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Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China And Hong Kong Property & Hong Kong Landlords Strategy: Tariffs c...

The tariffs announced by Trump increased uncertainties over the Fed’s rate cuts, weighing on the recovery of the Hong Kong residential market and tourism. The mainland property market will be less affected, backed by China’s relatively independent monetary policy. For 2025, leading SOE developers’ earnings stabilisation will be a key highlight. Maintain sector weights with this pecking order: China property>Hong Kong developers>Hong Kong landlords. Top picks: CR Land and SHKP.

Adrian Loh Tzum Yung ... (+11)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Damon Shen
  • Desmond Chong Chee Wai
  • Jieqi Liu
  • Johnny Yum
  • Kampon Akaravarinchai
  • Singapore Research Team
  • Tanaporn Visaruthaphong
  • Wei Xiang Ku

Regional Morning Meeting Notes: Tuesday, April 08, 2025

GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...

TFG THAIFOODS GROUP
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Link REIT (823 HK): Takeaways From 9MFY25 Update Call.

While tenant sales growth of Hong Kong retail improved to -3.3% in 3QFY25 from - 4.3% in 1HFY25, rental reversion softened to negative low single digits in 3QFY25, in line with management guidance in Nov 24. Other businesses continued the trend seen in 1HFY25. Management expects an improvement in tenant sales but cautiously anticipates very moderate negative rental reversion for FY25/26. Trim FY25-26 DPU estimates by 1.5-2.2%. Lower target price by 1.5% to HK$41.49. Maintain BUY.

Bella Lu Yifei ... (+14)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Greater China Research Team
  • Jieqi Liu
  • 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 26, 2025

KEY HIGHLIGHTS Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) BYD’s 4Q24 net profit came in above estimates at Rmb15,016m (+73% yoy/+29% qoq) on upbeat margins. Net profit per vehicle rose 10% yoy to Rmb8,820. Management targets 5.5m-6.0m units in sales volume and steady net profit per vehicle for 2025. Based on higher sales and margins, we raise our 2025-26 net profit forecasts by 18%/14% to Rmb55,813m/Rmb65,733m respectively, and introduce 2027 net profit forecast of Rmb75,817...

Bella Lu Yifei ... (+19)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jieqi Liu
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Ken Lee
  • Ming San Soong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen

Regional Morning Meeting Notes: Wednesday, March 26, 2025

GREATER CHINA Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) 4Q24: Earnings up 73% yoy, beating our estimates on margins. Maintain BUY. Raise target price from HK$410.00 to HK$510.00. BYD Electronic (285 HK/BUY/HK$42.45/Target: HK$47.70) 2H24: Earnings miss on margins; future growth will be driven by automotive and AI. Maintain BUY. Kuaishou (1024 HK/BUY/HK$56.80/Target: HK$75.00) 4Q24: Results in line with...

Link Real Estate Investment Trust: 1 director

A director at Link Real Estate Investment Trust sold 25,468 shares at 36.849HKD and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China And Hong Kong Property Strategy: Observations of 2025 Chinese Ne...

Property sales in both mainland China and Hong Kong weakened during 2025’s CNY. Another key development around CNY was the change in Vanke’s top management, which we think cannot eliminate the risks associated with Vanke due to the financial constraint of Shenzhen Metro. Hong Kong saw a low growth in tourist arrivals during CNY. We think further policy support is needed and possible. Maintain our respective sector ratings. Top picks are CR Land, SHKP and LINK REIT.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Property: Hong Kong Landlords -- Per capita tourism spending weakens f...

In 2024, Hong Kong saw a recovery in the number of visitors, but per capita spending weakened further. For 2025 we expect a stronger-than-expected Hong Kong dollar to continue to diminish the competitiveness of Hong Kong tourism and shopping, and weigh on the valuation of landlords. Maintain UNDERWEIGHT. Trim earnings for Wharf REIC and Hysan. Lower the target prices for our covered stocks. LINK REIT is our top pick for the resilience of community malls.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Link REIT (823 HK): 1HFY25: DPU rises 3.7% yoy, meeting expectations; ...

Link REIT's 1HFY25 DPU grew by 3.7% yoy, meeting our expectations. Hong Kong malls saw a rental reversion of 0.7%, with the China portfolio seeing organic revenue growth of 6.5%; these demonstrate Link REIT’s resilience amid macro headwinds. For 2HFY25, management expects a slowdown in rental reversion in Hong Kong. Non-rental income may serve as a buffer. Maintain earnings forecasts and target price of HK$45.08. Maintain BUY. Link REIT remains our top pick for Hong Kong landlords.

Damon Shen ... (+6)
  • Damon Shen
  • Greater China Research Team
  • Jieqi Liu
  • Julia Pan Mengyao
  • Kenny Yong Hui Lim
  • Ming San Soong

Greater China Daily: Thursday, November 7, 2024

KEY HIGHLIGHTS Sector Internet - China Data from the initial phase of the 11.11 campaign set a compelling prelude to a high single-digit GMV growth in 2024. We expect the combination of government trade-in subsidies and 11.11 discounts to stimulate consumer demand, particularly with home appliances and 3C digital products taking the spotlight. We anticipate stabilised competition between traditional and livestreaming e-commerce with a strong emphasis on shelf-based e-commerce. Maintain MARKET ...

Adrian Loh Tzum Yung ... (+17)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Damon Shen
  • Jieqi Liu
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Keith Wee Teck Keong
  • Kenny Yong Hui Lim
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Llelleythan Tan Tan
  • Ming San Soong
  • Philip Wong
  • Roy Chen Chengzhi
  • Stevanus Juanda
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Thursday, November 07, 2024

GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Strategy: Hong Kong Developers And Landlords -- Top developer leads st...

In Oct 24, the primary property market showed signs of recovery, with a notable increase in transaction volume. Nov 24 may see a pullback in transaction volume on lower high-quality new supply. However, we still expect a 3% recovery in property prices in 4Q24-1Q25, driven by rising rental yields and supportive macro factors. On the other hand, retail landlords continue to face challenges from GBA integration. Maintain MARKET WEIGHT and prefer developers over landlords. SHKP and LINK REIT are our...

Adrian Loh Tzum Yung ... (+12)
  • 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...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Strategy: Hong Kong Developers And Hong Kong Landlords -- Takeaways of...

The Chief Executive delivered the 2024 Policy Address on 17 Oct 24. The government pledged to continue relaxing demand-side policies by expanding new CIES and raising LTV. On the supply front, the government reiterated its land supply plan, and expedite construction in the northern metropolitan area. Policy easing may positively impact the market in the near term. However, restoring confidence and further rate cuts are crucial. Maintain MARKET WEIGHT. SHKP and LINK REIT are our top picks.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Hong Kong Developers And Landlords: Expect the strong performance of t...

The CCL index fell 7.71% in 9M24. We anticipate a 3% rebound, supported by both rate cuts and China's economic stimulus policies. For the Golden Week holiday, the first six days registered a 24% yoy growth in the number of mainland tourists, with F&B being the major beneficiary. However, the relatively high Hong Kong dollar exchange rate may continue to weigh on high-end tourism spending. Maintain MARKET WEIGHT, preferring developers. Our top picks are SHKP and LINK REIT.

Adrian Loh Tzum Yung ... (+6)
  • Adrian Loh Tzum Yung
  • Benyamin Mikael
  • Damon Shen
  • Jieqi Liu
  • Philip Wong
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Tuesday, October 08, 2024

GREATER CHINA Sector Hong Kong Developers And Landlords Expect the strong performance of the stock market to have a positive impact on property prices. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp700/Target: Rp865) Potential further re-rating from SMIP IPO and more rate cuts. MALAYSIA Update KPJ Healthcare (KPJ MK/HOLD/RM2.07/Target: RM1.90) KPJ’s transformation programme continues to gathe...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

Link REIT (823 HK): Takeaways from pre-blackout calls: Welcoming the r...

Management gave an update on the 1QFY25 performance. Despite weak consumption, its Hong Kong and major China portfolios registered a slightly positive rental reversion, beating guidance. Entering a rate cut cycle, LINK REIT has room to raise net gearing to no higher than 30%. We look forward to yield-accretive M&As in the near future. We lowered the risk-free rate and raised our target price by 5.5% to HK$45.08, representing a 2025 yield of 5.9% and yield spread of 2.1%. Maintain BUY.

Bella Lu Yifei ... (+6)
  • Bella Lu Yifei
  • Damon Shen
  • Greater China Research Team
  • Jieqi Liu
  • Ken Lee
  • Roy Chen Chengzhi

Greater China Daily: Friday, October 4, 2024

KEY HIGHLIGHTS Sector Automobile China’s September EV sales beat expectations, especially those of BYD and Geely. Based on lower market risk premium and discount rates, we raise target prices of the sector across the board. Maintain MARKET WEIGHT. Our top BUYs are CATL, Geely, Desay SV, Tuopu and Minth, based on their more attractive valuations relative to historic ranges compared with peers. Upgrade both Ganfeng Lithium and Tinci from SELL to HOLD. Shipping and Ports The latest economic i...

Bella Lu Yifei ... (+11)
  • Bella Lu Yifei
  • Damon Shen
  • Jieqi Liu
  • Johnny Yum
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Ken Lee
  • Philip Wong
  • Roy Chen Chengzhi
  • Stevanus Juanda

Regional Morning Notes - Friday, October 04, 2024

GREATER CHINA Sector Automobile: Weekly: Raise target prices across the board on lower discount rates. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Desay SV, Tuopu and Minth. Shipping and Ports: Weakening global trade outlook; The US east coast port strike, though halted, remains a key event to watch out for. Maintain MARKET WEIGHT and downgrade CSH to HOLD. Update LINK REIT (823 HK/BUY/HK$39.15/Target: HK$45.08): Takeaways from pre-blackout calls: Welcoming the rate cut cycle. INDONESIA Stra...

Adrian Loh Tzum Yung ... (+15)
  • Adrian Loh Tzum Yung
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Damon Shen
  • Jieqi Liu
  • Johnny Yum
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Malaysia Research Team
  • Paula Ruth
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn
  • Vincent Khoo Boo Aik
  • Wei Xiang Ku

Regional Morning Notes - Monday, August 05, 2024

GREATER CHINA Update LINK REIT (823 HK/BUY/HK$33.55/Target: HK$42.76): Takeaways from visits to Hong Kong and Shenzhen malls near the border. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. Results Mayora Indah (MYOR IJ/HOLD/Rp2,470/Target: Rp2,500): 2Q24: Rising raw material costs impact gross margin. Telkom Indonesia (TLKM IJ/BUY/Rp2,850/Target: Rp4,200): 2Q24: 6% yoy growth in core profit; to improve cost effi...

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