reports
- Benjaphol Suthwanish
- Damon Shen
- Julia Pan Mengyao
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, October 10, 2024
GREATER CHINA Sector Property and Property Management Encouraging property sales during Golden Week; watching policy implementation and improvement in fundamentals in 4Q24. INDONESIA Asian Gems Corporate Highlights Bank Central Asia (BBCA IJ/BUY/Rp10,450/Target: Rp12,000) Plenty of room to grow. Bank Negara Indonesia (BBNI IJ/BUY/Rp5,325/Target: Rp6,560) Aspires to book 20% ROE in 2028. MALAYSIA Asian Gems Corporate Hi...
01109 CHINA RESOURCES LAND LIMITED
TOP THAI OIL PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
BBCA PT BANK CENTRAL ASIA TBK
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SPOST SINGAPORE POST LTD
MSGB MAH SING GROUP BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
TXG 10X GENOMICS INC CLASS A
WHA TB WHA CORP PCL
6049 POLY PROPERTY SERVICES CO LTD
SCGP SCG PACKAGING PCL
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
ENN Energy Holdings (2688 HK): 1H24: Below expectations; earnings drag...
ENN’s 1H24 core profit was Rmb3,263m (-16.6% yoy), at 43% of our full-year estimate, below expectations. The slump in revenue from wholesale of gas and the new installation segments have wiped off other segments’ revenue growth. The new installation segment’s gross margin fell to 44.4% (-8.9ppt yoy) on lower installation fees and rising costs. Retail gas sales volume rose to 12,710m cbm (+4.5% yoy) with higher dollar margin of Rmb0.54/cbm. Maintain HOLD. Target price: HK$58.40.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Singapore Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
- Thailand Research Team
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb9.96/Target: Rmb12.50) 1H24: Results lower than expected; striving for growth amid weak economic conditions. ENN Energy Holdings (2688 HK/HOLD/HK$53.50/Target: HK$58.40) 1H24: Below expectations; earnings dragged by sluggish new installation and absence of LNG trading gain. Hysan Development (14 HK/BUY/HK$11.36/Target: HK$15.41) 1H24 Interim results remains stable yoy; retail portfolio being ...
XGH ENN ENERGY HOLDINGS LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
01585 YADEA GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MISC MISC BHD
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
BST BERJAYA SPORTS TOTO BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
338 WEICHAI POWER
OR PTT OIL & RETAIL BUSINESS PCL
CK CH. KARNCHANG PUBLIC CO LTD
BBNI BANK NEGARA INDONESIA PERSER
Z29 029 GROUP SE
LNGFOR LONGFOR GROUP
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Ken Lee
- Kenny Yong Hui Lim
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, August 26, 2024
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb9.96/Target: Rmb12.50) Aier reported lower-than-expected results with revenue and adjusted net earnings up 2.9% and 1.5% yoy respectively in 1H24. Despite the weak economic conditions, Aier still achieved a 9% yoy growth in outpatient numbers, demonstrating its resilient business expansion capabilities. Striving for growth, Aier further expanded its hospital network by acquisitions. We believe the newly added hospitals will bri...
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
01585 YADEA GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
300244 DIAN DIAGNOSTICS GROUP CO
- Ceilica Su Rui
- Ziv Ang Sze Champ
ENN Energy Holdings Limited (2688 HK) : 1Q24: Operational data in line...
ENN’s 1Q24 operational data was generally in line with expectations. 1Q24 retail gas sales came in at 7,237m cbm (+2.7% yoy). Growth should pick up in the following months as gas sales to power plants ended in 1Q23. 1Q24 dollar margin was higher by Rmb0.02 per cbm, on track to achieve 2024 guidance of Rmb0.53-0.54 per cbm. Integrated energy expansion remained robust with sales volume of 9,136m kWh (+29.4%), in line with expectations. Maintain HOLD. Target price: HK$69.21.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 30, 2024
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$34.95/Target: HK$44.00) CMB’s 1Q24 earnings were slightly below our expectations due to disappointing fee income and higher cost ratio, partly offset by strong trading gains and lower credit impairment. 1Q24 NIM performance beat our expectation with a 2bp qoq decline and we expect it to hit its bottom by 2024 if there is another round of deposit rate cuts. Besides that, asset quality remains largely stable. Maintain BUY. Target price:...
01299 AIA GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
000333 MIDEA GROUP CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
Z29 029 GROUP SE
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
ENN Energy Holdings Ltd: 1 director
A director at ENN Energy Holdings Ltd bought 10,000 shares at 59.900HKD and the significance rating of the trade was 71/100. 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 yea...
- Ceilica Su Rui
- Ziv Ang Sze Champ
ENN Energy Holdings (2688 HK): 2023: In line; challenging path ahead. ...
ENN reported 2023 earnings of Rmb7,586m (-4.8% yoy), slightly above our expectation. The upside surprise was due to a 3.5% revenue growth, supported by a 25.5% yoy increase in wholesale gas volume, although consolidated gross margin declined to 12.6% (-1.7ppt). Retail gas sales volume shrank to 25,144m cbm (-3.1% yoy). The absence of an LNG trading gain and recovery of new connections in 2024 are set to drag on earnings. Downgrade to HOLD. Target price: HK$69.21.
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 26, 2024
KEY HIGHLIGHTS Results ENN Energy Holdings (2688 HK/HOLD/HK$61.45/Target: HK$69.21) 2023: In line; challenging path ahead. Downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$5.60/Target: HK$8.20) 2023: Results in line; store opening and SSSG to decelerate in 2024. Q Technology Group (1478 HK/HOLD/ HK$3.03/Target: HK$3.30) 2023: Earnings miss due to non core items, but the worst is over. Sinopharm Group (1099 HK/BUY/HK$20.40/Target: HK$25.00) 2023: Results in line; expe...
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 26, 2024
GREATER CHINA Results ENN Energy Holdings (2688 HK/HOLD/HK$61.45/Target: HK$69.21): 2023: In line; challenging path ahead. Downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$5.60/Target: HK$8.20): 2023: Results in line; store opening and SSSG to decelerate in 2024. Q Technology Group (1478 HK/HOLD/ HK$3.03/Target: HK$3.30): 2023: Earnings miss due to non core items, but the worst is over. Sinopharm Group (1099 HK/BUY/HK$20.40/Target: HK$25.00): 2023: Results in line; expecting s...
XGH ENN ENERGY HOLDINGS LIMITED
5218 SAPURA ENERGY BHD
X2S SINOPHARM GROUP CO. LTD. CLASS H
01478 Q TECHNOLOGY (GROUP) CO. LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SSG SHENG SIONG GROUP LTD
GMB GAS MALAYSIA BHD
MNHB MYNEWS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ziv Ang Sze Champ
ENN Energy (2688 HK): 3Q23 operational data: 3Q23 dollar margin falls ...
ENN’s 3Q23 retail gas sales volume rose 0.5% yoy to 5,794m cbm. 9M23 cumulative retail gas sales volume dropped 4.7% yoy to 17,956m cbm. The company is actively expanding its customer base to offset the lower sales to power plant customers. 3Q23 dollar margin fell to Rmb0.50/cbm, mainly due to the preferential pricing given to existing and new industrial customers to drive gas sales. ENN has revised down LNG trading gain forecasts to Rmb1.2b. Maintain BUY. Target price: HK$72.10.
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Monday, October 30, 2023
KEY HIGHLIGHTS Sector Aviation Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90) 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. ENN Energy Holdings Limited (2688 HK/BUY/HK$61.70/Target: HK$72.10) 3Q23 operational data: 3Q23 dollar margin falls to Rmb0.50/cbm. Goldwind Science & Technology (2208 HK/HOLD/HK$3.81/Target: HK$4.00) 3Q23: Below...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
916 CHINA LONGYUAN POWER GROUP-H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
- Ziv Ang Sze Champ
ENN Energy Holdings (2688 HK): 1H23: In line; gas consumption growth a...
ENN reported 1H23 core profit of Rmb3,914m, down 5% yoy, representing 47% of our 2023 earnings forecast. Dollar margin has ticked up to Rmb0.52 per cbm. The 6.9% yoy decline in retail gas sales volume was dragged by industrial users with consumption slumping 11.7% yoy. New connections’ gross margins grew to 53.3% without COVID-19 restrictions. ENN revised down retail gas sales volume and core profit guidance to not more than -5% yoy. Maintain BUY. Target price: HK$102.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 25, 2023
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50) 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00) 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00) 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30) 1H23: Earnings continue to thrive despit...
XGH ENN ENERGY HOLDINGS LIMITED
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
3690 MEITUAN DIANPING 3690 HK
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
- Anas Fitri Bin Ahmad
- Ariel Poh Yun Li
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Leow Huey Chuen
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Sunny Chen
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, August 25, 2023
GREATER CHINA Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50): 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00): 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00): 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30): 1H23: Earnings continue to thrive despite...
ESSO ESSO (THAILAND)
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
ERAA ERAJAYA SWASEMBADA
TSI EMPERADOR
KLK KUALA LUMPUR KEPONG BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
UMWH UMW HOLDINGS BHD
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
- Greater China Research Team
- Tham Mun Hon
2H23 Market Strategy: Time for a booster?
MSCI China now trades at an undemanding 12-month forward PE of 10.2x, or a 37.0% discount to Emerging Asia. This steep discount is unwarranted and we expect valuation to normalise in 2H23, backed by additional policy support. However, a significant re-rating is only possible if credit growth accelerates; hence, our index target is at 74 points for now, implying 12.0x target PE. We prefer exposure to automobiles, consumer, industrial automation and online gaming. Steep discount unwarranted. We...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00016 SUN HUNG KAI PROPERTIES LIMITED
XGH ENN ENERGY HOLDINGS LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
PRU PRUDENTIAL PLC
01109 CHINA RESOURCES LAND LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002594 BYD COMPANY LIMITED CLASS A
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
599A SANDS CHINA LTD.
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
753 AIR CHINA LTD-H
670 CHINA EASTERN AIRLINES CO-H
1928-HK SANDS CHINA
916 CHINA LONGYUAN POWER GROUP-H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1055 CHINA SOUTHERN AIRLINES CO-H
2747 ESTUN AUTOMATION
700 HK TENCENT 700 HK
TCOM US TRIP.COM TCOM US
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
9961 TRIP.COM GROUP LTD
- Ziv Ang Sze Champ
ENN Energy Holdings (2688 HK): 2022: Core profit in line with expectat...
ENN reported 2022 core earnings of Rmb7,964m (+11.3% yoy), in line with market expectations. Gross margin was dragged by the lacklustre new installations segment, down 0.8ppt yoy to 14.3%. Dollar margin for the gas distribution segment fell to Rmb0.48/cbm. Retail gas sales volume was 2.7% yoy with 4Q22 sales volume dropping into negative territory. ENN enjoyed the flexibility in adjusting gas supply structure with its long-term LNG contract. Maintain BUY. Target price: HK$128.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Malaysia Research Team
- Sabrina Soh
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 28, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00): 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00): 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00): 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30): 2022: Net profit in line with pr...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
ASTRO ASTRO MALAYSIA HOLDINGS BHD
RFMD RAFFLES MEDICAL GROUP LTD
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 28, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00) 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00) 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00) 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30) 2022: Net profit in line with p...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1558 YICHANG HEC CHANGJIANG PHA-H
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Ziv Ang Sze Champ
China Gas Distribution: Clearer visibility on demand recovery; dollar ...
Global natural gas prices have plunged by close to 50% in the past one month subsequent to the unseasonably warm winter season in the northern hemisphere. This could translate into lower gas costs to city-gas distributors. The earlier-than-expected lifting of COVID-19 restrictions provides a clearer visibility on the demand recovery after a flattish consumption growth in 2022. We remain cautious with stiff competition expected for LNG in 2023. Maintain MARKET WEIGHT.
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