reports
- Singapore Research Team
Singapore Daily: Friday, April 10, 2026
Top Stories Strategy | Monthly Market Radar Singapore equities fell 2.2% in March to 4,885.45 amid escalating Middle East tensions and rising oil prices. Volatility increased as retail investors stayed active, favouring industrial and tech stocks. Corporate catalysts included Oiltek’s major contract win, CLAR’s capital raising and UI Boustead REIT’s SGX debut. Markets remained cautious, with heightened geopolitical risks amplifying concerns over supply disruptions and oil-price pressures. Marke...
- Malaysia Research Team
Malaysia Daily - Friday, April 10, 2026
Top Stories Malaysia Gems Corporate Highlights | Duopharma Biotech (DBB MK/BUY/RM1.32/Target: RM1.62) Duopharma has limited exposure to Middle East export markets, with overall export growth expected to be driven by the Philippines and Singapore. Its supply chain remains resilient despite geopolitical uncertainties; cost pressures are confined to paracetamol API, which are mitigated by healthy inventory buffers. Maintain BUY and target price of RM1.62. Duopharma offers highly visible defensive e...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ken Lee
- Kitpon Praipaisarnkit
- Philip Wong
- Posmarito Pakpahan
- Singapore Research Team
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Friday, April 10, 2026
Greater China Sector Update | Automobile In 4Q25, the upstream segments (battery and battery materials) outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments. China’s auto sector profits should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26 as: a) the front-loading effect is fading, b) local subsidies are coming through; c) OEMs are launching new techs; and d) overseas sales remain buoyant. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Min...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
CBG CARABAO GROUP
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
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities fell 2.2% in March to 4,885.45 amid escalating Middle East tensions and rising oil prices. Volatility increased as retail investors stayed active, favouring industrial and tech stocks. Corporate catalysts included Oiltek’s major contract win, CLAR’s capital raising and UI Boustead REIT’s SGX debut. Markets remained cautious, with heightened geopolitical risks amplifying concerns over supply disruptions and oil-price pressures.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
AS7 ANTA SPORTS PRODUCTS LTD.
FR FIRST INDUSTRIAL REALTY TRUST INC.
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
02331 LI NING COMPANY LIMITED
TOP THAI OIL PUBLIC CO. LTD.
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION LIMITED
GLOBAL SIAM GLOBAL HOUSE PCL
AKRN ACRON
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
RATCH RATCH GROUP PUBLIC CO. LTD.
FUTU FUTU HOLDINGS ADS
PROP PROPNEX LTD
0606923D CHINA DUTY FREE GROUP CO LTD
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
HLA HONG LEONG ASIA LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
09888 BAIDU INC
GOTO GOTO GOJEK TOKOPEDIA
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
HRUM HARUM ENERGY TBK PT
NTTDCR SP NTT DC REIT
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Greater China Research Team
- Tham Mun Hon
China Banking: Defensive Play Regains Traction.
China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving top-line growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a defensive play amid heightened geopolitical...
- Malaysia Research Team
Malaysia Daily - Thursday, April 9, 2026
Top Stories Company Update | PPB Group (PEP MK/BUY/RM12.20/Target: RM14.10) Core businesses are expected to sustain their positive momentum, after charting a strong performance in 2025, particularly for its agribusiness and film operations. Agribusiness’ profitability is expected to remain supported by a relatively stable cost base, whereas PPB’s film segment would leverage on another solid line-up of movie releases for 2026. As for Wilmar, management expects no further impairment charges after ...
- Greater China Research Team
- Joyce Chu
- Tham Mun Hon
Greater China Daily: Thursday, April 9, 2026
Top Stories Sector Update | Banking China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving top-line growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a defens...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Greater China Research Team
- Jonathan Koh
- Kitpon Praipaisarnkit
- Lester Siew
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, April 9, 2026
Greater China Sector Update | Banking China banks generally delivered resilient revenue and earnings growth in 4Q25, supported by stabilising NII and accelerated fee income growth. SOE banks outperformed JSBs, driven by stronger other non-NII growth from profit-taking on AC and FVOCI bonds. Asset quality indicators were broadly stable, although retail asset quality risks remain elevated. Given the improving topline growth and solid dividend yields, we upgrade the sector to OVERWEIGHT as a de...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
PEP PPB GROUP BERHAD
DELTA DELTA ELECTRONICS
- Malaysia Research Team
Malaysia Daily - Wednesday, April 8, 2026
Top Stories Sector Update | Utilities As Malaysia strives to achieve its Net Zero target by 2050, EC and PETRA continue to navigate the energy trilemma of ensuring energy security, affordability and sustainability. Nuclear energy stands out as a credible alternative, underpinned by its stable baseload generation capability, in alignment with Malaysia’s planned phase-out of coal-fired power plants by 2044. Nuclear energy adoption has been formally embedded within the 13MP, with an affirmative pol...
- Malaysia Research Team
Malaysia Daily - Tuesday, April 7, 2026
Top Stories Sector Update | Property & Construction Sunway’s VTO bid for IJM has closed with Sunway securing a 33.4% acceptance rate. Given Sunway failed to hit the 50%+1 share threshold, the offer has lapsed and all IJM shares transacted are to be returned to the original owners. From IJM’s perspective, while there could be substantial value locked in its assets, we trim our target price to RM2.60 to reflect short-to-medium-term headwinds. Meanwhile, we upgrade Sunway to BUY on recent share pri...
- Malaysia Research Team
Malaysia Daily - Monday, April 6, 2026
Top Stories Sector Update | Telecommunications China Mobile, through CMLINK, has made its official debut in the Malaysian telco market as an MVNO. It leverages on Maxis’ nationwide 4G and 5G networks to deliver voice and data services to its subscribers. The proliferation of more MVNOs in the market suggests intensifying prepaid competition and we expect incumbents CelcomDigi and Maxis to pull away by focusing on pre-to-postpaid conversion to defend market share. Maintain MARKET WEIGHT. Top pick...
- Johnny Yum
Strategy - Alpha Picks: Maintaining Commodity Exposure Amid Volatility
Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw a massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation into commodit...
- Johnny Yum
- Maskun Ramli
Indonesia Daily - Monday, April 6, 2026
Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw a massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation into commodit...
- Adrian Loh Tzum Yung
Singapore Daily: Monday, April 06, 2026
Top Stories Company Update | Yangzijiang Shipbuilding (YZJSGD SP/BUY/S$3.83/Target: S$4.75) YZJ has started off 2026 with a strong order momentum, garnering US$0.98b in new orders. With its US$23b orderbook, the company has earnings visibility through 2029. The recent acquisition of a stake in Seaspan enhances visibility, integration and stability despite a premium valuation, backed by resilient container shipping demand. Maintain BUY with higher PE-based target price of S$4.75 (previously S...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Johnny Yum
- Kong Ho Meng
- Malaysia Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, April 6, 2026
Indonesia Strategy | Alpha Picks: Maintaining Commodity Exposure Amid Volatility March saw massive net foreign outflow (Rp23.3t), weighed down by a combination of MSCI overhang, domestic fiscal concerns, and panic selling amid the US-Iran conflict. Although global volatility persists with Brent crude stabilising at US$95-105/bbl, Indonesia’s position as a net exporter of coal and CPO suggests a long-term benefit, though it is subject to a transmission lag. We maintain our tactical rotation i...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
TENAGA YINSON HOLDINGS BHD
YNS RHB BANK BHD
RHBBANK GAMUDA BHD
GAM HAP SENG PLANTATIONS HOLDINGS BHD
HAPL GOJEK TOKOPEDIA TBK PT
GOTO LAGENDA PROPERTIES BHD
YINSON PEKAT GROUP BHD
LAGENDA ORIENTAL KOPI HOLDINGS BHD
PEKAT BUMI RESOURCES MINERALS
KOPI MK DARMA HENWA (DEWA IJ)
BRMS IJ ARCHI INDONESIA (ARCI IJ)
DEWA IJ OXFORD INNOTECH BHD (OXB MK)
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Staying Selectively Defensive As Volatility In...
Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Highlights Our Mar 26 Alpha Picks marginally underperformed the FBMKLCI (-2.2% vs FBMKLCI: -1.5%). Bermaz Auto (+4.1%) and MISC (+4.6%) were the leaders but Gamuda was the main drag (-11.0%) followed by Yinson (-4.3%). On a quarterly basis, 1Q26 Alpha Picks’ returns outperformed on both priceand market cap-weighted bases, both outperforming by 2ppt each vs the FBMKLCI. For Apr 26, we adopt a barbell strategy – balancing r...
- Malaysia Research Team
Malaysia Daily - Friday, April 3, 2026
Top Stories Strategy | Alpha Picks: Staying Selectively Defensive As Volatility Intensifies Mar 26 Alpha Picks slightly underperformed the FBMKLCI, but 1Q26 performance outpaced by 2ppt on both price- and market cap-weighted bases. For Apr 26, we adopt a barbell approach – anchoring on domestically driven earnings for stability while selectively accumulating beaten-down stocks with catalyst-driven rebound potential. We also position in Brent oil beneficiaries and sector leaders with supportive t...
- Claire Wang Kelai
- Tham Mun Hon
- Ziv Ang Sze Champ
China Longyuan Power Group (916 HK): 2025: Below Expectations; Earning...
Longyuan reported 2025 earnings of Rmb4,638m (-27.3% yoy), below expectations, due to lower realised power tariffs amid ongoing electricity market reforms and reduced utilisation hours from higher curtailment, despite a 1.2% yoy growth in total power generation to 76,469GWh. Management plans to add 4.5GW of new capacity in 2026. However, power tariffs are likely to trend lower as renewable generation increasingly participates in market-based electricity trading, although accelerated subsidy reco...
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
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