reports
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: The price war took its toll in 2Q25, and it i...
The price war took its toll on Chinese auto companies in 2Q25, causing a margin squeeze along the supply chain. Price wars are inevitable, despite the state’s antiinvolution campaign. Large OEMs like Geely, BYD and GWM will survive the industry consolidation. For young companies, we expect XPeng, Leapmotor and Aito to thrive. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
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 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Ken Lee
Greater China Daily: Friday, September 5, 2025
KEY HIGHLIGHTS Sector Automobile The price war took its toll on Chinese auto companies in 2Q25, causing a margin squeeze along the supply chain. Price wars are inevitable, despite the state’s anti-involution campaign. Large OEMs like Geely, BYD and GWM will survive the industry consolidation. For young companies, we expect XPeng, Leapmotor and Aito to thrive. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Results Sun Hung Kai Properties (16 HK/BUY/HK$91.40/Tar...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Ken Lee
Regional Morning Meeting Notes: Friday, September 5, 2025
GREATER CHINA Sector Automobile: Weekly: The price war took its toll in 2Q25, and it is coming back. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Results Sun Hung Kai Properties (16 HK/BUY/HK$91.40/Target: HK$103.00): FY25: Earnings stabilise; mixed segment performance. New IPs to drive growth from FY26. SINGAPORE Update BRC Asia (BRC SP/BUY/S$4.05/Target: S$4.69): Good proxy to rising construction activity. Upgrade to BUY. THAILAND Sector Hotel: ...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Metasurface Technologies Holdings (8637 HK): Rising profitability driv...
Metasurface, a supplier of vacuum chambers, is set to benefit from rising WFE procurement driven by intensifying chip fabrication requirements for advanced nodes in the AI age. The company is also expanding its footprint in the aerospace industry, as airlines are increasingly reliant on ageing aircraft, and this is expected to boost the components business as well as its upcoming engine MRO venture. Initiate coverage with BUY; target price at HK$2.90. Core precision engineering service provid...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Metasurface Technologies Holdings (8637 HK): Rising profitability driv...
Metasurface, a supplier of vacuum chambers, is set to benefit from rising WFE procurement driven by intensifying chip fabrication requirements for advanced nodes in the AI age. The company is also expanding its footprint in the aerospace industry, as airlines are increasingly reliant on ageing aircraft, and this is expected to boost the components business as well as its upcoming engine MRO venture. Initiate coverage with BUY; target price at HK$2.90. Core precision engineering service provid...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Wake Me Up When September Ends
Alpha Picks: Wake Me Up When September Ends Our Aug 25 Alpha Picks marginally trailed the FBMKLCI (+2.9% vs +4.1%) by 1.2ppt, as the benchmark index was buoyed by a 5.6% mom rally in the heavyweight banking sector. For Sep 25, we position towards a balanced mix of defensive names and catalyst-driven stocks which offer shelter against a potential deepening of the “summer lull” in Western equities in tandem with the “September effect”. Sep 25 picks: Alpha IVF, Hume, Inari, IOIPG, Northeast, PPB, R...
- Malaysia Research Team
Malaysia Daily - Thursday, September 4, 2025
KEY HIG HLIGH TS Strategy – Malaysia Alpha Picks: Wake Me Up When September Ends Page 2 Our Aug 25 Alpha Picks underperformed marginally. Sep 25 picks: Alpha IVF Group, Hume Cement Industries, Inari Amertron, IOI Properties Group, Northeast Group, PPB Group, RHB Bank and Zetrix AI. TRADERS’ CORNER Page 8 Magni-Tech Industries (MTI MK): Technical BUY Papajack (PPJACK MK): Technical BUY
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - September 2025
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: Add Anta, BYDE and CSCEC to our BUY list, Li Auto and OOIL to our SELL list. Take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy Alpha Picks: Wake Me Up When September Ends: Our Aug 25 Alpha Picks underperformed marginally. Sep 25 picks: Alpha IVF, Hume ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jieqi Liu
- Malaysia Research Team
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, September 4, 2025
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: Add Anta, BYDE and CSCEC to our BUY list, Li Auto and OOIL to our SELL list. Take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME. Sector Property Management: 1H25 results wrap-up: PM sector sees slower growth and weaker cash collection; we stay UNDERWEIGHT with PPS as our top pick for its solid expansion and high cash/share. INDONESIA Update XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp2,750/Target: Rp2,900):...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Lenovo Group (992 HK): Takeaways from the Lenovo Future Center tour in...
During the tour, Lenovo showcased the latest and greatest innovations from its IDG business, including new form factors such as the rollable and transparent display laptops. The company provided further demos on its Lenovo AI Now and smart connect features, which could be key differentiators, and provided more insights on their supply chain management especially in light of tariff uncertainties. Maintain BUY and keep target price at HK$12.70.
- 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...
- Kong Ho Meng
Uzma (UZMA MK) - Championing The Reactivation Of Malaysia’s Exploratio...
Championing The Reactivation Of Malaysia’s Exploration Basin Uzma held a briefing with a detailed review of its 4QFY25 revenue drivers, reassuring that the bulk of its loan book (85% mix) is backed by cash generating projects, and is on track to achieve a sizeable recurring earnings stream for both the O&G and new energy segments (the latter now has 120MW of capacity for generation). The seismic acquisition contract officially commenced in Aug 25 as per guidance, and we believe PX Geo is the ves...
- Malaysia Research Team
Malaysia Daily - Wednesday, September 3, 2025
KEY HIG HLIGH TS Strategy – Malaysia 2Q25 Results Wrap-up: A Steadier 2H25 Expected Page 2 2Q25 earnings remained underwhelming as feared. Nevertheless, accumulate on an expected “summer lull” to position for a stronger 2H25 performance. Company Update Uzma (UZMA MK/BUY/RM0.41/Target: RM0.76) Page 4 On track to achieve sizeable recurring earnings stream for both O&G and new energy. Seismic contract has officially begun, with PX Geo the likely partner. TRADERS’ CORNER Page 7 Duopharma Biotech (DB...
- 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...
- Bella Lu Yifei
- Ken Lee
Weichai Power (2338 HK): 2Q25: Results miss on margins and provisions;...
Weichai’s 2Q25 earnings came in below estimates at Rmb2.93b (-11% yoy/+8% qoq) on margins and provisions for asset write-downs. Looking ahead, we expect Weichai’s earnings to recover in 3Q25, driven by new HDT engine launches and burgeoning new businesses – electric powertrain and large-bore engines. Based on the 1H25 results, we trim our 2025-27 net profit forecasts by 7-8%. Maintain BUY. Keep target price at HK$19.00, as we roll over 12x target PE multiple to 2026.
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Estun Automation (002747 CH): 2Q25: In line with profit guidance. Dema...
Estun delivered an in-line 2Q25 print with revenue growing 12% yoy, and core net profit returning to a net loss due to changes in product mix. Nevertheless, management is turning more selective in choosing higher-margin products, while operating cost controls should start to contribute more meaningfully towards end-25. We believe the worst is over for Estun, due to a better recovery in end-demand. Upgrade to HOLD and raise target price to Rmb24.00.
- Malaysia Research Team
Malaysia Daily - Tuesday, September 2, 2025
KEY HIG HLIGH TS Sector Update Renewable Energy – Malaysia Page 2 Government set to encourage RE projects with lowered tariffs for CRESS projects. Maintain OVERWEIGHT. Top pick: Pekat. Company Results CIMB Group (CIMB MK/BUY/RM7.43/Target: RM8.25) Page 4 2Q25: Earnings were in line, underpinned by higher trading income and solid cost management. Maintain BUY and target price of RM8.25. IHH Healthcare (IHH MK/BUY/RM6.79/Target: RM7.90) Page 7 2Q25: Below expectations. Key markets more than offset...
- 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
- Heidi Mo Jinghui
- John Cheong Ming Chern
Tiong Woon Corporation Holding (TWC SP) - FY25: Heavy Lift, Heavy Cape...
TWC reported FY25 PATMI of S$19m (+6% yoy), in line with expectations, as revenue rose 14% yoy to S$164m on stronger heavy lift and installation activity. Margins narrowed from cross-hiring and a less favourable mix. A higher final dividend of 1.75 S cents/share was declared, lifting the payout ratio to 21%. We downgrade to HOLD with a higher target price of S$0.73, as the high capex cycle weighs on near-term cash flow and gearing. Fleet deployment and margin recovery remain potential re-rating ...
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