reports
- Johnny Yum Chung Man
ZTE Corporation (763 HK): Stronger Overseas Growth In 1Q24 Offsets Slo...
ZTE registered a mild 3.7% yoy net profit growth in 1Q24, in line with estimates. The growth was primarily driven by the overseas, G&C and consumer businesses, coupled with excellent control over operating expenses. Going forward, we expect ZTE to continue benefitting from China’s cloud infrastructure buildout and digitalisation efforts, but near-term headwinds from declining telco capex and geopolitical tensions will likely weigh on its valuation. Maintain BUY and trim target price to HK$21.00.
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Stronger confidence in EV business after Invest...
We attended Xiaomi’s investor day and visited its EV production base in Beijing. During the event, the company disclosed encouraging developments for the EV business, including: a) robust locked orders of 75,723 units, b) full-year shipment target of 100,000 units, c) better-than-expected gross margins of 5-10%, and d) accelerated production ramp-up. Maintain BUY and adjust target price to HK$21.00.
- Malaysia Research Team
Malaysia Daily - Friday, April 26, 2024
KEY HIG HLIGH TS Company Results Vitrox Corporation (VITRO MK/HOLD/RM7.62/Target: RM8.10) Page 2 1Q24: Vitrox registered a soft 1Q24 on its fifth consecutive yoy sales contraction but the negative quantum has narrowed further. Downgrade to HOLD. UOBKH Highlights Pavilion REIT (PREIT MK/BUY/RM1.30/Target: RM1.47) Page 5 1Q24: Within expectations. TRADERS’ CORNER Page 6 Eco World International (ECWI MK): Technical BUY Federal International Holdings (FIHB MK): Technical BUY
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Friday, April 26, 2024
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023 results were satisfactory but 1Q24 revenue growth was significantly slower than our estimate. We believe weak economic conditions may continue to put pressure on revenue growth. Aier continues to pursue service excellence by offering high value-added services and products to attract patients and stay ahead of competition. Maintain BUY with a lower target price of Rmb15.00 to factor in the possible i...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023: Satisfactory results; weak economic conditions may cloud 2024 growth visibility. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb245.58/Target: Rmb321.00) 2023: Results in line; accelerating nationwide expansion. Update Xiaomi Corp (1810 HK/BUY/HK$16.60/Target: HK$21.00) Stronger confidence in EV business after Investor Day and factory visit. INDONESIA Results Unilev...
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
TOP THAI OIL PUBLIC CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
UNVR PT UNILEVER INDONESIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
AP AP THAILAND
TCAP THANACHART CAPITAL PCL
01810 XIAOMI CORP. CLASS B
VITRO VITROX CORP BHD
- Johnny Yum Chung Man
Han’s Laser Technology Industry Group (002008 CH): 1Q24 bolstered by i...
Han’s Laser’s 1Q24 reported net profit surged 594% yoy due to a one-off investment gain of Rmb1.05b from the disposal of a subsidiary. Stripping out non-core items, core net profit was below our and market expectations at a Rmb6m loss, due to a margin squeeze and deteriorating product mix. Going forward, we remain cautious on its recovery due to sluggish end demand, as well as sustained pricing pressure on PCB equipment. Maintain HOLD and keep target price at Rmb17.10.
- Bella Lu Yifei
- Ken Lee
Great Wall Motor (2333 HK): 1Q24 earnings spike 17.5x on margin recove...
GWM posted upbeat 1Q24 results with revenue and net profit growing 48%/17.5x yoy to Rmb42.86b/Rmb3,228m respectively. These far outpace the 25% sales volume growth, due to ASP hikes and margin improvement from the optimisation of sales mix and export growth. Going forward, we expect margins to fall back to normal levels, based on the weakening sales momentum domestically. Maintain HOLD. Target price: HK$10.50.
- Bella Lu Yifei
- Ken Lee
EVE Energy (300014 CH): 1Q24 earnings in line while revenue misses. Ma...
EVE’s 1Q24 net profit came in at Rmb1,066m (-7% yoy/+70% qoq), vs our full-year 2024 estimate of Rmb4,010m and consensus forecast of Rmb5,029m, in line. Revenue fell 17% yoy and 30% qoq to Rmb9.3b in 1Q24 due to lower lithium-ion battery prices and slowing battery sales growth. We maintain our 2024-26 net profit forecasts of Rmb4.01b/Rmb3.99b/Rmb4.09b respective
- Johnny Yum Chung Man
ASMPT (522 HK): 1Q24: Solid results, more positive updates to advanced...
ASMPT’s 1Q24 results are better than expected thanks to strong margins, but 2Q24’s revenue guidance was below our and consensus estimates due to sluggish sales of mainstream tools. Nevertheless, the advanced packaging business remains robust, and we see more positive developments with TCB and HB tools, including progress in leading foundry clients, new order wins, and demo shipments to new HBM clients. Maintain BUY and trim target price to HK$120.00.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: EV sales rebound for two weeks in a row, but ...
China’s PEV sales grew 9% yoy and 12% wow during the week of 15-21 Apr 24, implying a 44.9% market share. BYD, Zeekr and XPeng saw sales rebound during the week, in line with expectations; Aion, Li Auto and Tesla posted lower sales, below expectations. Tesla posted disappointing 1Q24 results on a sales drop, and cut prices of Model Y/3 by 5-6%. Li Auto also cut prices by 5-7%, intensifying the price war. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
060310 3S KOREA
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
- Malaysia Research Team
Malaysia Daily - Thursday, April 24, 2024
KEY HIG HLIGH TS Company Update Westports Holdings (WPRTS MK/HOLD/RM3.88/Target: RM3.95) Page 2 The aftereffects of the Red Sea Crisis are now beginning to show with critical port congestion akin to that in 2021. UOBKH Highlights CapitaLand Malaysia Trust (CLMT MK/HOLD/RM0.62/Target: RM0.63) Page 5 1Q24: Above expectations. TRADERS’ CORNER Page 6 Aeon Co. (M) (AEON MK): Technical BUY Sunview Group (SUNVIEW MK): Technical BUY
- Bella Lu Yifei
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
Greater China Daily: Thursday, April 25, 2024
KEY HIGHLIGHTS Sector Automobile China’s PEV sales grew 9% yoy and 12% wow during the week of 15-21 Apr 24, implying a 44.9% market share. BYD, Zeekr and XPeng saw sales rebound during the week, in line with expectations; Aion, Li Auto and Tesla posted lower sales, below expectations. Tesla posted disappointing 1Q24 results on a sales drop, and cut prices of Model Y/3 by 5-6%. Li Auto also cut prices by 5-7%, intensifying the price war. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 25
GREATER CHINA Sector Automobile Weekly: EV sales rebound for two weeks in a row, but price war intensifies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea. Results ASMPT (522 HK/BUY/HK$102.30/Target: HK$120.00) 1Q24: Solid results, more positive updates to advanced packaging business. EVE Energy (300014 HK/SELL/ Rmb34.27/Target: Rmb20.00) ...
- Bella Lu Yifei
- Ken Lee
Ningbo Tuopu Group Co (601689 CH): 4Q23 results in line; cut target pr...
Tuopu’s 2023 net profit came in as expected at Rmb2.15b (+26.5% yoy), in line with the preliminary numbers disclosed previously. Looking ahead, we expect Tuopu to further diversify away from Tesla with the launch and ramp-up of new projects with other customers. Having said that, Tesla will still contribute over 40% of Tuopu’s revenue in 2024-26. Given the weaker sales of Tesla, we trim our 2024-25 net profit forecasts by 9%/13% respectively. Cut target price from Rmb90.00 to Rmb80.00. Maintain ...
- Johnny Yum Chung Man
Shenzhen Inovance (300124 CH): 4Q23/1Q24: Results in line. Automation ...
Inovance’s 4Q23/1Q24 results are largely in line with its preliminary results and profit guidance. Management guided for a 15-35%/5-20% growth in 2024’s revenue/net profit respectively, with growth continuing to be driven by general automation and the EV business. However, it also highlighted a challenging macro environment in China and will focus on optimising operational efficiency to offset price competition and raw material price hikes. Maintain BUY. Cut target price to Rmb75.50.
- Julia Pan Mengyao
- Ming San Soong
iFlytek (002230 CH): FY23 and 1Q24: Earnings missed; dividend of Rmb1....
iFlytek reported its 2023 and 1Q24 results. 2023 revenue grew 4% yoy, below expectations, while net profit rose 17% yoy to Rmb657m, 12% lower than consensus estimates. Meanwhile, 1Q24 revenue grew 26.3% yoy to Rmb3.65b, in line with consensus expectations. Net profit came in at Rmb300m, below consensus forecasts by 73%. Adjusted net loss expanded 30% yoy to Rmb441m. Downgrade to HOLD with a lower target price of Rmb40.00.
- Malaysia Research Team
Malaysia Daily - Wednesday, April 24, 2024
KEY HIG HLIGH TS Sector Update Automobile – Malaysia Page 2 MAA Mar 24 TIV: Higher sales due to Hari Raya promotions and rush deliveries. Company Update Scientex (SCI MK/BUY/RM4.04/Target: RM4.58) Page 4 Scientex continues to offer stellar mid- to long-term prospects alongside palatable valuations. Maintain BUY with a target price of RM4.58 UOBKH Highlights Axis REIT (AXRB MK/HOLD/RM1.86/Target: RM1.92) Page 7 1Q24: Results within expectations. TRADERS’ CORNER Page 8 Aurelius Technologies (ATECH...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, April 24, 2024
KEY HIGHLIGHTS Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb27.55/Target: Rmb36.10) 1Q24: Results abov...
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, April 24, 2024
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
002230 IFLYTEK CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
BBCA PT BANK CENTRAL ASIA TBK
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SCI SCI E&C
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
AZTECH AZTECH GLOBAL LTD
- Malaysia Research Team
Malaysia Daily - Tuesday, April 23, 202
KEY HIG HLIGH TS Company Update Malaysia Smelting Corporation (SMELT MK/BUY/RM3.01/Target: RM3.60) Page 2 Strong LME tin prices and robust production output to drive growth in 2024. Sapura Energy (SAPE MK/SELL/RM0.05/Target: RM0.02) Page 5 The long-awaited sale of SapuraOMV is aligned with our valuation assumptions (proceeds of RM2.5b). But downside risk remains on the more important aspect of the group’s EBITDA generation. TRADERS’ CORNER Page 8 Hwa Tai Industries (HWA MK): Technical BUY Sentra...
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