reports
- Damon Shen
- Jieqi Liu
Hong Kong Property: Expect Continued Recovery In Residential Market De...
With primary sales remaining strong and HIBOR declining further, Hong Kong’s residential market is expected to continue its recovery despite rising geopolitical risks. We also summarise the key operational data and trends of Hong Kong landlords from this results season. The recent market pullback has created better entry points. We upgrade SHKP/Hysan/Wharf REIC from HOLD to BUY, and upgrade NWD from SELL to HOLD, with target prices remaining unchanged. Maintain MARKET WEIGHT.
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, March 16, 2026
Greater China Economics | Money Supply Feb 26 money and credit data came in above expectations, helped by the Chinese New Year effect and better new bank credit and TSF at Rmb0.90t and Rmb2.38t respectively. This lifted M2 growth to 9.0% yoy, while M1 growth came in at 5.9% yoy. While the 2M26 data was above market expectations, the credit cycle is not in an upswing, as total credit growth edged lower to 6.0% yoy, and TSF growth stayed flat at 8.2% yoy. Sector Update | Healthcare The HSH...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01997 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
GAM WHARF REAL ESTATE INVESTMENT CO. LTD.
3933 GAMUDA BHD
IJM THE UNITED LABORATORIES INTE
06088 IJM CORP BHD
2877 FIT HON TENG LIMITED
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
00017 WUXI BIOLOGICS (CAYMAN) INC.
3692 NEW WORLD DEVELOPMENT CO. LTD.
MNSO HANSOH PHARMACEUTICAL GROUP
06160 MINISO GROUP HOLDING ADS (N SHARES)
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
DCRU CSPC INNOVATION PHARMACEUTICAL CO L
ARCI IJ MEDLIVE TECHNOLOGY CO LTD
ONC@US@ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ARCHI INDONESIA (ARCI IJ)
BEONE MEDICINE INC
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, February 27, 2026
Greater China Sector Update | Automobile China's humanoid robotics sector is accelerating, with 2025 global shipments up 508%. Key players anticipate significant revenue contributions by 2031: CATL expects 3-7% from batteries; Minth and LeaderDrive project 5-12% and 45-65% respectively; Tuopu forecasts 15-25% from motion systems; and RoboSense targets 40-60% from LiDAR. We maintain a MARKET WEIGHT rating on the sector. Top BUY recommendations include CATL, Ganfeng Lithium, Minth (target price ra...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ERW ERAWAN GROUP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AWX AEM HOLDINGS
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
AP AP THAILAND
AXIATA AXIATA GROUP BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
WHA TB WHA CORP PCL
06160 BEIGENE LTD.
09888 BAIDU INC
STM SEATRIUM LTD
MAYBANK MALAYAN BANKING BHD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Damon Shen
- Jieqi Liu
Sun Hung Kai Properties (16 HK) - 1HFY26: Results Beat Market Expectat...
Underlying net profit rose 16.7% yoy, boosted by stronger China profits. Interim DPS increased 3.2% yoy to HK$0.98, beating expectations. Hong Kong development margins should recover from 2HFY26, while the pipeline of new IPs is strong into 2026. Management reaffirmed its 40-50% payout ratio and prudent financial management. We raise our FY26 earnings forecast by 5%. Maintain HOLD; target price: HK$143.80. SHKP remains the best proxy for Hong Kong’s residential market.
- Damon Shen
- Jieqi Liu
Hong Kong Property: Raise 2026 Price Growth Forecast To 7%; Downgrade ...
Residential prices rebounded more strongly than expected in 4Q25 and ytd, supported by positive rental yield spread over mortgage rates and stabilising population trends in Hong Kong. However, the yield spread has narrowed and supply remains relatively high despite easing sequentially. We raise our 2026 price growth forecast to 7% and primary transaction estimate to 25,000 units. We downgrade SHKP to HOLD, keep Kerry Properties at BUY, and maintain MARKET WEIGHT on the sector.
Sun Hung Kai Properties Ltd: 1 director
A director at Sun Hung Kai Properties Ltd bought 327,000 shares at 94.547HKD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2026 Year Ahead: Global easing continue...
Highlights We expect global liquidity cycle to remain strong for at least 1H26, following the Fed’s return to policy easing in Sep 25, benefitting emerging market assets and commodities. Chinese equities are likely to rally further, and our index target for MSCI China index target is at 104 pts based on 16.3x 12-month forward PE and 6% EPS growth assumption. We prefer exposure to growth industries like AI/semiconductors, automation/robotics, ADAS and innovative drugs and liquidity proxies ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06160 BEIGENE LTD.
09961 CTRIP.COM INTERNATIONAL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Damon Shen
- Jieqi Liu
China And Hong Kong Property: China To Expand C-REITs For POEs; Major ...
On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP and Kerry Properties.
- Damon Shen
- Jieqi Liu
Hong Kong Property: Striking A New Equilibrium
The IPO revival proves Hong Kong is re-emerging as a key hub for talent and capital amid geopolitical risks, benefitting the property market. Hong Kong’s repositioning is expected to shape the property industry’s new equilibrium over the next 2-3 years. As the market prepares for a new cycle, this report analyses the key factors driving industry fundamentals. Maintain MARKET WEIGHT on Hong Kong developers and landlords.
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Ken Lee
- Malaysia Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 24, 2025
Greater China Sector Update | Automobile The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but long-term risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Sector Upda...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
TISCO TISCO FINANCIAL GROUP
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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 WEICHAI POWER CO. LTD. CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
ECW ECO WORLD DEVELOPMENT GROUP
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
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)
00017 NEW WORLD DEVELOPMENT CO. LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SCB SCB X PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
02015 LI AUTO INC
300244 DIAN DIAGNOSTICS GROUP CO
600699 JOYSON ELECTRONICS CORP
- Damon Shen
- Jieqi Liu
Hong Kong Property: Striking a new equilibrium. MARKET WEIGHT
Highlights Repositioning of Hong Kong driving new sector equilibrium in next 2-3 years. Catalysts: More rate cuts than expected, policy support and tourism recovery. Risks: Fewer rate cuts, massive collateral liquidation by banks, more defaults. Analysis Repositioning of Hong Kong driving new property market equilibrium. With geopolitical tensions being the new norm, Hong Kong is remerging as a key hub for capital and talent, as evidenced by the IPO market’s revival which has benefitted...
- Damon Shen
- Jieqi Liu
China and Hong Kong Property: Takeaways From Visit To Jinling Residenc...
Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80.
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, October 15, 2025
Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...
FR FIRST INDUSTRIAL REALTY TRUST INC.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BN4 KEPPEL CORPORATION LIMITED
MLK MALAKOFF CORP BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
GMB GAS MALAYSIA BHD
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
00017 NEW WORLD DEVELOPMENT CO. LTD.
SVI SVI PCL
DELTA DELTA CORP
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China and Hong Kong Property: Update Of Key Data And Trends During 202...
Golden Week new-home sales varied, with sales in Tier 1 cities growing 18.1% yoy on average, while sales in Tier 2 and Tier 3 cities declined. In Hong Kong, second-hand transactions from 2024-25 projects, like SHKP's Cullinan Sky, achieved better capital gains, boosting investor sentiment. Tourism data was mixed: mainland tourist growth slowed, other regions’ visitors surged, and northbound travel stayed strong. Maintain MARKET WEIGHT on China and Hong Kong property/landlord sectors.
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Damon Shen
- Jieqi Liu
Hong Kong Property: 2025 Policy Address: Positive On Residential Marke...
The 2025 Policy Address expands the new CIES to include HK$30m-50m worth of residential properties, moderates land supply targets and suspends the Kau Yi Chau project. The North Metropolis needs to accelerate development with innovative measures. Population growth and tourism remain the key policy focus, though local spending lacks direct support. Our pecking order of positive impact on each segment: residential>retail>office. SHKP and Hysan are our top picks, while NWD is downgraded to SELL due...
- Damon Shen
- Jieqi Liu
Sun Hung Kai Properties (16 HK): FY25: Earnings stabilise; mixed segme...
SHKP reported a 0.5% increase in FY25 underlying net profit, driven by strong China DP margin and lower finance costs, despite weaker Hong Kong DP margins. Investment properties (IP) showed mixed results, with Hong Kong offices outperforming the market. The IGC in Hong Kong and ITC in Shanghai will complete and open in FY26, supporting recurring income growth. Management is committed to a 50% payout ratio. Maintain BUY. Target price of HK$103.00 implies a 4.0% FY26 yield.
- 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: ...
- Damon Shen
- Jieqi Liu
China & Hong Kong Property Strategy: CR Land’s acquisition of Shanghai...
The 30 Jul Politburo meeting emphasised strict controls on hidden government debt and high-quality/prudent urban renewal. CR Land’s acquisition of two prime residential projects in Shanghai (Rmb24.5b) highlights opportunities for SOE developers as LGFVs divest assets under stricter oversight. While Tier 1 and 2 cities show further sales weakness, Hong Kong is progressing with destocking, with potential changes to ease capital transfers for mainland talents. Maintain MARKET WEIGHT on both sectors...
- Damon Shen
- Jieqi Liu
China & Hong Kong Property & Property Management Strategy: Mainland ma...
Mainland property sales continued to weaken in July, which may weigh on the recovery of land sales. Potential policy support in 2H25 could be a positive catalyst. The Hong Kong property market showed signs of stabilisation: CCL index has turned positive ytd, while inventory of primary private residential units decreased 3.8% qoq in 2Q25. Maintain MARKET WEIGHT on both sectors, favouring CR Land in China for its resilient performance. We also highlight our other top pick, CR Mixc, for its attract...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
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