reports
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Takeaways from Xiaomi YU7 and AI Glasses launch...
Xiaomi officially launched the YU7 SUV model, along with the AI Glasses and a range of other smartphones and IoT products. Specifications and pricing for YU7 are in line, but its initial orders in the first hour has surpassed 289,000 units which is well above our/market expectations, and this is usually a solid indicator of positive share price performance in the coming days. Maintain BUY and keep target price at HK$69.90.
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Friday, June 27, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales up 26% yoy on last-minute buying before promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Desay SV and Tuopu. Education: Ramping up AI+ initiative; focusing on profitability with solid growth pillars. Update Xiaomi Corp (1810 HK/BUY/HK$56.90/Target: HK$69.90): Takeaways from Xiaomi YU7 and AI Glasses launch event. Strong initial demand with YU7 orders surpassing 289,000 within the first hour. Maintain BUY. SINGAPORE Sector RE...
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Friday, June 27, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 26% yoy, 40% mom and 22% wow in the 25th week of 2025, with a PEV market share of 51.6%. BYD’s sales surge on discounts is unsustainable, and long-term growth will rely on product innovations and overseas expansion. China’s vehicle exports jumped 21% yoy in May, with EVs up 43% and PHEVs soaring 134%. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV and Tuopu. Education We have an optimistic outlook on the education se...
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
Greater China 2H25 Market Strategy: A Big Beautiful Deal?
Trade deal in focus. Notwithstanding the 90-day truce on tariff escalation, it is still a 50/50 if there will be a “Big Beautiful Deal” between the US and China. The US is steadfast in wanting to cap China’s growth and restricting her access to the latest technology, while China is making a firm stand on its economic rights. We expect that higher US tariffs on Chinese goods are unavoidable, likely closer to the 60% mark, if Trump were to be seen making a credible move to onshore production in ...
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Greater China Research Team
Greater China Strategy Alpha Picks: June Conviction Calls
The HSI and MSCI China index rebounded 5.3% mom and 3.5% mom respectively in May, after China and the US agreed on a 90-day tariff truce. Nonetheless, geopolitical uncertainties and tariff war risks remain. Hence, we continue to favour domestic policy beneficiaries and defensive sectors that have been gaining traction in recent weeks. New additions to our BUY list are Prudential and Sino Biopharm, and we take profit on SHKP and Trip.com.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Greater China Research Team
- Kasemsun Koonnara
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 04, 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and TCOM. Update Qingdao Port International (6198 HK/NOT RATED/Price: HK$6.54) Key takeaways from NDR. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp2,620/Target: Rp3,000) Synergy potential from Lawson; expansion outside Java remains intact. MALAYSIA Strategy 1Q25 Results Wrap-Up ...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
AMRT SUMBER ALFARIA TRIJAYA TBK PT
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
UZMA UZMA BHD
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
01801 INNOVENT BIOLOGICS INC.
DBB DUOPHARMA BIOTECH BHD
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
6198 QINGDAO PORT INTERNATIONAL CO LTD
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
ECOSHOP MK ECO-SHOP MARKETING BHD
TIET11 AES TIETE ENERGIA SA-UNIT
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, May 28, 2025
KEY HIGHLIGHTS Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK) - 1Q25: Blended Margins At Historical High; IoT/...
Xiaomi’s 1Q25 net profit was a solid beat at Rmb10.7b, with an all-round beat for both revenue/margins across segments. The IoT business had an outstanding quarter, with a historically high margin of 25.2% (+4.4ppt vs estimates) thanks to an improved product mix. For the EV business, the continued increase in deliveries will help drive the segment towards profitability. Maintain BUY and raise target price to HK$69.90.
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Takeaways from Mi15S Pro and YU7 launch event. ...
Xiaomi officially launched its new in-house developed SoCs, the XRING O1 and T1. These SoCs are featured in newly-released devices such as Mi15S Pro, Mi Pad 7 Ultra and Watch S4. Alongside these devices, Xiaomi has also announced its new YU7 SUV model. Notably, all three variants feature similar self-driving hardware, including LiDAR sensors and NVIDIA chipset with 700 TOPS. Maintain BUY and target price of HK$66.00.
- Bella Lu Yifei
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, May 23, 2025
GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
SWB SUNWAY BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, May 23, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 14% yoy but dipped 1.0% mom and 14% wow in the 20th week of 2025, with PEV market share rising to a ytd high of 56.3%. Geely Galaxy’s sales dipped 4.0% wow, but its sales will be driven by the launch of new models such as the Starshine 8 and the flagship SUV M9. XPeng posted upbeat 1Q25 results and aims to turn profitable by 4Q25, driven by a strong product cycle and tech upgrades. Maintain MARKET WEIGHT. Top BUYs: BYD, G...
- Greater China Research Team
Greater China Alpha Picks: May Conviction Calls
The HSI and MSCI China index fell 4.3% mom and 5.2% mom respectively in April, driven by Trump’s tariff announcements in early-April and fears of a potential global recession. Due to the ongoing external uncertainties, we will maintain our exposure to domestic policy beneficiaries and defensive sectors. New additions to our BUY list are Alibaba, Innovent, Shuanghuan, and Trip.com, and we take profit of CR Land and JBM Healthcare.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
09961 CTRIP.COM INTERNATIONAL
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Colin Lee
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK) - 1Q25 Results Preview: Earnings Likely To Reach...
Xiaomi is set to report its 1Q25 earnings later this month. We are expecting robust revenue growth and sequential expansion in margins across all segments, driven by strong shipment growth and improvements in product mix. Operating expenses should remain well controlled and we expect its adjusted net profit to grow 43% yoy to a historical high level of Rmb9.3b. Maintain BUY; raise target price to HK$66.00.
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: AI devices and AI robots to remain as key investmen...
The IT hardware sector registered corrections in share price in the past two weeks as market realised that contribution from the exciting GenAI-driven applications are unlikely to be meaningful in 2025. Nevertheless, the potential cost savings and efficiency boost facilitated by AI are clear and we expect investments into applications development to remain high. Maintain OVERWEIGHT and expect downstream AI applications to remain a key investment focus through 2025.
00992 LENOVO GROUP LIMITED
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
- Greater China Research Team
Greater China Strategy Alpha Picks: April Conviction Calls
The HSI and MSCI China index rose 0.8% mom and 2.0% mom respectively in March, after the DeepSeek fervour passed and investors locked in profits ahead of Trump’s tariff announcement in early-April. In the face of geopolitical uncertainties and potential trade war escalations, we will keep our exposure to companies reliant on domestic demand and beneficiaries of policy support. New additions to our BUY list are CR Beer, Desay SV, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp.
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
M3I MINTH GROUP LIMITED
01810 XIAOMI CORP. CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02161 WUXI APPTEC CO. LTD. CLASS H
JBM (HEALTHCARE) LTD
- Colin Lee
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 4Q24: Solid results; sustained growth to contin...
Xiaomi’s 4Q24 net profit is a solid beat at Rmb8.3b, with revenue, operating expenses and interest income surpassing expectations, although this was partially offset by a slight miss in gross margins. For 2025, Xiaomi has raised its EV sales target again to 350,000 units, while smartphone shipments will likely surpass 180m units on the back of market share gains. Maintain BUY and raise target price to HK$63.90.
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
Regional Morning Notes - Wednesday, March 19, 2025
GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90): 2024: Results miss; a strong start and positive outlook for 2025. KE Holdings Inc (2423 HK/BUY/HK$67.20/Target: HK$80.00): 4Q24: Solid top-line beat; earnings miss; expecting stabilised outlook in 2025. WuXi AppTec (2359 HK/BUY/HK$72.35/Target: HK$90.00): 2024: Results satisfactory; targets continued operations for accelerated revenue growth of 10-15% yoy in 2025. Xiaomi Corp (1810 HK/BUY/HK$57.65/Target: HK$63.90...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 19, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90) 2024 results missed forecasts. However, CR Beer’s ytd performance and management’s tone for 2025 seem positive. With the ongoing consumption recovery, especially in the restaurant channel, a potentially better peak season, a much heathier inventory level and innovative products and partnerships, management expects a single-digit beer volume growth in 2025, with profit expanding much faster than revenue. Dividend...
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