reports
- 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
- 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
- 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...
00823 LINK REAL ESTATE INVESTMENT TRUST
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
AMATA AMATA CORP
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIE SIA ENGINEERING CO LTD
SPOST SINGAPORE POST LTD
FNH FRASER & NEAVE HOLDINGS BHD
BANPU TB BANPU
WHA TB WHA CORP PCL
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
9CI CAPITALAND INVESTMENT LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- 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
- 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
- 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
- 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
- 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...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
BN4 KEPPEL CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
KPJ KPJ HEALTHCARE BERHAD
REXI REX INTERNATIONAL HOLDING LTD
MPM MARCO POLO MARINE LTD
RHP RH PETROGAS
00017 NEW WORLD DEVELOPMENT CO. LTD.
123F 123FAHRSCHULE SE
STM SEATRIUM LTD
Z29 029 GROUP SE
- 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
- 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
- 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
- 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...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
MYOR MAYORA INDAH
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
KTB-R KRUNG THAI BANK PCL NVDR
SMELT MALAYSIA SMELTING CORP BHD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Damon Shen
- Jieqi Liu
Link REIT (823 HK): Takeaways from visits to Hong Kong and Shenzhen ma...
We visited LINK REIT’s T Town/Tin Shing shopping centre in Tin Shui Wai and Central Walk near Futian High Speed Railway Station on 1 August. Under the pressure of a consumption downturn, LINK REIT is better positioned with stronger foot traffic from the catchment and effective management. Maintain our earnings forecasts and target price of HK$42.76. LINK REIT remains our top pick for Hong Kong landlords.
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Monday, August 5, 2024
KEY HIGHLIGHTS Update Link REIT (823 HK/BUY/HK$33.55/Target: HK$42.76) We visited LINK REIT’s T Town/Tin Shing shopping centre in Tin Shui Wai and Central Walk near Futian High Speed Railway Station on 1 August. Under the pressure of a consumption downturn, LINK REIT is better positioned with stronger foot traffic from the catchment and effective management. Maintain our earnings forecasts and target price of HK$42.76. LINK REIT remains our top pick for Hong Kong landlords. HSI AND HS TECH...
- Damon Shen
- Jieqi Liu
Hong Kong Property: Developers’ low-price strategy proves effective; n...
For the Hong Kong market, we notice two trends in Jul 24: a) developers' low-price strategy proved effective; and b) daily average of Hong Kong residents going north saw a mom drop. However, we need more evidence to conclude that property prices have bottomed out and that the trend of going north to shop has reversed. Maintain MARKET WEIGHT for rising interest in high-yield assets and improvement in home buyers’ sentiment. Top picks: SHKP and LINK REIT.
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Meeting Notes: Tuesday, July 30, 2024
GREATER CHINA Sector Hong Kong Property Developers’ low-price strategy proved effective; northbound traveling marginally weakened in Jul 24. Internet Pipeline of high-quality games as key catalyst amid strong seasonality. INDONESIA Results AKR Corporindo (AKRA IJ/HOLD/Rp1,530/Target: Rp1,700) 2Q24: Net profit down 31% qoq, below ...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
00014 HYSAN DEVELOPMENT CO. LTD.
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SUN SUNTECH SA
PREIT PARKWAYLIFE REAL ESTATE
RFMD RAFFLES MEDICAL GROUP LTD
09999 NETEASE INC
OR PTT OIL & RETAIL BUSINESS PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Sharper property price decline ...
For the mainland market, despite the marginal recovery of key indicators in June, the accelerated decline in property prices in 1H24 is weighing on developers’ margins. Top pick is CR Land for its defensiveness of margins thanks to strong recurring income. For Hong Kong, the daily average number of mainland tourists to Hong Kong and Hong Kong residents going northwards rose 22% and fell 7.8% mom in July. The upcoming rate cut will support the valuations of Hong Kong retail landlords. Top pick: L...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, July 16, 2024
GREATER CHINA Economics Economic Activity 2Q24 growth below expectations. Strategy China And Hong Kong Property Sharper property price decline in 1H24 weighing on margins of Chinese developers; upcoming interest rate cut to support value of Hong Kong retail landlords. Update Kingmed Diagnostics (603882 CH/BUY/Rmb38.10/Target: Rmb35.00) 1H24 and 2024 results under pressu...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
MLK MALAKOFF CORP BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
GMB GAS MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
TIDLOR NGERN TID LOR PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Tuesday, July 02, 2024
KEY HIGHLIGHTS Economics PMI: Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property: Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming: Jun 24 GGR down 12% mom, missing expectations. HSI AND HS TECH INDEX OUTLOOK
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
599A SANDS CHINA LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, July 02, 2024
GREATER CHINA Economics PMI Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming Jun 24 GGR down 12% mom, missing expectations. INDONESIA Results Vale In...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
INCO VALE INDONESIA
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
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