reports
- Roy Chen Chengzhi
COSCO SHIPPING Ports (1199 HK): 1Q25: Strong earnings broadly in line;...
CSP’s 1Q25 headline net profit of US$83.9m (+33.5% yoy) was deemed broadly in line with our expectations, at 28.9% of our full-year forecast, as container throughout is likely to slow down in the rest of 2025 amid the escalated US-China tariff war. Overall, the negative impacts on CSP should be manageable given its mid-single-digit percentage revenue exposure to the China-US trade. CSP currently trades at 6.9x/6.7x 2025/26F core PE and offers yields of 5.9%/6.1%. Maintain BUY. Target price: HK$5...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, April 30, 2025
KEY HIGHLIGHTS Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00) CCB delivered disappointing 1Q25 results as net profit declined 4.0%, dragged by NIM compression and tepid fee income. Furthermore, revenue growth was no longer supported by trading gains, as yields rebounded during 1Q25. Asset quality was a silver lining as CCB highlighted the sequential improvement in the retail and property developer segments. Management also noted that tariff risk is manageable in terms of...
600132 CHONGQING BREWERY CO.LTD CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
1199 COSCO SHIPPING PORTS LIMITED
600699 WUXI APPTEC CO. LTD. CLASS H
NINGBO JOYSON ELECTRONIC CORP
- Guan An Tan
- Roy Chen Chengzhi
China Transportation & Logistics: Tariff war posing significant uncert...
The tariff war poses significant uncertainties to global trade. Shipping and ports (MARKET WEIGHT) are impacted due to their high global trade exposure, though their subdued valuation implies limited downside risks. Cargo operations of airlines (UNDERWEIGHT) are hit by both higher tariffs and the US’ de minimis tax change, but weaker fuel prices would support airlines’ near-term earnings. Maintain OVERWEIGHT on domestic consumption-oriented logistics names, with JDL a top pick.
00293 CATHAY PACIFIC AIRWAYS LIMITED
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
1199 COSCO SHIPPING PORTS LIMITED
02618 JD LOGISTICS INC
- Roy Chen Chengzhi
COSCO SHIPPING Ports (1199 HK): 2024: Core earnings in line; expect lo...
CSP’s 2024 core net profit of US$301.8m (+4.9% yoy) was in line with our expectation, at 101.2% of our forecast. The miss at the operating profit level was more than offset by strong JV/associate performance and interest cost savings from debt refinancing. Management guides CSP’s portfolio equity throughput to grow in line with the industry average at a low-single-digit growth rate in 2025. CSP is trading at 7.6x/7.2x 2025/26F PE and offers decent yields of 5.4%/5.6%. Maintain BUY. Target price:...
- Carol Dou Xiao Qin
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Monday, March 24, 2025
KEY HIGHLIGHTS Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) CSP’s 2024 core net profit of US$301.8m (+4.9% yoy) was in line with our expectation, at 101.2% of our forecast. The miss at the operating profit level was more than offset by strong JV/associate performance and interest cost savings from debt refinancing. Management guides CSP’s portfolio equity throughput to grow in line with the industry average at a low-single-digit growth rate in 2025. CSP is trading at 7.6x...
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Roy Chen Chengzhi
China Shipping And Ports: Expect 2025 to be a volatile year, with seve...
The latest economic indicators indicate a tepid global trade outlook in the near term. We expect 2025 to be a volatile year for the shipping and ports sector, subject to a number of geopolitical and industry events. While many of these events point to downside risks, a potential port strike in the US, the most imminent event to watch out for, poses upside risks for the container shipping segment. Maintain MARKET WEIGHT on the sector. BUY OOIL, CSP and CMP. Maintain HOLD on CSH.
- Roy Chen Chengzhi
COSCO SHIPPING Ports (1199 HK): 3Q24: Core earnings in line; expect st...
CSP’s 3Q24 core net profit of US$81.1m (+5.0% yoy) was in line with our expectation; 9M24 core earnings accounted for 75.4% of our full-year forecast. This is a respectable performance achieved against the ongoing Red Sea disruption which has continued to affect volume for some of CSP’s terminals. CSP currently trades at a cheap 2024/25F PE of 7.0x/6.8x and offers decent yields of 5.7%/6.0% in 2024/25 respectively. Maintain BUY. Target price: HK$6.18.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, October 31, 2024
KEY HIGHLIGHTS Results ASMPT (522 HK/BUY/HK$87.00/Target: HK$104.50) ASMPT’s Semi solution business registered better-than-expected revenue and margins in 3Q24 thanks to robust advanced packaging demand, which led to a 10% beat vs our operating profit estimates, although reported net profit ended up below expectations due to forex loss. ASMPT will remain a key beneficiary of the AI investment trend, and we recommend accumulating after its recent share price correction. Maintain BUY. Target p...
ASM PACIFIC TECHNOLOGY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
01801 INNOVENT BIOLOGICS INC.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1199 COSCO SHIPPING PORTS LIMITED
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
- Roy Chen Chengzhi
China Shipping and Ports: Weakening global trade outlook; The US east ...
The latest economic indicators pointed to a weakening global trade outlook, with both China and global manufacturing PMIs standing at sub-50 levels, and their new export order sub-indices sinking deeper in the contractionary territory. Ocean freight rate futures prices have rebounded lately amid escalating tensions in the Middle East, and the US East Coast port strike, though halted for now, remains a key uncertainty. Maintain MARKET WEIGHT. BUY OOIL, CSP and CMP. CSH is downgraded to HOLD.
- Roy Chen Chengzhi
COSCO SHIPPING Ports (1199 HK): 1H24: Core earnings in line; expect st...
CSP’s 1H24 core net profit of US$62.9m (+5.5% yoy) was in line with our expectation, at 49.1% of our full-year forecast. This steady performance is achieved despite several unfavourable factors, including: a) the ongoing Red Sea attacks which continue to affect volume for some of CSP’s terminals, and b) unfavourable forex translation. CSP currently trades at a cheap 2024/25F PE of 7.4x/7.0x and offers decent yields of 5.2%/5.7% in 2024/25 respectively. Maintain BUY. Target price: HK$6.44.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 30, 2024
KEY HIGHLIGHTS Results Baosteel (600019 CH/BUY/Rmb5.85/Target: Rmb7.90) Baosteel reported 1H24 earnings of Rmb4,554.6m (-0.2% yoy), representing 34% of our full-year estimate and below expectations. Steel products’ gross margin rose to 3.7% (+0.7ppt yoy). Differentiated products’ sales volume increased to Rmb15.09m (+17.2% yoy), remaining as the key earnings contributor during the industry downcycle. Steel products’ export volume grew to 3.05m (+2% yoy), on track to achieve the annual target...
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2877 CHINA SHINEWAY PHARMACEUTICA
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
- Roy Chen Chengzhi
China Shipping and Ports: Freight rates peaked but forward decline is ...
The latest economic indicators for global trade outlook weakened slightly, with both China and global manufacturing PMIs dipping mom and their new export order subindices below 50. Ocean freight rates have peaked, with freight rate futures prices having retreated in the past month amid the Gaza truce talks. Nevertheless, risk-reward for shipping companies is more favourable after the recent share price drops. Maintain MARTKET WEIGHT. OOIL and CSH (upgraded to BUY) offer FY24 yields of about 17%.
- Greater China Research Team
Greater China Strategy Alpha Picks: August Conviction Calls
Chinese equities fell more than 2% in July, losing initial gains after the Third Plenum did not lead to new stimulus policies. For August, 1H24 results would be the catalyst for most stocks, and we expect earnings of EV names to be under pressure given the intense price competition. We add Cosco Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and SELL on WuXi Bio and XPeng to diversify away our market risk exposure.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
2232 CRYSTAL INTERNATIONAL GROUP LTD
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, August 02, 2024
GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TWOU 2U INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
AW9U FIRST REAL ESTATE INVESTMENT TRUST
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
PENT PENTAMASTER CORP BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
01801 INNOVENT BIOLOGICS INC.
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Roy Chen Chengzhi
China Shipping And Ports: Strong freight rates further raise container...
The latest economic indicators for global trade remain mixed with some negative tilt. With the unabated Red Sea attacks, ocean freight futures prices rose further in the past weeks, reflecting the market’s expectations that upbeat freight rates may extend into 1H25. In line with the updated futures price curve, we raise earnings forecasts for our container shipping coverage by over 40% in FY24 and over 100% in FY25 (from a low base). We upgrade OOIL to BUY on its better dividend prospect (FY24 y...
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kasemsun Koonnara
- Limartha Adhiputra
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, June 07, 2024
GREATER CHINA Strategy Market Strategy 2H24: Building blocks in place. Results Meituan (3690 HK/BUY/HK$112.70/Target: HK$130.00) 1Q24: Earnings beat. ISHT margin to stabilise in 2Q24; upgrade To BUY. INDONESIA Results Merdeka Copper Gold (MDKA IJ/HOLD/Rp2,460/Target: Rp2,500) 1Q24: EBITDA below expectations with potential improvement ahead. MALAYSIA Sector Gaming ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
MAG. MAG SILVER CORP.
ASM PACIFIC TECHNOLOGY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
3182 GENTING BHD.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BST BERJAYA SPORTS TOTO BHD
RGB RGB INTERNATIONAL BHD
1199 COSCO SHIPPING PORTS LIMITED
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
MDKA MERDEKA COPPER GOLD TBK PT
LHN LHN LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
GENTMK GENTING BERHAD
LAGENDA LAGENDA PROPERTIES BHD
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy 2H24: Building blocks in place.
Rebound on policy clarity. The MSCI China index has made impressive gains of 23.3% since bottoming out in late-Jan 24, bringing ytd performance to 8.2%. This is a remarkable turnaround, as Asia ex-Japan is only up 6.9% ytd. This comes after the government gave clear indications that it remains firmly behind the healthy development of capital markets and efforts to revive the property market will no longer be clouded by concerns of re-igniting the bubble. Further re-rating hinges on real est...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ASM PACIFIC TECHNOLOGY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
00700 TENCENT HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
1199 COSCO SHIPPING PORTS LIMITED
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Roy Chen Chengzhi
China Shipping And Ports: Further strengthened freight rates raising c...
The latest economic indicators for global trade were still mixed but with some positive tilt. Driven by a tight capacity supply-demand balance, prices of Jun/Aug/Oct 24 futures contracts for Shanghai-Europe freight rose 24%/30%/24% from our last update, pointing to even stronger near-term earnings for container shipping. We deem the risk-reward of container shipping stocks largely balanced but think near-term market sentiments may stay strong. Upgrade OOIL to HOLD on raised earnings and dividend...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, June 05, 2024
GREATER CHINA Strategy Alpha Picks: June Conviction Call Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. Sector Shipping and Ports – China Further strengthened freight rates raising container shipping earnings outlook. Upgrade OOIL to HOLD; Maintain BUY on CSP and CMP, and HOLD on CSH. Update KE Holdings Inc (2423 HK/BUY/HK$45.00/Target: HK$55.00) ...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
7777 3-D MATRIX
MYOR MAYORA INDAH
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
VALUE VALUE8 N.V.
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
MISC MISC BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RGB RGB INTERNATIONAL BHD
CRC CENTRAL RETAIL CORP
1199 COSCO SHIPPING PORTS LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
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