reports
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Ken Lee
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, October 25, 2023
GREATER CHINA Results Ningbo Xusheng Group (603305 CH/HOLD/Rmb18.74/Target: Rmb18.00): 3Q23: Results miss on revenue and margins; downgrade from BUY to HOLD. Cut target price from Rmb36.00 to Rmb18.00. ZTE Corporation (763 HK/BUY/HK$18.04/Target: HK$28.40): 3Q23: Results missed on weak revenue growth; reduce target price on slower growth. INDONESIA Sector Telecommunications: Data traffic to grow 18% yoy in 2024. Maintain OVERWEIGHT. MALAYSIA Results Globetronics Technology (GTB MK/HOLD/RM1.40/...
- Ariel Poh Yun Li
- Johnny Yum Chung Man
ZTE (763 HK): Takeaways from results briefing.
The key topics of interest in ZTE’s analyst briefing remained the growth outlook and ZTE’s opportunities in the AI investment trend. Overall, management remains confident in 2H23’s growth and expects 5G tenders, along with new infrastructure, to support stable growth, while expressing optimism on ZTE’s competitiveness in AI as the company is actively expanding its product offerings in both hardware products and LLM solutions. Maintain BUY and target price of HK$33.50.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, August 23, 2023
GREATER CHINA Results Anta (2020 HK/BUY/HK$77.65/Target: HK$128.00): 1H23: Results beat; expect margin expansion to continue. Baidu Inc (9888 HK/BUY/HK$123.00/Target: HK$192.00): 2Q23: Strong earnings beat anchored by solid ad and cloud recovery. Geely Auto (175 HK/SELL/HK$9.30/Target: HK$6.50): 1H23: Results miss on margins again. Maintain SELL and cut target price from HK$9.00 to HK$6.50. Goldwind Science & Technology (2208 HK/HOLD/HK$4.19/Target: HK$5.10): 1H23: Below expectations; WTG margi...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
000063 ZTE CORPORATION CLASS A
INCO VALE INDONESIA
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
IOI IOI CORP BHD
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
1024 KUAISHOU TECHNOLOGY
MNSO MINISO GROUP HOLDING ADS (N SHARES)
9888 BAIDU INC
MCH MATRIX CONCEPTS HOLDINGS BHD
- Ariel Poh Yun Li
- Johnny Yum Chung Man
ZTE (763 HK): 2Q23: Mixed set of results with robust margin expansion ...
ZTE’s 2Q23/1H23 results were mixed, with robust expansion in gross margins thanks to a surprising spike in the operator business’ profitability, but weak revenue growth as corporates cut down on spending amid a tough macro environment. Operating profit also missed forecasts due to higher-than-expected R&D expenses. Maintain BUY with an unchanged target price of HK$33.50.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
China China Server: AI investment series: Diving into opportunities in...
OpenAI’s LLM-based AI chatbot ChatGPT has taken the public by storm in 2023 as it has demonstrated its potential to bolster efficiency at all levels of society. With investment pouring into AI development, we will investigate the main beneficiaries of this multi-year upcycle through a series of reports. In this particular report, we will dive into the server industry, which we view as one of the earliest beneficiaries of AI development. Initiate coverage with OVERWEIGHT. Top BUY: Lenovo.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 1Q23: Strong quarter as margins spiked.
ZTE reported a solid quarter, with net profit growing 19.2% yoy to Rmb2,642m, primarily driven by a 6.7ppt spike in gross margin due to a change in product mix. We remain positive on ZTE as we believe the company is a key beneficiary of China’s accelerating investment in digitalisation and AI. Maintain BUY and raise our target price to HK$33.50.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Terence Chiu
Greater China Daily: Monday, April 24, 2023
KEY HIGHLIGHTS Initiate Coverage Aviation Airline recovery largely priced in; focus on rebuilding balance sheet strength. Re-initiate coverage with UNDERWEIGHT on the aviation sector. Results Great Wall Motor (2333 HK/SELL/HK$9.24/Target: HK$5.20) 1Q23: Core earnings turned negative, missing our estimates. Maintain SELL. Cut target price to HK$5.20. Han’s Laser (002008 CH/HOLD/Rmb27.23/Target: Rmb30.00) 1Q23: Net profit misses expectations; not entirely unexpected. ZTE Corporation (763 HK/BU...
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kwanchai Atiphophai
- Roy Chen Chengzhi
- Singapore Research Team
Regional Morning Notes - Monday, April 24, 2023
GREATER CHINA Initiate Coverage Aviation: Airline recovery largely priced in; focus on rebuilding balance sheet strength. Re-initiate coverage with UNDERWEIGHT on the aviation sector. Results Great Wall Motor (2333 HK/SELL/HK$9.24/Target: HK$5.20): 1Q23: Core earnings turned negative, missing our estimates. Maintain SELL. Cut target price to HK$5.20. Han’s Laser (002008 CH/HOLD/Rmb27.23/Target: Rmb30.00): 1Q23: Net profit misses expectations; not entirely unexpected. ZTE Corporation (763 HK/BUY/...
ZTE Corp: 1 director
A director at ZTE Corp sold 92,800 shares at 32.890CNY and the significance rating of the trade was 63/100. 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 showin...
- Arsit Pamaranont
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 4Q22: Top-line impacted by delayed order rec...
4Q22 net profit arrived at Rmb1,260m, up 31% yoy, in line with our estimates but below market consensus. Gross margin was a slight beat at 37.1%, but the top-line of Rmb30b missed both our and consensus estimates, likely due to the COVID-19 disruption in Dec 22 which led to delayed revenue recognition. We expect a stronger 2023 with China’s reopening, and we continue to like ZTE for its exposure to China’s new infrastructure spending and digitalisation. Maintain BUY with a higher target price of...
- Ariel Poh Yun Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Sabrina Soh
- Terence Chiu
- Tham Mun Hon
- Zhifeng Shen
Greater China Daily: Monday, March 13, 2023
KEY HIGHLIGHTS Economics Money Supply Liquidity growth continues outpacing expectations. Sector Consumer Confident about consumer spending recovery despite bumpy road ahead. Results AIA Group (1299 HK/BUY/ HK$81.55/Target: HK$104.65) Reopening and premium discount to drive 2023 growth. ZTE Corporation (763 HK/BUY/HK$23.00/Target: HK$27.70) 4Q22: Top-line impacted by delayed order recognition. HSI AND HS TECH INDEX OUTLOOK
- Ariel Poh Yun Li
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Leow Huey Chuen
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sabrina Soh
- Tham Mun Hon
- Zhifeng Shen
Regional Morning Notes - Monday, March 13, 2023
GREATER CHINA Economics Money Supply: Liquidity growth continues outpacing expectations. Sector Consumer: Confident about consumer spending recovery despite bumpy road ahead. Results AIA Group (1299 HK/BUY/ HK$81.55/Target: HK$104.65): Reopening and premium discount to drive 2023 growth. ZTE Corporation (763 HK/BUY/HK$23.00/Target: HK$27.70): 4Q22: Top-line impacted by delayed order recognition. INDONESIA Sector Banking: Staring 2023 with strong loan growth, higher yields and lower CoC. MALAYS...
- Ariel Poh Yun Li
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 3Q22: Strong results yet again on robust car...
ZTE reported another solid quarter in 3Q22 with net profit growing 27.0% yoy and declining 4.0% qoq to Rmb2.3b, above expectation. This was driven by a better-thanexpected blended gross margin at 38.1%, up 0.1ppt yoy and 1.0ppt qoq, alongside stable growth in revenue, although this was partially offset by a 0.9ppt yoy surge in R&D expenses. Maintain BUY but cut target price to HK$20.40 on a lower PE multiple as we factor in the mounting geopolitical risks facing China’s telco equipment industry.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Sunny Chen
- Terence Chiu
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Friday, October 28, 2022
KEY HIGHLIGHTS Sector Automobile Weekly: October sales hit by lockdowns; Tesla cut prices by 5-9%; battery makers post upbeat 3Q22 earnings. Maintain OVERWEIGHT. Top picks: CATL, FYG and Xusheng. Results Budweiser APAC (1876 HK/BUY/HK$17.94/Target: HK$27.50) 3Q22: Earnings decline 13.8% yoy; conducting price hikes on 1 Nov 22. EVE Energy (300014 CH/BUY/ Rmb90.80/Target: Rmb137.00) 3Q22: Earnings up 81% yoy and 56% qoq, beating estimates. Maintain BUY. Target price: Rmb137.00. Jonjee Hi-Tech ...
000063 ZTE CORPORATION CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0763 ZTE CORPORATION CLASS H
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
2359 WUXI APPTEC CO LTD
1876:HK BUDWEISER BREWING CO APAC LTD
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Hazmy Hazin
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kwanchai Atiphophai
- Leow Huey Chuen
- Philip Wong
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, October 28, 2022
GREATER CHINA Sector Automobile: Weekly: October sales hit by lockdowns; Tesla cut prices by 5-9%; battery makers post upbeat 3Q22 earnings. Maintain OVERWEIGHT. Top picks: CATL, FYG and Xusheng. Results Budweiser APAC (1876 HK/BUY/HK$17.94/Target: HK$27.50): 3Q22: Earnings decline 13.8% yoy; conducting price hikes on 1 Nov 22. Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb31.85/Target: Rmb40.50): 9M22: Robust growth with improved performance from Meiweixian. Shenzhen Inovance (300124...
000063 ZTE CORPORATION CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
SIDO INDUSTRI JAMU DAN FARMASI SI
ROTH BRITISH AMERICAN TOBACCO BHD
MINT MAPLETREE INDUSTRIAL TRUST
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
WHA TB WHA CORP PCL
2359 WUXI APPTEC CO LTD
IFAST IFAST CORP LTD
1876:HK BUDWEISER BREWING CO APAC LTD
CTOS CTOS DIGITAL BHD
- Johnny Yum Chung Man
ZTE Corporation (763 HK): Takeaways from analyst briefing.
ZTE expects stable growth in its carrier network business, with market share gains and new infrastructure to more than offset the moderating domestic 5G capex. Management also sees opportunities from emerging businesses such as digitalisation, energy management, smartphones, auto electronics, and expects a 40% annual growth in the next few years. Maintain BUY and raise target price to HK$28.40.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Limartha Adhiputra
- Sunny Chen
- Tanaporn Visaruthaphong
- Zhifeng Shen
Regional Morning Notes - Wednesday, August 31, 2022
GREATER CHINA Results Foshan Haitian Flavouring & Food (603288 CH/BUY/Rmb78.57/Target: Rmb97.00): 1H22: Double-digit growth in 2Q22; upbeat on multi-product strategy. Kingboard Laminates (1888 HK/HOLD/HK$7.10/Target: HK$6.60): 1H22: Net profit in line with profit warning. PICC Property and Casualty (2328 HK/BUY/HK$8.14/Target: HK$11.08): 1H22: Results above expectations. Sinopharm Group (1099 HK/SELL/HK$17.72/Target: HK$15.00): 1H22: Earnings up 3.1% yoy, lower than expected. INDONESIA Update A...
000063 ZTE CORPORATION CLASS A
00884 CIFI HOLDINGS (GROUP) CO. LTD.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
2877 CHINA SHINEWAY PHARMACEUTICA
6049 POLY PROPERTY SERVICES CO LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
ADRO ADARO ENERGY TBK PT
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Greater China Research Team
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Sunny Chen
- Zhifeng Shen
Greater China Daily: Wednesday, August 31, 2022
KEY HIGHLIGHTS Results China Shineway Pharmaceutical (2877 HK/BUY/HK$5.96/Target: HK$8.00) 1H22: Earnings growth missed; expect better revenue growth in 2H22. China Tourism Group Duty Free Corp (601888 CH/BUY/Rmb190.40/Target: Rmb273.00) 1H22: Double-digit decline; focusing on future growth and core competitiveness. CIFI Holdings (884 HK/BUY/HK$2.35/Target: HK$2.81) 1H22: Core net profit in line with profit alert; transformation painful but needed. Great Wall Motor (2333 HK/BUY/HK$12.18/Targ...
00884 CIFI HOLDINGS (GROUP) CO. LTD.
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
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
2877 CHINA SHINEWAY PHARMACEUTICA
0763 ZTE CORPORATION CLASS H
6049 POLY PROPERTY SERVICES CO LTD
- Ariel Poh Yun Li
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 2Q22: BUY on solid revenue growth, elevated ...
ZTE reported another solid quarter with operating profit growing 44% yoy to Rmb2,454m, driven by a 19% top-line growth, as well as a 1.3ppt OPM expansion on the back of stringent cost controls. Blended gross margins declined slightly in 2Q22, likely due to changes in product mix. We are not concerned about this as by-segment margins improved sequentially across the board in 1H22, with carrier network margins reaching a new high in 1H22. Maintain BUY and target price of HK$28.20. 2Q22 RESULTS Yea...
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Jieqi Liu
- Johnny Yum Chung Man
- Ken Lee
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, August 29, 2022
KEY HIGHLIGHTS Results China Resources Gas (1193 HK/BUY/HK$30.70/Target: HK$34.70) 1H22: In line; dollar margin slumped to HK$0.45/cbm. CIFI Ever Sunshine Services (1995 HK/BUY/HK$5.70/Target: HK$7.84) 1H22: Attributable net profit in line with expectation; no changes to 2023 target. EVE Energy (300014 HK/BUY/Rmb101.30/Target: Rmb168.00) 2Q22: Earnings miss estimate, but growth outlook beats expectations. Maintain BUY. Raise target price from Rmb165.00 to Rmb168.00. Frontage Holdings Corpora...
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