reports
- Damon Shen
- Jieqi Liu
China Property: Latest Pre-CEWC Politburo Meeting Sidesteps Supports F...
At the latest pre-CEWC Politburo meeting, not a word about property policy and urbanisation was mentioned. This points to a much lower possibility of strong stimulus for the property industry in the near term. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 55% yoy and second-hand home prices in most cities falling. We maintain UNDERWEIGHT on China’s property sector, with CR Land as our top pick for its consistent earnings outperformance.
- Damon Shen
- Jieqi Liu
China Property: Major Mainland Cities See Deeper YOY Declines In New H...
Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second-hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance.
- Audrey Celia
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, December 02, 2025
Greater China Sector Update | China Property Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance. Sector Update | Macau Gaming Macau’s Nov 25 GGR reached MOP 21.1b, down 12% mom but up 14% yoy, and recovering to 92% o...
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
GFPT GFPT
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
599A SANDS CHINA LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KPJ KPJ HEALTHCARE BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
PEP PPB GROUP BERHAD
BAUTO BERMAZ AUTO BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
SWB SUNWAY BHD
1368 XTEP INTERNATIONAL HOLDINGS
SCGP SCG PACKAGING PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
PEKAT PEKAT GROUP BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
ASL SP ASL MARINE (ASL SP)
- Damon Shen
- Jieqi Liu
China Property: Channel Check On Hohhot And Taiyuan’s Property Markets...
Our channel check showed that new home property prices in the core districts of Hohhot and Taiyuan showed signs of stabilisation, supported by population inflow, higher efficiency ratio of new products and sharper contraction in supply. With greater downward pressure on property prices in Tier 1 cities, the trend in lower tier cities points to continued divergence and complexity in China’s property market. Maintain MARKET WEIGHT on the sector. CR Land remains our top pick.
- Damon Shen
- Jieqi Liu
CR Land (1109 HK): Takeaways From Hohhot And Taiyuan Visit: Set For Fa...
We joined CR Land’s reverse roadshow in Hohhot and Taiyuan. Mixc malls achieved 10-15% SSSG in tenant sales for 10M25, with luxury malls improving in 3Q25. CR Land targets faster commercial expansion in the 15th FYP, backed by 65m registered members and proven ability of outperforming the market. We trim earnings by 5% on slower property sales but raise target PE for recurring income. We lift target price by 10% to HK$37.51. Maintain BUY. CR Land remains our top pick.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, November 21, 2025
Top Stories Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Res...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 21, 2025
Greater China Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Re...
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
2633 JACOBSON PHARMA CORP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
PTTOR PTT OIL AND RETAIL
02161 JBM (HEALTHCARE) LTD
- Damon Shen
- Jieqi Liu
China And Hong Kong Property: China To Expand C-REITs For POEs; Major ...
On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP and Kerry Properties.
- Damon Shen
- Jieqi Liu
China Property: NBS Data For Sep 25 Shows Industry Weakness, Expect Pr...
Industry data showed further deterioration in Oct 25. The 0.4% yoy growth in property completion in Sep 25 is a positive development. Given the higher comparison base since Oct 24, we expect nationwide property sales to see deeper yoy declines in 4Q25. We maintain MARKET WEIGHT on the China property sector, with CR Land as our top pick.
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Philip Wong
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 21, 2025
Greater China Economics | Economic Activity China’s 3Q25 GDP growth slowed to 4.8% yoy, 9M25 growth to 5.1%. Ytd FAI fell 0.5% yoy, dragged by property FAI (-13.9% ytd yoy). September's industrial production rose 6.5% yoy, but retail sales growth eased to 3.0% yoy. With the stronger-than-expected 9M25 growth, we raise the full-year real GDP growth forecast to 5.0% yoy. That said, further policy support is still needed and we expect proposals for the 15th Five-year Plan to provide further clu...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5225 IHH HEALTHCARE BHD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Damon Shen
- Jieqi Liu
China and Hong Kong Property: Takeaways From Visit To Jinling Residenc...
Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80.
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, October 15, 2025
Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...
FR FIRST INDUSTRIAL REALTY TRUST INC.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
JPFA JAPFA COMFEED INDONESIA
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BN4 KEPPEL CORPORATION LIMITED
MLK MALAKOFF CORP BHD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
GMB GAS MALAYSIA BHD
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
00017 NEW WORLD DEVELOPMENT CO. LTD.
SVI SVI PCL
DELTA DELTA CORP
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China and Hong Kong Property: Update Of Key Data And Trends During 202...
Golden Week new-home sales varied, with sales in Tier 1 cities growing 18.1% yoy on average, while sales in Tier 2 and Tier 3 cities declined. In Hong Kong, second-hand transactions from 2024-25 projects, like SHKP's Cullinan Sky, achieved better capital gains, boosting investor sentiment. Tourism data was mixed: mainland tourist growth slowed, other regions’ visitors surged, and northbound travel stayed strong. Maintain MARKET WEIGHT on China and Hong Kong property/landlord sectors.
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Damon Shen
- Jieqi Liu
China Property: Channel Check On Shanghai’s Property Market.
Shanghai’s property market shows diverging trends: New home prices remain supported by a low-base effect from previous price caps and policy easing, but the secondary housing market stays weak, with falling prices, rising listings and improving rental yields. LGFVs lag in pace and quality, while project management companies stand out as beneficiaries. Maintain MARKET WEIGHT on the sector.
- Damon Shen
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Malaysia Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, September 23, 2025
Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
4197 SIME DARBY BHD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
VSI V.S. INDUSTRY BERHAD
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
BBNI BANK NEGARA INDONESIA PERSER
SCB SCB X PUBLIC COMPANY LIMITED
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
HRUM HARUM ENERGY TBK PT
PECCA MK PECCA GROUP BHD
NTTDCR SP NTT DC REIT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
BNASTRA BINASTRA (BNASTRA MK)
- Damon Shen
- Jieqi Liu
China Property: NBS Data For Aug 25 Shows Continued Industry Weakness,...
The nationwide property data in Aug 25 remained weak. The decent rebound in property transactions in Shanghai/Shenzhen after the removal of HPRs is a positive development. Expect supportive monetary and fiscal policies to support homebuyers’ sentiment. Maintain MARKET WEIGHT on the China property sector, with CR Land as our top pick.
- Damon Shen
- Jieqi Liu
China Property: 1H25 Results Wrap-Up; Will The Removal Of HPRs In Non-...
In 1H25, Chinese developers faced declining profitability but stable balance sheets. Supportive policies drive a positive outlook. On 5 September, Shenzhen eased HPRs in non-core areas after Beijing and Shanghai, though Beijing's August sales disappointed. Further market consolidation is expected. Maintain MARKET WEIGHT and CR Land as our top pick.
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, September 09, 2025
Greater China Economics | Trade China’s export momentum softened in August as front-loaded US demand has faded, exposing the vulnerability of shipments to the US market. While the trade diversion supported flows to ASEAN and the EU, overall growth moderated. Imports also weakened amid subdued agricultural demand, despite firmer commodity-related inflows. Pro...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
GGRM PT GUDANG GARAM TBK
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
X2S SINOPHARM GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
DBB DUOPHARMA BIOTECH BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
OXMU PRIME US REIT
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
09888 BAIDU INC
BBNI WUXI APPTEC CO. LTD. CLASS H
300765 BANK NEGARA INDONESIA PERSER
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Damon Shen
- Jieqi Liu
CR Land (1109 HK): 1H25: Results in line; positive 2H25 sales outlook ...
1H25 core net profit fell 6.9% yoy, largely in line with our expectation (-5%yoy), with a strong mall performance (+20.2% tenant sales) and recurring business contributing 60.2% to earnings. With policy supports and increased resources, management is positive about 2H25 sales. CR Land now targets regular REIT listings, which will be positive to earnings in the near term. We roll over to 2025F/26F PE and raise target price by 3.8% to HK$34.10. Maintain BUY.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Kate Luang
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 28, 2025
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$24.46/Target: HK$28.90) Anhui Conch Cement reported 1H25 earnings of Rmb4,367.9m (+31.3% yoy), representing 42.5% of our full-year estimates, slightly above expectations. Gross margin for self-produced products rose to 28.9% (+5.8ppt yoy). Cement ASP edged up 1.5% yoy, while unit production cost fell 7.1% yoy, mainly on a 13.8% drop in fuel and power costs. Cement and clinker sales volume was broadly stable at 126mt (-0.4% yoy), outperfo...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
XGH ENN ENERGY HOLDINGS LIMITED
PRU PRUDENTIAL PLC
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
03690 MEITUAN CLASS B
2877 CHINA SHINEWAY PHARMACEUTICA
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
9660 HK HORIZON ROBOTICS INC (9660 HK)
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