reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Lower Interest Rates Promote Innovation
After a strong run-up, China’s healthcare sector is in a technical correction. Despite geopolitical tensions, we believe the fundamentals remain sound, supporting bright long-term prospects. CRDMO, Biopharma and Internet Healthcare are embracing stronger revenue and earnings growth in the coming years driven by: a) lower cost of capital; b) a new wave of innovative product launches; c) strengthening R&D pipeline continuing to attract global collaborations; and d) positive domestic policy support...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Shining The Spotlight On Laggards
Alpha Picks: Shining The Spotlight On Laggards Highlights Sep 25 Alpha Picks outperformed the FBMKLCI, posting a return of 6.6% vs the benchmark index’s 2.3%. Notable winners: Northeast Group (+22.0%), Alpha IVF (+11.7%) and Hume Cement Industries (+9.7%). Current market sentiment favours laggards. Oct 25 Alpha Picks: Alpha IVF, GENM, Inari, IOIPG, VSI, PPB Group, RHB Bank and Yinson.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Thursday, October 2, 2025
Top Stories Economics | Continued Improvement In Manufacturing PMI September’s manufacturing PMI rose to 49.8 (+0.4pt mom), beating expectations, with the output index increasing to 51.9 (+1.1pt mom). Non-manufacturing PMI edged down to 50.0 (-0.3pt mom), as the services sub-index slipped to 50.1 (-0.4pt mom) and construction remained subdued at 49.3 (+0.2pt mom). Enterprise PMI by size showed encouraging signs of a broadening recovery, with large enterprises remaining in expansion at 51.0 and ...
- Audrey Celia
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 2, 2025
Greater China Economics | Continued Improvement In Manufacturing PMI September’s manufacturing PMI rose to 49.8 (+0.4pt mom), beating expectations, with the output index increasing to 51.9 (+1.1pt mom). Non-manufacturing PMI edged down to 50.0 (-0.3pt mom), as the services sub-index slipped to 50.1 (-0.4pt mom) and construction remained subdued at 49.3 (+0.2pt mom). Enterprise PMI by size showed encouraging signs of a broadening recovery, with large enterprises remaining in expansion at 51.0 an...
- Keith Wee Teck Keong
Banking - Stable Performance Amid Macro Pressures
Stable Performance Amid Macro Pressures Highlights The banking sector’s Aug 25 stats remained resilient despite macro headwinds. Loan growth held steady at 5.4%, asset quality improved with GIL at historical lows, and liquidity stayed healthy with LDR below 90%. We expect sector earnings to grow 3%/5% in 2025/26 respectively. Earnings resilience is underpinned by an around 5% loan growth, stable credit costs, manageable NIM pressure, and potential non-interest income upside. Maintain OVERW...
- Jonathan Koh
Singapore Daily: Wednesday, October 01, 2025
Top Stories Sector Update | REITs US monetary policy is at an inflexion point and has switched towards easing to support the job market, which has slowed considerably in recent months. S-REITs benefit from lower cost of debt and expanded yield spread. Maintain OVERWEIGHT. BUY blue chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.69), KREIT (Target: S$1.18) and LREIT (Target: S$0.79). Market Spotlight US stocks ended higher on Tuesday, ...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
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
9CI CAPITALAND INVESTMENT LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Desmond Chong Chee Wai
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, October 1, 2025
Indonesia Company Update | Bank Rakyat Indonesia (BBRI IJ/HOLD/Rp3,900/Target: Rp4,250) BBRI’s 8M25 earnings fell 9.9% yoy to Rp32.6t as PPOP declined 4.4% yoy, weighed by lower yields and higher opex, while CoC stayed elevated at 3.2%. Loan growth re-accelerated modestly to +5.8% yoy, led by corporate and consumer, but micro loans remained in contraction. We maintain HOLD with an unchanged target price of Rp4,250; a dividend yield of 7.9% provides downside support. Malaysia Sector Update | Ban...
- Jonathan Koh
Singapore REITs – S-REITs Monthly Update (Sep 25)
US monetary policy is at an inflexion point and has switched towards easing to support the job market, which has slowed considerably in recent months. S-REITs benefit from lower cost of debt and expanded yield spread. Maintain OVERWEIGHT. BUY blue chip S-REITs with specific catalysts: CLAR (Target: S$4.02), CLAS (Target: S$1.56), KDCREIT (Target: S$2.69), KREIT (Target: S$1.18) and LREIT (Target: S$0.79).
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Colin Lee
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Thailand Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, September 30, 2025
Greater China Sector Update | China Property Shanghai’s property market shows diverging trends: New home prices remain supported by a low-base effect from previous price caps and policy easing, but the secondary housing market stays weak, with falling prices, rising listings and improving rental yields. LGFVs lag in pace and quality, while project management companies stand out as beneficiaries. Maintain MARKET WEIGHT on the sector. Initiate Coverage | NAURA Technology Group (002371 CH/BUY/Rmb...
- Jonathan Koh
Singapore REITs – Beneficiaries Of Inflows From iEdge Next 50 Index
The iEdge Singapore Next 50 Index tracks the next 50 largest companies listed on the SGX Mainboard that fall just outside the top 30 STI constituents. S-REITs account for 15 out of the 50 constituent stocks of the Next 50 Index, and carry a total weightage of 42.6% in aggregate. BUY constituents of the Next 50 Index: CLAS (Target: S$1.56), KREIT (Target: S$1.18), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and FEHT (Target: S$0.81).
- Kong Ho Meng
Vantris Energy (VANTNRG MK) - 2QFY26: Profit Turnaround After Successf...
2QFY26: Profit Turnaround After Successful RED Highlights 1HFY26 core results in line; 2QFY26 EBITDA returned to the black. This was despite a reported loss largely due to forex losses and global minimum tax. Firstly, the drilling segment achieved profit breakeven as rig utilisation recovered – nine out of 11 rigs were working, with only Sapura T-9 remaining cold stacked and Sapura Pelaut being idle. The E&C segment’s earnings driver was Seagems, the Brazilian JV. Achieved restructuring effe...
- Jonathan Koh
Singapore Daily: Tuesday, September 30, 2025
Top Stories Sector Update | REITs The iEdge Singapore Next 50 Index tracks the next 50 largest companies listed on the SGX Mainboard that fall just outside the top 30 STI constituents. S-REITs account for 15 out of the 50 constituent stocks of the Next 50 Index, and carry a total weightage of 42.6% in aggregate. BUY constituents of the Next 50 Index: CLAS (Target: S$1.56), KREIT (Target: S$1.18), PREIT (Target: S$5.34), LREIT (Target: S$0.79) and FEHT (Target: S$0.81). Market Spotlight US sto...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
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
9CI CAPITALAND INVESTMENT LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- 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
- Sunny Chen
China Healthcare: CRDMOs -- New Modalities To Drive Accelerated Growth
Falling interest rates are expected to significantly benefit the biopharma and CRDMO segments. With lower capital costs, biopharma companies can secure R&D funding more easily. CROs and CDMOs are projected to increase their pharmaceutical R&D market share from 51.9% in 2024 to over 65% by 2034. In response to rising demand for new and complex modalities, WuXi Bio and WuXi AppTec are enhancing their service capabilities to seize growth opportunities from this new wave of innovation.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300244 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
- Kong Ho Meng
Yinson Holdings (YNS MK) - 2QFY26: Transitioning From EPCIC To Operati...
2QFY26: Transitioning From EPCIC To Operation Phase Highlights We deem results in line with our forecasts, which are aligned to Enterprise Reporting (ER). FPSO subsidiary, Yinson Production (YP), will only reveal the full ER accounts in end-Sep 25. Nevertheless, Yinson Holdings (YNS) left enough hints to suggest that our forecasts remain intact. There is a stark contrast between the 1HFY26 growth rates of YP’s EBITDA, on IFRS basis (-13%) and ER basis (+84%). Strong ER EBITDA truly reflects ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, September 26, 2025
Top Stories Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa and the Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significantly ben...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 26, 2025
Greater China Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led, while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa, and Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significant...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
02238 WEICHAI POWER CO. LTD. CLASS H
YNS GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB YINSON HOLDINGS BHD
ECW MAH SING GROUP BHD
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
HCM SUNWAY BHD
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
UEMS SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 UEM SUNRISE BHD
1772 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 GANFENG LITHIUM CO. LTD. CLASS H
603259 CSPC PHARMACEUTICAL GROUP LTD
300750 WUXI APPTEC CO. LTD. CLASS A
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
MPM FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 MARCO POLO MARINE LTD
3692 WUXI BIOLOGICS (CAYMAN) INC.
MCH HANSOH PHARMACEUTICAL GROUP
06160 MATRIX CONCEPTS HOLDINGS BHD
002920 BEIGENE LTD.
300765 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
STM WUXI APPTEC CO. LTD. CLASS H
IOIPG CSPC INNOVATION PHARMACEUTICAL CO L
02015 SEATRIUM LTD
09868 IOI PROPERTIES GROUP BHD
300244 LI AUTO INC
LAGENDA XPENG INC
600699 DIAN DIAGNOSTICS GROUP CO
002050 CH LAGENDA PROPERTIES BHD
ONC@US@ JOYSON ELECTRONICS CORP
TUL ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
BEONE MEDICINE INC
TULLA RESOURCES PL
- 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, ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.