reports
- Colin Lee
- Ejann Hiew
IT Hardware: AI Infrastructure – Domestic Substitution At Full Speed D...
With the sales of NVIDIA H200 to China, Chinese AI developers will receive a major boost in compute resources, and China’s AI development will further accelerate in 2026. That said, domestic AI chips shipments will receive minimal impact, with foreign chips acting as a “demand gap filler” while the strengthening of local supply chain remains the highest priority. We maintain our positive view on the domestic AI supply chain with preferences for WFE makers like NAURA. Maintain OVERWEIGHT.
- Adrian Loh Tzum Yung
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum
- Johnny Yum Chung Man
- Malaysia Research Team
- Singapore Research Team
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, January 05, 2026
Greater China Sector Update | IT Hardware We see an acceleration in China’s AI development progress in 2026, with NVIDIA successfully obtaining the US government’s approval on H200 sales to China, which will provide a major boost to the Chinese the AI application users. We also believe that the shipment volume of domestic AI chips will receive minimal impact, with foreign chips acting as a “demand gap filler” while the establishment of a capable local supply chain remains the highest priorit...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
BN2 ENERGI MEGA PERSADA
TISCO VALUETRONICS HOLDINGS
JPFA TISCO FINANCIAL GROUP
TMB JAPFA COMFEED INDONESIA
5347 TMB BANK PUBLIC COMPANY LIMITED
BBCA TENAGA NASIONAL BHD
O39 PT BANK CENTRAL ASIA TBK
BN4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM KEPPEL CORPORATION LIMITED
SE PT TELKOM INDONESIA (PERSERO) TBK CLASS B
D01 SEA ADS
01810 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 XIAOMI CORP. CLASS B
YNS GENTING SINGAPORE LIMITED
RHBBANK YINSON HOLDINGS BHD
MLK RHB BANK BHD
VSI MALAKOFF CORP BHD
BURSA V.S. INDUSTRY BERHAD
GMB BURSA MALAYSIA BHD
0763 GAS MALAYSIA BHD
FEH ZTE CORPORATION CLASS H
601138 FOOD EMPIRE HOLDINGS LTD
9CI FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CLAR CAPITALAND INVESTMENT LTD
MDKA CAPITALAND ASCENDAS REIT
NCKL MERDEKA COPPER GOLD TBK PT
IOIPG PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
0303 IOI PROPERTIES GROUP BHD
LAGENDA ALPHA IVF GROUP
PEKAT LAGENDA PROPERTIES BHD
HRUM PEKAT GROUP BHD
ZETRIX MK HARUM ENERGY TBK PT
ARCI IJ ZETRIX AI (ZETRIX MK)
002371 CH ARCHI INDONESIA (ARCI IJ)
ASL SP NAURA TECHNOLOGY GROUP CO LTD
CAREIT ASL MARINE (ASL SP)
ENRG CENTURION ACCOMMODATION REIT (CAREIT SP)
ASSA NEW ENERGY METALS CORP
ASSA ABLOY AB
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
China IT Hardware: Handset Sector - Analysing Cost Impact Of Memory Pr...
Amid the memory chip supercycle, our estimates show that low-end/mid-range/high-end phones will see a 16.7%/12.0%/9.3% increase in BOM cost in 2026, which will be absorbed by consumers, smartphone OEMs and component suppliers. The impact will spread unevenly across the industry, but high-end phones will be less affected than others; smartphone OEMs absorbing the bulk of the costs will make component suppliers better positioned, and Apple’s supply chain will outperform Android thanks to Apple’s s...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 3Q25: In-line Results Amid Ongoing Headwinds.
Xiaomi’s EV business has turned around in 3Q and shipment numbers are on track to reach consensus estimates of over 400,000 units. The tight memory supply and cost hikes will inevitably impact Xiaomi’s margins through 2026, although Xiaomi is able to secure sufficient supply for 2026 and is looking to partially mitigate cost pressure through ASP hikes and shifts to premium devices. Maintain BUY; cut target price to HK$54.60 but advise staying on the sidelines amid poor market sentiment.
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 19, 2025
Top Stories Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10 for ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 3Q25 Results Preview: EV Segment Likely Reachin...
Xiaomi’s EV business is expected to finally reach profitability at the operating level, thanks to rising operating scale and operational optimisation of its existing plant. Meanwhile, the smartphone business faces some near-term headwinds from rising memory prices, which have impacted margins and is likely to persist in the coming quarters. The IoT segment’s growth is slowing, but we believe it is still operating at a good scale, with margins still expanding sequentially. Maintain BUY; trim targ...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 28, 2025
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
AIY IFAST
SPALI SUPALAI PCL
7160 PENTAMASTER CORP. BHD
CENTEL CENTRAL PLAZA HOTEL
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CAREIT CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
CENTURION ACCOMMODATION REIT
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 28, 2025
Top Stories Company Results | CMOC (3993 HK/BUY/HK$17.04/Target: HK$20.30) CMOC’s 9M25 net profit rose 72.6% yoy to Rmb14,279.7m, driven by higher copper prices and a record output of 543,000 tonnes (+14.1% yoy). Gross margin expanded to 22.0% (+4.3ppt yoy) on stronger copper and cobalt prices, while the DRC export quota continued to constrain cobalt sales. KFM Phase 2 will add around 100,000 tonnes to copper capacity by 2027. We maintain BUY on CMOC with a higher target price of HK$20.30. Com...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
603259 WUXI APPTEC CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
China IT Hardware: AI Development Is Further Accelerating And Benefitt...
AI infrastructure investments continue to surge, with consensus forecasts for top China/US hyperscalers growing over 10% and 20% qoq respectively. This should fuel AI server demand growth of 60% yoy by 2026. Consumer electronics remain strong, with iPhone 17 lead times far exceeding that of iPhone 16 and Android flagships set for further spec upgrades, which will support multi-year shipment growth. China’s automation and robotics markets are also recovering faster than expected, with humanoid ro...
00992 LENOVO GROUP LIMITED
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
0763 ZTE CORPORATION CLASS H
2747 ESTUN AUTOMATION
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Greater China Research Team
Greater China Alpha Picks: September Conviction Calls
In August, the HSI and MSCI China Index hit their ytd highs, posting gains of 1.2% mom and 4.2% mom respectively, supported by dovish remarks from Fed Chair J. Powell at Jackson Hole. Looking ahead, we expect some consolidation as most of the positives have been priced in and are biased to SELL. We add Anta, BYDE and CSCEC to our BUY list, while initiating SELL calls on Li Auto and OOIL. We take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
- Pierre FerraguÊ
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 2Q25: Record-high bottom line; EV business to b...
Xiaomi’s 2Q25 net profit was a solid beat at Rmb10.8b, thanks to strong IoT sales and robust EV margins, coupled with fair value changes on financial instruments. Looking ahead, the EV business is set for a stronger print due to the YU7 deliveries, while margins for the smartphone business remain under pressure due to elevated memory costs. Maintain BUY; maintain target price at HK$69.20.
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, August 20, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.28/Target: HK$33.80) 1H25 results beat expectations. Sales volume of sub-premium beer and above saw mid-to-high single-digit growth. In the 15th Five-Year Plan, CR Beer will remain focused on Heineken as its core, while strengthening the sub-premium segment as another growth driver. The baijiu business is not expected to deteriorate further amid the adjustment phase in 2H25, but any potential impairment will still depend on business...
- Anas Fitri Bin Ahmad
- Audrey Celia
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, August 20, 2025
GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$28.28/Target: HK$33.80): 1H25: Results beat; Heineken and sub-premium the core for next stage. Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb20.60/Target: Rmb30.00): 2Q25: Earnings miss on ASP and margins; Maintain BUY. Cut target price from Rmb39.60 to Rmb30.0. Xiaomi Corp (1810 HK/BUY/HK$52.40/Target: HK$69.20): 2Q25: Record-high bottom line; EV business to be boosted by YU7 deliveries. Maintain BUY. XPeng Inc (9868 HK/BUY/HK$7...
- 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
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 2Q25 results preview: Solid growth intact but m...
Xiaomi is set to report its 2Q25 earnings later this month. We expect robust revenue growth supported by the IoT, EV and internet services segments. However, margins are projected to fall sequentially, mainly due to rising DDR4 prices for the smartphone business and a shift in the IoT product mix. Overall, we expect adjusted net profit to grow 71.4% yoy to Rmb10.3b. Maintain BUY; trim target price slightly to HK$69.20.
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Guan An Tan
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Sunny Chen
Greater China Daily: Thursday, August 7, 2025
KEY HIGHLIGHTS Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00) BeOne Medicines’ 1H25 revenue surged by 44.7% yoy to US$2.4b and adjusted net earnings amounted to US$389m, beating consensus estimates. Management raised revenue and gross margin guidance in 2025. We believe BRUKINSA's strong sales outlook and improving operational efficiency bode well for robust earnings and free cash flow expansion. Its R&D efforts will also support sustainable long-term growth through new prod...
- 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
- Greater China Research Team
Greater China Strategy: Alpha Picks -- July Conviction Calls
June’s HSI and MSCI China Index rose 3.4% mom and 4.0% mom respectively, despite the pullback due to the Middle East tensions. July may see increased volatility as the US looks to bring the tariff negotiations to a close. At this juncture, we continue to favour domestic policy beneficiaries and sector leaders. New additions to our BUY list are CATL, KE Holdings, Longfor, Midea Group, Tencent and Tencent Music Entertainment. We take profit on Prudential.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
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