reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-weekly: Gaining strength on robust earnings outloo...
The performance of China's biotechnology sector has remained strong as the market expects biopharmas and CRDMO companies to report robust earnings growth in 1H25, supported by the continued strengthening of the biopharmaceutical pipeline and increasing BD and M&A activities. Moreover, the commercial insurance policy will further support the sector’s rally. Maintain OVERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jieqi Liu
- John Cheong Ming Chern
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, July 16, 2025
GREATER CHINA Economics Economic Activity Resilient 1H25 growth of 5.3% yoy belies rising downside pressure. Sector Healthcare Weekly: Gaining strength on robust earnings outlook and pipeline growth. Maintain OVERWEIGHT. Property Property sales and prices weakened further in J...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
558 UMS HOLDINGS LIMITED
7160 PENTAMASTER CORP. BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
0097 VITROX
X2S SINOPHARM GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
SKP SKP RESOURCES BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
GREATEC GREATECH TECHNOLOGY BHD
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
300765 WUXI APPTEC CO. LTD. CLASS H
ITMAX CSPC INNOVATION PHARMACEUTICAL CO L
NATGATE ITMAX SYSTEM BHD
300244 NATIONGATE HOLDINGS BHD
NE DIAN DIAGNOSTICS GROUP CO
NORTHEAST GROUP BHD (NE MK)
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Entering a new phase of accelerated growth. Upgrade ...
China's biotechnology sector has entered an accelerated growth phase, with firms expanding their innovative commercial product portfolios, achieving significant outlicensing deals and enjoying unexpected profitability. With an unprecedented showing of 74 oral presentations at ASCO 2025, the sector highlighted its robust pipeline and expanding role in global innovation. Sustained policy support and globalisation efforts will further support this expansion. Upgrade to OVERWEIGHT with Innovent, Han...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
06160 WUXI BIOLOGICS (CAYMAN) INC.
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Drug Innovators Continue To Drive Market Growth
Drug innovators beat consensus with strong 2024/1Q25 results. Biopharma is set to outperform in 2025 with robust innovative pipelines and effective globalisation strategies. Internet healthcare players will maintain solid revenue growth and improve profitability in 2025/FY26. Medical devices and leading hospital players should recover steadily in 2025, while ICL and TCM companies may face continued policy uncertainties. Geopolitical risks remain a threat to CRDMO majors. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Prefer leading drug innovators and internet healthca...
Most domestic biopharmaceutical companies expect the US-China trade tensions to have limited impact in the short term, while the long-term impact remains uncertain. We prefer drug innovators focusing on domestic operations and internet healthcare players. The out-licensing business model is unlikely impacted by the trade tensions, while CRDMO players could face considerable geopolitical risks. Maintain UNDERWEIGHT. Our top picks are Innovent, Hansoh Pharma, Ali Health and PAGD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): 2024: Results beat, targets acceler...
WuXi Bio’s 2024 revenue rose 9.6% yoy and adjusted net earnings increased 1.8% yoy. The results were above expectations. Seeing a significant increase in new projects and as phase III and commercial-stage projects continue to expand revenue scales, the company targets accelerated revenue growth in 2025 with continuous operations revenue growing 17-20% yoy this year. It also expects margin improvement as overseas facilities ramp up utilisation rates. Maintain BUY with a higher target price of HK$...
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 27, 2025
KEY HIGHLIGHTS Results CR Land (1109 HK/BUY/HK$25.85/Target: HK$32.40) CR Land’s 2024 results are in line with our and consensus estimates. Its resilient mall portfolio is a highlight. Factoring in lower booked margins for property sales, we trim our 2025/26 earnings forecasts by 4.6%/4.0% respectively. Nevertheless, for 2025, a positive outlook for property sales and higher earnings from recurring income are expected to positively drive the company’s valuation. Maintain BUY and target price o...
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kate Luang
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Thursday, March 27, 2025
GREATER CHINA Results CR Land (1109 HK/BUY/HK$25.85/Target: HK$32.40) 2024: Results in line; positive outlook for property sales in 2025. CR Mixc (1209 HK/BUY/HK$34.50/Target: HK$38.70) 2024: Results beat with 100% payout ratio; pursuing high-quality growth. Giordano International (709 HK/BUY/HK$1.52/Target: HK$2.14) 2024: 2H24 revenue rebound; 3-5% revenue growth and improving net margin in 2025. Haidilao Internatio...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
SPRC STAR PETROLEUM REFINING
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MNHB MYNEWS HOLDINGS BHD
01801 INNOVENT BIOLOGICS INC.
709 GIORDANO INTERNATIONAL LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
123F 123FAHRSCHULE SE
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Outperformers empowered by AI revolution.
AI revolution is a key trend of the healthcare industry for the long term. It will drive innovation, improve efficiency and enhance patient outcomes. AI technologies hold transformative potential in various areas. By leveraging genomic, clinical and molecular data, it is changing medical diagnosis, drug R&D and delivery of precision medical care, ultimately leading to better medical outcomes. The internet healthcare and ICL segments are the most direct beneficiaries in the short term.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: CRDMO leaders take a temporary reprieve, aiming fast...
With slower-than-expected improvement in biotech funding, 2025 remains a challenging year for most biotech and CRO/CDMO companies. However, the delay of the Biosecure Act in 2024 offers a temporary reprieve for leading CRDMO companies. WuXi Bio and WuXi AppTec are likely to deliver faster revenue growth in 2025 vs 2024, supported by their competitive strength in obtaining new projects and customers, despite the considerable geopolitical risks. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Stay focused, stay innovative.
Biopharmaceutical companies are embracing the new year with new product approvals and out-licensing deals, while leading CRDMO companies are divesting their overseas businesses. We expect the biopharmaceutical segment to continue recovering, supported by a lower capital cost and constant innovative product launches in China and overseas. The considerable geopolitical risks, however, may continue to cloud the CRDMO segment’s growth outlook. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Striving for growth in 2025.
Geopolitical tensions and weak economic conditions may cloud 2025’s growth outlook of the CRDMO, medical devices and services segments. However, the biopharma segment will see continued recovery, supported by a lower cost of capital and constant innovative product launches in China and even overseas. Leading internet healthcare players, with stabilising business models, also expect robust revenue growth and improving profitability. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Improving funding environment and potential fiscal e...
We expect the continuous interest rate cuts to lower R&D costs and accelerate innovative product launches for biopharmaceutical producers. This will support a continuous recovery of the healthcare industry for the next few years. Moreover, the highly-expected fiscal easing package may also be a potential catalyst for medical service and medical equipment players. Maintain MARKET WEIGHT on China’s healthcare sector.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Mixed growth outlook. MARKET WEIGHT
Most biopharmaceutical companies under our coverage posted robust 1H24 results, while others reported moderate growth or missed market estimates. We believe leading drug innovators will outperform, supported by continued new product launches, while weak economic conditions and policy uncertainties may continue to cloud the growth outlook for medical service providers and medical device players. Geopolitical risks remain a threat to CDMO majors. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): 1H24: Results miss, Biosecure Act r...
WuXi Bio’s 1H24 revenue rose 1.0% yoy while adjusted net earnings declined 20.7% yoy. The results are below expectations. The company continues to believe its revenue will grow 5-10% yoy and non-COVID-19 revenue will expand 8-14% yoy in 2024. However, we believe the Biosecure Act remains a key hurdle for growth and its legislation progress may further weaken WuXi Bio’s business outlook in the next few years. Maintain SELL and target price of HK$8.50.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, August 23, 2024
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/BUY/HK$31.25/Target: HK$38.10) AAC’s 1H24 earnings grew 257% yoy to Rmb537m, significantly exceeding our and consensus estimates. The strong growth was mainly driven by an all-around beat in gross margins across all business segments amid better end-demand, specs upgrades and a competitive landscape. Going forward, the product mix improvements, AI smartphone upgrades, and automotive business will continue to drive earnings recovery from 2H24-2...
K3SD BAIDU INC SPONSORED ADR CLASS A
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
M3I MINTH GROUP LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Notes - Friday, August 23, 2024
GREATER CHINA Results AAC Technologies (2018 HK/BUY/HK$31.25/Target: HK$38.10): 1H24: Solid beat on margins; multiple growth trends through 2H24-2026. Upgrade to BUY. AIA Group (1299 HK/BUY/ HK$54.45/Target: HK$91.00): 1H24: Strong beat in results; eyeing 9-11% three-year CAGR for OPAT per share. Baidu Inc (9888 HK/BUY/HK$86.45/Target: HK$110.00): 2Q24: Earnings beat; modest online ad growth; solid AI cloud revenue growth. Country Garden Services (6098 HK/SELL/HK$4.15/Target: HK$3.70): 1H24: Exp...
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
7153 KOSSAN RUBBER INDUSTRIES BHD.
M3I MINTH GROUP LIMITED
SCGB SUNWAY CONSTRUCTION GROUP BH
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
GREATEC GREATECH TECHNOLOGY BHD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
ASK ABACUS STORAGE KING
WKS WINKING STUDIOS
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
BBKP BANK BUKOPIN TBK PT
- 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)
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