reports
- Julia Pan Mengyao
China Internet. Deeper Dive Into Agentic AI And The Rise Of AI Super A...
To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To- B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) rollout of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Maintain OVERWEIGHT. Top BUYs: Baidu,...
- Bella Lu Yifei
- Claire Wang Kelai
- Curtis Yeung
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, February 2, 2026
Top Stories Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterprise su...
- Julia Pan Mengyao
China Internet: Deeper dive into agentic AI and the rise of AI super a...
Highlights To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To-B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) roll-out of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Over time, we expect fur...
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Julia Pan Mengyao
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, 30 January 2026
Top Stories Sector Update | Automobile Chinese EVs are gaining share in the global auto market, due to China’s integrated supply chain dominance and favourable trade policies. Established incumbents like BYD are facing increasing competition from fellow Chinese auto OEMs and some western brands like VW. Lower-export OEMs (Geely, XPeng) hold greater upside than high-export leaders (BYD, GWM). China’s EV export hub status benefits suppliers as foreign OEMs leverage local production. Maintain MARKE...
- Julia Pan Mengyao
TAL Educational Group (TAL US) - 3QFY26: Solid Earnings Beat; Softer T...
TAL’s 3QFY26 earnings was a resilient beat. Revenue grew 27% yoy to US$770m for 3QFY26, slightly below our and consensus estimates. Gross profit rose 35% yoy to US$432m, with gross margin expanding 3ppt yoy to 56%. Non-GAAP net profit beat expectations and came in at US$141m vs the street’s estimate of US$42.4m. Non-GAAP net margin expanded 12ppt yoy at 18% due to tempered marketing efforts amid low seasonality. Maintain BUY with an unchanged target price of US$14.00.
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, January 30, 2026
Greater China Sector Update | Automobile Chinese EVs are gaining share in the global auto market, due to China’s integrated supply chain dominance and favourable trade policies. Established incumbents like BYD are facing increasing competition from fellow Chinese auto OEMs and some western brands like VW. Lower-export OEMs (Geely, XPeng) hold greater upside than high-export leaders (BYD, GWM). China’s EV export hub status benefits suppliers as foreign OEMs leverage local production. Maintain MAR...
- Julia Pan Mengyao
iFlytek (002230 CH): 2025 profit alert: 40-70% yoy net profit growth o...
Highlights In iFlytek’s 2025 positive profit alert, it expects net profit attributable to shareholders to soar 40-70% yoy, reaching Rmb785m-950m. Stripping out non-recurring items, net profit is projected to surge 30-60% yoy to Rmb245m- 301m. We forecast a 2025 revenue growth of 16% yoy to Rmb27b. Maintain BUY with a higher target price of Rmb70.00. Analysis iFlytek secured 210 winning bids in 2025 with a disclosed contract value of Rmb2.316b, ranking first among general-purpose large lan...
- Julia Pan Mengyao
New Oriental Education (EDU US): 2QFY26: Strong Earnings Beat; Resilie...
EDU delivered a solid 2QFY26 results beat. Revenue grew 15% yoy to US$1,191m, 3% higher than our and consensus estimates. Non-GAAP net profit came in at US$73m, beating our and consensus estimates by 27-30% due to ongoing prudent cost control, while net margin expanded 2ppt yoy to 6% for 2QFY26. EDU expects 3QFY26 revenue to grow at an intact 11-14% yoy to US$1,313.2m-1,348.7m, in line with consensus forecasts. Upgrade to BUY with a higher target price of US$68.00 (HK$53).
- Curtis Yeung
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
Greater China Daily: Thursday, January 29, 2026
Top Stories Company Results | New Oriental Education (EDU US/BUY/US$58.95/Target: US$68.00) EDU delivered a solid 2QFY26 results beat. Revenue grew 15% yoy to US$1,191m, 3% higher than our and consensus estimates. Non-GAAP net profit came in at US$73m, beating our and consensus estimates by 27-30% due to ongoing prudent cost control, while net margin expanded 2ppt yoy to 6% for 2QFY26. EDU expects 3QFY26 revenue to grow at an intact 11-14% yoy to US$1,313.2m-1,348.7m, in line with consensus for...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Posmarito Pakpahan
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 29, 2026
Greater China Company Results | New Oriental Education (EDU US/BUY/US$58.95/Target: US$68.00) EDU delivered a solid 2QFY26 results beat. Revenue grew 15% yoy to US$1,191m, 3% higher than our and consensus estimates. Non-GAAP net profit came in at US$73m, beating our and consensus estimates by 27-30% due to ongoing prudent cost control, while net margin expanded 2ppt yoy to 6% for 2QFY26. EDU expects 3QFY26 revenue to grow at an intact 11-14% yoy to US$1,313.2m-1,348.7m, in line with consensus fo...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SCGB SUNWAY CONSTRUCTION GROUP BH
SCC-R SIAM CEMENT (NVDR)
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HLA HONG LEONG ASIA LTD
BBCA BANK CENTRAL ASIA
CMMT CAPITALAND MALAYSIA TRUST
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 4Q25 Results Preview: Intact Online Games A...
We expect Tencent’s revenue growth to remain solid at 13% yoy in 4Q25 despite macro headwinds and the ad-spend tax, continuing to benefit from inventory release and AI empowerment. We opine that near- to mid-term catalysts would include: a) multiple flagship new game launches in 2026, b) continued improvement in ad placement efficiency driven by AI, and c) the launch of AI-powered Mini Program code development tools on WeChat. Maintain BUY with an unchanged target price of HK$800.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, January 22, 2026
Top Stories Sector Update | Healthcare At the recent investor conference, global investors viewed Chinese healthcare companies with increasing interest and optimism. Impressed by their advanced R&D pipelines and swift R&D-to-market execution capabilities, investors recognised Chinese companies’ potential for innovation and growth, particularly as they presented an array of cutting-edge products ready for global markets. This positive perception reflects a growing confidence in China's healthcar...
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 22, 2026
Greater China Sector Update | Healthcare At the recent investor conference, global investors viewed Chinese healthcare companies with increasing interest and optimism. Impressed by their advanced R&D pipelines and swift R&D-to-market execution capabilities, investors recognised Chinese companies’ potential for innovation and growth, particularly as they presented an array of cutting-edge products ready for global markets. This positive perception reflects a growing confidence in China's healthca...
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
KTB-R KRUNG THAI BANK PCL NVDR
1772 GANFENG LITHIUM CO. LTD. CLASS H
06160 BEIGENE LTD.
SCB SCB X PUBLIC COMPANY LIMITED
BTG BETAGRO PUBLIC COMPANY LIMITED
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q25 Results Preview: Lacklustre Top-line Growth; 1Q...
JD has guided for sluggish low single-digit top-line growth in 4Q25, moderating significantly from 3Q25’s revenue growth of 15% yoy, due to the high-base effect last year as a result of national subsidies. However, 4Q25’s revenue growth performance is likely to mark a cyclical trough, particularly for the JDR segment. We are optimistic about 1Q26 due to the resumption of national subsidies and strong seasonality during the Spring Festival. Maintain BUY with a lower target price of HK$155.00 (US$...
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, January 15, 2026
Top Stories Economics | Trade Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market pos...
- Andrew Agita Buntoro
- Claire Wang Kelai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 15, 2026
Greater China Economics | Trade Exports growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is marke...
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
SOP SARAWAK OIL PALMS BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
KIML KIM LOONG RESOURCES BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
GENP GENTING PLANTATIONS BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
09618 JD.COM INC. CLASS A
FFB FARM FRESH BHD
SDG SD GUTHRIE BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK INDOSAT TBK PT
ECOSHOP MK ORIENTAL KOPI HOLDINGS BHD
ECO-SHOP MARKETING BHD
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 3QFY26 Results Preview: Lukewarm CMR Growth; ...
We expect Alibaba to report lacklustre 3QFY26 results but expect a gradual margin recovery on softer investment in instant delivery competition. We are cautiously optimistic on Alibaba’s core commerce business due to the high base last year and ongoing competition. Nevertheless, we are sanguine on its cloud strategy, which will position the company well to become a technology platform centred on AI + Cloud with long-term strategic value and growth flywheel. Maintain BUY with an unchanged target ...
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
Greater China Daily: Tuesday, January 13, 2026
Top Stories Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably towards the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high policy vo...
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 13, 2026
Greater China Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably toward the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high polic...
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IJM IJM CORP BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
FUTU FUTU HOLDINGS ADS
SWB SUNWAY BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
HEAL MEDIKALOKA HERMINA
09988 ALIBABA GROUP HOLDING LTD.
SCGP SCG PACKAGING PCL
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
SDG SD GUTHRIE BHD
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
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