reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Julia Pan Mengyao
China Internet. Deeper Dive Into Agentic AI And The Rise Of AI Super A...
To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To- B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) rollout of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Maintain OVERWEIGHT. Top BUYs: Baidu,...
- Julia Pan Mengyao
China Internet: Deeper dive into agentic AI and the rise of AI super a...
Highlights To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To-B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) roll-out of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Over time, we expect fur...
Kakao Corp: 1 director
A director at Kakao Corp sold 12,000 shares at 58,000.000KRW and the significance rating of the trade was 87/100. 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 years clearly ...
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 3QFY26 Results Preview: Lukewarm CMR Growth; ...
We expect Alibaba to report lacklustre 3QFY26 results but expect a gradual margin recovery on softer investment in instant delivery competition. We are cautiously optimistic on Alibaba’s core commerce business due to the high base last year and ongoing competition. Nevertheless, we are sanguine on its cloud strategy, which will position the company well to become a technology platform centred on AI + Cloud with long-term strategic value and growth flywheel. Maintain BUY with an unchanged target ...
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
Greater China Daily: Tuesday, January 13, 2026
Top Stories Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably towards the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high policy vo...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong AI-driven IPO Wave Set To Unfold In 2026.
We reckon that the AI wave is driven by key themes including: a) recurring AI LLM/applications and cloud revenue growth, and b) a wider deployment of proprietary and data driven AI agents by vertical players to strengthen competitive moats. Amid an uncertain competitive backdrop, we opine that cloud hyper-scalers are key beneficiaries underpinned by their ecosystem scale and technological capabilities, underscoring growing investor confidence in the AI-driven sector’s re-rating. Maintain OVERWEI...
- Thao Nguyen
PSA Financial Services / Consumer Finance: Net Protections Holdings (...
The share price of Net Protections has fallen -29% following its quarterly earnings release on 14 Nov. Analyst Thao Nguyen reviews the results and provides forecast for the FY25~27 period while keeping her positive stance on the company.
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2026 Year Ahead: Global easing continue...
Highlights We expect global liquidity cycle to remain strong for at least 1H26, following the Fed’s return to policy easing in Sep 25, benefitting emerging market assets and commodities. Chinese equities are likely to rally further, and our index target for MSCI China index target is at 104 pts based on 16.3x 12-month forward PE and 6% EPS growth assumption. We prefer exposure to growth industries like AI/semiconductors, automation/robotics, ADAS and innovative drugs and liquidity proxies ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06160 BEIGENE LTD.
09961 CTRIP.COM INTERNATIONAL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Jin Yoon
BABA FY2Q26 Results: Cloud Rev Growth Could Remain Resilient in the Ne...
What’s new: Alibaba’s reported FY2Q26 revs that were above consensus and largely in line with our expectations. Cloud rev growth momentum could continue in the CY4Q25 as demand continues to outpace supply of compute. Quick commerce could also meaningfully narrow losses sequentially partly driven by further improvement in unit economics. We maintain our PT at USD200. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY26: Solid CMR And Accelerating Cloud Reve...
Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued strong cloud revenue growth. Maintain BUY with a higher target price of HK$206.00 (US$206....
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 26, 2025
Top Stories Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued str...
- Adrian Loh Tzum Yung
- Audrey Celia
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Julia Pan Mengyao
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 26, 2025
Greater China Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued st...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Battlefield For Instant Retail; Embedding AI Into ...
Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain OVERWEIGHT. Our top picks are Alibaba and Kuaishou.
- Pelham Smithers
PSA Macro: China Data Shows Country Desperate to Export Way Out of Pro...
Pelham Smithers notes that although there are reasons for thinking that the Chinese economy is producing “real” growth of around +5% for CY25, there are several structural problems that need to be considered and the implications for Japan.
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY26 Results Preview: Solid Revenue Growth ...
We expect solid 2QFY26 results, despite margin erosion led by instant delivery competition. We remain optimistic on Alibaba’s core commerce and cloud strategy, which leaves it well-positioned to become a technology platform centred on AI + Cloud and a consumer ecosystem integrating shopping and lifestyle services. Its intensified investment in AI and instant retail reinforces its long-term strategic value and growth flywheel. Maintain BUY with a target price of HK$203.00 (US$203.00).
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, October 15, 2025
Top Stories Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite margin erosi...
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