reports
- Julia Pan Mengyao
- Ming San Soong
China Education: Ramping up AI+ initiative; focusing on profitability ...
We have an optimistic outlook on the education sector, propelled by the government’s AI+ initiative, industry consolidation and demand for non-academic segments. The education sector remains as a domestically driven industry but we expect easing policies surrounding visa applications to foster demand for overseas education. Meanwhile, we expect AI-powered educational tools to reshape supply-side dynamics in the industry. Maintain MARKET WEIGHT on the sector.
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Friday, June 27, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales up 26% yoy on last-minute buying before promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Desay SV and Tuopu. Education: Ramping up AI+ initiative; focusing on profitability with solid growth pillars. Update Xiaomi Corp (1810 HK/BUY/HK$56.90/Target: HK$69.90): Takeaways from Xiaomi YU7 and AI Glasses launch event. Strong initial demand with YU7 orders surpassing 289,000 within the first hour. Maintain BUY. SINGAPORE Sector RE...
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Friday, June 27, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 26% yoy, 40% mom and 22% wow in the 25th week of 2025, with a PEV market share of 51.6%. BYD’s sales surge on discounts is unsustainable, and long-term growth will rely on product innovations and overseas expansion. China’s vehicle exports jumped 21% yoy in May, with EVs up 43% and PHEVs soaring 134%. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV and Tuopu. Education We have an optimistic outlook on the education se...
- Julia Pan Mengyao
- Ming San Soong
China Internet: 618 Festival – Evolving consumer trends and continued ...
The national subsidies programme continued to reinforce the consumption trend of “value-based substitution” during the 618 festival. While the share of online vs offline spending remained stable, emerging channels are creating new growth opportunities. We believe the consumption momentum will be shaped by: a) impact from the temporary suspension of the national subsidies programme in five provinces, and b) changes in the food delivery competitive landscape. Maintain MARKET WEIGHT.
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
- Carol Dou Xiao Qin
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, June 19, 2025
KEY HIGHLIGHTS Sector Healthcare China's biotechnology sector has entered an accelerated growth phase, with firms expanding their innovative commercial product portfolios, achieving significant out-licensing deals and enjoying unexpected profitability. With an unprecedented showing of 74 oral presentations at ASCO 2025, the sector highlighted its robust pipeline and expanding role in global innovation. Sustained policy support and globalisation efforts will further support this expansion. Upgr...
- Julia Pan Mengyao
- Ming San Soong
China Internet: JD’s new initiative in on-demand delivery is reshaping...
Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, June 12, 2025
KEY HIGHLIGHTS Sector Industrial Automation We continue to see rapid developments in China’s humanoid robot space, with supply chain players and key developers turning increasingly optimistic about the industry’s outlook. Comments indicate that technology development will take 2-3 years before full replacement of workers is feasible. Nevertheless, shipments will ramp up rapidly in the coming years, with cost reduction likely exceeding previous expectations. Maintain MARKET WEIGHT. Internet Ma...
- Arsit Pamaranont
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, June 12, 2025
GREATER CHINA Sector Industrial Automation: Development of humanoid robots continues to accelerate, but broader market lukewarm. Internet: JD’s new initiative in on-demand delivery is reshaping FD market dynamics. INDONESIA Update Bank Syariah Indonesia (BRIS IJ/BUY/Rp2,620/Target: Rp3,450): Danantara plans to acquire BRIS. MALAYSIA Results VS Industry (VSI MK/BUY/RM0.775/Target: RM0.92): 3QFY25: Within house but below consensus expectations; expect a stronger 4QFY25. Update Kossan Rubber (KRI...
- Julia Pan Mengyao
- Ming San Soong
Kingsoft Corp (3888 HK): 1Q25: Earnings miss expectations; intact AI p...
Kingsoft’s 1Q25 results missed expectations. Revenue grew 9.4% yoy to Rmb2.3b, 6.0% below consensus estimates. Gross margin rose 1ppt yoy to 82.1%, in line with consensus and our expectations. Operating profit remained flattish yoy at Rmb601m, while operating margin shrank 2.4ppt yoy to 26%, dampened by subdued revenue growth. Net profit remained flattish yoy at Rmb284m, with net profit margin dipping 1ppt yoy to 12.1%. Maintain BUY with a lower target price of HK$47.00.
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, May 29, 2025
KEY HIGHLIGHTS Sector Property In May 25, overall new home sales improved compared with Apr 25. The second-hand home market remains resilient thanks to flexible pricing. We visited three residential projects with the following takeaways: a) discounts in Suzhou are larger, b) smaller units saw a higher sell-through rate, and c) the proportion of new home sales units is shrinking. We think property market sentiment is still weak. Continuous policy support is needed. Maintain OVERWEIGHT. Top pick...
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, May 29, 2025
GREATER CHINA Sector Property: New home sales improved mom in May 25; channel check of Suzhou’s primary residential market. Results Kingsoft Corp (3888 HK/BUY/HK$36.05/Target: HK$47.00): 1Q25: Earnings miss expectations; intact AI progress; solid game pipeline. MALAYSIA Results Hong Leong Bank (HLBK MK/BUY/RM19.94/Target: RM23.80): 3QFY25: Earnings above expectations, supported by strong non-interest income and substantial provision write-backs. Maintain BUY with a higher target price of RM23.8...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, May 28, 2025
KEY HIGHLIGHTS Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1...
- Julia Pan Mengyao
- Ming San Soong
PDD Holdings (PDD US) - 1Q25: Earnings Miss Expectations; Increased Pl...
PDD’s 1Q25 results missed expectations. Revenue increased 10% yoy to Rmb95.7b, missing consensus estimate by 6%, dampened by sluggish commission revenue growth. Non-GAAP net profit slumped 45% yoy to Rmb16.9b, 39% below consensus estimate. Non-GAAP net margin shrank 18ppt to 17.7%. Looking ahead, PDD expects its top-line growth and profitability to continue being hampered by its merchant support strategy. Downgrade to SELL with a lower target price of US$90.00.
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK) - 1Q25: Results In Line; Poised For Enco...
1Q25 results are in line with expectations. Revenue increased 11% yoy to Rmb32.6b, within consensus estimates. Gross margin remained flattish yoy at 55%. Non-IFRS net profit grew 4% yoy to Rmb4.6b, in line with consensus forecasts. Management guided a 2Q25 revenue growth of 11.5% while earnings are estimated to grow 8.5% yoy to Rmb5.1b, both in line with consensus estimates. Maintain BUY on Kuaishou with a lower target price of HK$70.00.
- Julia Pan Mengyao
- Ming San Soong
Meituan (3690 HK): 1Q25: Earnings beat; expect margin pressure as FD c...
Meituan’s 1Q25 results are in line with expectations. Total revenue grew 18% yoy to Rmb86.6b, in line with our and consensus estimates. Non-IFRS net profit was Rmb10.9b, with net margin expanding 2ppt yoy to 12.6%, beating consensus estimates by 13%. For 2025, we turn cautious on Meituan and expect to see margin pressure stemming from intense competition in the FD business. Downgrade to HOLD with a lower target price of HK$140.00.
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Tuesday, May 27, 2025
KEY HIGHLIGHTS Results Meituan (3690 HK/HOLD/HK$129.40/Target: HK$140.00) Meituan’s 1Q25 results are in line with expectations. Total revenue grew 18% yoy to Rmb86.6b, in line with our and consensus estimates. Non-IFRS net profit was Rmb10.9b, with net margin expanding 2ppt yoy to 12.6%, beating consensus estimates by 13%. For 2025, we turn cautious on Meituan and expect to see margin pressure stemming from intense competition in the FD business. Downgrade to HOLD with a lower target price of ...
- Adrian Loh Tzum Yung
- Benyamin Mikael
- Chong Lee Len
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Singapore Research Team
- Tanapon Cholkadidamrongkul
- Wei Xiang Ku
Regional Morning Meeting Notes - Tuesday, May 27, 2025
GREATER CHINA Results Meituan (3690 HK/HOLD/HK$129.40/Target: HK$140.00): 1Q25: Earnings beat; expect margin pressure as FD competition intensifies. Downgrade to HOLD. INDONESIA Results Bumi Serpong Damai (BSDE IJ/BUY/Rp895/Target: Rp1,040): 1Q25: Weak profit; below consensus estimate. MALAYSIA Results AMMB Holdings (AMM MK/BUY/RM5.44/Target: RM6.08): 4QFY25: Net profit in line, supported by improved NIM and strong trading income. Maintain BUY with a lower target price of RM6.08. Gas Malaysia ...
- Julia Pan Mengyao
- Ming San Soong
Tongcheng Travel Holdings (780 HK): 1Q25: Earnings beat; well on track...
TT reported intact 1Q25 results, with revenue growing 13.2% yoy to Rmb4.4b, in line with the consensus estimate. Adjusted net profit rose 41% yoy to Rmb788m, beating the consensus estimate by 7.0% and above the previously guided Rmb700m-750m. Non-IFRS net margin was largely flattish yoy at 15.6% in 1Q25. 2Q25 revenue is guided to grow 7.0-12% yoy, while adjusted net profit is guided at Rmb700m-750m for 2Q25. Maintain BUY with an unchanged target price of HK$25.00.
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