reports
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): More listings, enhanced liq...
We expect HKEX’s earnings to grow 31% yoy in 2Q25, driven by strong headline ADT amid the US tariff shock in April. While we expect the market velocity to moderate from recent peak levels, we believe improving IPO activities and a lower HIBOR environment could attract more fund inflows and support market turnover going forward. We raise our ADT assumptions and earnings forecasts as we take recent trends into consideration. Maintain BUY. Target price: HK$470.00.
- Claire Wang Kelai
- Greater China Research Team
- Kenny Yong Hui Lim
- Tham Mun Hon
Greater China Daily: Monday, June 16, 2025
KEY HIGHLIGHTS Economics Money Supply May's M1 growth rose to 2.3% yoy (+0.8ppt), the highest reading for the year, but M2 growth slowed to 7.9% yoy (-0.1ppt), below the 8.1% forecast. New bank loans and TSF rebounded to Rmb0.62t and Rmb2.29t respectively but missed our expectations of Rmb0.90t and Rmb2.33t. Outstanding TSF growth held at 8.7% yoy, while bank loan growth eased to 7.1% yoy (-0.1ppt). New credit recovery improved mom, but remains weak, and further fiscal support instead of addit...
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, June 16, 2025
GREATER CHINA Economics Money Supply: Credit demand stays weak. Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$413.60/Target: HK$470.00): More listings, enhanced liquidity and high turnover to drive further upside. Reiterate BUY. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp9,025/Target: Rp10,500): Steady growth with a focus on efficiency and risk discipline. MALAYSIA Update TIME dotCom (TDC MK/BUY/RM5.22/Target: RM6.00): TIME to deliver sustainable growth over peers on the back o...
Hong Kong Exchanges & Clearing: 1 director
A director at Hong Kong Exchanges & Clearing maiden bought 3,000 shares at 369.600HKD 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 th...
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK) - 1Q25: Strong Results As Ex...
HKEX’s 1Q25 earnings came in within our expectations with a strong net profit growth of 37% yoy on the back of elevated ADT and stronger-than-expected NII. Opex costs were well-contained with a 7% yoy increase, partially offsetting the impact of a higher tax rate. We expect few catalysts to support headline ADT amid tariff uncertainties, including a strong Southbound flow, ADR homecoming and HKEX’s ongoing trading structure enhancements. Maintain BUY. Target price: HK$390.00.
- 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
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): Expecting solid 1Q25 earnin...
HKEX is expected to report a 36.3% yoy net profit growth in 1Q25, driven by a strong headline ADT performance amid the AI frenzy in China. Despite the volume spike following the US tariff shock, we believe such a high turnover velocity driven by market uncertainty is unlikely to continue and we expect headline ADT to ease gradually as risk-off sentiment prevails. However, the current valuation (-0.5SD) is not particularly stretched after the recent pullback, in our view. Maintain BUY. Target pri...
- Greater China Research Team
- Kenny Yong Hui Lim
Greater China Daily: Wednesday, April 16, 2025
KEY HIGHLIGHTS Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$328.40/Target: HK$394.00) HKEX is expected to report a 36.3% yoy net profit growth in 1Q25, driven by a strong headline ADT performance amid the AI frenzy in China. Despite the volume spike following the US tariff shock, we believe such a high turnover velocity driven by market uncertainty is unlikely to continue and we expect headline ADT to ease gradually as risk-off sentiment prevails. However, the current valuation (-0.5...
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Philip Wong
- Wei Xiang Ku
Regional Morning Notes - Wednesday, April 16, 2025
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$328.40/Target: HK$394.00): Expecting solid 1Q25 earnings growth but trade war risk lingers. INDONESIA Sector Mining: The gold game: Key beneficiaries of the bull run. MALAYSIA Malaysia Gems Conference Highlights Alliance Bank Malaysia (ABMB MK/HOLD/RM4.35/Target: RM4.84): Loan growth outpaces industry but rights issue caps upside. Maintain HOLD and target price of RM4.84. ITMAX Systems (ITMAX MK/BUY/RM3.72/Target: RM4.30): Ex...
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): 4Q24: Multiple tailwinds to...
HKEX’s 4Q24 results were largely in line with our expectations. The share price has rallied over 20% ytd amid the DeepSeek-driven market rally. However, we think the valuation is not stretched (-0.2SD) and has yet to fully reflect the broader market expansion and elevated ADT levels. Multiple tailwinds, such as China’s AI frenzy, strong southbound flows and the IPO recovery could support ADT in the near term and drive valuation re-rating. Maintain BUY. Target price: HK$418.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Friday, February 28, 2025
KEY HIGHLIGHTS Sector Automobile China’s auto sales picked up in the eighth week of 2025, but consumers’ wait-and-see sentiment continues amid the transitional period of product upgrades. Geely will hold an AI Intelligence Strategy Conference on 3 Mar 25, which may boost its stock price. Given the stronger-than-expected market response, we upgrade Li Auto and XPeng from HOLD to BUY and raise target prices to HK$156.00 and HK$110.00 respectively. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, February 28, 2025
GREATER CHINA Sector Automobile Weekly: PV sales picked up wow while the wait-and-see sentiment continues. Upgrade Li Auto and XPeng from HOLD to BUY and raise target price to HK$156.00 and HK$110.00 respectively. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Results BeiGene (6160 HK/BUY/HK$161.60/Target: HK$220.00) 2024: Results beat; targets operating profit...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
00388 HONG KONG EXCHANGES & CLEARING LTD.
AMATA AMATA CORP
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U96 SEMBCORP INDUSTRIES LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
RHBBANK RHB BANK BHD
GENM GENTING MALAYSIA BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MRDIY MR DIY GROUP M BHD
HLA HONG LEONG ASIA LTD
TAPG TRIPUTRA AGRO PERSADA PT
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
YZJFH YANGZIJIANG FINANCIAL HOLDING
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
SDG SD GUTHRIE BHD
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): 4Q24 results preview: Stron...
HKEX is expected to report a 43.2% yoy net profit growth in 4Q24, driven by strong headline ADT performance and resilient NII. While the market may have priced in this result based on October and November turnover data, we believe the current valuation does not fully reflect the elevated headline ADT level. The minimum spread reform and IPO market revival could provide additional upside to ADT growth amid concerns over US tariffs and slower pace of rate cuts. Maintain BUY. Target price: HK$352.0...
- Greater China Research Team
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, January 9, 2025
KEY HIGHLIGHTS Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60) Sales momentum of the Anta brand and Fila both improved in 4Q24 compared to 3Q24, in terms of yoy growth, especially for Fila, although both brands fell short of the full-year sales targets. By channel, the performance of the offline channel has normalised. For 2025, management maintains the company’s mid- to long-term sales targets. In addition, the company plans to prioritise Super Anta as the key focus of store innov...
- Jack Goh Tooan Orng
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, January 09, 2025
GREATER CHINA Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60): Improved 4Q24 sales; Fila the bright spot; mid-to-long term sales targets maintained. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$284.00/Target: HK$352.00): 4Q24 results preview: Strong earnings growth on reviving turnover. INDONESIA Update Kalbe Farma (KLBF IJ/BUY/Rp1,275/Target: Rp1,800): Higher sales growth in pharma and medical devices expected in 2025. MALAYSIA Sector Gloves: After the stellar share price perfo...
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): 3Q24: Risk-and-reward is mo...
HKEX reported a 6.5% yoy earnings growth in 3Q24 after a sharp increase in headline ADT following the rollout of stimulus packages by China in late-September. Although market velocity has normalised, ADT remains elevated, and NII could be more resilient going forward, suggesting more upside for earnings. The risk-to-reward ratio is more balanced now after the recent correction as HKEX is trading close to historical average of 30.5x forward PE. Upgrade to BUY. Target price: HK$364.00.
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, October 24, 2024
KEY HIGHLIGHTS Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) HKEX reported a 6.5% yoy earnings growth in 3Q24 after a sharp increase in headline ADT following the rollout of stimulus packages by China in late-September. Although market velocity has normalised, ADT remains elevated, and NII could be more resilient going forward, suggesting more upside for earnings. The risk-to-reward ratio is more balanced now after the recent correction as HKEX is trading ...
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK): Further valuation re-rating...
The increased turnover resulting from policy easing in China and the US rate cuts will improve HKEX's earnings. However, we remain cautious on the extremely high turnovers and the rich valuation (+1.2SD) might have priced in the sharp increase in ADT. We estimate that a 10% ADT increase could lead to a 4.8% EPS growth, but the NII decline will exert downward pressure on earnings. Thus, we see limited room for further valuation re-rating and downgrade HKEX to HOLD. Target price: HK$355.00.
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