reports
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2026 Year Ahead: Global easing continue...
Highlights We expect global liquidity cycle to remain strong for at least 1H26, following the Fed’s return to policy easing in Sep 25, benefitting emerging market assets and commodities. Chinese equities are likely to rally further, and our index target for MSCI China index target is at 104 pts based on 16.3x 12-month forward PE and 6% EPS growth assumption. We prefer exposure to growth industries like AI/semiconductors, automation/robotics, ADAS and innovative drugs and liquidity proxies ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06160 BEIGENE LTD.
09961 CTRIP.COM INTERNATIONAL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Claire Wang Kelai
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 9M25: In Line; On Track For 3...
Goldwind’s 9M25 results were broadly in line, with earnings up 44% yoy to Rmb2.58b, driven by WTG shipment of 18.4GW (+90% yoy) and improved margins from scale and mix optimisation. Management reaffirmed its over 8% WTG margin guidance for 2025, targeting a 2ppt gain in 2026. The company remains on track for its 30GW shipment target with a rising overseas contribution. We maintain BUY with a higher target price of HK$17.00.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 28, 2025
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
AIY IFAST
SPALI SUPALAI PCL
7160 PENTAMASTER CORP. BHD
CENTEL CENTRAL PLAZA HOTEL
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CAREIT CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
CENTURION ACCOMMODATION REIT
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 28, 2025
Top Stories Company Results | CMOC (3993 HK/BUY/HK$17.04/Target: HK$20.30) CMOC’s 9M25 net profit rose 72.6% yoy to Rmb14,279.7m, driven by higher copper prices and a record output of 543,000 tonnes (+14.1% yoy). Gross margin expanded to 22.0% (+4.3ppt yoy) on stronger copper and cobalt prices, while the DRC export quota continued to constrain cobalt sales. KFM Phase 2 will add around 100,000 tonnes to copper capacity by 2027. We maintain BUY on CMOC with a higher target price of HK$20.30. Com...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
603259 WUXI APPTEC CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Claire Wang Kelai
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1H25: In line; solid backlog,...
Goldwind reported 1H25 earnings of Rmb1,487.5m (+7.3% yoy), within expectations. Revenue grew 41.3% yoy to Rmb28.5b on record WTG deliveries of 10.6GW (+107% yoy). WTG margin rose to 8%, but consolidated margin slipped to 15.3% (-2.9ppt yoy) on a lower wind farm contribution. Attributable wind farm capacity reached 8,652MW with power generation of 8.495b kWh (+14% yoy), although generation revenue fell 8.6% yoy on lower tariffs. Maintain BUY. Target price: HK$10.80.
- Alden Gabriel Lam
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 26, 2025
GREATER CHINA Results China Overseas Property Holdings (2669 HK/BUY/HK$5.85 /Target: HK$7.00) 1H25: Results a mixed bag; quality growth with slower expansion pace; special dividend for 10th listing anniversary. Goldwind Science & Technology (2208 HK/BUY/HK$9.52/Target: HK$10.80) 1H25: In line; solid backlog, stabilised pricing, and margin recovery ahead. Han’s Laser (002008 CH/BUY/Rmb35.70/Target: Rmb39.50) 2Q25: Solid growth in operating income. PCB/IT equip...
FCT FRASERS CENTREPOINT TRUST
5681 PETRONAS DAGANGAN BHD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
X2S SINOPHARM GROUP CO. LTD. CLASS H
Q5T FAR EAST HOSPITALITY TRUST
5271 PECCA GROUP
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
UHU UNITED HAMPSHIRE US REIT
6049 POLY PROPERTY SERVICES CO LTD
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PECCA MK PECCA GROUP BHD
KPIG IJ MNC TOURISM INDONESIA (KPIG IJ)
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, August 26, 2025
KEY HIGHLIGHTS Results China Overseas Property Holdings (2669 HK/BUY/HK$5.85 /Target: HK$7.00) COPH’s 1H25 results showed a 4.3% yoy earnings growth supported by improved efficiency, better receivables collection and stable cash, but revenue growth was weighed down by weaker VAS segments and slowing external expansion, leading to softer earnings forecasts despite stable core PM services. The company announced HK$0.09 interim DPS and HK$0.01 special DPS, implying a 39% payout ratio. Maintain BU...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Claire Wang Kelai
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1Q25: In line. Acceleration i...
Goldwind reported 1Q25 earnings of Rmb568.2m (+70.8% yoy), largely driven by an acceleration in WTG shipments. 1Q25 WTG shipment volume surged to 2,588MW (+80.2% yoy), particularly for overseas and domestic onshore orders. Management has maintained the 2025 WTG shipment guidance at 30GW (+87% yoy). The WTG order backlog expanded further to 51.1GW (+7.8% from end-24), with the overseas order backlog standing at 6.9GW. Maintain BUY. Target price: HK$7.50.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 29, 2025
KEY HIGHLIGHTS Sector Online Travel Agencies We saw continuous vitality in cultural and tourism consumption based on 1Q25 travel data and Labour Day travel data projections. Key travellers’ preference trends during Labour Day 2025 will be long-haul travel, inbound tourism and county-level travel. With favourable policy support such as the implementation of "instant tax refunds" for outbound travel, we expect to see promising revenue and earnings growth from OTA companies in 1H25. Maintain OVER...
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
300244 DIAN DIAGNOSTICS GROUP CO
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, April 29, 2025
GREATER CHINA Sector Online Travel Agencies: Travel data preview: Expecting a vibrant 2025 Labour Day Results BYD Electronic (285 HK/BUY/HK$31.80/Target: HK$41.20): 1Q25: Margins below expectations; automotive business to lead the charge in 2025. Maintain BUY. China Resources Building Materials Technology (1313 HK/BUY/HK$1.69/Target: HK$2.30): 1Q25: In line; severe drought in Guangxi restricts cement products outflow. China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.49 /Targe...
02331 LI NING COMPANY LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
AIY IFAST
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
HMN ASCOTT RESIDENCE TRUST
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA PERSER
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Claire Wang Kelai
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 2024: Below expectations: WTG...
Goldwind reported 2024 earnings of Rmb1,860.47m (+39.2% yoy), representing 70% of our full-year estimate and falling below expectations. 2024 WTG gross margin recovered to 5.1%. 2024 WTG shipment volume reached 16.1GW (+16.1% yoy), while 2025 shipment is guided at 30GW. WTG order backlog hit a record high of 47.4GW (+55.9% yoy), with the overseas order backlog expanding further to 7.0GW, reflecting solid progress in global expansion. Maintain BUY. Target price: HK$8.00.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Guan An Tan
- Jieqi Liu
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 1, 2025
KEY HIGHLIGHTS Economics PMI Manufacturing PMI strengthened further to 50.5 (+0.3pt mom) while non-manufacturing PMI improved to 50.8 (+0.4pt mom) as construction activity improved to 53.4 (+0.7pt mom), alongside a moderate recovery in services at 50.3 (+0.3pt mom). Small-sized enterprises saw a notable improvement to 49.6 (+3.3pt mom) despite being in the contractionary zone, pointing to a broadening of the recovery. Sector Aviation The three airlines’ 2024 results were in line but at the h...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
6186 CHINA FEIHE LTD
6049 POLY PROPERTY SERVICES CO LTD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Guan An Tan
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, April 1, 2025
GREATER CHINA Sector Aviation: Airlines: Expecting a turnaround in 2025 on better supply-demand balance. Maintain UNDERWEIGHT. Results China Feihe (6186 HK/BUY/HK$5.87/Target: HK$6.80): 2024: Results miss; targets accelerated revenue growth but slight gross margin improvement in 2025. China Longyuan Power (916 HK/HOLD/HK$6.23/Target: HK$6.70): 2024: In line; poor wind resources weigh on power generation despite robust new installation. China Overseas Land & Investment (688 HK/BUY/HK$13.90/Target...
- Ziv Ang Sze Champ
Goldwind (2208 HK): 3Q24: In line; order backlog up 45.6% since end-23...
Goldwind reported 9M24 earnings of Rmb1,792m (+42.1% yoy), representing 67% of our full-year estimate, and in line with expectations. Consolidated gross margin rose to 16.4% (+2.2ppt yoy). 9M24 WTG shipment volume was 9,709.8MW (+9.0% yoy). Management maintained its annual shipment target of 18-20GW, but offshore WTG shipment was halved to 1GW. Order backlog hit record high at 44,279MW (+45.6% from end-23). Maintain BUY. Target price: HK$7.90.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 29, 2024
KEY HIGHLIGHTS Sector Automobile We expect China’s smart cockpit and ADAS markets to grow at a three-year CAGR of 17%/20% respectively from 2023-26. The buoyant growth will be driven by the vehicle intelligentisation trend, and the most prominent themes are: a) NOA, b) EEA centralisation, and c) vehicle-road-cloud integration. Leading companies with innovative products will enjoy buoyant top-line growth and resilient margins. Top picks: Huizhou Desay SV, Ningbo Tuopu and Joyson Electronics. ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 29, 2024
GREATER CHINA Sector Automobile: Intelligentisation is the new growth engine for the EV industry. Top BUYs: Desay SV, Tuopu, Joyson, Fuyao and ECARX. Results China Resources Building Materials Tech (1313 HK/BUY/HK$2.02/Target: HK$2.30): 3Q24: Below expectations; 2024 cement sales guidance trimmed to 63m tonnes. Foshan Haitian Flavouring & Food (603288 CH/HOLD/Rmb45.37/Target: Rmb49.50): 3Q24: Core profit up 9% yoy; well-positioned for continued steady growth. Goldwind (2208 HK/BUY/HK$6.91/Target...
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
X2S SINOPHARM GROUP CO. LTD. CLASS H
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
MSGB MAH SING GROUP BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
NE NORTHEAST GROUP BHD (NE MK)
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1H24: In line; shifting focus...
Goldwind reported 1H24 earnings of Rmb1,387m (+10.8% yoy), representing 52.8% of our full-year estimate and in line with expectations. Gross margin for WTG recovered to 3.75% (+6.3ppt yoy) given a change in the sales contribution structure. Goldwind is prioritising offshore WTG and overseas markets, and shipment volume for WTG of over 6MW was 3,021MW (+97.1% yoy). Order backlog hit a record high at 38,358MW (+26.2% from end-23). Maintain BUY. Target price: HK$5.30.
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, August 27, 2024
KEY HIGHLIGHTS Strategy Cross Currents In our base case, we expect the MSCI China index to range trade for the rest of 2024 due to uncertainties over the duration of economic adjustment. Upside risk comes from the start of the Fed’s easing cycle as it opens the way for further monetary easing in China. However, this should be complemented by demand-side policies for greater impact. In the meantime, we utilise a barbell strategy, preferring TMT, tech hardware and defensives like financials, c...
- Carol Dou Xiao Qin
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 27, 2024
GREATER CHINA Strategy Cross Currents We expect the MSCI China index to range trade for the rest of 2024; we prefer TMT, tech hardware and defensives like banks, communication services and utilities. Results Goldwind Science & Technology (2208 HK/BUY/HK$4.46/Target: HK$5.30) 1H24: In line; shifting focus to offshore WTG and overseas markets. Jiumaojiu International Holdings (9922 HK/BUY/HK$2.49/Target: HK$3.50) 1H24: Result...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
X2S SINOPHARM GROUP CO. LTD. CLASS H
ROTI NIPPON INDOSARI CORPINDO
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
TXG 10X GENOMICS INC CLASS A
TDC TIME DOTCOM BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
TIMECOM 029 GROUP SE
Z29 ACE HARDWARE INDONESIA
- Ceilica Su Rui
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1Q24: Below expectations; mar...
Goldwind reported 1Q24 earnings of Rmb332.6m (-73.1% yoy). The slump in earnings was mainly due to an 89.2% decline in investment income and a 146% yoy decline in gains from fair value changes. WTG gross margin has stabilised, with greater overseas orders and economies of scale to help hit the 2024 gross margin target of 10%. Lower WTG tender volume in 1Q24 should not be a concern, and we remain optimistic on fullyear tender volume. Maintain HOLD. Target price: HK$3.20.
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