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Damon Shen ... (+2)
  • 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 ... (+2)
  • 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 ... (+5)
  • 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 ... (+6)
  • 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 ... (+2)
  • 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 ... (+2)
  • 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...

Adrian Loh Tzum Yung ... (+17)
  • 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: ...

Damon Shen ... (+2)
  • 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 ... (+10)
  • 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 ...

Damon Shen ... (+2)
  • 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 ... (+9)
  • 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...

Damon Shen ... (+2)
  • 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...

Damon Shen ... (+6)
  • 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...

Damon Shen ... (+2)
  • 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 ... (+2)
  • 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 ... (+15)
  • 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:...

02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
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 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.

Benjaphol Suthwanish ... (+11)
  • 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 ...

Damon Shen ... (+2)
  • 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...

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