reports
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 1H25: In line; from earnings drag to gu...
CR Gas reported 1H25 core earnings of HK$2,403m (-30.5% yoy), accounting for 52% of our full-year forecast and broadly in line. Earnings were dragged by softer retail gas sales volumes of 20.76b cbm (-0.7% yoy) and 19.3% yoy lower residential connections at 831,000. Upgrade to BUY as the pessimism is fairly priced in, with guidance maintained across volumes, margins and connections, and potential for upside if delivery holds in 2H25. Upgrade to BUY. Target price: HK$22.60.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 29, 2025
KEY HIGHLIGHTS Strategy Market Strategy “Anti-involution” is now a policy focus after President Xi Jinping vowed to manage “disorderly competition” during the CFEAC meeting in July. The concept covers a broader area than the 2016-17 supply-side reform, but we expect the government to address excess supply issues and encourage competition through quality and technology upgrades rather than price-cutting. Sector leaders with scale and R&D depth will consolidate their market shares and emerge win...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
1199 COSCO SHIPPING PORTS LIMITED
ECX ECARX HOLDINGS INC
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 29, 2025
GREATER CHINA Results China Mengniu Dairy (2319 HK/BUY/HK$15.84/Target: HK$21.70) 1H25: Revenue slightly misses but operating profit beats; expect mid-to-high single-digit revenue decline for 2025. China Resources Gas (1193 HK/BUY/HK$19.05/Target: HK$22.60) 1H25: In line; from earnings drag to guidance-driven re-rating; upgrade to BUY. ECARX Holdings Inc (ECX US/BUY/US$1.60/Target: US$3.40) 2Q25: Net loss widens; recovery expected in 2H25. Maintain...
FCT FRASERS CENTREPOINT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ECX ECARX HOLDINGS INC
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
HRUM HARUM ENERGY TBK PT
China Resources Gas Group Ltd: 1 director
A director at China Resources Gas Group Ltd bought 40,000 shares at 23.150HKD and the significance rating of the trade was 52/100. 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 t...
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 2024: Below expectations; mild winter d...
CR Gas reported 2024 core earnings of Rmb4,148m (+0.02% yoy), representing 70% of our full-year forecasts and below expectations. Gas sales volume was dragged by a warm winter; 2024 growth slowed to 2.9% yoy as sales to C&I users fell into negative territories in 2H24. New residential user connection was underwhelming, falling 18.7% yoy to 2.693 households and management is expecting another 7-15% yoy decline for 2025. Downgrade to HOLD. Target price: HK$26.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, March 31, 2025
KEY HIGHLIGHTS Results China Construction Bank (939 HK/BUY/HK$6.70/Target: HK$7.50) CCB’s 2024 earnings (+0.9% yoy) were above our expectation, mainly driven by its resilient NIM on better deposit cost management, strong trading gains and lower impairment. Asset quality remains solid but pressure on the retail segment is increasing. MoF will inject Rmb105b of new capital into CCB which will result in a 4.3% equity dilution and 50bp boost in CET1 ratio. We expect a largely neutral market reacti...
00992 LENOVO GROUP LIMITED
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
02331 LI NING COMPANY LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1093 CSPC PHARMACEUTICAL GROUP LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
600699 NINGBO JOYSON ELECTRONIC CORP
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 1H24: In line; earnings supported by do...
CR Gas reported 1H24 earnings of Rmb3,456.7m (-2.5% yoy), representing 58% of our full-year forecasts and below expectations. Gas sales volume expanded to 20.9b cbm (+5.3% yoy) whereas gas sales’ dollar margin hit Rmb0.54/cbm. The company remains committed to diversifying gas sources and securing sufficient gas supply, in order to trim and ensure stable gas procurement costs. 2024 annual contract coverage ratio improved to 99.7% (+0.4ppt). Maintain BUY. Target price: HK$30.90.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Ken Lee
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, September 2, 2024
KEY HIGHLIGHTS Economics PMI The decline in manufacturing PMI steepened in August, falling to 49.1% (-0.3ppt mom), with all sub-indices lower except suppliers’ delivery time. Non-manufacturing PMI rose to 50.3% (+0.1ppt mom), aided by an improvement in new orders. Overall, the PMI report points to the further slowing of economic activities. The activity for enterprises of all sizes declined but large-sized enterprises remained the most robust compared to small- and medium-sized firms. Sect...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600547 SHANDONG GOLD MINING CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
00017 NEW WORLD DEVELOPMENT CO. LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
9896 MINISO GROUP HOLDING LTD
- Ceilica Su Rui
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 2023: Below expectations; promising out...
CR Gas reported 2023 earnings of HK$5,223.7m (+10.4% yoy), below expectations. Gas sales dollar margin recovered to Rmb0.51/cbm (+Rmb0.06/cbm), but the lower contribution from the gas connection segment weighed on overall margin. Retail gas sales volume was up 8.1% yoy to 38.78b cbm, with 2024 gas sales volume guided to grow 6-8%. Integrated energy recorded sales volume of 1.59b kWh (+58.0% yoy) with huge growth potential ahead. Maintain BUY. Target price: HK$27.70.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 2, 2024
KEY HIGHLIGHTS Economics PMI First expansion in six months. Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Macau Gaming Mar 24 GGR up 6% mom; May 24 Golden Week a potential catalyst. Results China Feihe (6186 HK/BUY/HK$3.68/Target: HK$4.43) 2023: Results in line; healthy channel inventory and improved operating efficiency to drive growth. Upgrade to BUY. China Longyuan Power (916 HK/BUY/HK$5.4...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, April 02, 2024
GREATER CHINA Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Results China Longyuan Power (916 HK/BUY/HK$5.48/Target: HK$6.50) 2023: Below expectations; slower-than-expected pace of capacity expansion. China Overseas Land & Investment (688 HK/BUY/HK$11.26/Target: HK$19.42) 2023: Results beat expectations; watching for stabilisation of profitability in 2024. China Resources Gas (1193 HK/BUY/HK$24.9...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
ADIG ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST
ERW ERAWAN GROUP
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01177 SINO BIOPHARMACEUTICAL LIMITED
SSIA SURYA SEMESTA INTERNUSA
ERAA ERAJAYA SWASEMBADA
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SPSB SP SETIA BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 1H23: In line; gas sales growth offset ...
CR Gas reported 1H23 earnings of HK$3,545.3m (+16.4% yoy). Earnings growth was partly boosted by the HK$694m one-off gain from associate disposal, considering gross profit was flat yoy. Although retail gas sales volume was 6.9% higher yoy, it was offset by the 21.7% yoy decline in new residential connections. Dollar margin recovered to Rmb0.50 per cbm given the gradual completion of cost pass-through for residential users. Maintain BUY. Target price: HK$26.90.
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 28, 2023
GREATER CHINA Results Anhui Conch (914 HK/BUY/HK$22.00/Target: HK$28.30): 1H23: In line; industry-leading performance. China Resources Gas (1193 HK/BUY/HK$22.35/Target: HK$26.90): 1H23: In line; gas sales growth offset by weak new connections. China Tourism Group Duty Free (601888 CH/BUY/Rmb107.50/Target: Rmb138.00): 2Q23: Margin a key concern. EVE Energy (300014 HK/BUY/Rmb48.60/Target: Rmb92.00): 2Q23: Miss on margins but beat on revenue. Maintain BUY. Cut target price to Rmb92.00. Frontage Hol...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
REXI REX INTERNATIONAL HOLDING LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
GREATEC GREATECH TECHNOLOGY BHD
ADRO ADARO ENERGY INDONESIA TBK PT
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 2022: Below expectations; gas shortages...
CR Gas reported 2022 earnings of HK$4,733.5m (-26.0% yoy), below market expectations. Gross margin declined 4.9ppt to 19.2%, mainly due to a decline in gas distribution’s dollar margin to Rmb0.45/cbm. Gas sales volume was up 5.3% yoy to 35,890m cbm, slower than the previously guided high single-digit growth. New residential connection was rather resilient at 4.08m households (+15.7% yoy). Maintain BUY. Target price: HK$35.10.
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Monday, April 3, 2023
KEY HIGHLIGHTS Economics PMI Points to further recovery, but employment still soft. Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) 2022: Below expectations; recognition of RMB2,045m in impairment provision. China Merchants Port (144 HK/BUY/HK$12.04/Target: HK$13.48) 2022: Core earnings a slight beat; expecting earnings decline in 2023. Maintain BUY. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14) 2022: Results below expectations; targeting 20% sale...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
189 DONGYUE GROUP LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Singapore Research Team
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 3, 2023
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) :2022: Below expectations; recognition of Rmb2,045m in impairment provisions. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14): 2022: Results below expectations; targeting 20% sales growth in 2023 with strengthened landbank. China Resources Gas (1193 HK/BUY/HK$28.95/Target: HK$35.10): 2022: Below expectations; gas shortages in 4Q22 weighed on margins. China Tourism Group Duty Free Corp (601888...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
MNHB MYNEWS HOLDINGS BHD
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
BUKA BUKALAPAK.COM PT TBK
06690 HAIER SMART HOME CO. LTD. CLASS H
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - March 2023
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: We expect higher volatility in March, adding Zhongsheng Group to our SELL list. New BUY ideas include Anhui Conch, CM Bank, Desay SV, Fenjiu, and Sunny Optical. INDONESIA Strategy Alpha Picks: Portfolio Overhaul After Gains in Feb 23: Our picks: HMSP, ROTI, BBYB, BMRI, BUKA, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Blockchain And Reopening Winners: Our Alpha Picks fell significantly more than the FBMKLCI in Feb 23. Ma...
00823 LINK REAL ESTATE INVESTMENT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI NIPPON INDOSARI CORPINDO
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
ROTH BRITISH AMERICAN TOBACCO BHD
881 ZHONGSHENG GROUP HOLDINGS
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
FEH FOOD EMPIRE HOLDINGS LTD
WHA TB WHA CORP PCL
OR PTT OIL & RETAIL BUSINESS PCL
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9868 XPENG INC
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2378 PRUDENTIAL PLC
EXCL XL AXIATA TBK PT
CLAS CAPITALAND ASCOTT TRUST
BBYB BANK NEO COMMERCE
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
- Greater China Research Team
China Strategy Alpha Picks: March conviction calls.
We expect higher volatility in March as the positive news from the Two Sessions could be drowned out by concerns over tighter US dollar liquidity. We also do not expect aggressive 2023 earnings guidance during the current earnings season. We are thus adding one more name, Zhongsheng Group, to our SELL list. New additions to our BUY list are Anhui Conch, China Merchant Bank, Desay SV, Fenjiu and Sunny Optical.
00823 LINK REAL ESTATE INVESTMENT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
XPEV XPENG INC. ADR SPONSORED CLASS A
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2378 PRUDENTIAL PLC
- Greater China Research Team
China Strategy: Alpha Picks -- February conviction calls.
MSCI China rose a further 12.3 % in January, leading to a 52.1% rally from Oct 22 lows. We continue to expect some consolidation (or profit taking) in February, ahead of the earnings season. Hence, we take profit on earlier BUY calls and add SELL names to hedge against the expected market pullback.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
ASL ABERFORTH SMALLER COMPANIES TRUST PLC
01109 CHINA RESOURCES LAND LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
700 HK TENCENT 700 HK
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1024 KUAISHOU TECHNOLOGY
2269 WUXI BIOLOGICS CAYMAN INC
XPEV XPENG INC. ADR SPONSORED CLASS A
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
2378 PRUDENTIAL PLC
- Ziv Ang Sze Champ
China Gas Distribution: Clearer visibility on demand recovery; dollar ...
Global natural gas prices have plunged by close to 50% in the past one month subsequent to the unseasonably warm winter season in the northern hemisphere. This could translate into lower gas costs to city-gas distributors. The earlier-than-expected lifting of COVID-19 restrictions provides a clearer visibility on the demand recovery after a flattish consumption growth in 2022. We remain cautious with stiff competition expected for LNG in 2023. Maintain MARKET WEIGHT.
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