reports
- Jin Yoon
BEKE 3Q23 Results: Property Market to Further Recover in 4Q
What’s new: KE Holdings results beat consensus and our expectations. Guidance implies sequential recovery in property market amid supportive policies including reduction in DP, lowering mortgage rates, and easing homebuying restrictions. We maintain our PT at USD 22. Analysts: Jin Yoon
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, November 09, 2023
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$39.40/Target: HK$58.00): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23. LINK REIT (823 HK/BUY/HK$38.40/Target: HK$50.70): 1HFY24: Results in line; ready for unit buyback. INDONESIA Sector Banking: Acceleration in government spending to support earnings in 4Q23. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.49/Target: RM0.65): 3Q23: Another lumpy provision recognised, but inevitably means MMHE...
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
TOP THAI OIL PUBLIC CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
C6L SINGAPORE AIRLINES LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
HLBANK HONG LEONG BANK BHD
BEKE KE HOLDINGS INC
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
STM SEATRIUM LTD
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 3Q23: Earnings beat; poised for meaningful ...
Beike’s 3Q23 earnings came in above expectations. 3Q23 revenue edged up 1% yoy to Rmb17.8b, 11.6% above consensus estimate. Non-GAAP net profit improved 14% yoy to Rmb2.2b due to increased operational efficiency, well above consensus estimate. Non- GAAP net margin expanded 1.4ppt yoy to 12% in 3Q23. Beike guided a 7.5-10.5% yoy recovery in 4Q23 revenue growth to Rmb18b-18.5b, 4% below our forecast. Maintain BUY with a lower target price of HK$58.00 (US$21.00).
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Terence Chiu
Greater China Daily: Thursday, November 9, 2023
KEY HIGHLIGHTS Results KE Holdings Inc (2423 HK/BUY/HK$39.40/Target: HK$58.00) 3Q23: Earnings beat; poised for meaningful recovery in 4Q23. Link REIT (823 HK/BUY/HK$38.40/Target: HK$50.70) 1HFY24: Results in line; ready for unit buyback. TRADERS’ CORNER China Literature Limited (772 HK): Trading Buy range: HK$29.00-30.20 Anta Sports Products Ltd. (2020 HK): Trading Buy range: HK$90.00-92.00
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong growth in online ads and OTA likely to continue...
China’s internet sector delivered solid 2Q23 results with an earnings beat but this was followed by lukewarm 3Q23 guidance from most companies navigating macro uncertainty. In view of the intense competition and saturated growth, internet companies are ramping up AIGC investment and cross border expansion against a favourable regulatory backdrop. Maintain MARKET WEIGHT on the internet sector due to heavy investment in new initiatives leading to margin erosion.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
1496219D BEIJING KUAISHOU TECHNOLOGY
3690 MEITUAN DIANPING 3690 HK
700 HK TENCENT 700 HK
TCOM US TRIP.COM TCOM US
9988 ALIBABA (9988 HK)
BEKE KE HOLDINGS INC
9618 JD.COM INC
1024 KUAISHOU TECHNOLOGY
9888 BAIDU INC
PDD PINDUODUO PDD US
9999 HK NETEASE INC
780 TONGCHENG TRAVEL HOLDINGS LTD
9961 TRIP.COM GROUP LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
BSDE KEPPEL CORPORATION LIMITED
ADRO PT BUMI SERPONG DAMAI TBK
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
599A CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC SANDS CHINA LTD.
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
02669 NIPPON INDOSARI CORPINDO
2318 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SE PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS SEA ADS
PTTEP-R YINSON HOLDINGS BHD
HMSP PTT EXPLORATION & PRODUCTION PCL NVDR
VSI HM SAMPOERNA TBK PT
BAL V.S. INDUSTRY BERHAD
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
CPN-R CP ALL
GENM CENTRAL PATTANA PCL NVDR
MAHB GENTING MALAYSIA BHD
RATCH MALAYSIA AIRPORTS HLDGS BHD
2013 RATCH GROUP PUBLIC CO. LTD.
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
BEKE ALIBABA (9988 HK)
MRDIY KE HOLDINGS INC
KEX MR DIY GROUP M BHD
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9888 NGERN TID LOR PCL
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
DELFI NATIONGATE HOLDINGS BHD
LHN DELFI LTD
LHN LTD
- Greater China Research Team
China Strategy Alpha Picks: September conviction calls.
Both the MSCI China and HSI fell about 8.5% in August as the lack of significant stimulus announcements dampened market sentiment. The August earnings season also saw relatively conservative management guidance and emphasis on cost efficiencies and asset light strategies. Against this backdrop, we focus on stocks with pricing power or sustainable margins; we add Giordano, KE Holdings and Trip.com to our BUY list.
01109 CHINA RESOURCES LAND LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
599A SANDS CHINA LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
1928-HK SANDS CHINA
1496219D BEIJING KUAISHOU TECHNOLOGY
709 GIORDANO INTERNATIONAL LTD
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC
1024 KUAISHOU TECHNOLOGY
9888 BAIDU INC
9961 TRIP.COM GROUP LTD
002912 SHENZHEN SINOVATIO TECHNOLOGY CO
- Jin Yoon
BEKE 2Q23 Results: Weak 3Q Guidance, New Policy Measures Can Drive Ups...
What’s new: KE Holdings reported top-line results were largely in-line with consensus and above our expectations. While guidance reflects challenging housing market, transaction volume could sequentially recover driven by supportive measures such as uniformly lowering DP for first and second-time buyers. We maintain our PT at USD 22. Analysts: Jin Yoon
- Damon Shen
- Jieqi Liu
KE Holdings Inc (2423 HK): 2Q23: Subdued 3Q23 outlook; policy support ...
Beike’s 2Q23 earnings came in above expectations. 2Q23 revenue soared 41% yoy to Rmb19.5b, 7.8% above consensus estimate. Non-GAAP net profit improved to Rmb2.4b due to increased operational efficiency, 6.8% above consensus estimate. Non-GAAP net margin expanded 16.6ppt yoy to 12% in 3Q23 vs -4.5% in 2Q22. In 3Q23, the company announced a special dividend along with the upsizing and extension of its share repurchase program. Maintain BUY with a target price of HK$64.00 (US$23.00).
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, September 4, 2023
KEY HIGHLIGHTS Economics PMI Further moderation in manufacturing contraction; policy support necessary Sector Aviation Airlines still loss-making but improving; expecting a turnaround in 2H23. Maintain UNDERWEIGHT. Internet China e-commerce seeking growth through international market expansion. Property Demand-side policy easing more strongly than expected; top pick: COLI. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.11/Target: Rmb7.10) 1H23: Below expectations; gearing up for the grow...
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
2747 ESTUN AUTOMATION
BEKE KE HOLDINGS INC
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - August 2023
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect further supportive policies to be rolled out and are adding potential beneficiaries like Baidu, COPH, CR Beer, CR Land, Ping An Insurance and Sands China to our BUY list. INDONESIA Strategy Alpha Picks: Again, An Outperformance In Jul 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR, MAPI; short ADRO. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks underperformed the FBMKLCI in Jul 23. Au...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SE SEA ADS
YNS YINSON HOLDINGS BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
6098 COUNTRY GARDEN SERVICES
SCB-R SIAM COMMERCIAL BANK PCL NVDR
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
2015 LI AUTO INC
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
ADOOY PT ADARO ENERGY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
DELFI DELFI LTD
LHN LHN LTD
- Julia Pan Mengyao
- Ming San Soong
KE Holdings Inc (2423 HK): 2Q23 preview: Solid top-line growth; modera...
Beike will report its 2Q23 results in late-Aug 23. We expect Beike’s 2Q23 results to be solid and forecast revenue to grow 36% yoy to Rmb18.7b. Non-GAAP net profit should improve to Rmb1.6b (from a loss of Rmb622m in 2Q22) due to increased operational efficiency, translating to non-GAAP net margin of 8.6% in 2Q23 (vs -4.5% in 2Q22). We think Beike is a key proxy to the property market recovery. Maintain BUY with a lower target price of HK$63.00 (US$22.00).
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ming San Soong
- Stella Guo Yuting
- Terence Chiu
Greater China Daily: Thursday, August 3, 2023
KEY HIGHLIGHTS Strategy Alpha Picks: August Conviction Calls We expect further supportive policies to be rolled out and are adding potential beneficiaries like Baidu, COPH, CR Beer, CR Land, Ping An Insurance and Sands China to our BUY list. Results Kweichow Moutai (600519 CH/BUY/Rmb1,880.00/Target: Rmb2,520.00) 2Q23: Stronger profitability; growing importance of i-Moutai app. Update KE Holdings Inc (2423 HK/BUY/HK$44.80/Target: HK$63.00) 2Q23 preview: Solid top-line growth; moderate growth i...
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Ming San Soong
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, August 3, 2023
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect further supportive policies to be rolled out and are adding potential beneficiaries like Baidu, COPH, CR Beer, CR Land, Ping An Insurance and Sands China to our BUY list. Results Kweichow Moutai (600519 CH/BUY/Rmb1,880.00/Target: Rmb2,520.00): 2Q23: Stronger profitability; growing importance of i-Moutai app. Update KE Holdings Inc (2423 HK/BUY/HK$44.80/Target: HK$63.00): 2Q23 preview: Solid top-line growth; moderate growth in...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - July 2023
GREATER CHINA Strategy Alpha Picks: July Conviction Calls: We expect stimulus to be announced in July, and add CG Services and Li Auto to our BUY list. INDONESIA Strategy Alpha Picks: Slight Outperformance In Jun 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: More Re-energised in July: Our Alpha Picks outperformed the FBMKLCI in Jun 23. Jul 23 picks: BUY BAT, Malaysia Airports, Mr DIY, My EG Services, NationGate and Yinson. SINGAPORE ...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
YNS YINSON HOLDINGS BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
SIE SIA ENGINEERING CO LTD
ROTH BRITISH AMERICAN TOBACCO BHD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2013 WEIMOB INC
6098 COUNTRY GARDEN SERVICES
SCB-R SIAM COMMERCIAL BANK PCL NVDR
REXI REX INTERNATIONAL HOLDING LTD
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
BUKA BUKALAPAK.COM PT TBK
2015 LI AUTO INC
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
DELFI DELFI LTD
- Greater China Research Team
China Strategy Alpha Picks: July Conviction Calls
Chinese equities rebounded more than 3% in June on hopes of a new round of stimulus. We do expect further support from the government, given the weak economic confidence. China risks sliding into a vicious cycle if households and the private sector continue to deleverage. We add CG Services and Li Auto to our BUY list.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
6098 COUNTRY GARDEN SERVICES
1496219D BEIJING KUAISHOU TECHNOLOGY
700 HK TENCENT 700 HK
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC
LI LI AUTO INC. SPONSORED ADR CLASS A
1024 KUAISHOU TECHNOLOGY
2015 LI AUTO INC
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - June 2023
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: We like oversold sectors like consumer and TMT. Add COSCO Shipping Port, KE Holdings, Kuaishou and Kweichow Moutai to our BUY list and Great Wall Motor to our SELL list. INDONESIA Strategy Alpha Picks: Outperformance in May 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Anticipating A Lull June: Our Alpha Picks slightly underperformed the FBMKLCI in May 23. June 23 picks: BUY B...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
BAB BUMI ARMADA BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2013 WEIMOB INC
SCB-R SIAM COMMERCIAL BANK PCL NVDR
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
- Greater China Research Team
- Julia Pan Mengyao
China Internet: 1Q23 results wrap-up: Surprising bottom line from e-co...
China’s internet sector had delivered better-than-expected 1Q23 result with earnings beat and solid 2Q23 guidance from most companies. Online ad, food delivery and property transaction services are among the key beneficiaries upon the resumption of offline activities. Online games’ 1Q23 results were largely in line with Netease as the top performer. We maintain MARKET WEIGHT on the internet sector due to heavy investment in new initiatives leading to margin erosion.
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.
1496219D BEIJING KUAISHOU TECHNOLOGY
3690 MEITUAN DIANPING 3690 HK
700 HK TENCENT 700 HK
9988 ALIBABA (9988 HK)
BEKE KE HOLDINGS INC
9618 JD.COM INC
1024 KUAISHOU TECHNOLOGY
9888 BAIDU INC
PDD PINDUODUO PDD US
9999 HK NETEASE INC
- Greater China Research Team
China Strategy Alpha Picks: June conviction calls
After a steeper-than-expected pullback in May, MSCI China‘s and HSI’s 12-month forward PE have fallen to a relatively attractive 9.7x and 8.7x respectively. As the nonmanufacturing PMI remains in expansionary zone, we expect better macro data ahead to provide the catalyst for a rebound. Overall, we increase exposure to oversold sectors, ie consumer and TMT; add COSCO Shipping Port, KE Holdings, Kuaishou and Kweichow Moutai to our BUY list and Great Wall Motor to our SELL list.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
700 HK TENCENT 700 HK
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC
1024 KUAISHOU TECHNOLOGY
2423 KE HOLDINGS INC - A
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum
- Singapore Research Team
Regional Morning Notes - Monday, June 05, 2023
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: We like oversold sectors like consumer and TMT. Add COSCO Shipping Port, KE Holdings, Kuaishou and Kweichow Moutai to our BUY list and Great Wall Motor to our SELL list. Sector Property Management: GFA expansion largely on track; weak economic recovery weighing on community value-added service. INDONESIA Strategy Alpha Picks: Outperformance in May 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. SINGAPORE Stra...
00823 LINK REAL ESTATE INVESTMENT TRUST
CTRA CIPUTRA DEVELOPMENT
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
MLT MAPLETREE LOGISTICS TRUST
HMSP HM SAMPOERNA TBK PT
RFMD RAFFLES MEDICAL GROUP LTD
6098 COUNTRY GARDEN SERVICES
1199 COSCO SHIPPING PORTS LIMITED
6049 POLY PROPERTY SERVICES CO LTD
BEKE KE HOLDINGS INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
1024 KUAISHOU TECHNOLOGY
ANTA ANTA CORP
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
STM SEATRIUM LTD
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