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Damon Shen ... (+2)
- Damon Shen
- Jieqi Liu
China Property: Sales Remain Weak In Dec 25 While Property Investment ...
The NBS published industry data for Dec 25, which revealed weak industry fundamentals. Demand remains under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post yoy declines even with the low base in Jan 25. We expect sales growth in 1Q26 to remain negative yoy, due to the high base since Feb 25 and weak demand. Policy uncertainty and weak policy implementation continue to be key concerns, and we remain UNDERWEIGHT on China’s property sector.
Claire Wang Kelai ... (+2)
- Claire Wang Kelai
- Tham Mun Hon
China Economic Activity: 4Q25 Growth Slows To 4.5% yoy; Full-Year Grow...
China’s 4Q25 GDP growth eased to 4.5% yoy, bringing 2025 growth to 5.0%, in line with the official target. December industrial production growth rose 5.2% yoy (-0.2ppt mom), but retail sales growth slowed to 0.9% yoy (-0.4ppt mom). FAI growth contracted further to -3.8% yoy ytd (-1.2ppt mom), dragged by persistent property FAI weakness (-17.2% ytd yoy). With momentum weakening into year-end, we expect more targeted policy support in 2026, particularly to stabilise property and boost consumption.
Malaysia Research Team
- Malaysia Research Team
Malaysia Daily - Tuesday, January 20, 2026
Top Stories Sector Update | REITs We expect 4Q25 sector earnings and DPU to grow 9% yoy and 8% yoy respectively, boosted by inorganic expansion and AEIs. Upcoming results should see seasonally stronger retail spending and firmer hotel occupancy, while improving tenant sentiment after the SST changes supports positive rental reversion going forward. Further yield-spread compression hinges on any US Federal Reserve rate cuts and clarity surrounding WHT extension. Maintain MARKET WEIGHT. Our top pi...
Tanapon Cholkadidamrongkul
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - 4Q25 Results Preview: Weak Gross Pro...
Company Update | Charoen Pokphand Foods (CPF TB/HOLD/Bt21.60/Target: Bt21.50) CPF is expected to report a core profit of Bt2,281m, down 64% yoy and 62% qoq. The qoq decline in gross profit margin will be mainly driven by lower ASPs. Despite short-term gains in domestic and Vietnam swine prices, earnings remain unexciting due to weak China prices, limited further reduction of raw material costs, and a high 1H25 base. Maintain HOLD with a lower target price of Bt21.50 (previously Bt23.00).
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 4Q25: Results Beat; A Huge Improvemen...
Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt67.75/Target: Bt72.00) KKP reported a net profit of Bt1.77b in 4Q25, up 26% yoy and 6% qoq. The results beat our and consensus expectations by 40% and 28% respectively. The key positive surprise was a qoq reduction in provision expenses and a less-than-expected decline in investment gains. Credit costs have decreased consistently, supporting a favourable asset quality outlook. Maintain HOLD. Target price: Bt72.00.
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.
Greater China Research Team ... (+2)
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Monday, January 19, 2026
Top Stories Company Update | Prudential (2378 HK/BUY/HK$123.40/Target: HK$138.00) We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to ...
Bella Lu Yifei ... (+8)
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Frdiay, January 2, 2026
Top Stories Economics | PMI December Manufacturing PMI rose to 50.1, back in the expansionary zone for the first time since March. Non-manufacturing PMI also improved at 50.2 (+0.7pt mom), driven by a rebound in construction activity, while services PMI remained slightly contractionary, pointing to weak domestic demand. Enterprise PMI showed divergent trends, with large firms leading the improvement. Overall, the December data points to an uneven recovery despite the positive headline numbers. ...
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...
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...