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.
- 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
- 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
- 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...
- Heidi Mo Jinghui
- Llelleythan Tan Tan
Thai Beverage (THBEV SP) - 1HFY25: Results Below Expectations As Margi...
For 1HFY25, THBEV reported higher overall revenue (+1.0% yoy) but saw EBITDA (-5.3% yoy) and PATMI (-3.2% yoy) fall due to higher raw material and operating costs. Driven by a higher sales volume in 2QFY25, the spirits segment posted higher revenue but saw EBITDA drop from increased A&P spending and raw material costs. The beer segment was dragged by a weak performance in Vietnam despite lower raw material costs. Downgrade to HOLD with a lower SOTP-based target price of S$0.51.
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
- Roy Chen Chengzhi
Singapore Daily: Tuesday, May 13, 2025
KEY HIGHLIGHTS Sector Banking 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWEIGHT. Results Civmec (CVL SP/HOLD/S$0.815/Target:S$0.80) - 3QFY25: Results in line; outlook remains challenging as project delays extend. Marco Polo Marine (MPM SP/BUY/S$0.044/Target:S$0.066) - 1HFY25: Earnings in line; poised for growth in offshore wind sector. Oversea-Chinese Banking Corp (OCB...
- Greater China Research Team
Greater China Alpha Picks: May Conviction Calls
The HSI and MSCI China index fell 4.3% mom and 5.2% mom respectively in April, driven by Trump’s tariff announcements in early-April and fears of a potential global recession. Due to the ongoing external uncertainties, we will maintain our exposure to domestic policy beneficiaries and defensive sectors. New additions to our BUY list are Alibaba, Innovent, Shuanghuan, and Trip.com, and we take profit of CR Land and JBM Healthcare.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
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
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
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
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Turbulence To Continue – Stay With Domesti...
The selloff driven by the US’ unprecedented and perplexing tariff plans has liberated many investors of profits this year. Given the fluidity of market conditions, we highlight a number of domestic-focused stocks such as CENT, CD, DFI, HLA, PANU, PROP, RFMD, SSG and SIE as well as Singapore-focused REITS such as CDLHT, FEHT, FCT, KREIT, LREIT and PREIT. In addition, the MAS’ equity market review should inject much needed liquidity in 2H25. We lower our STI target to 3,720 (previously 4,115).
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
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
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Julia Pan Mengyao
- Ming San Soong
China Internet: Monetisation potential and trends of AI agent from the...
Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT.
A Majority of Businesses Intrigued by the Potential of AI in Achieving...
EQS Newswire / 10/03/2025 / 03:30 CET/CEST More than one in two organizations acknowledge gap in understanding how digital technology can facilitate achieving sustainability goalsHANGZHOU, CHINA - - 10 March 2025 - Over three quarters of businesses (76%) across Asia, Europe and the Middle East are intrigued by the potential of digital technologies, including AI and cloud computing in driving sustainable development, according to the latest survey report titled "Tech-Driven Sustainability Trends and Index 2024", commissioned by Alibaba Cloud, the digital technology and intelligence backbo...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Potential implications from implementation of social s...
JD and Meituan announced plans to gradually begin providing social security coverage for full-time and stable part-time riders nationwide starting 2Q25. Despite JD’s strategic implementation on zero commission and full social security coverage, we opine that this will have a limited impact on the company on competitive landscape and cost level, on the back of Meituan’s dominant market share, extensive restaurant coverage and 1P rider network scale advantages. Maintain MARKET WEIGHT.
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