reports
- Jin Yoon
BIDU 3Q24 Results: Monetization of Gen-AI Search Could Take Time to Ma...
What’s new: Baidu’s reported 3Q24 top-line results that were largely in line with consensus and our expectations. Baidu Core ads could remain challenging in 4Q partly due to macro and limited monetization related to gen-AI search. AI Cloud rev growth could accelerate in 4Q partly driven by gen-AI related revs. We lower our PT from USD130 to USD110 amid lowered outlook. Our updated PT of USD110 implies 10.6x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK/): 3Q24: Earnings miss on AIGC investment; expect s...
Baidu’s 3Q24 results came in below expectations. Revenue grew 3% yoy to Rmb33.6b, in line with consensus estimate. Gross margin inched down 2ppt yoy to 51.1%, within consensus expectation. Non-GAAP operating profit was Rmb7b, down 8% yoy, while non-GAAP operating profit margin came in at 21%. Non-GAAP net profit plummeted 19% yoy to Rmb5.9b, missing consensus estimate by 6%. Maintain HOLD with an unchanged target price of HK$90.00 (US$100.00).
- Bella Lu Yifei
- Colin Lee
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, November 22, 2024
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 29% yoy, 15% mom and 14% wow during 11-17 Nov 24. PEV market share dipped 2.6ppt wow to 51.5%. BYD's price cuts aim to boost sales but risk pressuring 4Q24 margins. The NDRC indicated support for ICE-cars, the first time in recent years. The Guangzhou Auto Show highlighted record-breaking figures and new trends in technology, models and pricing. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, and Desay SV. IT Hardware Co...
- Bella Lu Yifei
- Colin Lee
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Friday, November 22, 2024
GREATER CHINA Sector Automobile Weekly: PV sales up wow; NDRC indicates support for ICE-cars. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao Glass and Desay SV. IT Hardware Blackwell production ramp accelerating; brace for another year of robust growth. Maintain OVERWEIGHT. Results Baidu Inc (9888 HK/HOLD/HK$83.85/Target: HK$90.00) ...
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
AMATA AMATA CORP
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TRUE TRUE CORP. PUBLIC CO. LTD.
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
MAG MAGMATIC RESOURCES
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
MTC MUANGTHAI CAPITAL PCL
SCGB SUNWAY CONSTRUCTION GROUP BH
CPALL TB CP ALL
UEMS UEM SUNRISE BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
WHA TB WHA CORP PCL
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
EXCL XL AXIATA (EXCELCOMINDO)
02423 XL AXIATA TBK PT
2232 KE HOLDINGS INC.
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
600699 LI AUTO INC
JOYSON ELECTRONICS CORP
- Julia Pan Mengyao
- Ming San Soong
China Internet: Encouraging monetisation visibility from adtech and LL...
Lately, internet companies convened their respective AI conferences, unveiling a wide range of upgraded AI products that showcase their AI infrastructure development and AI monetisation potential. We opine that the prevailing trend in adtech upgrades focuses on enhancing marketing efficiency and driving GMV growth, resulting in monetisation improvement. We remain optimistic in view of the favourable regulatory environment and industry development. Maintain MARKET WEIGHT.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, November 05, 2024
GREATER CHINA Strategy Hong Kong Developers And Landlords Top developer leads strong sales rebound in Oct 24; landlords continue to face challenges from GBA integration. Sector Internet - China Encouraging monetisation visibility from adtech and LLM upgrades. Update Xiaomi Corp (1810 HK/BUY/HK$27.30/Target: HK$31.70) 3Q24 results preview: Robust growth in IoT se...
00823 LINK REAL ESTATE INVESTMENT TRUST
PTT PTT PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
BSDE PT BUMI SERPONG DAMAI TBK
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
01810 XIAOMI CORP. CLASS B
MYEG MY EG SERVICES BHD
PROP PROPNEX LTD
09988 ALIBABA GROUP HOLDING LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
GOTO GOJEK TOKOPEDIA TBK PT
Z29 029 GROUP SE
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key takeaways from marketing trip.
The key concerns of investors include the sustainability of the recent rally and potential fundamental changes upon policy rollout. We think a valuation repair is underway with the upcoming 11.11 campaign and 3Q/4Q24 results release as a critical juncture. Investors are also becoming increasingly optimistic on mega-cap names such as Tencent, Meituan, Alibaba and JD in view of a favourable regulatory backdrop and stabilised competitive environment. Maintain MARKET WEIGHT.
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.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Government policy rollout to boost consumption and dri...
In view of a stronger-than-expected government policy rollout, we reckon that the improved consumption sentiment will benefit e-commerce, local life services and OTA companies. In 2H24, we expect the undemanding valuations of internet companies to be repaired by shareholder returns, cross-border expansion and easing competition. Meanwhile, we believe monetisation momentum will be fuelled by AIGC development and adtech upgrades. Maintain MARKET WEIGHT.
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.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
02423 BAIDU INC
09961 KE HOLDINGS INC.
CTRIP.COM INTERNATIONAL
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, October 09, 2024
GREATER CHINA Sector Consumer Golden Week: Tourism and home appliances the bright spots; refocus on China theme. Internet Government policy rollout to boost consumption and drive valuation repair. Update Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$340.80/Target: HK$355.00) Further valuation re-rating requires more sustainable AD...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
MUST MANULIFE US REAL ESTATE INV
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
KORE KEPPEL PACIFIC OAK US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
TSVT 2SEVENTY BIO INC
02423 KE HOLDINGS INC.
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
ITMAX ITMAX SYSTEMS BHD
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): Key highlights from Baidu Cloud Intelligence Conf...
Baidu Cloud Intelligence Conference 2024 was held on 25-26 September in Beijing. Baidu upgraded its two key AI infrastructures, Qianfan Large Model Platform 3.0 and AI Computing Platform 4.0, focusing on computing power, LLM, and AI applications. Meanwhile, the company also enhanced three major AI-native applications including intelligent customer service Keyue, digital human Xiling and code assistant Baidu Comate. Maintain HOLD with a slightly higher target price of HK$90.00 (US$100.00).
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, September 27, 2024
KEY HIGHLIGHTS Results New World Development (17 HK/SELL/HK$8.19/Target: HK$7.02) NWD reported HK$11.8b in attributable loss from continuing business for FY24. Dividend has been halted to accelerate deleveraging. Although its IP portfolio has remained resilient, sluggish Hong Kong property sales and high net gearing remain as key concerns. The new management has pledged to improve profitability. We think profitability recovery and dividend normalisation will take some time. Maintain SELL wit...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Meeting Notes: Friday, September 27, 2024
GREATER CHINA Results New World Development (17 HK/SELL/HK$8.19/Target: HK$7.02) FY24: Temporarily halts dividends; recovery of profitability takes time. Update Alibaba Health Information Technology (241 HK/BUY/HK$3.90/Target: HK$4.70) Non-drug healthcare products and marketing business to drive growth in FY25-27. Baidu Inc (9888 HK/HOLD/HK$95.75/Target: HK$90.00) Key highlights from Baidu Cloud Intelligence Conference 2024. INDONESIA Update Bank Negara Ind...
- Arsit Pamaranont
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, September 10, 2024
GREATER CHINA Economics Inflation Deflationary pressures rising. Sector Construction Building on the positive development of macroeconomic policies in 2H24-2025. Internet 2Q24 results wrap-up: Overall earnings beat; 2H24 outlook remains promising. INDONESIA Small...
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
5243 VELESTO ENERGY
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
RATCH RATCH GROUP PUBLIC CO. LTD.
BRC BRC ASIA LTD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
AVIA AVIA AVIAN TBK PT
02423 KE HOLDINGS INC.
EPIC 1CM INC
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - September 2022
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Jin Yoon
BIDU 2Q24 Results: Ad Outlook Remains Challenging in 2H
What’s new: Baidu’s reported 2Q24 top-line results that were largely in-line with consensus and our expectations. Baidu Core ads could remain challenging in the 2H partly due to macro, competition, and limited monetization related to generative-AI search. AI Cloud rev growth could accelerate in 3Q partly driven by generative-AI related revs. We lower our PT from USD170 to USD130 due to limited visibility in ad recovery. Our updated PT of USD130 implies 12.5x FY25E P/E. We maintain our BUY rating...
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 2Q24: Earnings beat; modest online ad growth; sol...
Baidu’s 2Q24 results were within expectations. Revenue remained flattish yoy at Rmb33.9b, in line with consensus estimate. Gross margin inched down 1ppt yoy to 51.7%, within consensus expectation. Non-GAAP operating profit was Rmb7.5b, up 2% yoy, while non-GAAP operating profit margin came in at 22%. Non-GAAP net profit declined 8% yoy to Rmb7.4b, exceeding consensus estimate by 11%. Maintain BUY with a lower target price of HK$110.00 (US$123.00).
- 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
- Tian Hou
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - August 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. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Raising The M&A And Monetisation Bets: Our Alpha Picks marginally beat the KLCI. Jul 24 picks: Ekovest, Gamu...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
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