reports
- Jin Yoon
- Jin Yoon
Kuaishou 1Q24 Results: OMS Could Remain Resilient
What’s new: Kuaishou’s reported 1Q24 results that top consensus and our expectations. OMS could remain resilient partly driven by closed-loop ads and continued recovery in external ads. Margins could further improve YoY in FY24 amid a better revenue mix and continued cost controls. We maintain our PT at HKD95. Analysts: Jin Yoon
- Jin Yoon
Kuaishou 4Q23 Results: Margins to Further Improve in 2024
What’s new: Kuaishou’s reported 4Q23 revs were largely in-line with consensus and our expectations. User traffic could remain healthy as Kuaishou could reach 400mn DAU by 2H24. Margins could also continue to see upside partly driven by better rev mix and improved efficiency in marketing spending. We maintain our PT at HKD95. Analysts: Jin Yoon
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - February 2024
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
HUME CEMENT INDUSTRIES BHD
- Jin Yoon
Kuaishou 4Q23 Preview: Further Upside in Margins
What’s New: We nudge down our 4Q total revenues partly due to slowdown in gaming (recognized in other revenues), but up our margin estimates amid continued optimization in revenue sharing fees, server + bandwidth, and S&M related costs. In this note, we discuss about the latest updates on the business including financial outlook and user trends in 4Q. Analysts: Jin Yoon
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - January 2024
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2023
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
SMGR PT CISARUA MOUNTAIN DAIRY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Greater China Research Team
Greater China Strategy Alpha Picks: December Conviction Calls
MSCI China rose only 2.3% mom in November while the HSI shed 0.4% mom over the same period, despite positive newsflow for the real estate sector. Investors preferred to sell into strength, as concerns over China’s slow economic growth remain. Looking ahead, the mid-Dec 23 Economic Work Conference may provide positive surprises and with MSCI China trading at 12-month forward PE of 9.3x, risk is skewed to the upside. We add CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical to our BUY list.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1801 INNOVENT BIOLOGICS INC
1093 CSPC PHARMACEUTICAL GROUP LTD
1199 COSCO SHIPPING PORTS LIMITED
1024 KUAISHOU TECHNOLOGY
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9999 HK PINDUODUO PDD US
NETEASE INC
- Jin Yoon
Kuaishou 3Q23 Results: Upside in Margins
What's new: Kuaishou’s reported 3Q23 results were above consensus and our expectations driven by resiliency in ads. User traffic could remain healthy where DAU could grow by low-single digit YoY, while average daily time spent could remain above 120 mins in 4Q. Margins could see further upside partly driven by better efficiency in marketing spending and continued cost controls. We maintain our PT at HKD 95. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): 3Q23: Solid earnings beat; key benefici...
Kuaishou’s 3Q23 results saw a solid earnings beat. Revenue increased 21% yoy to Rmb27.9b, in line with the street’s estimates. Gross profit margin improved 5ppt yoy to 52%. Non-IFRS profit for the period was Rmb3.2b, compared with Rmb2.7b in 2Q23, beating the street’s estimates. Management also guided for a solid 4Q23 with mid-teens yoy revenue growth. The company remains confident about achieving Rmb2t in ecommerce GMV by 2025. Maintain BUY. Target price: HK$97.00.
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
Greater China Daily: Wednesday, November 22, 2023
KEY HIGHLIGHTS Sector Industrial Automation Demand stabilises with marginal recovery in 4Q23, demand driver to shift in 2024. Downgrade to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$107.40/Target: HK$166.00) 3Q23: Earnings beat; expecting monetisation of ERNIE 4.0. Kuaishou Technology (1024 HK/BUY/HK$58.50/Target: HK$97.00) 3Q23: Solid earnings beat; key beneficiary of adtech tailwinds. Miniso (MNSO US/NOT RATED/US$27.66) 1QFY24: Earnings beat; strong growth from overseas and...
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Jun Sian Tan
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Wednesday, November 22, 2023
GREATER CHINA Sector Industrial Automation: Demand stabilises with marginal recovery in 4Q23, demand driver to shift in 2024. Downgrade to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$107.40/Target: HK$166.00): 3Q23: Earnings beat; expecting monetisation of ERNIE 4.0. Kuaishou Technology (1024 HK/BUY/HK$58.50/Target: HK$97.00): 3Q23: Solid earnings beat; key beneficiary of adtech tailwinds. Miniso (MNSO US/NOT RATED/US$27.66): 1QFY24: Earnings beat; strong growth from overseas and good momen...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Muted growth acceleration from 11.11 campaign.
2023’s 11.11 ended with alleviated GMV growth against a soft macro backdrop and intense competitive landscape. Live-streaming e-commerce and adtech upgrades remain key growth catalysts in the e-commerce sector. We opine that the reduced vitality of 11.11 this year stems from rational consumption behaviours and increased consumption of quality products. Maintain MARKET WEIGHT due to lukewarm macro outlook and brutal price wars undermining the profitability of e-commerce companies.
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q23 results preview: Solid e-commerce ad growth to dr...
We expect e-commerce ads and overseas e-commerce expansion to be the main driving forces spurring stagnant growth in 3Q23 and beyond. In addition, we are optimistic about the better-the-expected growth in game gross profit and on-track OTA data on the back of strong seasonality. We are also looking out for meaningful progress in AIGC development in 3Q23 and better visibility in 4Q23. Maintain MARKET WEIGHT on the internet sector.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3690 MEITUAN DIANPING 3690 HK
700 HK TENCENT 700 HK
TCOM US TRIP.COM TCOM US
9988 ALIBABA (9988 HK)
9618 JD.COM INC
1024 KUAISHOU TECHNOLOGY
9888 BAIDU INC
PDD PINDUODUO PDD US
9999 HK NETEASE INC
780 TONGCHENG TRAVEL HOLDINGS LTD
9961 TRIP.COM GROUP LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2023
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: We add a mix of defensives and turnaround stocks − COSCO Shipping, CR Mixc, Great Wall Motor, Innovent, Link REIT and NetEase − to our BUY list. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: Focusing On Domestic Winners: Our Alpha Picks underperformed the FBMKLCI in Oct 23. Nov 23 picks: BUY BURSA, EKOVEST, GENM, ...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 THAI BEVERAGE PUBLIC CO. LTD.
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SE NIPPON INDOSARI CORPINDO
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
9988 FOOD EMPIRE HOLDINGS LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9999 HK CIVMEC
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
CMRY BANK NEGARA INDONESIA PERSER
ADOOY PT CISARUA MOUNTAIN DAIRY TBK
SMGR PT ADARO ENERGY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY BHD
- Julia Pan Mengyao
- Ming San Soong
Kuaishou (1024 HK): 3Q23 results preview: Encouraging e-commerce and a...
Kuaishou’s guidance on 3Q23 revenue growth remains unchanged at high teens to twenties, in line with its previous guidance and market expectations. Despite weak seasonality in 3Q23, e-commerce GMV growth remained robust and is projected to surge by 35% yoy. 3Q23 earnings are expected to beat current consensus estimates, bolstered by a solid gross margin improvement and narrowing of overseas losses. Maintain BUY. Target price: HK$100.00.
- Bella Lu Yifei
- Ken Lee
Greater China Daily: Friday, October 20, 2023
KEY HIGHLIGHTS Sector Internet Solid domestic game grossing growth in summer; expect positive surprise from NetEase. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb182.70/Target: Rmb410.00) 3Q23: Earnings up 11% yoy and down 4% qoq; below estimates. Maintain BUY. Update Kuaishou (1024 HK/BUY/HK$56.05/Target: HK$100.00) 3Q23 results preview: Encouraging e-commerce and ad momentum despite weak seasonality. TRADERS’ CORNER Sunny Optical Technology (Group) (2382 HK): Trading Buy range...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, October 20, 2023
GREATER CHINA Sector Internet: Solid domestic game grossing growth in summer; expect positive surprise from NetEase. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb182.70/Target: Rmb410.00): 3Q23: Results came as a mixed bag. Maintain BUY. Update Kuaishou (1024 HK/BUY/HK$56.05/Target: HK$100.00): 3Q23 results preview: Encouraging e-commerce and ad momentum despite weak seasonality. INDONESIA Results Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/HOLD/Rp1,700/Target: Rp1,810): 3Q23...
- Jin Yoon
Kuaishou 3Q23 Preview: Upside in Margins
What’s New: We maintain our 3Q top-line but up our margin estimates amid continued optimization in revenue sharing fees and server + bandwidth related costs. In this note, we discuss about the latest updates on the business including financial outlook and user trends in 3Q. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Kuaishou (1024 HK): Key takeaways from Asian Gems Conference 2023.
Kuaishou is the world's second-largest short video platform and China's third-largest app with a highly-engaged user community, as well as 376m average DAUs and 117+ min average daily time spent per DAU in 2Q23. It continues to enhance content offerings, including the creation of summer entertainment IPs and original sports IPs. Optimisation of monetisation models resulted in resilient revenue growth across the online marketing and e-commerce segments. Maintain BUY. Target price: HK$100.00.
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