reports
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Curtis Yeung
- Greater China Research Team
- Tham Mun Hon
Greater China Daily: Wednesday, February 4, 2026
Top Stories Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Technical Analysis China Mobile | 941 HK Support levels: HK$76.55/HK$75....
- Claire Wang Kelai
- Tham Mun Hon
China Economics: January PMI Softens Ahead Of Chinese New Year, Accomp...
January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterprise sub-index remained marginally e...
- Bella Lu Yifei
- Claire Wang Kelai
- Curtis Yeung
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, February 2, 2026
Top Stories Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterprise su...
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Greater China Research Team
- Tham Mun Hon
China Merchants Bank (3968 HK): 2025 Preliminary Results: NII Ahead, B...
CMB’s 2025 preliminary results reaffirmed the sequential recovery momentum in revenue and earnings, thanks to a better NIM performance and solid fee income growth amid a strong equity market performance. However, the provision coverage ratio fell sharply to below 400%, likely due to a high NPL formation rate despite the stable headline NPL ratio. We think CMB’s valuation is relatively rich at this moment given the declining ROE trend and underlying asset quality risks. Maintain HOLD. Target pric...
- Curtis Yeung
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Tham Mun Hon
Greater China Daily: Tuesday, January 27, 2026
Top Stories Sector Update | China Property In 2025, CR Land and COLI saw 15-20% yoy profit declines and Longfor’s core profit may turn from positive to negative due to weak DP margins. For 2026, the outlook remains constrained, though as it is the first year of the 15th Five-Year Plan, SOEs are expected to have clearer growth targets. In Jan 26, new-home sales in 28 major cities fell 40% yoy, while second-hand transactions in three Tier 1 cities declined 4% yoy. Maintain UNDERWEIGHT, but we see...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jieqi Liu
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 27, 2026
Greater China Sector Update | China Property In 2025, CR Land and COLI saw 15-20% yoy profit declines and Longfor’s core profit may turn from positive to negative due to weak DP margins. For 2026, the outlook remains constrained, though as it is the first year of the 15th Five-Year Plan, SOEs are expected to have clearer growth targets. In Jan 26, new-home sales in 28 major cities fell 40% yoy, while second-hand transactions in three Tier 1 cities declined 4% yoy. Maintain UNDERWEIGHT, but we se...
- Claire Wang Kelai
- Tham Mun Hon
China Economic Activity: 4Q25 Growth Slows To 4.5% yoy; Full-Year Grow...
China’s 4Q25 GDP growth eased to 4.5% yoy, bringing 2025 growth to 5.0%, in line with the official target. December industrial production growth rose 5.2% yoy (-0.2ppt mom), but retail sales growth slowed to 0.9% yoy (-0.4ppt mom). FAI growth contracted further to -3.8% yoy ytd (-1.2ppt mom), dragged by persistent property FAI weakness (-17.2% ytd yoy). With momentum weakening into year-end, we expect more targeted policy support in 2026, particularly to stabilise property and boost consumption.
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Tham Mun Hon
Greater China Daily: Tuesday, January 20, 2026
Top Stories Economics | Economic Activity China’s 4Q25 GDP growth eased to 4.5% yoy, bringing 2025 growth to 5.0%, in line with the official target. December industrial production growth rose 5.2% yoy (-0.2ppt mom), but retail sales growth slowed to 0.9% yoy (-0.4ppt mom). FAI growth contracted further to -3.8% yoy ytd (-1.2ppt mom), dragged by persistent property FAI weakness (-17.2% ytd yoy). With momentum weakening into year-end, we expect more targeted policy support in 2026, particularly t...
- Alden Gabriel Lam
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Kai Jie Tang
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, January 20, 2026
Greater China Economics | Economic Activity China’s 4Q25 GDP growth eased to 4.5% yoy, bringing 2025 growth to 5.0%, in line with the official target. December industrial production growth rose 5.2% yoy (-0.2ppt mom), but retail sales growth slowed to 0.9% yoy (-0.4ppt mom). FAI growth contracted further to -3.8% yoy ytd (-1.2ppt mom), dragged by persistent property FAI weakness (-17.2% ytd yoy). With momentum weakening into year-end, we expect more targeted policy support in 2026, particularly ...
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- New Credit Beats But M1 Growth Contin...
December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit demand.
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, January 16, 2026
Top Stories Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit deman...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, January 16, 2026
Greater China Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
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
BAL BUMITAMA AGRI LTD
3933 THE UNITED LABORATORIES INTE
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
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
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 WUXI APPTEC CO. LTD. CLASS H
DELTA CSPC INNOVATION PHARMACEUTICAL CO L
Z29 DELTA ELECTRONICS
02015 029 GROUP SE
600699 LI AUTO INC
CPAXT JOYSON ELECTRONICS CORP
ONC@US@ CP AXTRA PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
UGAI ASL MARINE (ASL SP)
ULTRAGREEN.AI LIMITED
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Trade -- December Beats Expectations; Import Growth H...
Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market positive, with full-year growth at...
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, January 15, 2026
Top Stories Economics | Trade Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market pos...
- Andrew Agita Buntoro
- Claire Wang Kelai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 15, 2026
Greater China Economics | Trade Exports growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is marke...
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
SOP SARAWAK OIL PALMS BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
KIML KIM LOONG RESOURCES BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
GENP GENTING PLANTATIONS BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
09618 JD.COM INC. CLASS A
FFB FARM FRESH BHD
SDG SD GUTHRIE BHD
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK INDOSAT TBK PT
ECOSHOP MK ORIENTAL KOPI HOLDINGS BHD
ECO-SHOP MARKETING BHD
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Inflation -- Broad-Based Improvement In December
December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although deflation pressures in the property and tran...
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, January 12, 2026
Top Stories Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although deflation...
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, January 12, 2026
Greater China Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although defl...
002230 IFLYTEK CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
HUME HUME CEMENT INDUSTRIES BHD
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
RGL RECLAIMS GLOBAL
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