reports
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Pierre FerraguÊ
- Greater China Research Team
Greater China Strategy Alpha Picks: August Conviction Calls
In July, the HSI and MSCI China index extended their growths, rising 2.9% mom and 4.5% mom respectively to reach their peak on 24 July before pulling pack in the latest week, as investors tend to take profit after the Politburo announcement. With another 90-day tariff delay from the US, we maintain a positive outlook for leading domestic stocks in healthcare and IT. New additions to our BUY list are JBM Healthcare and Lenovo. We take profit on CATL, Han’s Laser, KE Holdings and Longfor.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02161 JBM (HEALTHCARE) LTD
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Felix Fischer
Asia Monthly – July 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in July 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Julia Pan Mengyao
- Ming San Soong
China Internet: WAIC -- Battlefield of AI applications and agents to r...
WAIC 2025 was held in Shanghai on 26-28 July under the theme "Intelligent Horizons, Shared Future". The focus of WAIC this year shifted from LLM to the next frontier – AI applications and AI agents. As AI capabilities extend from the cloud to edge devices, a transformative evolution in human-AI interaction is underway, characterised by more tangible, embodied forms and empathetic voice interfaces. Maintain MARKET WEIGHT.
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Trung Nguyen
- Leonard Law
- Tanvi Arora
- Trung Nguyen
- Felix Fischer
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- Greater China Research Team
Greater China Strategy: Alpha Picks -- July Conviction Calls
June’s HSI and MSCI China Index rose 3.4% mom and 4.0% mom respectively, despite the pullback due to the Middle East tensions. July may see increased volatility as the US looks to bring the tariff negotiations to a close. At this juncture, we continue to favour domestic policy beneficiaries and sector leaders. New additions to our BUY list are CATL, KE Holdings, Longfor, Midea Group, Tencent and Tencent Music Entertainment. We take profit on Prudential.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Trung Nguyen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Victoria, Vallourec, Omnia Technologies, Paprec Group, La Doria, Softbank Group, Maxeda, Mahle, Bombardier, Flora Food Group (formerly Upfield), Nexans, Assemblin, Air Baltic, Virgin Media O2, Nokia
- Leonard Law
- Trung Nguyen
- Felix Fischer
Asia Monthly – June 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in June 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
KIJA JOLLIBEE FOODS CORP.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
- Haidje Rustau
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
Greater China 2H25 Market Strategy: A Big Beautiful Deal?
Trade deal in focus. Notwithstanding the 90-day truce on tariff escalation, it is still a 50/50 if there will be a “Big Beautiful Deal” between the US and China. The US is steadfast in wanting to cap China’s growth and restricting her access to the latest technology, while China is making a firm stand on its economic rights. We expect that higher US tariffs on Chinese goods are unavoidable, likely closer to the 60% mark, if Trump were to be seen making a credible move to onshore production in ...
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, June 25, 2025
GREATER CHINA Sector Dairy: Retail demand remains weak; expect raw milk supply and demand to reach a temporary balance in 3Q25. Downgrade to MARKET WEIGHT. Hong Kong Landlords: Improved liquidity supporting local spending and lowering finance costs of landlords; upgrade to MARKET WEIGHT; top pick: Wharf REIC. INDONESIA Update Bank Negara Indonesia (BBNI IJ/BUY/Rp4,140/Target: Rp5,200): NIM pressure likely to persist in 2Q25; expect NIM to stabilise in 2H25. MALAYSIA Sector Healthcare: Upgrade ...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP): Key Takeaways From Annual Information Meetin...
THBEV faces stronger competition for its spirits business due to the upcoming regulatory changes but is expected to benefit from lower molasses costs. The domestic beer segment is set to post better margins and has maintained its market share leadership. However, Sabeco continues to face ongoing headwinds from stringent drink-driving laws and higher excise taxes. Management has reiterated that plans for the BeerCo IPO are still ongoing. Maintain HOLD with the same target price of S$0.45.
- Heidi Mo Jinghui
- Llelleythan Tan Tan
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