Ejann Hiew ... (+3)
  • Ejann Hiew
  • Shirley Wang Xueyi
  • Stella Guo Yuting

Greater China Consumer: Golden Week -- Modest Consumption Trend With S...

We observed the following trends in holiday consumption: a) jewellery performed well on rising gold prices; b) retail and catering consumption was modest, with growth decelerating from that during the 2025 Spring Festival and Labour Day; c) specialty retail (duty-free) saw per capita spending improve; and d) consumers continued to show enthusiasm for tourism and leisure spending, with domestic long-haul travel and outbound travel gaining popularity. The lower-than-expected Macau visitor arrivals...

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: Takeaways From Conference Call With Overseas ...

This week we focus on China's automobile sector under the "anti-involution" policy, which is slowing auto sales and stabilising car prices, but pressuring margins. While domestic sales slow, exports remain strong. We maintain MARKET WEIGHT on China’s automobile sector, with CATL and Geely as our top BUYs for innovation, while advising investors to SELL BYD and Li Auto due to margin and sales pressures. Key focuses include policy execution, inventory and overseas expansion challenges.

Benjaphol Suthwanish
  • Benjaphol Suthwanish

SCG Packaging (SCGP TB) - 3Q25 Net Profit Expected To Decrease Slightl...

Highlights • 3Q25 net profit is expected to decrease 3% qoq due to the low season. • Net profit in 4Q25 is expected to recover both qoq and yoy. • Maintain BUY with a new 2026 target price of Bt26.00 (previously Bt21.00). SCGP remains one of our top picks.

Jack Goh Tooan Orng
  • Jack Goh Tooan Orng

Top Glove Corporation (TOPG MK) - 4QFY25: Improving Earnings Momentum,...

4QFY25: Improving Earnings Momentum, But Challenges Persist Highlights  TOPG made a turnaround into core net profit in 4QFY25 due to strong volume sales and lower raw material costs.  Despite better US demand and margin uptick anticipated in FY26, intensifying competition in Europe remains a threat to mid- to long-term earnings.  Risk-reward appears neutral following yesterday’s share price action (+15%). Maintain HOLD with a lower target price of RM0.70 (from RM0.71).

Tanapon Cholkadidamrongkul
  • Tanapon Cholkadidamrongkul

CP ALL (CPALL TB) - 3Q25 Result Preview: Earnings To Increase yoy

Highlights • We expect 3Q25 earnings to improve yoy but decline qoq. Growth will be driven by margin expansion and continued strength in the convenience store segment, alongside a flat yoy core profit contribution from CP Axtra (CPAXT). • 4Q25 performance is expected to grow yoy, supported by stronger results from CP Axtra, while improving consumer confidence should benefit CPALL’s business.

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.

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.

Carol Dou Xiao Qin ... (+9)
  • Carol Dou Xiao Qin
  • Claire Wang Kelai
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Ken Lee
  • Ming San Soong
  • Sunny Chen
  • Tham Mun Hon
  • Ziv Ang Sze Champ

Greater China Daily: Thursday, September 25, 2025

Top Stories Strategy | China’s 15th Five-Year Plan: Unlocking Domestic Consumption The 15th Five-Year Plan (2026-30) targets a 4.5-5.0% yoy GDP growth toward 2035 modernisation. Priorities include boosting services-led consumption via subsidies, tax reforms and consumer credit; advancing innovation in semiconductors, EVs, robotics and biotech; and extending anti-involution reforms to consolidate sectors with excess capacity. Green transition shifts focus on grid efficiency, storage and nuclear....

Ejann Hiew ... (+3)
  • Ejann Hiew
  • Shirley Wang Xueyi
  • Stella Guo Yuting

Greater China Daily: Wednesday, September 24, 2025

Top Stories Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with the estimated payback period for the Guangzhou Beijing Road store at 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exce...

Bella Lu Yifei ... (+8)
  • Bella Lu Yifei
  • Colin Lee
  • Ejann Hiew
  • Greater China Research Team
  • Johnny Yum Chung Man
  • Ken Lee
  • Shirley Wang Xueyi
  • Stella Guo Yuting

Greater China Daily: Wednesday, August 20, 2025

KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.28/Target: HK$33.80) 1H25 results beat expectations. Sales volume of sub-premium beer and above saw mid-to-high single-digit growth. In the 15th Five-Year Plan, CR Beer will remain focused on Heineken as its core, while strengthening the sub-premium segment as another growth driver. The baijiu business is not expected to deteriorate further amid the adjustment phase in 2H25, but any potential impairment will still depend on business...

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...

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...

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