reports
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
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
- Adrian Loh Tzum Yung
- Claire Wang Kelai
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, September 15, 2025
Greater China Economics | Money Supply China's August monetary data saw a modest mom recovery in new credit, but underlying private sector credit demand remained weak. M1 growth accelerated to 6.0% yoy, while M2 held steady at 8.8% yoy. New bank loans rebounded to Rmb0.59t, while new TSF rose to Rmb2.57t, supported by government bond issuance. However, outstanding TSF and yoy loan growth slowed. The PBOC’s Rmb600b reverse repo will boost near-term liquidity, but it remains to be seen if loan su...
- Claire Wang Kelai
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Monday, September 15, 2025
Top Stories Economics | Money Supply China's August monetary data saw a modest mom recovery in new credit, but underlying private sector credit demand remained weak. M1 growth accelerated to 6.0% yoy, while M2 held steady at 8.8% yoy. New bank loans rebounded to Rmb0.59t, while new TSF rose to Rmb2.57t, supported by government bond issuance. However, outstanding TSF and yoy loan growth slowed. The PBOC’s Rmb600b reverse repo will boost near-term liquidity, but it remains to be seen if loan sub...
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): Kunlun AI Chip As The Key Catalyst For Revaluatio...
Amid US chip ban uncertainties, Baidu Inc's (Baidu) Kunlun chip is well-positioned to capture emerging AI chip localisation opportunities. Meanwhile, Robotaxi offers significant growth potential, with Baidu emerging as the global leader in driverless commercial ride-hailing. In cloud, Baidu differentiates itself through its full-stack AI capabilities and a resilient, recurring software revenue stream. Upgrade to BUY with a higher target price of HK$135.00 (US$150.00).
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, September 09, 2025
Greater China Economics | Trade China’s export momentum softened in August as front-loaded US demand has faded, exposing the vulnerability of shipments to the US market. While the trade diversion supported flows to ASEAN and the EU, overall growth moderated. Imports also weakened amid subdued agricultural demand, despite firmer commodity-related inflows. Pro...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
GGRM PT GUDANG GARAM TBK
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
X2S SINOPHARM GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
DBB DUOPHARMA BIOTECH BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
OXMU PRIME US REIT
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
09888 BAIDU INC
BBNI WUXI APPTEC CO. LTD. CLASS H
300765 BANK NEGARA INDONESIA PERSER
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, September 9, 2025
Top Stories Economics | Trade China’s export momentum softened in August as front-loaded US demand has faded, exposing the vulnerability of shipments to the US market. While the trade diversion supported flows to ASEAN and the EU, overall growth moderated. Imports also weakened amid subdued agricultural demand, despite firmer commodity-related inflows. Product-level data was mixed, with motor vehicles and hi-tech exports showing strength. Looking ahead, the trade outlook remains cautious, with ...
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment.
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, September 3, 2025
KEY HIGHLIGHTS Sector Internet We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT...
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kong Ho Meng
- Malaysia Research Team
- Ming San Soong
- Singapore Research Team
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, September 3, 2025
GREATER CHINA Sector Internet: AI: Accelerating AI+cloud hyperscaler growth; AI agent reshaping industries. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment. Update Lenovo Group (992 HK/BUY/HK$10.95/Target: HK$12.70): Takeaways from the Lenovo Future Center tour in Shenzhen. Maintain BUY. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy 2Q25 Results Wrap-up: A S...
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment. WHAT’S NEW Ev...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong top-line growth and margins further hurt in 2H2...
China’s internet companies reported intact 2Q25 top-line with mixed earnings results. The key focuses are on the latest quick commerce war and AI cloud and agent development. In 2Q25, we saw meaningful AI monetisation visibility contributing to incremental top-line growth, and expect this momentum to continue into 2H25. On the profitability front, margins will remain under pressure from heightened investments to fend off the intensifying competition in on-demand delivery. Maintain MARKET WEIGHT.
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
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, September 2, 2025
KEY HIGHLIGHTS Sector Internet China’s internet companies reported intact 2Q25 top-line with mixed earnings results. The key focuses are on the latest quick commerce war and AI cloud and agent development. In 2Q25, we saw meaningful AI monetisation visibility contributing to incremental top-line growth, and expect this momentum to continue into 2H25. On the profitability front, margins will remain under pressure from heightened investments to fend off the intensifying competition in on-demand ...
- Bella Lu Yifei
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, September 2, 2025
GREATER CHINA Sector Internet: Strong top-line growth and margins further hurt in 2H25 on heavy investments. Macau Gaming: Aug 25 GGR sets another post-pandemic high. Results China Merchants Bank (3968 HK/HOLD/HK$47.04/Target: HK$51.00): 2Q25: In-line earnings but PPOP misses expectations on muted fee and larger NIM compression. Downgrade to HOLD. Estun Automation (002747 CH/HOLD/Rmb23.63/Target: Rmb24.00): 2Q25: In line with profit guidance. Demand and profitability to improve in 2H25. Upgrade ...
1023 CIMB GROUP HOLDINGS BHD
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
2747 ESTUN AUTOMATION
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
TWC TIONG WOON CORPORATION HOLDING
- Julia Pan Mengyao
- Ming San Soong
Kuaishou (1024 HK): Key takeaways from Kuaishou’s Investor Conference;...
During Kuaishou 2025 Guanghe Creator Conference, management outlined that AI strategies are driving progress across commercialisation, user experience, ecosystem governance, and monetisation efficiency. We believe the company’s solid monetisation progress and continuous strategies in boosting ads will help to cushion the soft macro backdrop and competitive environment. Maintain BUY with a target price of HK$89.00.
- Desmond Chong Chee Wai
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 1QFY26: Better-than-expected CMR and cloud re...
Alibaba reported strong 1QFY26 results. Revenue grew 2% yoy to Rmb247.7b, in line with the street’s estimate. Non-GAAP net profit was Rmb33.5b, down 18% yoy, in line with our forecast, with net margin of 14.8%, due to its investment in Taobao Instant Commerce. In the coming quarters, management expects to see: a) solid CMR growth as the company leverages on the Rmb30t addressable market, and b) strong cloud growth fuelled by AIrelated demand. Maintain BUY with a higher target price of HK$170.00 ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, September 1, 2025
KEY HIGHLIGHTS Economics PMI August's manufacturing PMI edged up slightly to 49.4 (+0.1pt mom), while non-manufacturing PMI improved modestly to 50.3 (+0.2pt mom). However, construction PMI fell to 49.1 (-1.5pt mom), below the expansion threshold for the first time since January. With moderating decline in new orders and new export orders, PMI for large-sized enterprise (50.8, +0.5pt mom) and small-sized enterprise (46.6, +0.2pt mom) both improved. Overall, a mixed bag. Results Alibaba Group...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
709 GIORDANO INTERNATIONAL LTD
6186 CHINA FEIHE LTD
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, September 1, 2025
GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$115.70/Target: HK$170.00): 1QFY26: Better-than-expected CMR and cloud revenue growth; encouraging quick commerce outlook. BYD Company (1211 HK/SELL/HK$114.40/Target: HK$90.00): 2Q25: Earnings down over 30% yoy/qoq, missing estimates on margins. Downgrade from BUY to SELL. Cut target price from HK$142.00 to HK$90.00. BYD Electronic (285 HK/BUY/HK$41.18/Target: HK$51.80): 1H25: Margin misses due to product mix shift; growth story remains unchange...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Julia Pan Mengyao
- Ming San Soong
Trip.com (9961 HK): 2Q25: Earnings beat; solid 3Q25 outlook propelled ...
TCOM’s 2Q25 earnings were better than expected. 2Q25 net revenue rose 16.2% yoy to Rmb14.9b, in line with consensus estimates. Non-GAAP net profit inched up 1% yoy to Rmb5b, beating consensus forecasts by 15%. Net margin shrank 5ppt yoy to 33.8%, better than consensus estimates. TCOM guided 3Q25 revenue growth of 12-17% yoy to Rmb18.1b, in line with consensus expectations. Maintain BUY with a higher target price of HK$725.00 (US$94.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 29, 2025
KEY HIGHLIGHTS Strategy Market Strategy “Anti-involution” is now a policy focus after President Xi Jinping vowed to manage “disorderly competition” during the CFEAC meeting in July. The concept covers a broader area than the 2016-17 supply-side reform, but we expect the government to address excess supply issues and encourage competition through quality and technology upgrades rather than price-cutting. Sector leaders with scale and R&D depth will consolidate their market shares and emerge win...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
1199 COSCO SHIPPING PORTS LIMITED
ECX ECARX HOLDINGS INC
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 29, 2025
GREATER CHINA Results China Mengniu Dairy (2319 HK/BUY/HK$15.84/Target: HK$21.70) 1H25: Revenue slightly misses but operating profit beats; expect mid-to-high single-digit revenue decline for 2025. China Resources Gas (1193 HK/BUY/HK$19.05/Target: HK$22.60) 1H25: In line; from earnings drag to guidance-driven re-rating; upgrade to BUY. ECARX Holdings Inc (ECX US/BUY/US$1.60/Target: US$3.40) 2Q25: Net loss widens; recovery expected in 2H25. Maintain...
FCT FRASERS CENTREPOINT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
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
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ECX ECARX HOLDINGS INC
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
HRUM HARUM ENERGY TBK PT
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