuting ... (+2)
- Jessie Guo Yuting
- Ken Lee
China Automobile Weekly: China extends EV purchase tax exemption to 20...
PV retail sales volume hiked by 25% yoy and 7% mom during 19-25 Sep 22. CPCA estimates September passenger EV retail sales volume at 580,000 units (+74% yoy/+10% mom), in line with expectation. China extends EV purchase tax exemption until the end of 2023, and we keep our 2022-23 China EV sales estimates at 6.65m units (+90% yoy) and 8.65m units (+30% yoy) respectively. Maintain OVERWEIGHT. Top picks: CATL, Fuyao Glass and Ningbo Xusheng.
300014
EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1268 CHINA MEIDONG AUTO HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1268 CHINA MEIDONG AUTO HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
Jessie Guo Yuting ... (+3)
- Jessie Guo Yuting
- Ken Lee
- Terence Chiu
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.