reports
- Julia Pan Mengyao
- Ming San Soong
China Internet: 618 Festival – Evolving consumer trends and continued ...
The national subsidies programme continued to reinforce the consumption trend of “value-based substitution” during the 618 festival. While the share of online vs offline spending remained stable, emerging channels are creating new growth opportunities. We believe the consumption momentum will be shaped by: a) impact from the temporary suspension of the national subsidies programme in five provinces, and b) changes in the food delivery competitive landscape. Maintain MARKET WEIGHT.
- 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: Boparan, Pfleiderer, Alain Afflelou, Novelis, Bombardier, Altice France (SFR), Vedanta Resources, Softbank Group, Tereos, Air Baltic, Benteler International, Tullow Oil
- Leonard Law
- Trung Nguyen
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, June 16, 2025
GREATER CHINA Economics Money Supply: Credit demand stays weak. Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$413.60/Target: HK$470.00): More listings, enhanced liquidity and high turnover to drive further upside. Reiterate BUY. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp9,025/Target: Rp10,500): Steady growth with a focus on efficiency and risk discipline. MALAYSIA Update TIME dotCom (TDC MK/BUY/RM5.22/Target: RM6.00): TIME to deliver sustainable growth over peers on the back o...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - Cheaper To Stay Sober
In a bid to curb alcohol consumption, Vietnam recently announced that it would increase its special consumption tax on beer and other alcoholic beverages to 90% by 2031, affecting domestic beer products such as THBEV. With the beer sector already facing a challenging outlook, we reckon that THBEV is likely to fully pass on the higher excise tax to consumers, resulting in softer beer volumes. We maintain HOLD but with a lower SOTP-based target price of S$0.45 (S$0.51 previously).
- Julia Pan Mengyao
- Ming San Soong
China Internet: JD’s new initiative in on-demand delivery is reshaping...
Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.
- Greater China Research Team
Greater China Strategy Alpha Picks: June Conviction Calls
The HSI and MSCI China index rebounded 5.3% mom and 3.5% mom respectively in May, after China and the US agreed on a 90-day tariff truce. Nonetheless, geopolitical uncertainties and tariff war risks remain. Hence, we continue to favour domestic policy beneficiaries and defensive sectors that have been gaining traction in recent weeks. New additions to our BUY list are Prudential and Sino Biopharm, and we take profit on SHKP and Trip.com.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
- Felix Fischer
Asia Monthly – May 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 May 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 devel...
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
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS 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
- Pierre FerraguÊ
CLS CELESTICA INC.
NOW SERVICENOW INC.
TXN TEXAS INSTRUMENTS INCORPORATED
TSLA TESLA INC
T AT&T INC.
MXL MAXLINEAR INC
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
6723 RENESAS ELECTRONICS CORPORATION
9984 SOFTBANK GROUP CORP.
DLR DIGITAL REALTY TRUST INC.
ASML ASML HOLDING N.V.
DHER ASML HOLDING NV
MBLY DELIVERY HERO SE
AAPL MOBILEYE NV
IBM APPLE INC.
STM INTERNATIONAL BUSINESS MACHINES CORPORATION
BESI STMICROELECTRONICS NV
9434 SOFTBANK CORP.
VRT VERTIV HOLDINGS CO (A)
HYUELE SK HYNIX
AAPL US APPLE INC
- Felix Fischer
Europe HY Trade Book - May 2025 - Lucror Analytics
The Europe HY Trade Book for May 2025 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. We also discuss the US tariff situation and key related impacts.
SCHP SECHE ENVIRONNEMENT
PFD PREMIER FOODS PLC
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Pierre FerraguÊ
- Jin Yoon
BABA FY4Q25 Results: Continued Investments in Core Businesses
What’s new: Alibaba’s reported FY4Q25 top-line results that were below consensus and our expectations. CMR growth could continue to be supported by take rate improvement, while Cloud could further accelerate partly driven by AI-related products revs. Margins could be adversely impacted due to continued investments in core businesses. We maintain our PT at USD155. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 4QFY25: Slight earnings miss; CMR delivers be...
Alibaba’s 4QFY25 earnings slightly missed expectations. Revenue grew 7% yoy to Rmb236.5b, in line with the street’s estimate. Non-GAAP net profit rose 22% yoy to Rmb29.8b, missing consensus forecasts, with net margin of 12.6%. CMR revenue growth of 12% yoy exceeded expectations, propelled by the introduction of service fees, take rate improvement and the national subsidies programme. Maintain BUY with a lower target price of HK$165.00 (US$165.00).
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, May 16, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Ge...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Pierre FerraguÊ
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Tuesday, May 13, 2025
GREATER CHINA Strategy China And Hong Kong Property: Channel check of Shanghai’s primary residential market; closer look at Hong Kong properties’ rental yields. MALAYSIA Results Westports Holdings (WPRTS MK/HOLD/RM4.53/Target: RM4.40): 1Q25: Results in line. WPRTS believes global acclimation towards tariff impact will rebalance trades; maintaining its 0-5% volume growth expectation. SINGAPORE Sector Banking: 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWE...
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