reports
- 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)
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, July 29, 2025
GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AIY IFAST
PLANB PLAN B MEDIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
ROTH BRITISH AMERICAN TOBACCO BHD
RFMD RAFFLES MEDICAL GROUP LTD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DELTA DELTA ELECTRONICS
0303 ALPHA IVF GROUP
ECOSHOP MK ECO-SHOP MARKETING BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Damon Shen
- Jieqi Liu
China and Hong Kong Property Strategy: Weakening sales in China has ra...
For China’s property sector, Jun 25 preliminary data pointed to weakening sales, while the land market saw a clearer divergence. Weakened fundamentals may raise hopes of policy support in the July Politburo meeting. In Hong Kong, with the rental index in May 25 only 2.4% lower than the peak in Aug 19, we see signs of a stabilisation of property prices. However, a rebound in HIBOR may test the strength of sales recovery. Maintain MARKET WEIGHT for both sectors with a preference for China property...
- Adrian Loh Tzum Yung
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, June 30, 2025
GREATER CHINA Strategy Property Weakening sales in China has raised hopes of policy support in July; rebound in HIBOR will test the strength of recovery in Hong Kong property sales. INDONESIA Update Bank Mandiri (BMRI IJ/BUY/Rp5,025/Target: Rp6,000) 5M25: Steady earnings amid NIM pressure. MALAYSIA Sector Oil & Gas ...
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
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.
5218 SAPURA ENERGY BHD
AIY IFAST
558 UMS HOLDINGS LIMITED
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
AP AP THAILAND
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
DLUM DELEUM BERHAD
RSTON RIVERSTONE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
PETGAS PETRONAS GAS BHD
- Damon Shen
- Jieqi Liu
Hong Kong Property: Takeaways from channel check at The Southside.
We visited Deep Water Pavilia and LA MONTAGNE, both of which have seen encouraging sales in 2025, especially for entry-level units, which now yield 3.2-3.7%. The successful sale of Deep Water Pavilia is also attributable to a higher supply of entry-level units and conservative pricing on larger ones. We see positive destocking progress in Hong Kong, and if this trend continues, The Southside may be among the first areas to stabilise and recover price. Maintain MARKET WEIGHT. Top pick: SHKP.
- Benyamin Mikael
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Philip Wong
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 18, 2025
GREATER CHINA Sector Property Takeaways from channel check at The Southside. INDONESIA Strategy Higher Oil Prices Bode Well For Some Participants Beneficiaries of higher oil prices. Takeaways From Our Marketing Trip To Kuala Lumpur Cautious but engaged. MALAYSIA Sector Construction Sector resists tensions from global uncerta...
00016 SUN HUNG KAI PROPERTIES LIMITED
AKRA PT AKR CORPORINDO TBK
ANTM PT ANEKA TAMBANG TBK
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
5226 GABUNGAN AQRS
TRUE TRUE CORP. PUBLIC CO. LTD.
GAM GAMUDA BHD
ROTH BRITISH AMERICAN TOBACCO BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
FNH FRASER & NEAVE HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
MRC MALAYSIAN RESOURCES CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KPG KERJAYA PROSPEK GROUP BHD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
WCTHG WCT HOLDINGS BHD
MRDIY MR DIY GROUP M BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
FFB FARM FRESH BHD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAR CAPITALAND ASCENDAS REIT
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
- Damon Shen
- Jieqi Liu
China & Hong Kong Property, Hong Kong Landlord Strategy: Manageable pr...
In May 25, data from 28 cities and the top 100 developers’ sales point to a mom increase but yoy fall in new home sales. Secondary transactions in 12 cities continued to see a yoy hike. Homebuyers’ sentiments remain weak and divergent among cities, but better supply-demand dynamics lower the urge to introduce strong policies. For Hong Kong, the gentle yoy decline in retail sales and stronger tourist numbers growth are positive developments. Maintain sector ratings. Top picks: CR Land, SHKP and L...
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
- Jo Yee Ng
- Johnny Yum
- Keith Wee Teck Keong
- Singapore Research Team
Regional Morning Meeting Notes: Tuesday, June 03, 2025
GREATER CHINA Strategy China Property & Hong Kong Property & Hong Kong Landlord Manageable pressure in mainland property market; improved tourism and retail sales momentum in Hong Kong. INDONESIA Strategy Alpha Picks: Good Performances in May Good performances from most with the exception of GOTO and BUKA. MALAYSIA Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) 1Q25: Earnings in line, underpinned by lower provisions. Mai...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ANTM PT ANEKA TAMBANG TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DKFT IJ CENTRAL OMEGA RESOURCES
- Damon Shen
- Jieqi Liu
China & Hong Kong Property Strategy: Channel check of Shanghai’s prima...
In May 25, new home and second-hand transactions in Tier 1 cities remain relatively resilient. We visited four residential projects in Shanghai and observed: a) better sales of upgrading units, b) price stabilisation, and c) a challenging margin outlook. In Hong Kong, with the sharp decline of 1M HIBOR being a major positive development, RVD’s latest rental yields data points to improved return of smaller units. We expect higher yields into the school admission season. Maintain sector ratings an...
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Market watch around May holiday...
In Apr 25, the 28 mainland cities we monitored saw yoy decreases in new home sales, and total sales for Top 100 developers fell 16.9% yoy, worsening from a 10.6% yoy drop in Mar 25. As holiday delays data registration, we think the sales data for next two weeks will show the strength of sales in May 25. For the Hong Kong market, declining inventory and rising rental yields are positive signs. But consumption leakage remains a key concern. Maintain sector ratings. Top picks: CR Land and SHKP.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Kasemsun Koonnara
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, May 07, 2025
GREATER CHINA Strategy China And Hong Kong Property Market watch around May holiday: New-home sales recovery weakens in Apr 25; the trend of Hong Kong resident travelling north remains strong. Sector Consumer Strong Macau visitations and robust home appliance sales during Labour Day Holiday. INDONESIA Initiate Coverage Aneka Tambang (ANTM IJ/BUY/Rp2,540/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
5168 HARTALEGA HOLDINGS BHD.
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
HEIM HEINEKEN MALAYSIA BHD
BANPU TB BANPU
ECW ECO WORLD DEVELOPMENT GROUP
HLBANK HONG LEONG BANK BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MPM MARCO POLO MARINE LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
STM SEATRIUM LTD
PEKAT PEKAT GROUP BHD
- Greater China Research Team
Greater China Alpha Picks: May Conviction Calls
The HSI and MSCI China index fell 4.3% mom and 5.2% mom respectively in April, driven by Trump’s tariff announcements in early-April and fears of a potential global recession. Due to the ongoing external uncertainties, we will maintain our exposure to domestic policy beneficiaries and defensive sectors. New additions to our BUY list are Alibaba, Innovent, Shuanghuan, and Trip.com, and we take profit of CR Land and JBM Healthcare.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
09961 CTRIP.COM INTERNATIONAL
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Sales recovery weakened in Apr ...
In Apr 25: a) major mainland cities saw mom decreases in new home sales and secondhand transactions; b) the CVI index in Hong Kong is hovering around 40, pointing to weakened sentiment; and c) mainland tourists to Hong Kong/Hong Kong residents to China grew 15.7%/25.2% yoy respectively. Amid rising trade risks, stabilising domestic demand has become more important for China. Besides, Hong Kong’s free port status needs to be monitored. Maintain sector ratings. Top picks: CR Land and SHKP.
Sun Hung Kai Properties Ltd: 1 director
A director at Sun Hung Kai Properties Ltd bought 37,500 shares at 66.140HKD and the significance rating of the trade was 53/100. 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 two...
- Damon Shen
- Jieqi Liu
China And Hong Kong Property & Hong Kong Landlords Strategy: Tariffs c...
The tariffs announced by Trump increased uncertainties over the Fed’s rate cuts, weighing on the recovery of the Hong Kong residential market and tourism. The mainland property market will be less affected, backed by China’s relatively independent monetary policy. For 2025, leading SOE developers’ earnings stabilisation will be a key highlight. Maintain sector weights with this pecking order: China property>Hong Kong developers>Hong Kong landlords. Top picks: CR Land and SHKP.
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.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Greater China Research Team
Greater China Strategy Alpha Picks: April Conviction Calls
The HSI and MSCI China index rose 0.8% mom and 2.0% mom respectively in March, after the DeepSeek fervour passed and investors locked in profits ahead of Trump’s tariff announcement in early-April. In the face of geopolitical uncertainties and potential trade war escalations, we will keep our exposure to companies reliant on domestic demand and beneficiaries of policy support. New additions to our BUY list are CR Beer, Desay SV, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp.
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
M3I MINTH GROUP LIMITED
01810 XIAOMI CORP. CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02161 WUXI APPTEC CO. LTD. CLASS H
JBM (HEALTHCARE) LTD
- Greater China Research Team
Greater China Strategy: Alpha Picks -- March Conviction Calls
The HSI and MSCI China index rose 13.4% mom and 11.5% mom respectively in February, riding the wave of optimism on China’s tech sector. Sino-US tensions look set to rise in March, as higher tariffs take effect and should lead to greater market volatility. Hence, we will be quick to take profit and will only add names with less demanding valuations. New additions to our BUY list are Geely, JD, SHKP and Zijin Mining.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
01299 AIA GROUP LIMITED
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
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