reports
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 4Q25: Core Operating Profit Misses, Memory Head...
Xiaomi's 4Q25 adjusted net profit of Rmb6.3b beat our/consensus estimates by 28%/10%, though it was driven by nonoperating items, and core operating profit missed our estimate by 20%. Management guided that memory price headwinds will persist beyond 2027, but remains committed to maintaining its smartphone market share and current margin levels. On the brighter side, Xiaomi’s emerging businesses, such as EV and AI, remain solid and are likely to remain key investor focus. Maintain HOLD; cut targ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Wednesday, March 25, 2026
Top Stories Company Results | Minth Group (425 HK/BUY/HK$36.00/Target: HK$56.00) Minth’s 2H25 net profit slightly missed expectations at Rmb1,416m (+13.1% yoy/+10.9% hoh), with one-off gains partly offsetting revenue miss. Looking ahead, earnings growth will be driven by new product lines and customer base expansion. We trim our 2026-27 net profit estimates by 11%/13% to Rmb2,874m/Rmb3,376m respectively, on short-term turbulence of EV sales, and introduce our 2028 net profit forecast of Rmb4,01...
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
002050 CH WUXI APPTEC CO. LTD. CLASS H
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kai Jie Tang
- Kate Luang
- Ken Lee
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, March 25, 2026
Greater China Company Results | Giordano International (709 HK/BUY/HK$1.50/Target: HK$1.92) Giordano’s 2025 revenue/net profit saw changes of -1.7%/+0.5% yoy, 4.5%/4.3% below our estimates on lower-than-expected core business growth and softened performance of the non-Giordano brands in Indonesia. For 2026, Giordano targets a 3-5% revenue growth for its core brands and is cautious on potential logistics cost hikes due to geopolitical tension. It expects its Mainland China store consolidation to ...
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
AOT-R AIRPORTS OF THAILAND PCL NVDR
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
SPTO SURYA PERTIWI TBK PT
FEH FOOD EMPIRE HOLDINGS LTD
HUME WUXI APPTEC CO. LTD. CLASS H
002050 CH HUME CEMENT INDUSTRIES BHD
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Takeaways From SU7 Facelift Launch Event.
Xiaomi officially launched the SU7 facelift version and introduced upgrades in both performance, comfort, autonomous driving capabilities across its product line-up, with a key surprise in its pricing only increasing by Rmb4,000 across the board which is better than expected. The SU7 facelift received 15,000 units of non-refundable orders in the first 34 minutes after launch, which is on track but unlikely to cause excitement to the investors at this point. Maintain HOLD and keep target price at...
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Tham Mun Hon
Greater China Daily: Friday, March 20, 2026
Top Stories Company Results | AAC Technologies (2018 HK/BUY/HK$34.30/Target: HK$41.00) AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00. Company Results | AIA Group (1299 HK/BUY/HK$82.80/Target: HK$109.00) AI...
- Arsit Pamaranont
- Gigi Cheuk
- Greater China Research Team
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kai Jie Tang
- Kate Luang
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, March 20, 2026
Greater China Company Results | AAC Technologies (2018 HK/BUY/HK$34.30/Target: HK$41.00) AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on the back of better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding for steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00. Company Results | AIA Group (1299 HK/BUY/HK$82.80...
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPRC STAR PETROLEUM REFINING
01810 XIAOMI CORP. CLASS B
02232 CRYSTAL INTERNATIONAL GROUP
09988 ALIBABA GROUP HOLDING LTD.
LHN LHN LTD
9660 HK HORIZON ROBOTICS INC (9660 HK)
2788 HK Equity CHUANGXIN INDUSTRIES
2018 AAC TECHNOLOGIES HOLDINGS INC (2018 TT)
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 4Q25 Results Preview: Pressure To Start Emergin...
Xiaomi is scheduled to report its results on 24 March. We expect the ongoing memory headwinds to start impacting its smartphone business more significantly, as shipments and margins are both registering meaningful declines. On the other hand, sales of IoT products are moderating from a higher base. The EV business remain strong but we may see a slower quarter on the back of product transition. Downgrade to HOLD and cut target price to HK$37.50.
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, March 2, 2026
Top Stories Sector Update | Healthcare The HSHCI fell by 4.0%, underperforming the HSI which decreased mildly by 0.3% in 16-27 Feb 26. AI-related names such as InSilico, Xtalpi, Medlive, Ali Health, and JD Health experienced the largest fluctuation and significant declines during this period. As globalisation gains momentum, we navigate the complexities of global market dynamics and competition. Chinese healthcare companies are making significant breakthroughs and seizing a growing share of the...
- Colin Lee
- Ejann Hiew
IT Hardware: AI Infrastructure – Domestic Substitution At Full Speed D...
With the sales of NVIDIA H200 to China, Chinese AI developers will receive a major boost in compute resources, and China’s AI development will further accelerate in 2026. That said, domestic AI chips shipments will receive minimal impact, with foreign chips acting as a “demand gap filler” while the strengthening of local supply chain remains the highest priority. We maintain our positive view on the domestic AI supply chain with preferences for WFE makers like NAURA. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum
- Johnny Yum Chung Man
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, January 05, 2026
Greater China Sector Update | IT Hardware We see an acceleration in China’s AI development progress in 2026, with NVIDIA successfully obtaining the US government’s approval on H200 sales to China, which will provide a major boost to the Chinese the AI application users. We also believe that the shipment volume of domestic AI chips will receive minimal impact, with foreign chips acting as a “demand gap filler” while the establishment of a capable local supply chain remains the highest priorit...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 ENERGI MEGA PERSADA
TISCO VALUETRONICS HOLDINGS
JPFA TISCO FINANCIAL GROUP
TMB JAPFA COMFEED INDONESIA
5347 TMB BANK PUBLIC COMPANY LIMITED
BBCA TENAGA NASIONAL BHD
O39 PT BANK CENTRAL ASIA TBK
BN4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM KEPPEL CORPORATION LIMITED
SE PT TELKOM INDONESIA (PERSERO) TBK CLASS B
D01 SEA ADS
01810 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 XIAOMI CORP. CLASS B
YNS GENTING SINGAPORE LIMITED
RHBBANK YINSON HOLDINGS BHD
MLK RHB BANK BHD
VSI MALAKOFF CORP BHD
BURSA V.S. INDUSTRY BERHAD
GMB BURSA MALAYSIA BHD
0763 GAS MALAYSIA BHD
FEH ZTE CORPORATION CLASS H
601138 FOOD EMPIRE HOLDINGS LTD
9CI FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CLAR CAPITALAND INVESTMENT LTD
MDKA CAPITALAND ASCENDAS REIT
NCKL MERDEKA COPPER GOLD TBK PT
IOIPG PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
0303 IOI PROPERTIES GROUP BHD
LAGENDA ALPHA IVF GROUP
PEKAT LAGENDA PROPERTIES BHD
HRUM PEKAT GROUP BHD
ZETRIX MK HARUM ENERGY TBK PT
ARCI IJ ZETRIX AI (ZETRIX MK)
002371 CH ARCHI INDONESIA (ARCI IJ)
ASL SP NAURA TECHNOLOGY GROUP CO LTD
CAREIT ASL MARINE (ASL SP)
ENRG CENTURION ACCOMMODATION REIT (CAREIT SP)
ASSA NEW ENERGY METALS CORP
ASSA ABLOY AB
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
China IT Hardware: Handset Sector - Analysing Cost Impact Of Memory Pr...
Amid the memory chip supercycle, our estimates show that low-end/mid-range/high-end phones will see a 16.7%/12.0%/9.3% increase in BOM cost in 2026, which will be absorbed by consumers, smartphone OEMs and component suppliers. The impact will spread unevenly across the industry, but high-end phones will be less affected than others; smartphone OEMs absorbing the bulk of the costs will make component suppliers better positioned, and Apple’s supply chain will outperform Android thanks to Apple’s s...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 3Q25: In-line Results Amid Ongoing Headwinds.
Xiaomi’s EV business has turned around in 3Q and shipment numbers are on track to reach consensus estimates of over 400,000 units. The tight memory supply and cost hikes will inevitably impact Xiaomi’s margins through 2026, although Xiaomi is able to secure sufficient supply for 2026 and is looking to partially mitigate cost pressure through ASP hikes and shifts to premium devices. Maintain BUY; cut target price to HK$54.60 but advise staying on the sidelines amid poor market sentiment.
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 19, 2025
Top Stories Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10 for ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 3Q25 Results Preview: EV Segment Likely Reachin...
Xiaomi’s EV business is expected to finally reach profitability at the operating level, thanks to rising operating scale and operational optimisation of its existing plant. Meanwhile, the smartphone business faces some near-term headwinds from rising memory prices, which have impacted margins and is likely to persist in the coming quarters. The IoT segment’s growth is slowing, but we believe it is still operating at a good scale, with margins still expanding sequentially. Maintain BUY; trim targ...
- 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
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
China IT Hardware: AI Development Is Further Accelerating And Benefitt...
AI infrastructure investments continue to surge, with consensus forecasts for top China/US hyperscalers growing over 10% and 20% qoq respectively. This should fuel AI server demand growth of 60% yoy by 2026. Consumer electronics remain strong, with iPhone 17 lead times far exceeding that of iPhone 16 and Android flagships set for further spec upgrades, which will support multi-year shipment growth. China’s automation and robotics markets are also recovering faster than expected, with humanoid ro...
00992 LENOVO GROUP LIMITED
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
0763 ZTE CORPORATION CLASS H
2747 ESTUN AUTOMATION
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Greater China Research Team
Greater China Alpha Picks: September Conviction Calls
In August, the HSI and MSCI China Index hit their ytd highs, posting gains of 1.2% mom and 4.2% mom respectively, supported by dovish remarks from Fed Chair J. Powell at Jackson Hole. Looking ahead, we expect some consolidation as most of the positives have been priced in and are biased to SELL. We add Anta, BYDE and CSCEC to our BUY list, while initiating SELL calls on Li Auto and OOIL. We take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
- Pierre FerraguÊ
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