reports
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q25 Results Preview: Top-line Growth Moderates; Pro...
JD’s 3Q25 top-line growth remains solid and was guided to grow at low teens, moderating from 2Q25 revenue growth of 22.4% yoy, due to the high base effect last year. Management guided easing FD investment intensity in 3Q25 alongside order volume expansion. Meanwhile, 4Q25 promotions are expected to further boost cross-channel synergies between retail and food delivery. Management targets breakeven in food delivery in the medium term. Maintain BUY with a target price of HK$167.00 (US$43.00).
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY26 Results Preview: Solid Revenue Growth ...
We expect solid 2QFY26 results, despite margin erosion led by instant delivery competition. We remain optimistic on Alibaba’s core commerce and cloud strategy, which leaves it well-positioned to become a technology platform centred on AI + Cloud and a consumer ecosystem integrating shopping and lifestyle services. Its intensified investment in AI and instant retail reinforces its long-term strategic value and growth flywheel. Maintain BUY with a target price of HK$203.00 (US$203.00).
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, October 15, 2025
Top Stories Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite margin erosi...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, October 15, 2025
Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...
FR FIRST INDUSTRIAL REALTY TRUST INC.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BN4 KEPPEL CORPORATION LIMITED
MLK MALAKOFF CORP BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
GMB GAS MALAYSIA BHD
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
00017 NEW WORLD DEVELOPMENT CO. LTD.
SVI SVI PCL
DELTA DELTA CORP
PEKAT PEKAT GROUP BHD
- Julia Pan Mengyao
- Ming San Soong
China Internet: Cost Efficiency As Performance Cornerstone And Robotax...
The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed investor interest. Key companies riding ...
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, October 13, 2025
Top Stories Sector Update | Internet The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed in...
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, October 13, 2025
Greater China Sector Update | Internet The growing robotaxi ecosystem is drawing in an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support, and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking r...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BBYB BANK NEO COMMERCE
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
SDG SD GUTHRIE BHD
- Alden Gabriel Lam
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 29, 2025
Greater China Company Results | New World Development (17 HK/SELL/HK$7.84/Target: HK$6.90) In FY25, NWD reported a HK$16.3b loss and halted dividends but made progress in improving cash flow and debt structure. Short-term debt fell to HK$6.6b, or 4.5% of total debt. Debt reduction remains the priority for FY26, supported by the property sales target of HK$27b and lower capex. Management has no immediate plans for placement, rights issues or CB, but is open to considering various financing tools...
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): APSARA Conference 2025 Key Takeaways
We attended the Alibaba Cloud Apsara Conference 2025 (“云栖大会”) on 24-26 Sep 25 and noted various key growth drivers: a) potential upward revision of its Rmb380b three-year AI infrastructure capex plan; b) data centre energy consumption projected to rise 10x by 2032 vs 2022, underscoring computing demand; c) expanded partnerships, including NVIDIA, with PAI platform integration for embodied intelligence and autonomous driving; and d) launch of seven new Qwen models. Maintain BUY with a higher targ...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, September 29, 2025
Top Stories Company Results | New World Development (17 HK/SELL/HK$7.84/Target: HK$6.90) In FY25, NWD reported a HK$16.3b loss and halted dividends but made progress in improving cash flow and debt structure. Short-term debt fell to HK$6.6b, or 4.5% of total debt. Debt reduction remains the priority for FY26, supported by the property sales target of HK$27b and lower capex. Management has no immediate plans for placement, rights issues or CB, but is open to considering various financing tools. ...
- 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 Strategy: China 15th Five-Year Plan -- Unlocking Domesti...
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. Moderate fiscal reforms aim to strengthen local finances through fairer transfers, ...
- 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....
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Philip Wong
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, September 25, 2025
Greater China Strategy | China’s 15th Five-Year Plan: Unlocking Domestic Consumption The 15th Five-Year Plan (2026-2030) targets 4.5-5% 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 to grid efficiency, storage, and nu...
ROTH BRITISH AMERICAN TOBACCO BHD
FNH FRASER & NEAVE HOLDINGS BHD
WPRTS WESTPORTS HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
MNHB MYNEWS HOLDINGS BHD
2633 JACOBSON PHARMA CORP LTD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
LHN LHN LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
DEWA IJ DARMA HENWA (DEWA IJ)
- 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 Strategy: China 15th Five-Year Plan -- Unlocking domesti...
Highlights Proposals for the 15th FYP will be reviewed at the CPC’s 20th Central Committee Fourth Plenum in Oct 25. We expect a pivot towards promoting domestic consumption as a growth driver, reinforcing Xi’s dual circulation strategy. Industrial policy will continue to be geared towards innovation and technological self-sufficiency. Analysis Pushing ahead with reforms. Since the opening in 1978, China has achieved rapid economic expansion, especially through the 2000s-2010s following...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Re-valuation On Shifting Dynamics Of AI Infrastructure...
Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand during Golden Week. Maintain OVERWEIGHT...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, September 22, 2025
Top Stories Sector Update | Internet Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand d...
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, September 22, 2025
Greater China Sector Update | Internet Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. The AI theme garnered the most interest, attributable to: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) development of self-sufficient chips. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent, and Baidu. Tongcheng could see robust travel ...
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
GAM GAMUDA BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
OKP OKP HOLDINGS (OKP SP)
- Julia Pan Mengyao
- Ming San Soong
Trip.com (9961 HK): Key Takeaways from NDR Meeting.
At our NDR meeting with TCOM on 18 Sep, management highlighted resilient domestic travel demand alongside solid progress in international travel, with outbound and inbound momentum supported by improving air capacity and easing visa restrictions. We remain positive on TCOM’s sustained travel growth and long-term margin outlook, underpinned by AI-driven initiatives, a strategic focus on the APAC region, and continued market share expansion through strengthened competitive advantages. Maintain BUY...
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): Key Updates And Follow Up On Kuaishou.
During our call with Kuaishou, the company highlighted its key pivots ion Kling AI, e-commerce and ad-tech upgrade. We have also raised some potential concerns including competition and computing power capacity bottlenecks. We believe the company’s strong monetisation progress and continuous strategies in AI will help create a moat against a soft macro and competitive environment. Maintain BUY with a higher target price of HK$90.00.
- Bella Lu Yifei
- Benyamin Mikael
- Desmond Chong Chee Wai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, September 19, 2025
Greater China Sector Update | Automobile This week's key highlights include insights from a China Automobile Dealer Association forum and a visit to Lynk & Co's Chengdu plant, China's historic L3 ADAS policy approval, and weekly sales updates. The market responded positively to these developments, prompting target price upgrades for Tuopu, Sanhua, Joyson Electronics and Fuyao Glass. Maintain MARKET WEIGHT for China's auto sector, with Geely and CATL as top BUYs, and BYD and Li Auto as top SELLs...
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