reports
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV sales rebound wow but remain low due to wa...
China auto sales rebounded in the seventh week of 2025, but remained low compared with the previous month due to consumers’ wait-and-see sentiment amid a price war and the transitional period of product upgrade. Zeekr’s acquisition of Lynk & Co strengthens Geely’s premium EV strategy. GWM has unveiled a strategy for affordable smart driving solutions. DeepSeek is gaining traction among automakers. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay SV.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
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
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)
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
- Bella Lu Yifei
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Thursday, August 08, 2024
GREATER CHINA Economics Trade: Slowing global manufacturing dampens export growth. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$42.15/Target: HK$61.00): 2Q24: Core earnings up 66% yoy, beating estimates. Maintain BUY with a higher target price of HK$61.00. INDONESIA Results Astra International (ASII IJ/SELL/Rp4,630/Target: Rp3,900): 2Q24: Soft performance in most major divisions; in line with expectations. Bank Neo Commerce (BBYB IJ/BUY/Rp234/Target: Rp375): 2Q24: Net loss of Rp20b; expec...
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AP4 RIVERSTONE HOLDINGS
ASII PT ASTRA INTERNATIONAL TBK
KPJ KPJ HEALTHCARE BERHAD
HEIM HEINEKEN MALAYSIA BHD
BBYB BANK NEO COMMERCE
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Ceilica Su Rui
- Greater China Research Team
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Limartha Adhiputra
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Monday, March 18, 2024
GREATER CHINA Economics Money Supply: Weaker appetite for credit could limit impact of policy easing. Sector Aviation: Airlines’ Feb 24 operating data beat our expectations on stronger-than-expected holiday effect. Near-term risk-reward appears more balanced. Upgrade to MARKET WEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb180.85 /Target: Rmb250.00): 4Q23: Earnings beat on margins. Maintain BUY. Fuyao Glass Industry Group (3606 HK/BUY/HK$41.40/Target: HK$50.00): 4Q23: Net prof...
- Bella Lu Yifei
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Wednesday, October 18, 2023
GREATER CHINA Sector Aviation: Airlines Sep 23 operating data: pax load performance below expectations; overcapacity issue remains. Maintain UNDERWEIGHT. Gaming: Marketing feedback: Be selective; eyes on cost management amid intensified competition. Maintain MARKET WEIGHT. Initiate Coverage Ningbo Tuopu Group Co (601689 CH/BUY/Rmb66.49/Target: Rmb105.00): Leading intelligent lightweight chassis solution provider in China. Initiate coverage with BUY. Target price: Rmb105.00. Results Fuyao Glass I...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Weekly: China’s PEV Sales Growth Accelerates ...
China’s PEV retail sales growth accelerated to 40% yoy in the third week of September, driven by seasonality and stimulus measures. CPCA estimates Sep 23 PEV sales at 750,000 units (+22.7% yoy/+7.4% mom), in line with expectations. The top EV companies in China jointly saw 7% mom and 17% wow growth in insurance registrations. BYD’s insurance registrations grew 19.8% mom/20.7% wow to 64,700 units during 18-24 Sep 23, hitting a record high. Maintain UNDERWEIGHT. Top picks: BYD, CATL and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
338 WEICHAI POWER
002340 GEM CO LTD
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1585 YADEA GROUP HOLDINGS LTD
9868 XPENG INC
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
China Automobile Weekly: Weekly: EV Sales Up 33% yoy But Down 3% mom I...
CPCA estimates China’s July passenger EV sales at 647,000 units (+33% yoy/-3% mom). We estimate China’s 2023 passenger EV sales at 8.5m units (+30% yoy) on stimuli, rising market share and strong exports. As expected, XPeng’s stock price fell by 19% from its recent peak with the resignation of its autonomous driving head. Li Auto’s stock price spiked 14% on expected strong 2Q23 results. Lithium carbonate prices fell 6% this week, easing cost pressure. Maintain UNDERWEIGHT. Top picks: BYD, CATL a...
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
M3I MINTH GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
China Automobile Weekly: Passenger EV sales up 59% yoy/21% wow over 17...
Daily average passenger EV retail sales spiked by 59% yoy and 21% wow and remained flat mom in the third week of Jul 23, implying a market share of 40.1%, and in line with expectations. However CPCA expects passenger EV retail sales to grow 27.5% yoy but fall 6.8% mom in Jul 23, implying a 35.8% market share. We keep our estimates on China’s EV sales growth at 30%, based on stimuli, increasing market share and strong exports. Maintain UNDERWEIGHT. Top picks: BYD, CATL and Li Auto.
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
M3I MINTH GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
China Automobile Weekly: Passenger EV sales up 53% wow in the second w...
The second week of July saw a 53% wow spike in daily average passenger EV sales, but weekly sales still turned out to be 5% below those in the same period last month. Given the disappointing EV sales during 1-16 Jul 23, the state is reportedly mulling new stimuli to spur EV sales. We keep our estimate on 2023 China EV sales growth at 30%. Lithium carbonate prices fell to below Rmb300,000/tonne again, easing EV cost pressure. Maintain UNDERWEIGHT on China’s auto sector. Top BUYs: BYD, CATL and Li...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
M3I MINTH GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
Fuyao Glass Industry Group (3606 HK): Aluminium trim business adds to ...
FYG’s businesses are growing on all fronts. CRU of its auto glass plant recovered from 75% in 1Q23 to 80% in 2Q23, with inventory drawn down. For 2023, FYG guides for mid single-digit growth in auto glass sales volume. For its aluminium trim business, FYG targets to quintuple revenue from Rmb1.18b in 2022 to Rmb6.00b in the next few years. Based on that, we raise 2023-25 EPS by 6%/9%/11% to Rmb1.92/Rmb2.28/Rmb2.80 respectively. Maintain BUY. Raise target price to HK$42.00.
- Kasemsun Koonnara
- Ken Lee
- Limartha Adhiputra
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, July 10, 2023
GREATER CHINA Update Fuyao Glass Industry Group (3606 HK/BUY/HK$31.05/Target: HK$42.00): Aluminium trim business adds to earnings momentum. Maintain BUY. Raise target price to HK$42.00. INDONESIA Sector Cement: Cement ASP to remain stable with potentially stronger demand in 2H23. MALAYSIA Update Eco World Development (ECW MK/BUY/RM0.85/Target:RM1.02): Looking to expand landbank. My EG Services (MYEG MK/BUY/RM0.715/Target: RM1.18): Immigration concession is extended by government with terms to ...
- Ken Lee
- Terence Chiu
- Ken Lee
China Automobile Weekly: EV sales expected to grow 15.5% mom in June, ...
CPCA estimates China’s June retail sales of PVs and passenger EVs at 1.83m units (- 5.9% yoy/+5.2% mom) and 670,000 units (+26% yoy/+15.5% mom) respectively, beating estimates, with the 618 promotions and local stimulus boosting sales in the second half of June. We keep our growth estimates for China’s PV sales and EV sales at 1%/30% respectively, based on the new round of stimuli. Maintain UNDERWEIGHT on China’s auto sector, with a preference for the EV segment. Top BUYs: BYD, CATL and Li Auto.
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
Automobile - Weekly: PV Sales Down 25% mom During 1-11 June, Missing E...
China’s PV retail sales dropped 10% yoy and 25% mom to 425,000 units during 1-11 Jun 23, missing estimates, due to high-base effect and wage cuts. Passenger EV retail sales grew 18% yoy and dipped 4% mom to 160,000 units, below estimates but still better than the overall PV market. Nio cut product prices by Rmb30,000 or c. 10% across the board for cancelling its free battery swap services. Maintain UNDERWEIGHT on China’s auto sector, with preference for the EV segment. Top BUYs: BYD, CATL and Li...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
TXG 10X GENOMICS INC CLASS A
2460 GANFENG LITHIUM
338 WEICHAI POWER
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1585 YADEA GROUP HOLDINGS LTD
9868 XPENG INC
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
China Automobile Weekly: May ICE-car sales beat estimates on price cut...
China’s May PV retail sales grew 30% yoy and 8% mom to 1.759m units, above estimates, driven by price cuts. China’s May passenger EV retail sales grew 54% yoy and 6% mom to 557,000 units, below estimates. Wholesale shipment of passenger EVs outstripped retail sales, driven by exports. We raise our forecast on China’s 2023 auto sales growth from -3% to +3%. Maintain UNDERWEIGHT on China’s auto sector, with a preference for the EV segment. Top BUYs: BYD, CATL and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
312610 A.F.W CO LTD
- Ken Lee
China Automobile Weekly: Weekly: China Becomes World’s Biggest Car Exp...
China took over Japan’s position as the world’s largest car exporter in 1Q23 with vehicle export volume spiking 75% yoy to 1.49m units in 4M23, driven by EVs. Exports are emerging as the new growth driver of China’s EV industry. As for the China market, passenger EV retail sales in the first two weeks of May doubled yoy and grew 17% mom, in line with expectations. China is mulling stimulus for promoting EV sales in rural areas. Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: B...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
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)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
China Automobile Weekly: Weekly: Auto Retail Sales Value Up 25.1% yoy ...
CPCA expects China’s retail sales of PV and passenger EV to drop 1.3%/8.4% mom in Apr 23, given the sharp mom drop in the last week of Apr 23. China’s auto sales were still curbed by the wait-and-see attitude amid a price war, but this is abating with car prices stabilising and more new models being launched. During the Golden Week of the Labour Day holiday, auto retail sales value grew 25.1% yoy, beating expectations. Maintain UNDERWEIGHT. Top BUYs: BYD and CATL. Top SELL: Ganfeng Lithium.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
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)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
Fuyao Glass Industry Group (3606 HK): 1Q23: Earnings up 5% yoy and 7% ...
FYG’s 1Q23 net profit came in as expected at Rmb915m (+5% yoy/+7% qoq), with margin recovery offsetting qoq sales decline. Looking ahead, we maintain 2023-25 net profit forecasts at Rmb4,733m/Rmb5,434m/Rmb6,571m, based on 4% sales volume CAGR, over 10% p.a. in ASP hike and steady gross margin. The decline in aluminium prices and stabilisation of natural gas prices will bolster FYG’s margins. Maintain BUY. Target price: HK$40.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, May 2, 2023
KEY HIGHLIGHTS Economics PMI Points to weak employment outlook. Sector Aviation Airlines: 1Q23 narrowing losses broadly in line with expectations. Maintain UNDERWEIGHT. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.44/Target: Rmb7.10) 2022/1Q23: In line; speeding up M&A. China Construction Bank (939 HK/BUY/HK$5.25/Target: HK$6.06) 1Q23: Results in line; NIM to stabilise in next few quarters. China Merchants Bank (3968 HK/BUY/HK$37.65/Target: HK$58.00) 1Q23: Results in line; cautiously op...
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
2460 GANFENG LITHIUM
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
- Ken Lee
China Automobile Weekly: 2023 Shanghai Auto Show – The prelude to the ...
The 2023 Shanghai Auto Show seems to be a prelude to the endgame of fossil fuel cars, as the spotlight shifts to EVs with two-thirds of the 150 newly-unveiled models being EVs, and ICE cars being sidelined. Many of the advanced features of the new EV models are enabled by key parts and components from tier-1 suppliers like CATL, Desay SV and FYG. BYD offers the most proprietary technologies with its new products. Maintain UNDERWEIGHT. Top BUYs: BYD and CATL. Top SELL: Ganfeng Lithium.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
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)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
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