reports
- Johnny Yum Chung Man
ASMPT (522 HK): 4Q25: Robust AI Momentum Kicks Off A New Upcycle.
ASMPT registered strong revenue growth in 4Q25, as mainstream tools recovery is stronger than expected. 1Q26’s guidance is also solid, with the midpoint of the revenue guidance range at US$500m above our/market estimates of US$480m-490m. Bookings are expected to reach a four-year high due to strong demand for both AP and mainstream tools. Long-term 2028 TCB TAM is raised to US$1.6b vs the previous target of US$1b, implying a CAGR of 32%. Upgrade to BUY and raise target price to HK$142.60.
- Claire Wang Kelai
- Johnny Yum Chung Man
- Joyce Chu
- Tham Mun Hon
Greater China Daily: Thursday, March 5, 2026
Top Stories Economics | PMI February PMI was below Bloomberg's consensus, with manufacturing PMI edging down to 49.0 (-0.2pt mom) and non-manufacturing PMI staying contractionary at 49.5 (+0.1pt mom), partly reflecting Chinese New Year seasonality. New export orders sub-index fell to 45.0 (-2.8pt mom) for manufacturing PMI and 44.7 (-2.2pt mom) for services PMI. The manufacturing business expectations sub-index improved to 53.2 (+0.6pt mom) ahead of the Two Sessions. Company Results | ASMPT (5...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Johnny Yum Chung Man
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
UOBKH: Regional Morning Meeting Notes: Thursday, March 05, 2026
Greater China Economics | PMI February PMI was below Bloomberg's consensus, with manufacturing PMI edging down to 49.0 (-0.2pt mom) and non-manufacturing PMI staying contractionary at 49.5 (+0.1pt mom), partly reflecting Chinese New Year seasonality. New export orders sub-index fell to 45.0 (-2.8pt mom) for manufacturing PMI and 44.7 (-2.2pt mom) for services PMI. The manufacturing business expectations sub-index improved to 53.2 (+0.6pt mom) ahead of the Two Sessions. Company Results | AS...
BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
BANPU TB BANPU
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
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Johnny Yum Chung Man
China IT Hardware: AI Infrastructure – Surge in 2026 AI infrastructure...
US hyperscalers’ capex guidance for 2026 far exceeds market expectations, and should fuel a new round of earnings upgrades for China-listed supply chain players, with server OEMs/ODMs being some of the biggest beneficiaries. We also believe that the concerns about a peaking AIDC investment are unfounded, as the robust capex is backed by highly visible demand for AI compute, and a quantifiable boost to productivity. Maintain OVERWEIGHT on the sector.
- Pierre FerraguÊ
What returns to expect on Cloud AI?
After a string of multi-GW contracts and capex announcements, the attractiveness of cloud AI returns remains a hot question amongst investors. In this report, we build a simple framework to answer that question. We estimate Cloud AI returns from CSP disclosures and what we know about large real-world contracts, and benchmark them against what we know about the economics of traditional cloud.
NOW SERVICENOW INC.
DAI DAIMLER AG
WDC WESTERN DIGITAL CORPORATION
TER TERADYNE INC.
STX SEAGATE TECHNOLOGY PLC
MPWR MONOLITHIC POWER SYSTEMS INC.
GOOGL ALPHABET INC. CLASS A
GLW CORNING INC
FB FACEBOOK INC. CLASS A
EQIX EQUINIX INC.
CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A
AVT AVNET INC.
ARW ARROW ELECTRONICS INC.
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
ASM PACIFIC TECHNOLOGY LIMITED
6723 RENESAS ELECTRONICS CORPORATION
8035 TOKYO ELECTRON LTD.
MELE MELEXIS NV
KLAC KLA CORPORATION
UMCB UNITED MICROELECTRONICS CORP (ADR)
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
VOW VOLKSWAGEN (VOW GR)
CKP CHECKPOINT SYSTEMS INC
NET CLOUDFLARE INC CLASS A
CADE CADENCE BANK
TEAM ATLASSIAN CORPORATION
CLS CELESTICA INC.
5930 SAMSUNG GROUP
- 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
- Pierre FerraguÊ
NOW SERVICENOW INC.
DAI DAIMLER AG
WDC WESTERN DIGITAL CORPORATION
TER TERADYNE INC.
STX SEAGATE TECHNOLOGY PLC
MPWR MONOLITHIC POWER SYSTEMS INC.
GOOGL ALPHABET INC. CLASS A
GLW CORNING INC
FB FACEBOOK INC. CLASS A
EQIX EQUINIX INC.
CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A
AVT AVNET INC.
ARW ARROW ELECTRONICS INC.
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
ASM PACIFIC TECHNOLOGY LIMITED
6723 RENESAS ELECTRONICS CORPORATION
8035 TOKYO ELECTRON LTD.
MELE MELEXIS NV
KLAC KLA CORPORATION
UMCB UNITED MICROELECTRONICS CORP (ADR)
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
VOW VOLKSWAGEN (VOW GR)
CKP CHECKPOINT SYSTEMS INC
NET CLOUDFLARE INC CLASS A
CADE CADENCE BANK
TEAM ATLASSIAN CORPORATION
CLS CELESTICA INC.
5930 SAMSUNG GROUP
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
ASMPT (522 HK): 3Q25: Results Miss On Product Mix And Restructuring Ex...
ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to register a recovery on solid AI-driven demand. Maintain BUY and raise target pr...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, October 31, 2025
Greater China Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to r...
ASM PACIFIC TECHNOLOGY LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
1211 BYD COMPANY LIMITED CLASS H
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
BANPU TB BANPU
CPN-R CENTRAL PATTANA PCL NVDR
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CRC CENTRAL RETAIL CORP
CTOS CTOS DIGITAL BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Friday, October 31, 2025
Top Stories Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to re...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
PRU PRUDENTIAL PLC
ASM PACIFIC TECHNOLOGY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
300760 COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
01876 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1787 BUDWEISER BREWING CO. APAC LTD.
002371 CH SHANDONG GOLD MINING CO LTD
NAURA TECHNOLOGY GROUP CO 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)
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
ASMPT (522 HK): 2Q25: Results largely in line. Solid bookings beat as ...
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.
- 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
- Colin Lee
- Johnny Yum Chung Man
ASMPT (522 HK) - 1Q25: Earnings Disappoint; Mainstream Tools Recoverin...
1Q25 results were largely in line, with revenue at the mid-point of ASMPT’s guided range, while margins and net profit recovered sequentially. Momentum in advanced packaging tools continues to pick up, as we see new orders or progress for TCB in both memory and logic clients. However, the recovery in mainstream tools remains uncertain given the increasingly complex geopolitical situation. Maintain BUY. Target price: HK$68.00.
- 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
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily - Friday, May 2, 2025
KEY HIGHLIGHTS Economics PMI: A sharp contraction in overseas demand. Sector Healthcare: Drug innovators continue to drive market growth. Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit...
02328 HONG KONG EXCHANGES & CLEARING LTD.
600887 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601888 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
601012 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
601689 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
NINGBO TUOPU GROUP CO. LTD. CLASS A
338 COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
1772 WEICHAI POWER
06690 GANFENG LITHIUM CO. LTD. CLASS H
ECX HAIER SMART HOME CO. LTD. CLASS H
XIAOMI ECARX HOLDINGS INC
XIAOMI CORP
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Notes - Friday, May 02, 2025
GREATER CHINA Sector Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit down 16% yoy; sequential improvement in Hainan duty-free sales. Ganfeng Lithium (1772 HK/BUY/HK$18.94/Target: HK$30.00)...
00388 HONG KONG EXCHANGES & CLEARING LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
XIAOMI XIAOMI CORP
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: AI devices and AI robots to remain as key investmen...
The IT hardware sector registered corrections in share price in the past two weeks as market realised that contribution from the exciting GenAI-driven applications are unlikely to be meaningful in 2025. Nevertheless, the potential cost savings and efficiency boost facilitated by AI are clear and we expect investments into applications development to remain high. Maintain OVERWEIGHT and expect downstream AI applications to remain a key investment focus through 2025.
00992 LENOVO GROUP LIMITED
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
- Colin Lee
- Johnny Yum Chung Man
ASMPT (522 HK): 4Q24 earnings disappoint; mainstream tools recovering ...
ASMPT’s 4Q24 net profit barely broke even as the slow recovery in the mainstream tools market remains a drag. 1Q25 guidance continues to be soft as the SMT solution business remains slow, but margins may widen on product mix improvements. The advanced packaging business remains the sole bright spot, with CPO and photonics joining TCB as key growth drivers in the coming years. Maintain BUY and cut target price to HK$80.00.
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