reports
- Kenny Yong Hui Lim
Prudential (2378 HK): 1H25 results preview: Expecting solid NBP growth...
We expect Prudential to deliver 12% yoy NBP growth in 1H25, in line with management guidance, mainly driven by solid sales growth and continued margin expansion. The key point in its 1H25 results will be the capital management policy, and we expect Prudential to provide more clarity on its regular payout and planned use of net proceeds from the partial sale of its stake in IPAMC, which is likely to offer additional shareholder returns. Maintain BUY. Target price: HK$128.00.
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
Greater China Daily: Thursday, July 24, 2025
KEY HIGHLIGHTS Results ASMPT (522 HK/BUY/HK$63.20/Target: HK$92.40) ASMPT’s 2Q25 results were largely in line, with revenue at the mid-point of its guided range, while bookings were a solid beat thanks to a bulk order from smartphone clients. The sustained improvement in orders momentum likely signals the beginning of a new capex cycle, while ongoing advances in AI-related products will likely bolster investor confidence in the near term. Maintain BUY and raise target price to HK$92.40. Upda...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, July 24, 2025
Results ASMPT (522 HK/BUY/HK$63.20/Target: HK$92.40): 2Q25: Results largely in line. Solid bookings beat as mainstream tools recover; AP tools progressing well in logic and at HBM clients. Update Prudential (2378 HK/BUY/HK$98.10/Target: HK$128.00): 1H25 results preview: Expecting solid NBP growth and focusing on capital management. INDONESIA Small/Mid Cap Highlights Medco Energi Internasional (MEDC IJ/NOT RATED/Rp1,260): Disciplined strategy and portfolio diversification. MALAYSIA Update CIMB ...
PRU PRUDENTIAL PLC
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
MEDC PT MEDCO ENERGI INTERNASIONAL TBK
5243 VELESTO ENERGY
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
WHA TB WHA CORP PCL
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
8AZ AZTECH GLOBAL LTD
Prudential: 1 director
A director at Prudential bought 4,000 shares at 914p and the significance rating of the trade was 50/100. 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 two years clearly showing ...
- Kenny Yong Hui Lim
Greater China Insurance: Weighing the risks and returns.
China regulators have introduced several measures, allowing insurers to further raise their equity investment allocations. We estimate that insurers could reallocate Rmb900b to equities, supported by these regulatory tailwinds. However, insurers are likely to remain cautious due to earnings volatility and solvency headwinds from a declining long-term yield. Maintain MARKET WEIGHT. Top picks: Prudential and PICC P&C.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, June 23, 2025
GREATER CHINA Sector Insurance Weighing the risks and returns. Update Sunny Optical (2382 HK/BUY/HK$65.15/Target: HK$100.00) Takeaways from 2025 Investor Day. Maintain BUY. INDONESIA Strategy Challenging Macro Environment Adds To Case For Rate Cut Our top picks are BBCA, BBRI, ANTM, AMRT, ICBP, CMRY and ERAA. MALAYSIA Sector Automobile ...
CK CH. KARNCHANG PCL
OU8 CENTURION
PRU PRUDENTIAL PLC
ANTM PT ANEKA TAMBANG TBK
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4197 SIME DARBY BHD.
01299 AIA GROUP LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
BRC BRC ASIA LTD
HLA HONG LEONG ASIA LTD
TWC TIONG WOON CORPORATION HOLDING
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
STECON STECON GROUP PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Greater China Research Team
Greater China Strategy Alpha Picks: June Conviction Calls
The HSI and MSCI China index rebounded 5.3% mom and 3.5% mom respectively in May, after China and the US agreed on a 90-day tariff truce. Nonetheless, geopolitical uncertainties and tariff war risks remain. Hence, we continue to favour domestic policy beneficiaries and defensive sectors that have been gaining traction in recent weeks. New additions to our BUY list are Prudential and Sino Biopharm, and we take profit on SHKP and Trip.com.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Greater China Research Team
- Kasemsun Koonnara
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 04, 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and TCOM. Update Qingdao Port International (6198 HK/NOT RATED/Price: HK$6.54) Key takeaways from NDR. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp2,620/Target: Rp3,000) Synergy potential from Lawson; expansion outside Java remains intact. MALAYSIA Strategy 1Q25 Results Wrap-Up ...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
AMRT SUMBER ALFARIA TRIJAYA TBK PT
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
UZMA UZMA BHD
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
01801 INNOVENT BIOLOGICS INC.
DBB DUOPHARMA BIOTECH BHD
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
6198 QINGDAO PORT INTERNATIONAL CO LTD
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
ECOSHOP MK ECO-SHOP MARKETING BHD
TIET11 AES TIETE ENERGIA SA-UNIT
- Kenny Yong Hui Lim
Prudential (2378 HK): 2024: Solid results; enhancing shareholder retur...
Prudential’s results were broadly within our expectations with NBP growing at 11% yoy. OPAT per share and DPS were ahead of consensus estimates. Management provided an upbeat 2025 guidance with double-digit growth in NBP, OPAT per share, gross OFSG and DPS. They will announce a new capital management plan during the 1H25 results. We expect a new round of buybacks which will elevate Prudential’s yield to high single digits in 2025. Maintain BUY. Target price: HK$123.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, March 21, 2025
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/BUY/HK$52.05/Target: HK$57.70) AAC’s 2H24’s earnings grew 114% yoy which exceeded expectations, thanks to a solid beat in the precision mechanics business, although this was partially offset by weaker margins from the optics and MEMs businesses. Nevertheless, we continue to expect solid revenue growth and margin expansion in 2025, driven by increasing exposure from the automotive acoustics business and edge AI-related components. Upgrade to BUY ...
PRU PRUDENTIAL PLC
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01177 SINO BIOPHARMACEUTICAL LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2232 PINDUODUO PDD US
CRYSTAL INTERNATIONAL GROUP LTD
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
- Willinoy Sitorus
Regional Morning Notes - Friday, March 21, 2025
GREATER CHINA Results AAC Technologies (2018 HK/BUY/HK$52.05/Target: HK$57.70): 2H24: Revenue and earnings beat; expect growth from auto and edge AI themes. Upgrade to BUY. Crystal International (2232 HK/BUY/HK$5.36/Target: HK$6.18): 2024: Record-high dividend payout; long-term wallet share gains intact. Geely Auto (175 HK/BUY/HK$18.24/Target: HK$29.00): 2024: Core earnings up 50% yoy, beating estimates. Maintain BUY. PDD Holdings (PDD US/BUY/US$125.92/Target: US$140.00): 4Q24: Earnings largely ...
PRU PRUDENTIAL PLC
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
ECW ECO WORLD DEVELOPMENT GROUP
00780 TONGCHENG-ELONG HOLDINGS LIMITED
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Kenny Yong Hui Lim
Prudential (2378 HK): Solid NBP growth on improved sales and margins a...
Prudential reported an 11% yoy growth in NBP, underpinned by an improved sales momentum across China, Hong Kong and Indonesia. NBP margin also edged up by 1.8ppt yoy, thanks to a favourable product mix and channel mix shift. Management also guided 9-13% NBP growth in 2024, implying a better growth outlook in 4Q24. We believe this strong set of results could help to restore market confidence in its growth momentum after a sluggish 1H24. Maintain BUY. Target price: HK$126.00.
- 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
- Kenny Yong Hui Lim
Prudential (2378 HK): 1H24: NBP in line with a small beat in IFRS prof...
Prudential delivered mixed 1H24 results. NBP was broadly in line with a 1% yoy growth on a CER basis but sales volume growth (+6% yoy) was behind market expectation. Management saw sales momentum picking up in June which has continued into 2H24. Prudential will convert into TEV reporting starting 1Q25 and we expect that market will welcome this move as it will enhance Prudential's comparability with its peers. Maintain BUY. Target price: HK$126.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 29, 2024
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) Anhui Conch reported 1H24 earnings of Rmb3,325.6m (-48.6% yoy), representing 29% of our full-year estimate and below expectations. Gross margin for self-produced products fell to 23.0% (-4.6ppt yoy). The slump in cement ASP of 21.6% was steeper than the 16.0% reduction in cement’s unit production cost. 1H24 cement and clinker sales volume declined to 126m tonnes (-3.4% yoy), and management expects 2024 demand to...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PRU PRUDENTIAL PLC
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
002352 S.F. HOLDING CO. LTD. CLASS A
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
1211 BYD COMPANY LIMITED CLASS H
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
01801 INNOVENT BIOLOGICS INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
06690 HAIER SMART HOME CO. LTD. CLASS H
02015 LI AUTO INC
- Kenny Yong Hui Lim
Prudential (2378 HK): Reduced ownership interest in Malaysian business...
Prudential’s economic interest in PAMB, its life insurance business in Malaysia, has been reduced to 51% after the highest court ruled against its consolidation plan. As such, the insurer will reflect the 49% NCI in its upcoming 1H24 results, affecting >5% and >4% of shareholder equity and EEV respectively. Thus, we have revised our EEV estimates accordingly and cut our target price to HK$126.00. Maintain BUY. Management expects no impact on its Malaysia operations and existing shareholder retur...
- Greater China Research Team
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 1, 2024
KEY HIGHLIGHTS Economics PMI July manufacturing PMI fell for the third consecutive month to 49.4% (-0.1ppt mom), weighed by weak output and new orders. Non-manufacturing PMI fell to 50.2% (-0.3ppt mom), marking the weakest reading in the past eight months. This was mainly driven by a 1.1ppt decline in construction PMI. Overall, the report points to further slowing of economic activities, and the improved number of activities for large-sized enterprises has yet to trickle down to the mid- and...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, August 01, 2024
GREATER CHINA Economics PMI Stuck in a soft patch. Results New Oriental Education & Technology Group (EDU US/BUY/US$69.25/Target: US$90.00) 4QFY24: Earnings miss; impact from East Buy to carve out after 1QFY25. Xinyi Solar Holdings (968 HK/HOLD/HK$3.71/Target: HK$4.00) 1H24: In line; murky demand outlook ahead. Downgrade to HOLD. Update Prudential (2378 HK/BUY/HK$69.90/Target: HK$12...
OU8 CENTURION
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
ONEE THE ONE ENTERPRISE PCL
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 PERTAMINA GEOTHERMAL ENERGY
PGEO 029 GROUP SE
CVL PT. PERTAMINA GEOTHERMAL ENERGY
CIVMEC LIMITED
- MarketLine Department
Just Group plc - Company Profile and SWOT Analysis
Summary Just Group plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Just Group plc (Just Group) is a financial services company that provides retirement income, annuities, and mortgage solutions. The company's primary activities involve providing financial advice and sol...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.