reports
- 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...
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
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
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, April 2, 2026
Top Stories 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 an...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, April 2, 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...
- Carol Dou Xiao Qin
- Sunny Chen
Shenzhen Mindray Bio-Medical Electronics (300760 CH): 2025: Results Mi...
Mindray’s 2025 results missed, with revenue down 9.38% yoy, and adjusted net earnings declining 27.3% yoy. All three main segments reported significant revenue decreases in 2025. Mindray expects revenue growth to turn positive in 2026 and accelerate in 2027, driven by continued overseas market expansion. Mindray expects net profit to achieve positive growth excluding potential foreign change impact. Maintain BUY with a lower target price of Rmb195.00, factoring in the weak 2025 results and its r...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Wednesday, April 1, 2026
Top Stories Economics | PMI March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and non-manufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-in...
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002460 GANFENG LITHIUM CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
9896 MINISO GROUP HOLDING LTD
002747 CH ESTUN AUTOMATION
- Keith Wee Teck Keong
Banking - Positon Of Strength
Positon Of Strength Highlights Bank Negara Malaysia’s (BNM) 2H25 Financial Stability report highlights continued improvements in banking system resilience and key financial metrics. This reinforces confidence that the sector is entering the current external headwinds from a position of strength. Maintain OVERWEIGHT. Amid ongoing Middle East geopolitical uncertainties, we adopt a barbell strategy, favouring Public Bank and Hong Leong Bank for their defensive profiles and capital management ...
- Jonathan Koh
United Hampshire US REIT (UHU SP) - Gen Z Drives Retail Renaissance
Retail properties are experiencing a new renaissance due to historical low vacancy, while Gen Z is flocking back for experiential interactions at malls. UHU will benefit from full-year contributions from the acquisitions of Dover Marketplace and Wallingford Fair in 2026. The new 53,000sf Dick’s Sporting Goods store opened at Hudson Valley Plaza in Mar 26. UHU trades at an attractive 2026 distribution yield of 9.8%. Maintain BUY. Target price: US$0.72.
- Jonathan Koh
REITs - S-REITs Monthly Update (Mar 26)
S-REITs would be active in asset recycling in 2026, supported by depressed domestic interest rates. The sector is defensive and provides attractive yield spread of 3.6%, which is 0.5SD above the long-term mean. Maintain OVERWEIGHT. BUY blue-chips CICT (Target: S$2.95), FLT (Target: S$1.22), MPACT (Target: S$1.84) and NTTDCR (Target: US$1.42).
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
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
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, April 1, 2026
Greater China Economics | PMI March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and non-manufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-i...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BMRI BANK MANDIRI
TIDLOR TIDLOR HOLDINGS PCL
002747 CH ESTUN AUTOMATION
- Jonathan Koh
Singapore Daily: Wednesday, April 01, 2026
Top Stories Sector Update | REITs S-REITs would be active in asset recycling in 2026, supported by depressed domestic interest rates. The sector is defensive and provides attractive yield spread of 3.6%, which is 0.5SD above the long-term mean. Maintain OVERWEIGHT. BUY blue-chips CICT (Target: S$2.95), FLT (Target: S$1.22), MPACT (Target: S$1.84) and NTTDCR (Target: US$1.42). Company Update | United Hampshire US REIT (UHU SP/BUY/US$0.505/Target: US$0.72) Retail properties are experiencin...
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
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
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Carol Dou Xiao Qin
- Sunny Chen
Hansoh Pharmaceutical Group Company (3692 HK): 2025: Results Beat; Inn...
2025 results beat expectations with accelerated revenue and earnings growth of 22.6% yoy and 27.1% yoy respectively. The strong growth was mainly due to a surge in innovative product sales and collaboration revenue. Hansoh expects revenue growth to remain resilient at double-digit for 2026. The growing number of new product approvals and out-licensing deals will support sustainable revenue and earnings growth in the years ahead. Maintain BUY and lower target price to HK$45.00, factoring in recen...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 31, 2026
Top Stories Company Results | BYD Company (1211 HK/BUY/HK$105.80/Target: HK$130.00) 4Q25 net profit came in as expected at Rmb9,286m (-38.2% yoy/+18.7% qoq). We believe BYD’s earnings bottomed out in 4Q25-1Q26, and 2026-28 profit will be driven by new tech launches, overseas expansion and external battery sales. We raise our 2026-27 net profit forecasts by 58%/100% to Rmb45.41b/Rmb56.35b respectively, and introduce our 2028 net profit forecast of Rmb69.64b, implying a 29% three-year CAGR. Upg...
01109 CHINA RESOURCES LAND LIMITED
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
- Carol Dou Xiao Qin
- Sunny Chen
Medlive Technology Co (2192 HK): 2025: Results In Line; Targets 20% yo...
Medlive reported solid 2025 results with revenue and adjusted net profit growing 15.0% and 5.7% yoy, in line with its guidance and our estimates for 2025. Management guided for 20% yoy product count growth in 2026, with platform scale and AI upgrades underpinning resilience. We maintain our 2026 revenue and adjusted net profit growth estimates at 15.4% and 14.1% yoy. Maintain BUY with a lower target price of HK$11.00, applying a more conservative valuation multiple amid rising geopolitical tensi...
- Carol Dou Xiao Qin
- Sunny Chen
China Shineway Pharmaceutical (2877 HK): 2025: Net Earnings Beat; Busi...
Shineway recorded a revenue decline of 17.0% yoy in 2025, while net earnings grew 13.1% yoy, beating our and consensus 2025 estimates. It remains conservative on 2026’s revenue growth amid continued policy and economic uncertainties. We expect revenue and net earnings to rebound gradually at 2.0% and 6.2% CAGR in 2025-27 respectively, with solid demand for TCM formula granules, exclusive oral products and new innovative products. Maintain HOLD with a target price of HK$9.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, March 30, 2026
Top Stories Company Results | China Construction Bank (939 HK/BUY/HK$8.09/Target: HK$9.20) CCB’s 4Q25 earnings grew 2.2% yoy, thanks to a surge in other non-NII amid increased bond trading gain, fee income growth and cost control. NIM was largely stable and management expects smaller NIM compression in 2026. Asset quality was largely stable despite some pressure on mortgages. These results reaffirm CCB's continued fundamental improvement and its attractive dividend yield of 5.3% stands out as a...
XGH ENN ENERGY HOLDINGS LIMITED
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
RLF LONGFOR GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
06690 HAIER SMART HOME CO. LTD. CLASS H
02192 MEDLIVE TECHNOLOGY CO LTD
HUIZ HUIZE HOLDING LIMITED
- Audrey Celia
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, March 30, 2026
Greater China Company Results | China Construction Bank (939 HK/BUY/HK$8.09/Target: HK$9.20) CCB’s 4Q25 earnings grew 2.2% yoy, thanks to a surge in other non-NII amid increased bond trading gain, fee income growth and cost control. NIM was largely stable and management expects smaller NIM compression in 2026. Asset quality was largely stable despite some pressure on mortgages. These results reaffirm CCB's continued fundamental improvement and its attractive dividend yield of 5.3% stands out as ...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
AMRT SUMBER ALFARIA TRIJAYA TBK PT
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
CRC CENTRAL RETAIL CORP
06690 HAIER SMART HOME CO. LTD. CLASS H
02192 MEDLIVE TECHNOLOGY CO LTD
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
HUIZ HUIZE HOLDING LIMITED
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily: Monday, March 30, 2026
Top Stories Sector Update | Banking Bond yields have risen as conflicts in the Middle East create uncertainties over the outlook for inflation. We now expect the Fed to pause rate cuts and keep the Fed Funds Rate stable at 3.5% in 2026. The OECD forecasts headline inflation in the US spiking temporarily to 4.2% in 2026, before falling to 1.6% in 2027. Maintain OVERWEIGHT. Our top pick is DBS (BUY/Target: S$67.55) for its attractive 2026 dividend yield of 5.6%. We also like OCBC (BUY/Target: S$...
00883 CNOOC LIMITED
ONGC OIL & NATURAL GAS CORP. LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
1605 INPEX CORPORATION
PTTEP PTT EXPLORATION & PRODUCTION PLC
5199 HIBISCUS PETROLEUM
0857 PETROCHINA COMPANY LIMITED CLASS H
RHP RH PETROGAS
WDS WOODSIDE PETROLEUM LTD
- Carol Dou Xiao Qin
- Sunny Chen
Sino Biopharmaceutical (1177 HK): 2025: Adjusted Net Earnings Up 31.4%...
Sino Biopharm’s 2025 revenue rose 10.3% yoy and adjusted earnings surged 31.4% yoy. The company guided doubledigit revenue growth for 2026, supported by robust revenue growth of innovative products and increasing licence fee income. Earnings are likely to expand at a faster pace as the company continues to enhance its operating efficiency. Maintain BUY with a lower target price of HK$7.70, factoring in significant impairment losses in 2025.
- Julia Pan Mengyao
Meituan (3690 HK): 4Q25: Earnings Miss; FD Loss To Halve qoq In 1Q26 A...
4Q25 earnings missed expectations. Total revenue increased 4% yoy to Rmb92b, in line with our and consensus estimates. Non-IFRS net loss totalled Rmb15b, with a net margin loss of 17%, missing consensus estimates. For 1Q26, Meituan expects core local commerce revenue growth to remain flattish or drop slightly, with losses projected to halve sequentially. Maintain SELL with a lower target price of HK$74.00.
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