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Jo Yee Ng
- Jo Yee Ng
KIP REIT (KIP MK) - More Than Meets The Yield
More Than Meets The Yield Highlights The defensive REIT offers investors an attractive yield of 7.6% in FY26F, with re-rating potential from its acquisition-led growth and improving liquidity. DPU has grown under the current CEO, and we forecast a 4% three-year CAGR in DPU during FY25-28F, underscoring management’s execution capability and focus on unitholder returns. Initiate coverage with BUY and a DDM-based target price of RM1.15.
Thanawat Thangchadakorn
- Thanawat Thangchadakorn
Bangkok Commercial Asset Management (BAM TB) - 4Q25 Results Preview: ...
Company Update | Bangkok Commercial Asset Management (BAM TB/BUY/Bt7.60/Target: Bt9.00) We expect BAM to report a 4Q25 net profit of Bt275m, down 47% yoy but up 50% qoq. We forecast total debt collection in 2025 to be Bt17.8b, hitting the company’s debt collection target. However, we are concerned about the continued high level of ECL in 4Q25. The CEO expects 1-2 new JV AMCs to be established in 1Q26. Maintain BUY with an unchanged target price of Bt9.00.
Benjaphol Suthwanish ... (+2)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 2026 Earnings Driven By Low...
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt129.50/Target: Bt150.00) The energy market remains under pressure in 2026 on oversupply in both crude oil and LNG. However, geopolitical risks remain a key factor in limiting the downside of crude oil prices. We are positive on the earnings outlook for 1Q26 and full-year 2026, supported by record-high sales volumes and declining unit costs. PTTEP announced a 2H25 dividend of Bt4.65/share. Maintain BUY with a higher target price of B...
Benjaphol Suthwanish
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Subtle Earnings Growth Expected In 4...
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.40/Target: Bt14.00) BCH is expected to post earnings of Bt241m in 4Q25, with net profit rising slightly yoy but declining qoq due to weaker foreign patient revenue and margin pressure. Thai patient revenue benefitted from disease outbreaks, while Cambodian revenue remained weak but should begin recovering from 1Q26 through patient referrals to Kasemrad Vientiane. Longer-term upside includes higher SSO wage ceilings and potential fee increa...
Tanapon Cholkadidamrongkul
- Tanapon Cholkadidamrongkul
Siam Global House (GLOBAL TB) - 4Q25: Results In Line; No Upside On Sh...
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.80/Target: Bt8.00) Results were down 18% yoy, in line with expectations, mainly due to negative SSSG and higher SG&A. The share price went up sharply, rising 25% over the past 30 days, outperforming retail peers and reaching our target price. Hence, we downgrade to HOLD with an unchanged target price of Bt8.00
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.
Bella Lu Yifei ... (+5)
- Bella Lu Yifei
- Curtis Yeung
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, February 5, 2026
Top Stories Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, with 40...
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...
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...