reports
- 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...
Kakao Corp: 1 director
A director at Kakao Corp bought 850 shares at 60,061.177KRW 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 years clearly s...
- 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...
- Alden Gabriel Lam
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 29, 2025
Greater China Company Results | New World Development (17 HK/SELL/HK$7.84/Target: HK$6.90) In FY25, NWD reported a HK$16.3b loss and halted dividends but made progress in improving cash flow and debt structure. Short-term debt fell to HK$6.6b, or 4.5% of total debt. Debt reduction remains the priority for FY26, supported by the property sales target of HK$27b and lower capex. Management has no immediate plans for placement, rights issues or CB, but is open to considering various financing tools...
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): APSARA Conference 2025 Key Takeaways
We attended the Alibaba Cloud Apsara Conference 2025 (“云栖大会”) on 24-26 Sep 25 and noted various key growth drivers: a) potential upward revision of its Rmb380b three-year AI infrastructure capex plan; b) data centre energy consumption projected to rise 10x by 2032 vs 2022, underscoring computing demand; c) expanded partnerships, including NVIDIA, with PAI platform integration for embodied intelligence and autonomous driving; and d) launch of seven new Qwen models. Maintain BUY with a higher targ...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, September 29, 2025
Top Stories Company Results | New World Development (17 HK/SELL/HK$7.84/Target: HK$6.90) In FY25, NWD reported a HK$16.3b loss and halted dividends but made progress in improving cash flow and debt structure. Short-term debt fell to HK$6.6b, or 4.5% of total debt. Debt reduction remains the priority for FY26, supported by the property sales target of HK$27b and lower capex. Management has no immediate plans for placement, rights issues or CB, but is open to considering various financing tools. ...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Re-valuation On Shifting Dynamics Of AI Infrastructure...
Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand during Golden Week. Maintain OVERWEIGHT...
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
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
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
- Greater China Research Team
Greater China Alpha Picks: September Conviction Calls
In August, the HSI and MSCI China Index hit their ytd highs, posting gains of 1.2% mom and 4.2% mom respectively, supported by dovish remarks from Fed Chair J. Powell at Jackson Hole. Looking ahead, we expect some consolidation as most of the positives have been priced in and are biased to SELL. We add Anta, BYDE and CSCEC to our BUY list, while initiating SELL calls on Li Auto and OOIL. We take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment.
- Pierre FerraguÊ
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
ADSK AUTODESK INC.
HPQ MARVELL TECHNOLOGY GROUP LTD.
OKTA HP INC.
CRWD OKTA INC. CLASS A
DELL CROWDSTRIKE HOLDINGS INC. CLASS A
1506075D DELL TECHNOLOGIES INC CLASS C
09988 DELL INTERNATIONAL LLC / EMC
MRVL ALIBABA GROUP HOLDING LTD.
MARVELL TECHNOLOGY INC
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.