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000001 CNE000000040 Ping An Bank (A) 2019/04/29 2020/02/20
000063 CNE000000TK5 ZTE Corp. 2019/05/02 2019/10/30
0001 KYG217651051 CK Hutchison Holdings 2019/02/21 2019/02/21
000157 CNE000001527 Zoomlion Heavy Industry Science and Technology (A) 2019/07/03 2019/12/11
0002 HK0002007356 CLP Holdings Ltd. 2019/04/29 2019/04/29
000333 CNE100001QQ5 Midea Group (A) 2019/07/16 2019/09/26
0004 HK0004000045 Wharf (Holdings) Ltd. 2019/01/09 2020/02/26
0006 HK0006000050 Power Assets Holdings 2019/05/14 2019/05/14
000898 CNE000000SQ4 Angang Steel (A) 2019/04/15 2019/05/22
0011 HK0011000095 Hang Seng Bank Ltd. 2019/02/22 2019/02/22
0016 HK0016000132 Sun Hung Kai Properties Ltd. 2019/01/07 2020/02/26
0017 HK0017000149 New World Development Co. Ltd. 2019/02/28 2020/02/26
0019 HK0019000162 Swire Pacific Ltd. A 2019/08/13 2019/08/13
002142 CNE1000005P7 Bank of Ningbo (A) 2019/04/29 2020/02/20
002202 CNE1000008S5 Xinjiang Goldwind Science&Technology (A) 2019/01/28 2019/07/08
002460 CNE100000SF6 Ganfeng Lithium (A) 2020/02/26 2020/02/26
002508 CNE100000WY9 Hangzhou Robam Appliances (A) 2019/07/16 2019/08/28
002594 CNE100001526 BYD (A) 2019/01/03 2019/08/09
0027 HK0027032686 Galaxy Entertainment Group 2019/01/15 2020/02/06
00288 KYG960071028 WH Group 2019/07/11 2019/09/13
00303 BMG9400S1329 VTech Holdings 2019/02/26 2019/05/16
00334 BMG2120L1072 China Display Optoelectronics Technology Holdings (Red Chip) 2019/01/10 2020/02/06
00665 BMG4232X1020 Haitong International Securities Group 2019/02/19 2019/06/12
00698 KYG8917X1218 Tongda Group Holdings (P Chip) 2019/03/07 2020/02/20
00884 KYG2140A1076 CIFI Holdings (Group) (P Chip) 2019/07/02 2020/02/20
00992 HK0992009065 Lenovo Group 2019/01/15 2019/06/03
00999 BMG4977W1038 IT 2019/04/23 2019/10/31
0101 HK0101000591 Hang Lung Properties Ltd. 2019/01/31 2019/01/31
01299 HK0000069689 AIA Group Ltd. 2019/07/03 2019/08/16
01448 KYG371091086 Fu Shou Yuan International Group (P Chip) 2018/12/14 2019/08/13
01530 KYG8875G1029 3SBio (P Chip) 2019/01/21 2020/01/24
01816 CNE100001T80 CGN Power (H) 2019/06/04 2019/06/04
01818 CNE1000004R6 Zhaojin Mining Industry (H) 2019/01/03 2019/08/26
01836 KYG846981028 Stella International Holdings 2019/05/29 2019/10/18
01997 KYG9593A1040 Wharf Real Estate Investment 2019/03/06 2020/01/15
02013 KYG9T20A1060 Weimob (P Chip) 2019/04/10 2019/04/10
02128 KYG2157Q1029 China Lesso Group Holdings (P Chip) 2019/05/02 2019/05/02
02238 CNE100000Q35 Guangzhou Automobile Group (H) 2019/01/16 2019/10/30
02331 KYG5496K1242 Li Ning (P Chip) 2019/01/14 2019/10/10
0257 HK0257001336 China Everbright International (Red Chip) 2019/04/29 2019/04/29
0267 HK0267001375 CITIC (Red Chip) 2019/01/18 2019/01/18
02869 KYG410121084 Greentown Service Group (P Chip) 2019/01/14 2020/02/25
02888 GB0004082847 Standard Chartered PLC 2019/01/25 2019/01/25
0323 CNE1000003R8 Maanshan Iron & Steel Co. Ltd. 2018/12/14 2020/01/06
0347 CNE1000001V4 Angang Steel (H) 2019/03/07 2020/01/06
0358 CNE1000003K3 Jiangxi Copper (H) 2019/02/26 2020/01/03
0384 BMG2109G1033 China Gas Holdings (P Chip) 2018/12/14 2020/02/11
0548 CNE100000478 Shenzhen Expressway (H) 2019/03/27 2019/06/06
06030 CNE1000016V2 CITIC Securities (H) 2019/02/04 2019/02/04
0656 HK0656038673 Fosun International (P Chip) 2019/02/14 2019/02/14
0688 HK0688002218 China Overseas Land & Investment (Red Chip) 2019/07/02 2019/07/02
0763 CNE1000004Y2 ZTE Corp. 2019/05/02 2019/10/30
0799 KYG6771K1022 IGG 2018/12/13 2019/09/04
0817 HK0817039453 China Jinmao Holdings Group (Red Chip) 2019/02/19 2020/01/22
0823 HK0823032773 Link Real Estate Investment Trust 2018/12/14 2020/01/15
0836 HK0836012952 China Resources Power Holdings (RED CHIP) 2019/05/28 2019/05/28
0914 CNE1000001W2 Anhui Conch Cement Co. Ltd. 2019/03/05 2020/02/20
0939 CNE1000002H1 China Construction Bank (H) 2019/04/17 2020/02/20
0966 HK0000055878 China Taiping Insurance Holdings Co. Ltd. 2019/05/08 2020/02/25
1023 MYL1023OO000 CIMB Group Holdings 2019/01/08 2020/01/21
1055 CNE1000002T6 China Southern Airlines Co. Ltd. 2018/12/14 2019/09/10
1088 CNE1000002R0 China Shenhua Energy (H) 2019/03/26 2020/01/22
1093 HK1093012172 CSPC Pharmaceutical Group (P Chip) 2018/11/20 2020/02/20
1109 KYG2108Y1052 China Resources Land (Red Chip) 2019/06/25 2019/06/25
1113 KYG2177B1014 CK Asset Holdings 2019/03/01 2020/02/26
1114 BMG1368B1028 Brilliance China Automotive Holdings Ltd. 2019/01/16 2020/02/07
1155 MYL1155OO000 Malayan Banking Bhd 2019/02/27 2019/11/29
1171 CNE1000004Q8 Yanzhou Coal Mining Co. Ltd. 2019/09/03 2020/01/22
1177 KYG8167W1380 Sino Biopharm (P Chip) 2019/01/08 2019/11/27
1211 CNE100000296 BYD Co. Ltd. 2019/02/26 2020/02/07
1233 KYG8904A1004 Times China Holdings (P Chip) 2019/07/11 2019/12/10
1238 KYG720051047 Powerlong Real Estate Holdings (P Chip) 2019/02/19 2019/10/25
1295 MYL1295OO004 Public Bank Bhd 2019/04/03 2019/11/08
1478 KYG7306T1058 Q Technology Group (P Chip) 2019/01/16 2020/02/06
1569 KYG6145R1065 Minsheng Education Group (P Chip) 2019/03/12 2019/09/06
1665 KYG699761014 Pentamaster International 2019/10/09 2020/02/21
1772 CNE1000031W9 GANFENG LITHIUM (H) 2020/02/25 2020/02/26
1806 KYG4644R1074 Huifu Payment (P Chip) 2019/03/28 2019/10/17
1828 HK1828040670 Dah Chong Hong Holdings (Red Chip) 2019/02/08 2019/02/08
1898 CNE100000528 China Coal Energy (H) 2019/09/05 2019/09/18
1988 CNE100000HF9 China Minsheng Banking (H) 2019/12/11 2019/12/11
2269 KYG970081090 WuXi Biologics (P Chip) 2019/03/25 2020/02/19
2308 TW0002308004 Delta Electronics 2020/02/05 2020/02/18
2313 KYG8087W1015 Shenzhou International Group Holdings (P Chip) 2019/03/08 2020/02/20
2314 KYG5427W1309 Lee & Man Paper Manufacturing (P Chip) 2019/03/12 2019/08/14
2328 CNE100000593 PICC Property & Casualty Co. Ltd. 2019/07/10 2020/02/25
2333 CNE100000338 Great Wall Motor Company (H) 2019/01/16 2020/02/07
2338 CNE1000004L9 Weichai Power Co. Ltd. 2019/12/10 2020/02/20
2342 KYG229721140 Comba Telecom Systems Holdings (P Chip) 2019/02/14 2019/02/14
2388 HK2388011192 BOC Hong Kong (Holdings) 2019/01/04 2019/01/04
2600 CNE1000001T8 Aluminum Corp. of China Ltd. 2019/05/07 2019/05/07
2628 CNE1000002L3 China Life Insurance Co. Ltd. (China) 2019/01/17 2019/07/16
2669 KYG2118M1096 China Overseas Property Holdings (Red Chip) 2019/06/20 2019/06/20
2689 BMG653181005 Nine Dragons Paper Industries (P Chip) 2018/12/14 2020/02/26
2778 HK2778034606 Champion REIT 2019/02/22 2020/02/19
2883 CNE1000002P4 China Oilfield Services Ltd. 2019/06/18 2019/08/29
2899 CNE100000502 Zijin Mining Group (H) 2019/02/27 2020/01/03
300015 CNE100000GR6 Aier Eye Hospital Group (A) 2019/01/16 2019/01/16
300760 CNE100003G67 Shenzhen Mindray Bio-Medical Electronics (A) 2019/10/03 2020/02/06
3323 CNE1000002N9 China National Building Materials (H) 2019/03/05 2020/02/12
3333 KYG2119W1069 China Evergrande Group (P Chip) 2019/03/05 2019/03/05
3377 HK3377040226 Sino-Ocean Group Holding (Red Chip) 2019/04/04 2019/04/04
3669 KYG2162W1024 China Yongda Automobiles Services Holdings (P Chip) 2019/01/16 2019/10/11
3993 CNE100000114 China Molybdenum (H) 2019/08/29 2020/02/18
3BD KYG126521064 Bosideng International Holdings Ltd. 2019/04/02 2019/08/22
3GY KYG3774X1088 GCL-Poly Energy Holdings Ltd. 2019/03/05 2020/02/26
3K1 KYG5264Y1089 Kingsoft Corp. 2019/01/18 2019/11/14
4HQ KYG9431R1039 Want Want China Holdings Ltd. 2019/01/16 2019/02/04
4QI KYG982771092 Xtep International Holdings Ltd. 2019/01/08 2019/10/10
5347 MYL5347OO009 Tenaga Nasional Bhd 2019/02/13 2019/11/28
544 SG1G47869290 CSE Global Ltd. 2019/01/04 2020/02/07
599A KYG7800X1079 Sands China Ltd. 2019/01/24 2020/02/06
5LX KYG211411098 China Lilang Ltd. 2019/04/17 2019/04/17
600006 CNE000000ZT3 Dongfeng Automobile Co. Ltd. A 2019/07/19 2019/07/19
600019 CNE0000015R4 Baoshan Iron & Steel (A) (SC SH) 2019/04/10 2020/02/07
600029 CNE000001FG0 China Southern Airlines (A) (SC SH) 2019/04/03 2019/08/29
600031 CNE000001F70 Sany Heavy Industry (A) (SC SH) 2019/07/03 2020/02/20
600036 CNE000001B33 China Merchants Bank (A) (SC SH) 2019/05/02 2020/02/19
600066 CNE000000PY4 Zhengzhou Yutong Bus (A) 2019/02/26 2020/02/07
600115 CNE000000TR0 China Eastern Airlines Corp. Ltd. A 2019/04/02 2019/10/31
600188 CNE000000WV6 Yanzhou Coal Mining Co. Ltd. A 2019/05/27 2019/07/22
600329 CNE000001808 Tianjin Zhongxin Pharmaceutical Group (A) 2019/06/14 2019/06/14
600332 CNE000001733 Guangzhou Baiyunshan Pharmaceutical Holdings (A) 2019/03/19 2019/03/19
600340 CNE000001GG8 China Fortune Land Development (A) 2019/02/19 2020/02/18
600362 CNE0000019P0 Jiangxi Copper (A) (SC SH) 2019/05/29 2019/07/31
600383 CNE000001790 Gemdale (A) (SC SH) 2019/02/19 2019/10/30
600547 CNE000001FR7 Shandong Gold Mining (A) 2019/01/03 2020/01/07
600585 CNE0000019V8 Anhui Conch Cement (A) (SC SH) 2018/12/14 2019/10/24
600688 CNE000000BB2 Sinopec Shanghai Petrochemical (A) (SC SH) 2019/02/15 2019/02/15
600690 CNE000000CG9 Qingdao Haier (A) 2019/07/16 2020/01/10
600808 CNE000000DD4 Maanshan Iron & Steel (A) (SC SH) 2019/05/22 2019/06/26
600887 CNE000000JP5 Inner Mongolia Yili Industrial Group Co. Ltd. 2019/03/01 2020/02/12
601021 CNE100001V45 Spring Airlines (A) 2018/12/07 2019/07/04
601088 CNE100000767 China Shenhua Energy (A) 2019/01/22 2019/08/26
601155 CNE100002BF8 Seazen Holdings (A) 2018/12/14 2019/10/28
601333 CNE000001Q44 Guangshen Railway (A) 2019/02/13 2019/02/13
601360 CNE100002RZ2 360 Security (A) 2019/05/17 2019/05/17
601390 CNE100000866 China Railway Group (A) 2019/06/05 2019/06/05
601398 CNE000001P37 Industrial and Commercial Bank of China (A) 2019/05/02 2020/02/19
601633 CNE1000018V8 Great Wall Motor (A) 2019/02/27 2019/10/11
601766 CNE100000CP9 CRRC (A) 2019/02/27 2019/02/27
601857 CNE1000007Q1 PetroChina (A) 2019/01/23 2019/01/23
601881 CNE100002FG7 China Galaxy Securities (A) 2019/04/04 2019/04/04
601898 CNE100000957 China Coal Energy (A) 2019/03/19 2019/07/22
601899 CNE100000B24 Zijin Mining Group (A) 2019/02/27 2019/12/05
601939 CNE100000742 China Construction Bank (A) 2019/05/02 2019/10/31
603993 CNE100001NR0 China Molybdenum (A) 2019/04/26 2020/02/18
6068 KYG972281037 Wisdom Education International Holdings (P Chip) 2019/03/18 2019/09/06
6158 KYG9897E1098 Zhenro Properties Group 2019/07/11 2019/10/15
6862 KYG4290A1013 Haidilao International Holding (P Chip) 2019/02/08 2019/10/04
6888 MYL6888OO001 Axiata Group Bhd 2019/11/29 2019/11/29
6AH KYG063181021 Ausnutria Dairy Corp Ltd 2018/12/14 2019/10/28
8WY KYG981491007 Wynn Macau Ltd 2019/04/23 2020/02/07
A0M4EU CNE0000015Y0 China Minsheng Banking (A) (SC SH) 2019/12/11 2019/12/11
A117ME US01609W1027 Alibaba Group Holding Ltd 2018/12/14 2020/02/14
A17U SG1M77906915 Ascendas Real Estate Investment Trust 2019/01/22 2020/02/03
A2XN KYG2953R1149 AAC Acoustic Technologies Holdings Inc. 2019/02/25 2020/02/06
AALI ID1000066004 Astra Agro Lestari 2019/01/29 2020/02/04
ABE ES0111845014 Abertis Infraestructuras S.A. 2019/11/22 2019/11/22
ACES ID1000125503 Ace Hardware Indonesia 2019/01/02 2020/01/29
ACH N US0222761092 Aluminum Corp. of China Ltd. ADS 2019/05/07 2019/05/07
ADH AU000000ADH2 Adairs 2019/06/25 2019/06/25
ADHI ID1000097207 Adhi Karya Persero 2019/01/08 2020/02/24
ADRO ID1000111305 Adaro Energy PT 2019/09/27 2019/09/27
ADVANC TH0268010Z03 ADVANCED INFO SERVICE 2019/01/07 2020/02/07
AKRA ID1000106701 AKR Corporindo Tbk PT 2018/11/21 2020/02/17
AMATA TH0617A10Z08 Amata Corp 2019/03/19 2020/01/03
AMRT ID1000128705 Sumber Alfaria Trijaya Tbk PT 2019/09/25 2019/11/08
ANR AU000000ANR0 Anatara Lifesciences 2019/07/04 2019/08/01
ANTM ID1000106602 Aneka Tambang Tbk PT 2019/10/18 2019/10/18
AOT TH0765010Z08 Airports of Thailand PCL 2019/02/15 2020/02/24
AOT-R TH0765010R16 Airports of Thailand PCL NVDR 2019/03/01 2019/03/01
AP TH0308010Y08 AP Thailand 2019/02/27 2020/02/26
ARNA ID1000128309 Arwana Citramulia 2020/02/14 2020/02/14
AS7 KYG040111059 Anta Sports Products Ltd. 2018/12/14 2020/02/20
ASII ID1000122807 Astra International 2018/12/14 2020/02/25
ASRI ID1000108400 Alam Sutera Realty 2018/12/12 2020/01/20
AWC TH9436010002 Asset World 2019/12/02 2019/12/02
B8O SG1U76934819 Yangzijiang Shipbuilding Holdings Ltd. 2019/03/04 2020/02/07
BANPU-R TH0148010R15 Banpu (NVDR) 2019/11/12 2019/11/12
BATS GB0002875804 British American Tobacco PLC 2020/01/24 2020/01/24
BBCA ID1000109507 Bank Central Asia 2019/01/21 2020/01/02
BBL TH0001010006 Bangkok Bank PCL 2019/01/21 2020/02/11
BBL-R TH0001010R16 Bangkok Bank PCL NVDR 2019/03/06 2019/07/31
BBNI ID1000096605 Bank Negara Indonesia 2019/01/02 2020/02/25
BBRI ID1000118201 Bank Rakyat Indonesia 2019/01/14 2020/01/28
BCH TH0808010Y07 Bangkok Chain Hospital PCL 2019/03/04 2020/02/26
BCP MA0000011884 Banque Centrale Populaire 2019/05/10 2020/02/21
BCPN PTBCP0AM0007 Banco Comercial Portugues S/A 2019/05/14 2019/05/14
BDMN ID1000094204 Bank Danamon Indonesia 2019/06/26 2020/01/14
BDMS TH0264A10Z04 Bangkok Dusit Medical Services PCL 2018/11/20 2019/11/19
BEC TH0592010Z06 BEC World PCL 2019/05/16 2019/11/14
BEC-R TH0592010R14 BEC World (NVDR) 2019/02/26 2019/02/26
BELA GRS282183003 Jumbo S.A. 2019/02/18 2020/02/13
BEM TH6999010007 Bangkok Expressway and Metro 2019/02/28 2020/02/20
BEST ID1000122609 Bekasi Fajar Industrial Estate 2020/02/11 2020/02/11
BH TH0168A10Z01 Bumrungrad Hospital 2019/02/21 2019/12/13
BJC TH0002010Z06 Berli Jucker 2019/10/11 2019/11/28
BMRI ID1000095003 Bank Mandiri (Persero) 2019/01/30 2020/02/05
BN4 SG1U68934629 Keppel Corporation 2019/06/28 2020/02/19
BSDE ID1000110802 Bumi Serpong Damai PT 2019/01/11 2020/02/20
BTPS ID1000142805 Bank Tabungan Pensiunan Nasional Syariah 2019/02/20 2019/12/10
BTS TH0221B10Z05 BTS Group Holdings PCL 2019/02/07 2020/02/17
BYD US1033041013 Boyd Gaming Corp. 2019/01/16 2019/01/16
BZUN US06684L1035 Baozun ADR (N Shares) 2019/07/22 2019/07/22
C09 SG1R89002252 City Developments Ltd. 2018/12/07 2019/11/19
C31 SG1J27887962 CapitaLand Ltd. 2018/12/07 2019/12/02
C38U SG1M51904654 CapitaLand Mall Trust 2019/01/24 2020/01/23
C52 SG1N31909426 ComfortDelGro 2019/02/08 2020/02/17
C61U SG1P32918333 CapitaLand Commercial Trust 2019/01/14 2020/01/23
C6L SG1V61937297 Singapore Airlines Ltd. 2019/01/17 2020/02/19
C9IB KYG5636C1078 Lonking Holdings Ltd. 2019/01/25 2020/01/14
CASS ID1000121403 Cardig Aero Services 2019/12/13 2019/12/13
CC3 SG1V12936232 StarHub Ltd. 2019/01/02 2020/02/21
CENTEL TH0176B10Z00 Central Plaza Hotel 2019/01/14 2020/01/06
CHG TH4539010Z03 Chularat Hospital 2019/03/14 2020/02/19
CK TH0530010Z06 Ch. Karnchang PCL 2019/05/17 2019/11/22
CK-R TH0530010R14 Ch. Karnchang (NVDR) 2019/03/11 2019/05/22
CNO CNE1000007Z2 China Railway Group Ltd. 2018/12/07 2018/12/07
CPALL-R TH0737010R15 CP ALL PCL NVDR 2019/08/13 2019/08/14
CPF TH0101A10Z01 Charoen Pokphand Foods PCL 2019/01/17 2020/02/24
CPIN ID1000117708 Charoen Pokphand Indonesia Tbk 2019/01/17 2020/02/19
CPN TH0481B10Z00 Central Pattana PCL 2018/12/13 2020/01/31
CPN-R TH0481010R10 Central Pattana PCL NVDR 2019/03/06 2019/11/06
CTRA ID1000115306 Ciputra Development 2019/01/23 2020/02/26
CTRPN US22943F1003 Trip.com ADS (N Shares) 2019/03/06 2019/11/15
D05 SG1L01001701 DBS Group Holdings Ltd. 2018/12/14 2020/02/24
D4D CNE100000312 Dongfeng Motor Group Co. Ltd. 2019/01/16 2020/02/07
DCC TH0278A10Z08 Dynasty Ceramic PCL 2020/01/22 2020/02/19
DCC-R TH0278010R10 Dynasty Ceramic (NVDR) 2019/03/06 2019/09/03
DDD US88554D2053 3D Systems Corp. 2019/03/04 2019/03/04
DDDD GB00BJL5BR07 4D Pharma 2020/02/21 2020/02/21
DELTA TH0528010Z00 Delta Electronics (Thailand) 2019/07/18 2020/02/18
DELTA-R TH0528010R18 Delta Electronics (Thailand) 2019/02/08 2019/04/26
DIGI TH0045B10Z09 Digital Tech Planet 2019/01/25 2020/01/23
DRT TH0872A10Z08 Diamond Building Products 2019/01/23 2020/01/17
DTAC TH0554010Z06 Total Access Communication 2019/01/02 2020/01/29
DZJ KYG245241032 Country Garden Holdings Co. Ltd. 2019/01/28 2019/01/28
E5H MU0117U00026 Golden Agri-Resources Ltd. 2019/01/29 2019/11/15
EGCO TH0465010005 Electricity Generating PCL 2019/03/01 2020/02/21
ERAA ID1000121601 Erajaya Swasembada 2019/01/25 2019/10/23
ERW TH0120010Y07 Erawan Group 2019/01/25 2020/02/26
ESSO TH0975010008 Esso (Thailand) 2019/05/15 2020/02/26
EXCL ID1000102502 XL Axiata 2019/01/23 2020/02/13
EZQ KYG210961051 China Mengniu Dairy 2018/12/14 2020/02/12
F34 SG1T56930848 Wilmar International Limited 2019/01/03 2020/02/24
FAST ID1000063209 Fast Food Indonesia 2019/09/02 2019/09/16
FR US32054K1034 First Industrial Realty Trust Inc. 2019/01/29 2020/02/06
G13 GB0043620292 Genting Singapore 2019/02/22 2020/02/17
GENM JO4100511016 General Mining Co. PLC 2019/02/28 2019/02/28
GENP PK0064201012 Genertech 2019/01/29 2019/04/05
GFPT TH0297010Z02 GFPT 2019/05/10 2020/02/26
GFPT-R TH0297010R10 GFPT (NVDR) 2019/01/24 2019/10/24
GGRM ID1000068604 Gudang Garam 2019/01/02 2019/10/07
GRU KYG3777B1032 Geely Automobile Holdings Ltd. 2018/12/14 2020/02/07
H78 BMG4587L1090 Hongkong Land Holdings 2019/09/12 2019/09/12
HANA TH0324B10Z01 Hana Microelectronics PCL 2019/03/01 2020/02/25
HMI AU000XINEAB4 Harvest Minerals 2019/01/03 2019/01/03
HMPRO TH0661010007 Home Product Center PCL 2019/03/04 2019/11/07
HSBA GB0005405286 HSBC Holdings PLC (UK Reg) 2019/03/20 2019/03/20
HSS GB00BVFD4645 HSS Hire Group 2019/10/04 2019/10/04
HUN2 BMG0957L1090 Beijing Enterprises Water Group Ltd. 2019/06/11 2019/06/11
IGG GB00B06QFB75 IG Group Holdings PLC 2018/12/13 2019/08/06
INCO ID1000109309 Vale Indonesia 2019/10/03 2019/10/03
INDF ID1000057003 Indofood Sukses Makmur 2019/03/21 2020/01/29
INTP ID1000061302 Indocement Tunggal Prakarsa 2019/05/14 2019/10/17
IRPC TH0471010Y04 IRPC 2019/02/14 2020/02/14
ISAT ID1000097405 Indosat 2019/03/14 2019/09/26
ITD TH0438010Z02 Italian-Thai Development PCL 2019/11/19 2019/11/19
IVL TH1027010004 Indorama Ventures PCL 2019/02/28 2020/02/05
IVL-R TH1027010R10 Indorama Ventures PCL (NVDR) 2019/03/06 2019/03/06
IWQ US3168271043 51job Inc. ADS 2019/05/24 2019/05/24
IZZ US8740801043 TAL Education Group ADS 2018/12/14 2020/02/20
JD US47215P1066 JD.com ADS (N Shares) 2018/11/20 2020/02/20
JD. GB00BYX91H57 JD Sports Fashion 2019/11/18 2019/11/18
JKCEMENT INE823G01014 JK Cement 2020/02/14 2020/02/14
JPFA ID1000126907 Japfa Comfeed Indonesia 2019/01/10 2020/02/19
JSMR ID1000108103 Jasa Marga 2019/07/09 2020/02/25
KBANK TH0016010009 Kasikornbank PCL 2019/01/21 2019/10/25
KCE TH0122C10Z04 KCE Electronics 2019/02/15 2020/02/14
KDIC KYG525681477 Kingdee International Software Group Co. Ltd. 2019/02/25 2019/09/06
KLBF ID1000125107 Kalbe Farma 2019/02/21 2020/01/29
KOU KYG532241042 KWG Group Holdings 2019/07/11 2020/02/18
KSL TH0828A10Z03 KHON KAEN SUGAR INDUSTRY 2019/01/16 2020/01/02
KTB TH0150010Z03 Krung Thai Bank PCL 2019/01/22 2020/02/26
KTB-R TH0150010R11 Krung Thai Bank PCL NVDR 2019/02/04 2019/02/04
KTC TH0689010005 Krungthai Card PCL 2019/01/11 2020/02/18
LGX1 BMG2113B1081 China Resources Gas Group Ltd. 2019/02/21 2020/02/11
LH TH0143010Z08 Land & House PCL 2019/01/17 2020/01/16
LIUB BMG5485F1692 Li & Fung Ltd. 2019/03/25 2019/03/25
LPKR ID1000108905 Lippo Karawaci 2020/01/27 2020/01/27
LPPF ID1000113301 Matahari Department Store 2019/03/21 2019/09/24
LR6B KYG548561284 Lifestyle International Holdings Ltd. 2019/04/16 2019/04/16
M TH4577010002 MK Restaurant Group 2019/03/07 2020/02/26
M04 KYG607441022 MGM China Holdings Ltd. 2019/01/22 2020/02/14
M3I KYG6145U1094 Minth Group Ltd. 2019/07/18 2019/07/18
M4B CNE1000002M1 China Merchants Bank 2019/04/29 2020/02/20
MAG AU000000MAG5 Magmatic Resources 2019/02/18 2020/02/21
MAGMA INE511C01022 Magma Fincorp Ltd. 2020/02/14 2020/02/14
MAIN ID1000119407 Malindo Feedmill 2019/01/23 2020/02/19
MAJOR TH0671010Z08 Major Cineplex Group PCL 2019/01/28 2020/02/21
MALEE TH0293B10Z08 Malee Group 2019/03/15 2019/11/18
MAPI ID1000099807 Mitra Adiperkasa 2018/11/21 2020/02/25
MCOT TH0803010006 MCOT PCL 2019/03/08 2019/11/13
MDKA ID1000134406 Merdeka Copper Gold 2019/09/20 2019/09/20
MEDC ID1000053705 Medco Energi International 2019/04/22 2020/02/17
MEGA TH4984010009 Mega Lifesciences 2019/05/15 2019/05/15
MINT TH0128B10Z09 Minor International PCL 2019/02/27 2019/11/19
MINT-R TH0128010R17 Minor International PCL NVDR 2019/03/06 2019/03/06
MITRA BE0974283153 Mithra Pharmaceuticals 2019/01/03 2019/05/15
MNCN ID1000106206 Media Nusantara Citra Tbk PT 2020/02/06 2020/02/06
MOBIL NGMOBIL00007 11 PLC 2020/01/02 2020/01/02
N1U US6475811070 New Oriental Education & Technology Group ADS 2019/01/23 2020/01/21
NEH US64110W1027 NetEase Inc ADR 2019/02/22 2019/11/22
NS8U SG2D00968206 Hutchison Port Holdings Trust 2019/08/28 2019/08/28
O39 SG1S04926220 Oversea-Chinese Banking 2019/01/04 2020/02/24
OYY SGXE65086469 Propnex 2019/02/27 2019/10/16
PANS ID1000109200 Panin Sekuritas 2020/01/15 2020/01/15
PGAS ID1000111602 Perusahaan Gas Negara 2019/01/15 2020/02/17
PS TH7595010003 Pruksa Holding 2019/02/25 2019/05/15
PTI US7156841063 Telekomunikasi Indonesia Tbk PT (ADR) 2019/08/02 2020/02/25
PTT TH0646010007 PTT Public Company Limited 2019/02/22 2020/02/21
PTT-R TH0646010R18 PTT (NVDR) 2019/03/06 2019/03/06
PTTEP TH0355A10Z04 PTT Exploration & Production PCL 2018/12/14 2020/02/12
PTTEP-R TH0355010R16 PTT Exploration & Production PCL NVDR 2019/01/04 2020/01/09
PTTGC TH1074010006 PTT Global Chemical 2019/02/20 2020/02/18
PTTGC-R TH1074010R12 PTT Global Chemical (NVDR) 2019/03/06 2019/11/11
QH TH0256A10Z04 Quality Houses 2019/02/28 2019/11/14
RANC ID1000122906 Supra Boga Lestari 2020/01/08 2020/01/08
RATCH TH0637010Y00 Ratchaburi Electricity Generating Holding PCL 2019/05/15 2020/02/20
RATCH-R TH0637010R17 Ratchaburi Electricity Generating Holding (NVDR) 2019/02/20 2019/02/20
ROBINS TH0279010Y01 Robinson Department Store PCL 2019/05/13 2019/11/05
ROBINS-R TH0279010R18 Robinson Department Store (NVDR) 2019/02/25 2019/03/20
ROTI ID1000129703 Nippon Indosari Corpindo 2019/04/29 2020/02/25
S63 SG1F60858221 Singapore Technologies Engineering Ltd. 2019/01/31 2020/02/25
SAMART TH0374010Z09 Samart Corp. PCL 2019/11/14 2020/02/26
SAMART-R TH0374010R17 Samart Corp. (NVDR) 2019/09/05 2019/09/05
SAPPE TH5614010004 Sappe 2019/02/11 2019/11/14
SAT TH0823010002 Somboon Advance Technology PCL 2019/05/13 2019/05/13
SATS US2787681061 EchoStar 2019/01/31 2020/02/19
SAWAD TH5456010Y00 Srisawad 2019/03/28 2019/11/14
SCB TH0015010000 Siam Commercial Bank PCL 2019/01/21 2019/10/21
SCC TH0003010Z04 Siam Cement PCL 2019/01/11 2020/01/30
SCC-R TH0003010R12 Siam Cement (NVDR) 2019/10/29 2019/10/29
SCI TH6809010007 SCI Electric 2019/01/11 2020/01/22
SCNR KYG8569A1067 Sunac China Holdings Ltd 2019/02/19 2020/02/18
SGRO ID1000106107 Sampoerna Agro PT 2019/01/29 2020/01/13
SMCB ID1000072309 Solusi Bangun Indonesia Tbk PT 2018/11/21 2018/11/21
SMGR ID1000106800 Semen Gresik (Persero) 2018/11/21 2019/10/09
SMRA ID1000092406 Summarecon Agung 2019/01/09 2020/02/04
SPALI TH0371010Z05 Supalai PCL 2019/04/29 2020/02/26
SPALI-R TH0371010R13 Supalai (NVDR) 2019/01/23 2019/02/27
SPRC TH6838010002 Star Petroleum Refining 2019/02/26 2020/02/25
SPWR US8676524064 SunPower Corporation 2019/06/14 2019/06/14
SQMI ID1000098601 Wilton Makmur Indonesia 2020/01/31 2020/01/31
STA TH0254A10Z06 Sri Trang Agro-Industry PCL 2019/03/04 2020/01/23
STEC TH0307010Z09 Sino-Thai Engineering & Construction PCL 2019/05/16 2019/12/04
STEC-R TH0307010R17 Sino-Thai Engineering & Construction (NVDR) 2019/03/06 2019/03/06
SUN PLSNTCH00012 Suntech SA 2019/01/24 2020/01/23
SVI CA86212H1055 StorageVault Canada Inc. 2019/01/18 2020/02/17
SVI-R TH0152010R17 SVI (NVDR) 2019/01/18 2019/08/13
SXC KYG8586D1097 Sunny Optical Technology Group Co. Ltd. 2019/02/15 2020/02/20
SY US83356Q1085 So-Young International ADS (N Shares) 2020/01/16 2020/01/16
T39 SG1P66918738 Singapore Press Holdings Ltd. 2019/04/03 2020/01/14
TBLA ID1000076706 Tunas Baru Lampung 2019/01/03 2020/02/25
TCAP TH0083A10Z03 Thanachart Capital PCL 2019/01/22 2019/10/21
TGP AU000000TGP8 360 Capital Group 2019/01/16 2019/01/16
THCOM TH0380010Y07 Thaicom 2019/02/11 2019/11/05
TISCO TH0999010Z03 TISCO Financial Group 2019/01/16 2020/02/25
TLKM ID1000129000 Telekomunikasi Indonesia 2019/02/13 2019/09/12
TMB TH0068010Z07 TMB BANK 2019/01/23 2019/10/18
TOP TH0796010005 Thai Oil PCL 2018/11/20 2020/02/17
TOWR ID1000128804 Sarana Menara Nusantara 2019/01/02 2020/02/21
TPQ KYG8655K1094 Tianneng Power International Ltd. 2019/03/26 2019/04/10
TRUE TH0375010Z06 TRUE Corp 2019/03/01 2020/01/15
TTCL TH1002010Y06 TTCL 2019/03/05 2019/11/18
TU TH0450010Y08 Thai Union Group 2019/01/21 2020/02/18
TVO TH0209010Z07 Thai Vegetable Oil PCL 2019/03/05 2019/11/18
U11 SG1M31001969 United Overseas Bank Ltd. 2019/01/08 2020/02/24
U96 SG1R50925390 Sembcorp Industries 2018/12/13 2020/02/24
UNTR ID1000058407 United Tractors 2019/01/02 2019/12/12
UNVR ID1000095706 Unilever Indonesia 2018/11/21 2020/02/07
V03 SG0531000230 Venture Corp. Ltd. 2018/07/04 2020/02/24
VALUE NL0010661864 Value8 N.V. 2019/01/04 2020/02/21
VGI TH3740010Z08 VGI Global Media 2019/02/12 2020/02/13
VIBHA TH0295A10Z07 Vibhavadi Medical Center 2019/03/14 2019/11/15
VNET US90138A1034 21Vianet Group (ADS) (N Shares) 2019/04/30 2019/10/24
VNT TH0475010Z04 Vinythai 2019/11/14 2020/02/24
WB US9485961018 Weibo ADS (N Shares) 2020/02/24 2020/02/24
WHAUP TH7846010Z09 Wha Utilities and Power 2019/12/09 2020/01/28
WHE KYG686121032 Pacific Textiles Holdings Ltd. 2019/02/28 2019/02/28
WIKA ID1000107600 Wijaya Karya Persero 2019/01/02 2020/02/24
WSKT ID1000126105 Waskita Karya Persero 2019/05/31 2020/02/24
WTON ID1000131105 Wijaya Karya Beton 2019/01/02 2020/02/25
X2S CNE100000FN7 Sinopharm Group Co 2018/12/14 2020/02/24
XGH KYG3066L1014 ENN Energy Holdings Ltd. 2019/03/25 2020/02/20
XI9 KYG9828G1082 Xinyi Glass Holdings Ltd. 2019/05/07 2019/05/07
Y92 TH0902010014 Thai Beverage 2019/01/21 2020/02/17
Z74 SG1T75931496 SingTel 10 2019/01/02 2020/02/14
ZTX CNE1000004X4 Zhuzhou CSR Times Electric Co. Ltd. 2019/06/18 2019/06/18

Analysts

  • Chong Lee Len

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  • Stevanus Juanda

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  • Foo Zhi Wei

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  • Thananchai Jittanoon

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  • Abdul Hadi Bin Abdul Manaf

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  • Chaiwat Arsirawichai

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  • Desmond Chong Chee Wai

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  • Edward Lowis

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  • Charles Wong Kok Min

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  • Julia Pan Mengyao

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  • K Ajith

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  • Kowit Pongwinyoo

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  • Lee Yuk Kei

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  • Malaysia Research Team

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  • Sandra Huang Jieqiong

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  • Tanaporn Visaruthaphong

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  • Thailand Research Team

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  • Vincent Khoo Boo Aik

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  • Leow Huey Chuen

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  • Johnny Yum

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  • Kong Ho Meng

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  • Clement Voon Chou Chun

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  • Arsit Pamaranont

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  • Zhifeng Shen

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  • Daisy Chen

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  • Julia Cheung Pui Man

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  • Philip Wong

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  • Kader Farhan Bin Kader Ridzwan

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  • Nick Liu Sunliang

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  • Johnny Yum Chung Man

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  • Joyce Chan Pui Lai

    Technical Analyst
  • Yeo Hai Wei

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  • Gary Kong Tsz Yeung

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  • Arandi Ariantara

    Senior Analyst
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    N/A
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  • Jayson Kong

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  • Jacquelyn Yow Hui Li

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  • Silvia Dwiputri

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  • Jason Wong Chun Sang

    Research Associate
  • Oscar Jiang

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  • Llelleythan Tan Tan

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  • Nicola Ho Fang Lin

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  • Adrian Loh Tzum Yung

    Head of Research
  • Benyamin Mikael

    Research Associate
  • David Lee Gao Peng

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  • Ivy Xu Da

    Research Associate
  • Cherrie Tan Yue

    Research Associate
  • Jack Goh Tooan Orng

    Research Associate
  • Sarat Ruangtaweep Ruangtaweep

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  • Clement Ho Jia Xing

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  • Tanadech Rungsrithananon

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  • Kwanchai Atiphophai

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  • Ziv Ang Sze Champ

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UOB
Peerawat Dentananan

The Erawan Group (ERW TB) - Facing A Challenging Year

The Erawan Group (ERW TB/SELL/Bt3.98/Target: Bt3.80) Facing a challenging year.

UOB
Tanadech Rungsrithananon

Krung Thai Bank (KTB TB) - Lacklustre Growth Ahead, Dragged By High CIRs

Update Krung Thai Bank (KTB TB/HOLD/Bt15.30/Target: Bt16.30) Lacklustre growth ahead, dragged by high CIRs.

UOB
Peerawat Dentananan

Supalai (SPALI TB) - 4Q19: Net Profit Down 19% yoy

Supalai (SPALI TB/BUY/Bt16.40/Target: Bt19.30) 4Q19: Net profit down 19% yoy.

UOB
Chaiwat Arsirawichai

Samart Corporation (SAMART TB) - 4Q19: Weaker qoq Earnings On Seasonally High SG&A; Key Catalyst Is SAV IPO

Samart Corporation (SAMART TB/BUY/Bt7.40/Target: Bt10.50) 4Q19: Weaker qoq earnings on seasonally high SG&A expense; key catalyst is SAV’s IPO.

UOB
Thunya Sutavepramochanon

MK Restaurant Group (M TB) - 4Q19: Decent Earnings But Weak Outlook

MK Restaurant Group (M TB/SELL/Bt65.00/Target: Bt56.00) 4Q19: Decent earnings but weak outlook.

UOB
Peerawat Dentananan

The Erawan Group (ERW TB) - Facing A Challenging Year

The Erawan Group (ERW TB/SELL/Bt3.98/Target: Bt3.80) Facing a challenging year.

UOB
Tanadech Rungsrithananon

Krung Thai Bank (KTB TB) - Lacklustre Growth Ahead, Dragged By High CIRs

Update Krung Thai Bank (KTB TB/HOLD/Bt15.30/Target: Bt16.30) Lacklustre growth ahead, dragged by high CIRs.

UOB
Peerawat Dentananan

Supalai (SPALI TB) - 4Q19: Net Profit Down 19% yoy

Supalai (SPALI TB/BUY/Bt16.40/Target: Bt19.30) 4Q19: Net profit down 19% yoy.

UOB
Chaiwat Arsirawichai

Samart Corporation (SAMART TB) - 4Q19: Weaker qoq Earnings On Seasonally High SG&A; Key Catalyst Is SAV IPO

Samart Corporation (SAMART TB/BUY/Bt7.40/Target: Bt10.50) 4Q19: Weaker qoq earnings on seasonally high SG&A expense; key catalyst is SAV’s IPO.

UOB
Thunya Sutavepramochanon

MK Restaurant Group (M TB) - 4Q19: Decent Earnings But Weak Outlook

MK Restaurant Group (M TB/SELL/Bt65.00/Target: Bt56.00) 4Q19: Decent earnings but weak outlook.

UOB
Jayson Kong ...
  • Tham Mun Hon

China Economics: PMI - Destocking pressure remains despite better headline data.

China’s official manufacturing PMI surprised on the upside, rising to 49.8% in Sep 19, supported by stronger output and new orders. Meanwhile, non-manufacturing PMI declined to 53.7% in Sep 19 as the drop in business expectations led to the holding back of new hires. The improvement in manufacturing PMI was positive but the destocking cycle has yet to show signs of easing. We are also concerned over the notable decline in construction PMI.

UOB
Jayson Kong ...
  • Tham Mun Hon

Economics - The Big Picture: Promising PPP project pipeline to facilitate FAI growth recovery.

China’s key economic indicators broadly deteriorated in Aug 19 as broad-based weakness continued to drag economic growth lower. This prompted the government to step up macro support in the form of RRR cuts and targeted easing via special purpose bonds. We opine that efforts to shore up infrastructure investments are largely positive and the promising PPP project pipeline should facilitate FAI growth recovery going into 4Q19.

UOB
Jayson Kong ...
  • Tham Mun Hon

Economics: Economic Activity - Broad-based weakness.

China’s retail sales growth remained soft at 7.5% yoy amid deeper contraction in automobile sales while IP growth further moderated from a 17-year low to 4.4% yoy in Aug 19. Although special purpose bond issuances picked up, FAI growth slowed to 5.5% yoy in 8M19 as corporates remained cautious on investments. We expect infrastructure FAI to emerge stronger in 4Q19.

UOB
Jayson Kong ...
  • Tham Mun Hon

Economics: Money Supply - Further RRR cuts needed.

China’s M1 and M2 growth edged higher to 3.4% yoy and 8.2% yoy respectively in Aug 19 with Rmb1.2t of new loans and Rmb2.0t of new TSF extended. However, yoy TSF growth was flat at 10.7%, while bank loans growth fell to 12.4%; overall, the liquidity situation saw little improvement. Looking ahead, the impact of PBOC’s latest 50bp RRR may be muted, in the face of MLF loan repayments and higher local government bond issuance. Further RRR cuts may be needed.

UOB
Jayson Kong ...
  • Tham Mun Hon

Economics: Inflation - Falling core inflation points to room for further stimulus in 2H19.

China’s CPI inflation held firm at 2.8% yoy while core-CPI inflation crept down to 1.5% yoy in Aug 19. PPI inflation dived deeper into negative territory at -0.8% yoy in Aug 19. While food prices continued to lift headline inflations, our concern lies over benign core inflationary pressure which signals subdued economic activities. Against this backdrop, there is substantial room for stimulus in 2H19.

UOB
Ivy Xu Da ...
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Nick Liu Sunliang
  • Oscar Jiang
  • Robin Yuen
  • Shaun Tan

Greater China Daily: Wednesday, October 9, 2019

KEY HIGHLIGHTS Sector Consumer Observations from National Day Golden Week. Internet Volume growth slowing down, tourism spending increasing. Property Housing sales volume exceeds expectations. TRADERS’ CORNER China Res Beer (291 HK): Trading Buy Range China Res Gas (1193 HK): Trading Buy Range

UOB
Cherrie Tan Yue ...
  • Joyce Chan Pui Lai
  • Tham Mun Hon

Greater China Daily: Tuesday, October 8, 2019

KEY HIGHLIGHTS Strategy Hope Springs Eternal Focus on domestic consumption, FAI and utilities for now. TRADERS’ CORNER 3SBio (1530 HK): Trading Buy Range KWG Group (1813 HK): Trading Buy Range

UOB
Ivy Xu Da ...
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Ken Lee
  • Robin Yuen
  • Shaun Tan

Greater China Daily: Friday, October 4, 2019

KEY HIGHLIGHTS Sector Automobile BMW may skip special rebates to dealers for 3Q19, pressuring dealers’ new car sales margins. REITs & Landlords Office & retail: Uncertainties may linger; downgrade to MARKET WEIGHT. Sportswear Channel checks suggest a healthy 3Q19. TRADERS’ CORNER Haidilao (6862 HK): Trading Buy Range Café de Coral (341 HK): Trading Buy Range

UOB
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.

UOB
Carol Dou Xiao Qin ...
  • Greater China Research Team
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Ken Lee
  • Michael Cheung Ho Bun
  • Tham Mun Hon

Greater China Daily: Thursday, October 3, 2019

KEY HIGHLIGHTS Strategy Alpha Picks: Greater China October Conviction List No change in strategy; adding PICC P&C to our BUY list. Initiate Coverage Shenzhen Mindray Bio-Medical Electronics Co (300760 CH/BUY/Rmb184.46/Target: Rmb235.00) Becoming a global medtech giant. Update China Yongda Auto Services Holdings (3669 HK/BUY/HK$6.59/Target: HK$9.00) Acquires a niche dealer of Porsche, Mercedes-Benz and Lexus at attractive valuation. TRADERS’ CORNER Conch Venture (586 HK): Trading Buy Range Lenovo Group (992 HK): Trading Buy Range

UOB
K Ajith

Aviation - Potential inflection point as domestic capacity picks up; upgrade to MARKET WEIGHT

Domestic seat capacity has declined 70% from 20 January to 24 February. We had earlier estimated a 40% decline in capacity and a 60% decline in traffic from Feb to end-March for all three carriers. The higher-than-expected capacity cuts indicate that the cash burn would not be as severe as what we have envisaged. More significantly, we now have clear signs of a pick-up in domestic demand as airlines capacity has tripled over a 3-week period. Upgrade to MARKET WEIGHT.

UOB
Shaun Tan

Property - 2019 results preview: Cheap valuations amid uncertainty around coronavirus outbreak

Smaller developers like Wharf and Kerry are likely to miss contracted sales targets while SHKP and NWD are on track. Meanwhile, home prices stay resilient even as transaction volumes fall, mainly due to pent-up demand and supportive measures. Major landlords in Hong Kong have announced rental concessions of up to 60% rent for the month of February to support tenants, but due to developers’ diversified holdings, we expect the impact to be insignificant for now. Maintain MARKET WEIGHT with NWD as our key BUY.

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Solar Power - Price pressure continues despite Covid-19

Prices of solar products have remained stable despite the coronavirus outbreak. CPIA has trimmed the full-year solar power capacity addition for 2020 to 35-45GW. The booming solar power industry in foreign countries would continue to bode well for demand in 2020. We maintain MARKET WEIGHT on the sector. We downgrade Xinyi Solar to HOLD, and lift GCL-Poly’s target price to HK$0.37 and maintain HOLD.

UOB
Neo Chen Wentao ...
  • Sandra Huang Jieqiong
  • Ziv Ang Sze Champ

Lithium - The sky’s the “Li-mit”.The sky’s the “Li-mit”.

For the next decade, we believe the robust demand for lithium would be underpinned by EV battery growth in both China and the EU. We expect lithium prices to bottom out in 2H20, driven by supply-demand rebalancing. Leaders in the lithium hydroxide industry with high entry barriers are likely to maintain decent margins and gain market share in the booming EV battery market. Initiate coverage on the sector with an OVERWEIGHT rating. Top pick: Ganfeng Lithium-H.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property Management - 2019 results review: Potential widening of profit margins

Strong profit growth with potential widening of profit margins for financial year 2019 is expected. Cost savings achieved from economies of scale and technology adoption will be able to effectively reduce operational expenses and improve operational efficiency. Value-added services is expected to be the focus of the sector going forward, with greater upside potential and significantly higher profit margin. With share price currently trading at relatively high level, a more cautious approach would be suggested. Maintain OVERWEIGHT.

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