reports
- Pelham Smithers
- Pierre FerraguÊ
TSLA TESLA INC
NVDA NVIDIA CORPORATION
COHR COHERENT INC.
AMAT APPLIED MATERIALS INC.
2330 TSMC
00992 LENOVO GROUP LIMITED
3661 ALCHIP TECHNOLOGIES INC.
00700 TENCENT HOLDINGS LTD.
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
40978Z ASML HOLDING NV
2357 TT HUAWEI TECHNOLOGIES CO
ASUSTEK COMPUTER
- Jin Yoon
Tencent 2Q25 Results: Rev Growth Momentum to Continue in 3Q
What’s new: Tencent’s reported 2Q25 top-line results that were above consensus and our expectations. Rev growth momentum could continue in 3Q partly driven by resiliency across key business segments. We up our PT from HKD650 to HKD750 on top-line strength. Our updated PT of HKD750 implies a 22.5x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 2Q25: Resilient results; unfolding AI monet...
Tencent’s 2Q25 results came in better than expected. Revenue grew 14.5% yoy to Rmb184.5b, 3% ahead of our and consensus estimates. Gross margin expanded 3.6ppt yoy to 56.9%, outpacing consensus forecasts. Non-IFRS operating profit grew 18.5% yoy to Rmb69.2b, while non-IFRS operating margin expanded 1.3ppt yoy to 37.5% on the back of a positive shift in revenue mix. Non-IFRS diluted EPS ramped up 13% yoy, 3.5% higher than consensus estimates. Maintain BUY with a higher target price of HK$736.00.
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, August 14, 2025
KEY HIGHLIGHTS Economics Money Supply July's M1 growth accelerated to 5.6% yoy (+1.0ppt), exceeding the 5.2% yoy consensus forecast. M2 growth rose to 8.8% yoy (+0.5ppt), surpassing the 8.3% yoy consensus forecast. However, new bank loans turned negative at -Rmb0.05t, falling well short of expectations (Rmb0.3t). New TSF also disappointed at Rmb1.16t. While outstanding TSF growth improved to 9.0% yoy (+0.1ppt), outstanding bank loans growth weakened to 6.9% yoy (-0.2ppt), suggesting weak priva...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 14, 2025
GREATER CHINA Economics Money Supply Credit demand remains weak, though money supply improved. Results Nexteer Automotive Group (1316 HK/BUY/HK$6.92/Target: HK$10.00) 1H25: Earnings beat estimates on margins. Upgrade from HOLD to BUY. Raise target price to HK$10.00 Tencent Holdings (700 HK/BUY/HK$586.00/Target: HK$736.00) 2Q25: Resilient results; unfolding AI monetisation in online games...
C09 CITY DEVELOPMENTS LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
558 UMS HOLDINGS LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
UHU UNITED HAMPSHIRE US REIT
MRDIY MR DIY GROUP M BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
VST VSTECS BHD
BOLLORE SE : DECLARATION AU TITRE DE L’ARTICLE 223-16 DU REGLEMENT GEN...
BOLLORE SE : DECLARATION AU TITRE DE L’ARTICLE 223-16 DU REGLEMENT GENERAL DE L’AUTORITE DES MARCHES FINANCIERS BOLLORE SERaison sociale de l’émetteur : Bolloré SESociété EuropéenneCapital : 449 968 637,28 eurosSiège social : Odet - 29500 Ergué-Gabéric055 804 124 RCS Quimper DECLARATION AU TITRE DE L’ARTICLE 223-16 DU REGLEMENT GENERALDE L’AUTORITE DES MARCHES FINANCIERS La société informe ses actionnaires des éléments suivants au 31 juillet 2025 : Total actions émises2 812 303 983Total droits de vote4 958 137 804Total droits de vote exerçables en assemblée4 939 583 785 Le 6 août 2025 BO...
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 2Q25 results preview: Strong game pipeline ...
Tencent will release its 2Q25 results on 13 Aug 25. We forecast its 2Q25 revenue growing 11.5% yoy, driven by resilient game grossing and online ad revenue growth. We like Tencent as it is a key proxy for benefitting from the online games sector’s countercyclical resilience feature and the accelerating adoption of AI which has played a role in enhancing cost efficiency and boosting game development productivity. Maintain BUY with a target price of HK$650.00.
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
Greater China Daily: Wednesday, August 6, 2025
KEY HIGHLIGHTS Strategy China & Hong Kong Property The 30 Jul Politburo meeting emphasised strict controls on hidden government debt and high-quality/prudent urban renewal. CR Land’s acquisition of two prime residential projects in Shanghai (Rmb24.5b) highlights opportunities for SOE developers as LGFVs divest assets under stricter oversight. While Tier 1 and 2 cities show further sales weakness, Hong Kong is progressing with destocking, with potential changes to ease capital transfers for mai...
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, August 6, 2025
GREATER CHINA Strategy China & Hong Kong Property: CR Land’s acquisition of Shanghai projects points to further consolidation towards SOEs; potential easing of capital transfer will be key focus for Hong Kong market. Results Launch Tech (2488 HK/NOT RATED/HK$12.03): 1H25: Robust overseas and software business growth; step-up in dividend. Update Tencent Holdings (700 HK/BUY/HK$559.00/Target: HK$650.00): 2Q25 results preview: Strong game pipeline and AI-powered adtech as key catalysts. INDONESIA ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - August 2025
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy Alpha Picks: Underperformance In July: Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, KLBF, MTEL, and MYOR. MALAYSIA Strategy Alpha Picks: Some Opportunities Amid A “Summer Lull”: Our July 25 Alpha Picks outperformed. Aug 25 picks: Coraza, Eco World, Gamuda, Hume Cement, IJM, Inari, RHB and Zetrix. SINGAPORE ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Greater China Research Team
Greater China Strategy Alpha Picks: August Conviction Calls
In July, the HSI and MSCI China index extended their growths, rising 2.9% mom and 4.5% mom respectively to reach their peak on 24 July before pulling pack in the latest week, as investors tend to take profit after the Politburo announcement. With another 90-day tariff delay from the US, we maintain a positive outlook for leading domestic stocks in healthcare and IT. New additions to our BUY list are JBM Healthcare and Lenovo. We take profit on CATL, Han’s Laser, KE Holdings and Longfor.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02161 JBM (HEALTHCARE) LTD
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Julia Pan Mengyao
- Ming San Soong
China Internet: WAIC -- Battlefield of AI applications and agents to r...
WAIC 2025 was held in Shanghai on 26-28 July under the theme "Intelligent Horizons, Shared Future". The focus of WAIC this year shifted from LLM to the next frontier – AI applications and AI agents. As AI capabilities extend from the cloud to edge devices, a transformative evolution in human-AI interaction is underway, characterised by more tangible, embodied forms and empathetic voice interfaces. Maintain MARKET WEIGHT.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 30, 2025
GREATER CHINA Sector Internet WAIC - Battlefield of AI applications and agents to reshape productivity. Results WuXi AppTec (2359 HK/BUY/HK$111.70/Target: HK$146.00) 1H25: Results beat; benefitting from growing CRDMO service demand. Upgrade to BUY. INDONESIA Results AKR Corporindo (AKRA IJ/BUY/Rp1,345/Target: Rp1,525) 2Q25: Momentum builds, but 4Q25 to del...
AKRA PT AKR CORPORINDO TBK
AMATA AMATA CORP
3K1 KINGSOFT CORP. LTD.
C6L SINGAPORE AIRLINES LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BURSA BURSA MALAYSIA BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09988 ALIBABA GROUP HOLDING LTD.
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
WUXI APPTEC CO. LTD. CLASS H
Bolloré : Communiqué de presse
Bolloré : Communiqué de presse BOLLORÉ COMMUNIQUÉ DE PRESSE Le 28 juillet 2025 Bolloré SE a décidé de former un recours devant la Cour d’appel de Paris tendant à l’annulation de la décision de l’Autorité des marchés financiers du 18 juillet 2025 imposant le dépôt, sous six mois, d’une offre publique de retrait sur les titres de la société Vivendi SE. Cette décision de l’AMF est prise en vertu d’un arrêt de la Cour d’appel de Paris du 22 avril 2025 contre lequel Bolloré SE et Vivendi SE ont formé des pourvois devant la Cour de cassation, dont l’audience a été fixée au 25 novembre 2025. ...
Bolloré : Press release
Bolloré : Press release BOLLORÉ PRESS RELEASE July 28, 2025 Bolloré SE has decided to seek, before the Paris Court of Appeal, the annulment of the ‘Autorité des marchés financiers’ (AMF) decision dated July 18, 2025 requiring the filing of a public buyout offer on the shares of Vivendi SE within a six-month timeframe. Such decision by the AMF was taken pursuant to a judgment of the Paris Court of Appeal dated April 22, 2025 against which Bolloré SE and Vivendi SE have filed appeals with the French Supreme Court (Cour de cassation), the hearing of being set for November 25, 2025. At...
- Jerôme Bodin
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
STLA STELLANTIS N.V.
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Jerôme Bodin
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
STLA STELLANTIS N.V.
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Jerôme Bodin
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