reports
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Plantation - Mar 24: Higher Palm Oil Exports From Malaysia
Mar 24: Higher Palm Oil Exports From Malaysia Malaysia's palm oil inventory came in lower than market estimates, thanks to strong exports despite production increasing mom. We attribute this to the limited palm oil exports from Indonesia due to lower production and strong demand domestically. We expect CPO prices to continue to be supported as we reckon that inventory in Apr 24 would remain low and supply tight in the market. Maintain OVERWEIGHT.
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Leow Huey Chuen
- Roy Chen Chengzhi
- Stevanus Juanda
Regional Morning Notes - Tuesday, April 16, 2024
GREATER CHINA Sector Aviation: Airlines’ Mar 24 operation data was slightly weaker than we expected. Maintain MARKET WEIGHT with Air China being our top pick. Property: Property transactions pull back in April; rising risks of Vanke worsen sentiment. Update China Overseas Property Holdings (2669 HK/BUY/HK$4.05/Target: HK$5.60): Clarifying growth targets for 2024-26. INDONESIA Update Ace Hardware Indonesia (ACES IJ/BUY/Rp950/Target: Rp1,200): Potential 23.7% and 20.1% NPAT growth in 2024 and 202...
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline Co (002472 CH): 4Q23: Results in line; b...
Shuanghuan’s 4Q23 results are in line with our estimates and preliminary results, although the revenue was slightly below due to a weaker-than-expected EV gear business. In 2024, growth of the EV gear business should stabilise, but the high growth period is likely over, while the overseas business and development of the newlyacquired civil gear business will be crucial for Shuanghuan to find a new growth driver. Maintain BUY but cut target price to Rmb27.60.
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Johnny Yum Chung Man
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Economics Money Supply Slower-than-expected credit expansion. Trade Exports drop 7.5% and imports fall 1.9%. Sector Healthcare ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60) 4Q23: Results in line; but slowdown in EV gear business is apparent. HSI AND HS TECH INDEX OUTLOOK
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Singapore Research Team
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Monday, April 15, 2024
GREATER CHINA Economics Money Supply: Slower-than-expected credit expansion. Trade: Exports drop 7.5% and imports fall 1.9%. Sector Healthcare: ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60): 4Q23: Results in line; but slowdown in EV gear business is apparent. MALAYSIA Sector Banking: The operational commencement of the various new digital bank...
- Bella Lu Yifei
- Ken Lee
China Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigg...
We raise our 2024 forecasts on China’s vehicle sales growth and EV sales growth from -5.1%/+10.8% to +7.5%/+21.7% respectively on higher 1Q24 sales given bigger-thanexpected price cuts, stronger exports and stimulus. Despite higher sales growth, most auto companies’ earnings will still be pressured by price cuts. PV sales declined 10.6% yoy and 39.7% wow in the first week of April due to the Tomb Sweeping Festival holiday. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL a...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
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
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
09868 XPENG INC
- Kong Ho Meng
Dialog Group (DLG MK) - Midstream Catalyst Is Still Ongoing
Midstream Catalyst Is Still Ongoing Although the storage terminals may continue to enjoy peakish utilisation and rates, the midstream segment offers another earnings catalyst via the Jubail Supply Base, that is benefitting from a sustainable elevated demand for O&G activities in Saudi Arabia and energy transition. In terms of expansion/growth, Dialog remains as a Pengerang beneficiary, but may also see new growth from upstream (Baram Junior) and Jubail. Retain BUY, with adjusted target price of ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, April 12, 2024
ASEAN Sector Banks: ASEAN Banks: Quarterly update. GREATER CHINA Economics Inflation: CPI inflation moderates as CNY effects fade. Sector Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer: Focus on four key theses for the sector. Property: 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. MALAYSIA Update Dialo...
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, April 12, 2024
KEY HIGHLIGHTS Economics Inflation CPI inflation moderates as CNY effects fade. Sector Automobile Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer Focus on four key theses for the sector. Property 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. TRADERS’ CORNER Dongfang Electric Company Limited (1072 HK): Tr...
- Johnny Yum Chung Man
China IT Hardware: AI Hardware -- Elevated investment to bolster inves...
Recent news of leading foundries raising investments in US fabs, and TSMC’s elevated expansion into CoWoS in 2025 after positive initial reception/analysis of NVIDIA’s new GB200 Superchip, represents the semi industry’s optimism on GenAI-driven demand in both the short and long term. This can also further lift the market’s confidence in the sustainability of AI-related investments in the coming years, which can in turn drive another round of upward revisions in market/earnings forecasts. Maintai...
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, April 11, 2024
KEY HIGHLIGHTS Sector IT Hardware AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00) 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. TRADERS’ CORNER Guangzhou Automobile Group (2238 HK): Trading Buy range: HK$3.48-3.58 China Gas Holdings Limited (384 HK): Trading Buy range: HK$7.90-8.00
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Regional Morning Notes - Thursday, April 11, 2024
GREATER CHINA Sector IT Hardware: AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00): 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. SINGAPORE Update Marco Polo Marine (MPM SP/BUY/S$0.067/Target:S$0.086): Virtual call takeaways: Thriving on upswing in offshore industry. THAILAND Update Energy Absolute (EA TB/BUY/Bt35.25/Target: Bt70.00): Looking for new growth opportunities fro...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Marco Polo Marine (MPM SP) - Virtual Call Takeaways: Thriving On Upswi...
MPM has highlighted the promising future of offshore wind with rising global capacity targets. Average dayrates and utilisation rates are also likely to remain on the uptrend, supported by growing demand and limited vessel supply. We believe this allows MPM to continue securing ship chartering contracts and expanding into new markets, with its fleet and shipyard growth expected to contribute from FY25. Maintain BUY with a target price of S$0.086.
- Bella Lu Yifei
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
Greater China Daily - Friday, April 5, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. Sector Automobile: Weekly: Prefer high value-added automotive part companies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.09/Target: HK$2.81): SGM result: Chairman removed; Colin Currie appo...
- Johnny Yum Chung Man
- Kate Luang
Giordano International (709 HK) - SGM Result: Chairman Removed; Colin ...
All proposed resolutions by CTF were passed by poll at the SGM on 3 Apr 24. Peter Lau was removed from his position as Chairman and Colin Currie was appointed as an executive director. We think Currie’s experience in expanding Adidas’ APAC business could support Giordano’s ongoing emerging markets expansion. However, there could be further changes to Giordano’s expansion plan, management team and dividend policy. Maintain BUY. Target price: HK$2.81.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Weekly: Prefer High Value-added Automotive Pa...
Most OEMs, battery material suppliers and automobile dealers saw a margin squeeze in 2H23/4Q23, due to a drop in product prices. However, automotive part companies focusing on high value-added products, eg CATL, Desay SV and Fuyao Glass, enjoyed margin improvement during the period, due to optimisation of product mix. Maintain UNDERWEIGHT. Remove Tuopu from top BUY list on Tesla risk. Top BUYs: CATL and Desay. Add BYD and Li Auto to top SELL list. Top SELLs: BYD, Li Auto and XPeng.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
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
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Limartha Adhiputra
- Philip Wong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 05, 2024
GREATER CHINA Strategy Alpha Picks: April Conviction Calls Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. Sector Automobile Weekly: Prefer high value-added automotive part companies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.09/Target: HK$2.81) SGM result: Chairman removed; Colin Currie appoi...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Plantation - Palm Oil Prices Taking The Lead On Supply Tightness
Palm Oil Prices Taking The Lead On Supply Tightness Palm oil prices at most destination markets have surpassed those of the other three major vegoils (SBO, RSO, SFO) for the first time due to short-term supply tightness. Price movements thus far have been within our expected range. Prices of palm byproducts such as palm stearin and palm kernel oil have also strengthened along with higher cocoa prices. CPO prices may weaken, but should remain elevated. Maintain OVERWEIGHT. Top picks: IOI Corporat...
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Leow Huey Chuen
- Limartha Adhiputra
- Paula Ruth
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, April 03, 2024
INDONESIA Results Mitra Keluarga (MIKA IJ/BUY/Rp2,500/Target: Rp3,000) 4Q23: Net profit dropped 13.5% qoq; 17% net profit growth expected in 2024. Ciputra Development (CTRA IJ/HOLD/Rp1,260/Target: Rp1,370) 4Q23: NPAT in line with consensus; expect better results in the upcoming quarter. Downgrade to HOLD. Sarana Menara Nusantara (TOWR IJ/BUY/Rp855/Target: Rp1,200) 4Q23: Non-tower revenue up 18% yoy; maintain BUY. MALAYSIA Sector Plantation CPO prices have surpassed those of SBO, SFO and R...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.