reports
- Bella Lu Yifei
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
Greater China Daily: Thursday, April 25, 2024
KEY HIGHLIGHTS Sector Automobile China’s PEV sales grew 9% yoy and 12% wow during the week of 15-21 Apr 24, implying a 44.9% market share. BYD, Zeekr and XPeng saw sales rebound during the week, in line with expectations; Aion, Li Auto and Tesla posted lower sales, below expectations. Tesla posted disappointing 1Q24 results on a sales drop, and cut prices of Model Y/3 by 5-6%. Li Auto also cut prices by 5-7%, intensifying the price war. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 25
GREATER CHINA Sector Automobile Weekly: EV sales rebound for two weeks in a row, but price war intensifies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea. Results ASMPT (522 HK/BUY/HK$102.30/Target: HK$120.00) 1Q24: Solid results, more positive updates to advanced packaging business. EVE Energy (300014 HK/SELL/ Rmb34.27/Target: Rmb20.00) ...
- Johnny Yum Chung Man
Shenzhen Inovance (300124 CH): 4Q23/1Q24: Results in line. Automation ...
Inovance’s 4Q23/1Q24 results are largely in line with its preliminary results and profit guidance. Management guided for a 15-35%/5-20% growth in 2024’s revenue/net profit respectively, with growth continuing to be driven by general automation and the EV business. However, it also highlighted a challenging macro environment in China and will focus on optimising operational efficiency to offset price competition and raw material price hikes. Maintain BUY. Cut target price to Rmb75.50.
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, April 24, 2024
KEY HIGHLIGHTS Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb27.55/Target: Rmb36.10) 1Q24: Results abov...
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, April 24, 2024
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
002230 IFLYTEK CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
BBCA PT BANK CENTRAL ASIA TBK
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SCI SCI E&C
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
AZTECH AZTECH GLOBAL LTD
- Bella Lu Yifei
- Ken Lee
Huizhou Desay SV Automotive Co (002920 CH): 1Q24: Earnings miss estima...
DSV’s 1Q24 net profit came in lower than expected at Rmb385m (+16% yoy), 7% below consensus estimate. The earnings miss lay in margins. We lower our 2024-26 net profit forecasts by 9%/6%/5% to Rmb1,989m/Rmb2,650m/Rmb3,519m respectively, based on a lower gross margin. Accordingly, we cut target price from Rmb155.00 to Rmb145.00. Maintain BUY.
- Bella Lu Yifei
- Ken Lee
EVE Energy (300014 CH): 4Q23: Earnings miss on margins. Maintain SELL....
EVE’s 4Q23 net profit came in at Rmb626m (-26% yoy/-51% qoq), below our estimate of Rmb1,136m and consensus forecast of Rmb1,607m. The earnings miss lay in margins, with gross margin dropping by 0.6ppt qoq to 17.7% in 4Q23. We cut our 2024-25 net profit forecasts by 35%/48% to Rmb4.01b/Rmb3.99b respectively, and introduce our 2026 net profit forecast of Rmb4.09b, based on a lower gross margin. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, April 22, 2024
GREATER CHINA Sector Online Travel Agencies: Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50): 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00): 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00): 1Q24: Earnings mi...
KKP KIATNAKIN BANK
F34 WILMAR INTERNATIONAL LIMITED
ITMG INDO TAMBANGRAYA MEGAH
AJBU KEPPEL DC REIT
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
6888 AXIATA GROUP BHD.
KTB-R KRUNG THAI BANK PCL NVDR
PMAH PRESS METAL ALUMINIUM HOLDIN
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
TTB TMBTHANACHART BANK PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300244 DIAN DIAGNOSTICS GROUP CO
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Monday, April 22, 2024
KEY HIGHLIGHTS Sector Online Travel Agencies Robust Qingming festival travel momentum continues into Labour Day. Results Dian Diagnostics (300244 CH/BUY/Rmb14.36/Target: Rmb18.50) 2023: Results in line; smooth progress in developing esoteric testing business. EVE Energy (300014 CH/SELL/Rmb35.00/Target: Rmb20.00) 4Q23: Earnings miss on margins. Maintain SELL. Cut target price from Rmb24.00 to Rmb20.00. Huizhou Desay SV Automotive Co (002920 CH/BUY/Rmb118.01/Target: Rmb145.00) 1Q24: Earnin...
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 4Q23: Misses expectations on operating expens...
Han’s Laser’s 4Q23 net profit declined 4% yoy to Rmb188m, below our and the market’s expectations due to higher opex and impairment loss. Revenue was actually better than expected with signs of sustained recovery in high-power laser, PCB and semi equipment seen through 4Q23-1Q24, but the ongoing margin pressure and slow recovery in other business may continue to drag on its earnings recovery in 2024. Maintain HOLD and cut target price to Rmb17.10.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales up 21% yoy/19% wow in the second we...
China’s PEV sales grew 21% yoy and 19% wow during the week of 8-14 Apr 24, implying a 46% market share. BYD, Li Auto and XPeng posted in-line sales during the week, while Tesla’s and Zeekr’s sales came in lower than expected due to competition. We expect Zeekr’s sales to recover, based on its better product qualities vs rivals and new model debuts. CATL posted in-line 1Q24 results with core earnings growing 19% yoy. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto, XPeng. Top BUYs: CATL, Desay.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, April 19, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10) 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00) Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024....
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, April 19, 2024
GREATER CHINA Sector Automobile: Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10): 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00): Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024. IN...
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline Co (002472 CH): 4Q23: Results in line; b...
Shuanghuan’s 4Q23 results are in line with our estimates and preliminary results, although the revenue was slightly below due to a weaker-than-expected EV gear business. In 2024, growth of the EV gear business should stabilise, but the high growth period is likely over, while the overseas business and development of the newlyacquired civil gear business will be crucial for Shuanghuan to find a new growth driver. Maintain BUY but cut target price to Rmb27.60.
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Johnny Yum Chung Man
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Economics Money Supply Slower-than-expected credit expansion. Trade Exports drop 7.5% and imports fall 1.9%. Sector Healthcare ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60) 4Q23: Results in line; but slowdown in EV gear business is apparent. HSI AND HS TECH INDEX OUTLOOK
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Singapore Research Team
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Monday, April 15, 2024
GREATER CHINA Economics Money Supply: Slower-than-expected credit expansion. Trade: Exports drop 7.5% and imports fall 1.9%. Sector Healthcare: ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60): 4Q23: Results in line; but slowdown in EV gear business is apparent. MALAYSIA Sector Banking: The operational commencement of the various new digital bank...
- Bella Lu Yifei
- Ken Lee
China Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigg...
We raise our 2024 forecasts on China’s vehicle sales growth and EV sales growth from -5.1%/+10.8% to +7.5%/+21.7% respectively on higher 1Q24 sales given bigger-thanexpected price cuts, stronger exports and stimulus. Despite higher sales growth, most auto companies’ earnings will still be pressured by price cuts. PV sales declined 10.6% yoy and 39.7% wow in the first week of April due to the Tomb Sweeping Festival holiday. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL a...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
09868 XPENG INC
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, April 12, 2024
ASEAN Sector Banks: ASEAN Banks: Quarterly update. GREATER CHINA Economics Inflation: CPI inflation moderates as CNY effects fade. Sector Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer: Focus on four key theses for the sector. Property: 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. MALAYSIA Update Dialo...
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, April 12, 2024
KEY HIGHLIGHTS Economics Inflation CPI inflation moderates as CNY effects fade. Sector Automobile Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer Focus on four key theses for the sector. Property 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. TRADERS’ CORNER Dongfang Electric Company Limited (1072 HK): Tr...
- Johnny Yum Chung Man
China IT Hardware: AI Hardware -- Elevated investment to bolster inves...
Recent news of leading foundries raising investments in US fabs, and TSMC’s elevated expansion into CoWoS in 2025 after positive initial reception/analysis of NVIDIA’s new GB200 Superchip, represents the semi industry’s optimism on GenAI-driven demand in both the short and long term. This can also further lift the market’s confidence in the sustainability of AI-related investments in the coming years, which can in turn drive another round of upward revisions in market/earnings forecasts. Maintai...
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