reports
- Greater China Research Team
- Tham Mun Hon
Waterdrop Inc (WDH US): 4Q25: Above Expectations, Targeting Double-Dig...
4Q25 net profit rose 63% yoy and full-year earnings were well ahead of Waterdrop’s guidance and 21% above our expectation. The earnings beat was mainly driven by a core insurance revenue growth of 125% yoy and a one-off tax benefit of Rmb41.7m, partly offset by a 1.8ppt yoy operating margin compression. Management expects double-digit revenue and earnings growth in 2026 and aims to strike a balance between growth and margin discipline. Maintain BUY with a higher target price of US$2.95.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, March 27, 2026
Top Stories Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting s...
- Benyamin Mikael
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, March 27, 2026
Greater China Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting ...
EZQ CHINA MENGNIU DAIRY CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0168 TSINGTAO BREWERY CO. LTD. CLASS H
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
01801 INNOVENT BIOLOGICS INC.
1368 XTEP INTERNATIONAL HOLDINGS
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
WDH WATERDROP INC
BRMS IJ BUMI RESOURCES MINERALS
BNASTRA BINASTRA (BNASTRA MK)
- Kenny Yong Hui Lim
Waterdrop Inc (WDH US): 3Q25: Above Expectations, Delivers As Promised...
Waterdrop’s 3Q25 net profit grew notably by 60% yoy, well ahead of company guidance. This was mainly driven by strong FYP growth (+108% yoy) on larger investments in customer acquisition and operating efficiency gains. Management highlighted that the deployment of AI has helped to improve its marketing efficiency and preserve its profitability. Management reiterated confidence in beating the 2025 guidance of over 20% yoy growth in both revenue and net profit. Maintain BUY with an unchanged targe...
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Thursday, December 4, 2025
Top Stories Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jac...
- Chong Lee Len
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Thursday, December 04, 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut improved sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson,...
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
DLUM DELEUM BERHAD
TDC TIME DOTCOM BHD
MPM MARCO POLO MARINE LTD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
WDH WATERDROP INC
06160 BEIGENE LTD.
MDKA MERDEKA COPPER GOLD TBK PT
CDB CELCOMDIGI BHD
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Kenny Yong Hui Lim
Waterdrop Inc. (WDH US): 2Q25 -- Upbeat Earnings And Guidance With Enh...
Waterdrop’s revenue and earnings growth accelerated to 23.9% and 58.7% yoy, both ahead of our estimates. This was mainly driven by strong FYP growth and improved operating efficiency despite increased distribution investments. Reflecting its solid fundamentals, management raised the dividend by 50% and set a 20% net profit growth target for 2025. In line with this, we have revised up our 2025 earnings forecast by 52%. We maintain BUY with a higher target price of US$2.91.
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
Greater China Daily: Monday, September 8, 2025
Top Stories Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bolstering demand for MRO s...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 08, 2025
Greater China Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bo...
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
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
DLG DIALOG GROUP BHD
RFMD RAFFLES MEDICAL GROUP LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
WDH WATERDROP INC
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
STM SEATRIUM LTD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Kenny Yong Hui Lim
Waterdrop Inc (WDH US): 1Q25: Strong start; poised for accelerated rev...
Waterdrop’s 1Q25 results exceeded our expectations, with net profit surging 34% yoy to Rmb108.2m, driven by an improved operating margin. FYP posted a strong growth of 19.3% yoy but insurance revenue rose only 8.4% yoy, due to a lower take-rate. Management reiterated its confidence in achieving the 20% revenue growth target and expects the revenue momentum to pick up in the coming quarters after increasing investments in client acquisitions. Maintain BUY with a higher target price of US$2.36.
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Monday, June 9, 2025
KEY HIGHLIGHTS Results Huize Holding (HUIZ US/BUY/US$2.03/Target: US$3.50) Huize reported a non-GAAP net loss of Rmb10.9m in 1Q25, dragged by muted GWP and yoy operating margin compression. Nevertheless, sales momentum is expected to recover in the coming quarters, driven by its fast-growing international business and revival of insurance sales growth in mainland China. Management maintains its previous profit guidance, given the improving sales outlook and sequential efficiency gains powered ...
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kenny Yong Hui Lim
Regional Morning Meeting Notes: Monday, June 9, 2025
GREATER CHINA Results Huize Holding (HUIZ US/BUY/US$2.03/Target: US$3.50): 1Q25: Below expectations but inflection point is around the corner. Waterdrop Inc (WDH US/BUY/US$1.48/Target: US$2.36): 1Q25: Strong start; poised for accelerated revenue growth in coming quarters. MALAYSIA Sector Telecommunications: 1Q25 earnings down 3% yoy, broadly in line with expectations. Cost discipline and enterprise revenue growth defend earnings despite service revenue weakness. SINGAPORE Strategy Small-Mid Ca...
- Kenny Yong Hui Lim
Waterdrop Inc (WDH US): From crowdfunding to insurtech leadership with...
As a leading insurtech player in China with strong brand equity, Waterdrop has accumulated a sizeable user base and is well-positioned to unlock greater lifetime value for sustained growth. Leveraging its proprietary technology, the company aims to enhance operational efficiency and improve its overall margins. Downside risk appears limited, given its attractive valuation, increasing shareholder returns and solid net cash position. Initiate coverage with BUY and a target price of US$2.20.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Kampon Akaravarinchai
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Monday, March 17, 2025
GREATER CHINA Economics Money Supply: Credit demand remains subdued. Sector Update Consumer: The State Council issued a plan on special initiatives to boost consumption. Initiate Coverage Waterdrop Inc (WDH US/BUY/US$1.50/Target: US$2.20): From crowdfunding to insurtech leadership with differentiated business model. Results AIA Group (1299 HK/BUY/HK$61.25/Target: HK$93.00): 2024: VONB slightly below expectations; new US$1.6b buyback programme. Contemporary Amperex Technology (300750 CH/BUY/Rmb26...
01299 AIA GROUP LIMITED
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
OSP OSOTSPA PUBLIC CO. LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
WDH WATERDROP INC
SCB SCB X PUBLIC COMPANY LIMITED
NATGATE NATIONGATE HOLDINGS BHD
YINSON YINSON HOLDINGS BHD
WIFI SOLUSI SINERGI DIGITAL TBK PT
02015 LI AUTO INC
ITMAX ITMAX SYSTEMS BHD
- Kenny Yong Hui Lim
Waterdrop Inc (WDH US): From crowdfunding to insurtech leadership with...
As a leading insurtech player in China with strong brand equity, Waterdrop has accumulated a sizeable user base and is well-positioned to unlock greater lifetime value for sustained growth. Leveraging its proprietary technology, the company aims to enhance operational efficiency and improve its overall margins. Downside risk appears limited, given its attractive valuation, increasing shareholder returns and solid net cash position. Initiate coverage with a BUY and a target price of US$2.20. S...
- Jin Yoon
Tencent: Key Metrics from Weixin Open Class Pro 2024
What’s New: Tencent held a closed-door Weixin Open Class Pro event this year. We highlight some of the key metrics shared from segments including video accounts and mini games. We also updated our online game revenue estimates for 4Q23. Analysts: Jin Yoon
- Jin Yoon
Tencent: Updates on Online Game Measures and Other Business Segments
What’s New: We maintain our 4Q23 estimates as overall business could remain largely intact. In this note, we discuss key updates including near-term outlook for segments including games, ads, and business services. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Softening tone from regulatory authority on online gam...
On 25 Dec 23, NPPA issued the 11th batch of domestic Banhao with 105 approvals, higher than previous monthly batches’ average of 85. We see a softening tone from NPPA’s draft on online game policy restrictions on 23 Dec 23. However, the execution and impact of the new regulations are yet to be tracked. We are cautiously optimistic on the online game sector’s growth in 2024 with the changes in the regulatory environment. Maintain MARKET WEIGHT.
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong pipeline in 2024; ample monetisation opportunit...
We expect resilient online games sector growth going into 2024, in view of a strong game grossing performance in 3Q23, solid game pipeline with multiple popular genres in 2024 as well as continuously favourable regulatory environment. We foresee ample monetisation opportunities from mini games and AIGC application. NetEase is our top pick given its strong position in the party games genre and margin improvement due to payment channel migration. Maintain MARKET WEIGHT.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Jun Sian Tan
- Kong Ho Meng
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, December 07, 2023
GREATER CHINA Sector Internet: Strong pipeline in 2024; ample monetisation opportunities from party games. Shipping And Ports: Near-term outlook still subdued; trade volume likely to see a moderate pick-up in 2024. Maintain MARKET WEIGHT. Top pick: CSP (1199 HK/BUY/Target: HK$6.42). INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,140/Target: Rp2,500): Fixed broadband subscriber numbers might surge 385% from the migration of LINK’s customers. Maintain BUY. MALAYSIA Results Gamuda (GAM MK/BUY/RM4.41...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
GAM GAMUDA BHD
DLUM DELEUM BERHAD
700 HK TENCENT 700 HK
1199 COSCO SHIPPING PORTS LIMITED
MPM MARCO POLO MARINE LTD
9999 HK NETEASE INC
EXCL XL AXIATA TBK PT
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