reports
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Thursday, December 11, 2025
Key Calls 2025 Review; 2026 Outlook Eight names under our coverage have outperformed the HSI ytd, which has gone up 26.8% ytd. Our key calls JBM Healthcare (2161 HK), Crystal International (2232 HK) and Plover Bay (1523 HK) have risen 43%, 54% and 31% ytd respectively. Including dividend returns, the three names have generated a ytd return of 58%, 63%, and 39% respectively. Giordano (709 HK) has underperformed the HSI (-10.2% ytd) due to business restructuring. For our HOLD calls, VSTECS Ho...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small/Mid Cap Monthly – BUY JBM Healthcare On Recent Pri...
We attribute JBM’s recent price correction to the absence of positive profit alert for 1HFY26, which disappointed the market. We believe the market overreacted, given: a) a relatively high base in 1HFY25, following a 112% EPS CAGR in 1HFY22- 1HFY25; b) solid 1HFY26 performance, backed by robust volume growth of its iconic products and gross margin expansion; and c) undemanding valuations of 10.0x FY26F PE and a 7.0% FY26 yield. Further pullback before its earnings announcement provides a good en...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Monday, November 10, 2025
KEY CALLS JBM Healthcare (2161 HK/BUY/HK$2.88/Target: HK$3.47) JBM Healthcare’s (JBM) share price corrected by as much as 10% last week. We think this could be attributed to the absence of positive profit alert for 1HFY26, which disappointed the market. The company posted positive profit alert for 1HFY23/1HFY24/1HFY25, with attributable net profit expected to grow 110-120% yoy/200% yoy/50% yoy respectively. Per our preview notes dated mid-Oct 25, JBM’s 1HFY26 revenue registered solid growth...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Karrie International (1050 HK): Nvidia’s Recommended Vendor
We visited Karrie’s Dongguan factory. The company holds an about 10% share in the global server chassis market, and was recently included in Nvidia’s approved vendor list and recommended vendor list for server chassis and rack components. It is working towards delivering prototypes for Nvidia’s next-generation products in 4Q25. While no contracts have been confirmed at the moment, orders from Nvidia should support meaningful volume contribution and gross margin expansion for Karrie’s metal and p...
- Gigi Cheuk
- Greater China Research Team
- Joyce Chu
- Kate Luang
- Kenny Yong Hui Lim
Greater China Daily: Wednesday, October 9, 2025
Top Stories Sector Update | China Banking We take a closer look at the rapidly-growing financial investments, which now account for 21% of total banking assets. The shift in asset mix has been driven by the increasing supply of government bonds and sluggish loan demand, while bond trading income has become more prominent amid the bullish bond market. However, we expect interest rates to become more volatile going forward, posing downside risks to banks if a sharp rate reversal occurs. Maintain ...
- Benjaphol Suthwanish
- Gigi Cheuk
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kenny Yong Hui Lim
- Lester Siew
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 9, 2025
Greater China Sector Update | China Banking We take a closer look at the rapidly-growing financial investments, which now account for 21% of total banking assets. The shift in asset mix has been driven by the increasing supply of government bonds and sluggish loan demand, while bond trading income has become more prominent amid the bullish bond market. However, we expect interest rates to become more volatile going forward, posing downside risks to banks if a sharp rate reversal occurs. Maintain...
A director sold 12,808,000 shares at 1.050HKD and
A director at Karrie International Holdings sold 12,808,000 shares at 1.050HKD and the significance rating of the trade was 67/100. 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 l...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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