GREATER CHINA Strategy Alpha Picks: May Conviction Call: Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
The HSI and MSCI China rose 7.4% and 6.4% mom respectively in April, lifted by news of a stock connect scheme expansion and further easing of restrictions on property purchases in China. With the July Politburo likely to see further supportive policy rollout, we are adding beneficiaries of improving domestic consumption − CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou and Tencent − to our BUY list, and closing out our SELL calls.
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- Lenovo Group (HKSE: 992) (ADR: LNVGY) today announced a comprehensive new suite of purpose-built AI-centric infrastructure systems and solutions to advance Hybrid AI innovation from edge to cloud. Lenovo is delivering GPU-rich and thermal efficient solutions intended for compute intensive workloads across multiple environments and industries. In industries such as financial services and healthcare, customers are managing massive data sets that require extreme I/O bandwidth and Lenovo is providing the IT infrastructure solutions vital to managemen...
Recent news of leading foundries raising investments in US fabs, and TSMC’s elevated expansion into CoWoS in 2025 after positive initial reception/analysis of NVIDIA’s new GB200 Superchip, represents the semi industry’s optimism on GenAI-driven demand in both the short and long term. This can also further lift the market’s confidence in the sustainability of AI-related investments in the coming years, which can in turn drive another round of upward revisions in market/earnings forecasts. Maintai...
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
SAN JOSE, Calif.--(BUSINESS WIRE)-- Today, at , a global AI conference, Lenovo announced new hybrid AI solutions, built in collaboration with NVIDIA, that deliver the power of tailored generative AI applications to every enterprise and cloud, bringing transformational capabilities to every industry. Stemming from the expanded engineering collaboration announced with NVIDIA during , the innovations help enterprises and cloud providers with the critical accelerated computing capabilities needed to succeed in the AI era, taking AI from concept to reality and empowering businesses to efficiently d...
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
The HSI and MSCI China rose 6.6% and 8.2% mom respectively in Feb 24, mainly contributed by heavy-weighted IT and consumer discretionary stocks amid strongerthan- expected policy easing, which led to improved market sentiment. We expect sentiment to remain positive in March, as further macro supportive measures should be unveiled during the Two Sessions. We are adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list and closing out the SELL ideas.
We see an improvement in China’s smartphone sales, while ongoing MWC showcased a wider user case of edge AI’s application on smartphones and PCs. On the other hand, positive comments from key AI infrastructure supply chain players and the launch of the groundbreaking video generation tool Sora had driven a rapid recovery in investment sentiment towards China’s cloud AI plays. Thus, we recommend BUY on cloud AI plays like FII, and smartphone recovery plays such as Sunny Optical. Maintain OVERWEIG...
BARCELONA, Spain--(BUSINESS WIRE)-- At MWC 2024, Lenovo unveiled next-generation Integrated Edge AI Solutions for Telco that help enterprises go beyond the data center to harness vast bodies of data at the far edge for transformative AI applications at scale while reducing energy consumption. The innovations are part of a comprehensive pocket-to-cloud portfolio of Lenovo hybrid AI solutions designed to simplify the path to intelligent transformation for all industries. The solutions are attracting new customer collaborations with industry leaders, like Telefonica, to unlock the power of AI any...
Lenovo’s 3QFY24 results are solid, with a slight beat across all segments on both revenue and profitability. Growth in FY25 may turn out to be moderate as enterprise clients are delaying purchases in 1H while awaiting more meaningful AI PC launches. Nevertheless, the AI PC-driven replacement cycle should kick in by 2H24, and the rate of penetration of AI PC in 2025-26 may surprise on the upside which can potentially bolster earnings growth during the period. Maintain BUY and cut target price to ...
KEY HIGHLIGHTS Sector Automobile Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99) 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50) 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Targ...
GREATER CHINA Sector Automobile: Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99): 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50): 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Target: H...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
The HSI and the MSCI China fell 9.2% and 10.5% mom respectively in Jan 24, dragged down by IT and consumer discretionary stocks amid low market confidence and negative geopolitical news flow. The policy easing in late-Jan 24 may have established a bottom, but the timing of a new upcycle remains uncertain, contingent on favourable macro news flow in the near term. Hence, we remain hedged, adding COSCO Shipping Holdings and FII to our BUY list, with additional SELL calls on Li Auto and Xpeng.
Generative AI’s development is approaching a new stage, with investors now focusing on investment from enterprise and development of edge AI given concerns of slowing cloud investment from 2025. However, we believe cloud investment growth will remain strong as NVIDIA’s accelerated product cycle, coupled with the introduction of GenAI’s application from edge AI, may accelerate the development and investment for data centre hardware. Maintain OVERWEIGHT on the sector.
Generative AI’s development is approaching a new stage, with investors now focusing on investment from enterprise and development of edge AI given concerns of a slowing cloud investment from 2025. However, we believe cloud investment growth will remain strong as NVIDIA’s accelerated product cycle, coupled with the introduction of GenAI’s application from edge AI, may accelerate the development and investment for data centre hardware. Maintain OVERWEIGHT on the sector. Generative AI’s developm...
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
The HSI was flat in Dec 23 but the MSCI China fell 2.6% mom. Despite the announcement of new policy support and prospects of US rate cuts in 2024, investors sold into strength following weaker macro data. With MSCI China trading at 9.0x 12-month forward PE, we expect most negatives to have been priced in. We add the potential beneficiaries of the CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy cut.
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