reports
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Karrie International Holdings (1050 HK): Transforming Into A Key AI Su...
Karrie is a leading server chassis supplier that began mass production of AI server chassis for a US ASIC customer in Aug 25 and became Nvidia’s recommended vendor for AI server chassis/racks in Sep 25. We forecast a 50.9% threeyear EPS CAGR in FY26-28 on: a) surging AI orders; and b) gross margin expansion, driven by AI-related products with higher-value content and better profitability. Initiate coverage with BUY and a target price of HK$3.12 based on 11.0x FY27F PE.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, March 6, 2026
Top Stories Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and the g...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Gigi Cheuk
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, March 06, 2026
Greater China Economics | China China set a 2026 GDP growth target of 4.5-5.0% yoy, in line with expectations, while maintaining a 4% fiscal deficit ratio. Fiscal policy remains the main growth driver, supported by Rmb4.4t in local government special bonds and Rmb1.3t in ultra-long treasury bonds, while monetary policy stays accommodative. Policy priorities focus on AI+, New Quality Productive Forces, industrial upgrading, and targeted consumption support, alongside welfare improvements and ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
01050 KARRIE INTERNATIONAL HOLDINGS (P CHIP)
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
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IRSX FOLAGO GLOBAL NUSANTARA
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Karrie International Holdings (1050 HK): Transforming into a key AI su...
Highlights Karrie is a leading server chassis supplier that began mass production of server chassis for a US ASIC customer in Aug 25 and became Nvidia’s recommended vendor for server chassis/racks in Sep 25. We forecast a 50.9% three-year EPS CAGR in FY26-28 on: a) surging orders from US ASIC customer and Nvidia; and b) gross margin expansion, driven by AI-related products with higher value content and better profitability. Initiate coverage with BUY and a target price of HK$3.12 based on ...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small/Mid Cap Monthly: 2025 Results Preview
We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4% dividend yield), potential for higher dividends and long-term wallet...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Tuesday, February 10, 2026
Key Calls 2025 Results Preview We expect names we cover to report resilient earnings growth in 2025 in late- February and March amid moderating macro headwinds. Investors’ focus would be companies’ 2026 guidance and their long-term outlook. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025, backed by robust balance sheets and solid results: a) Crystal International (2232 HK): We forecast a 65% payout ratio in 2025 (vs 70% in 2024, incl...
Karrie International Holdings Ltd: 1 director
A director at Karrie International Holdings Ltd sold 65,832,000 shares at 2.370HKD and the significance rating of the trade was 68/100. 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...
- Audrey Celia
- Benjaphol Suthwanish
- Gigi Cheuk
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kong Ho Meng
- Lester Siew
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, January 28, 2026
Greater China Company Update | NAURA Technology Group (002371 CH/BUY/Rmb497.68/Target: Rmb571.70) We see multiple upside risks to our assumption about NAURA for 2026-27. Domestic foundries and memory IDMs are likely to further raise their capex plans for advanced nodes given robust downstream demand and capacity shortage, while the mature node capex may end up better than feared thanks to overflow demand from global Tier 1 foundries. On the other hand, localisation efforts are accelerating signi...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Karrie International Holdings (1050 HK): Growing Orders From Nvidia An...
During a call with Karrie, the company highlighted surging server chassis deliveries to its US ASIC customer as a key revenue growth driver in FY26. For Nvidia, Karrie is ready to mass produce server chassis for multiple projects with initial shipments targeted for Mar 26, driving FY27 revenue growth. It is also working towards design/tooling for Nvidia’s nextgeneration architecture. The company targets its Thailand capacity to reach the same level as Dongguan by 2027, vs 60% now.
- Curtis Yeung
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Kate Luang
Greater China Daily: Wednesday, January 28, 2026
Top Stories Company Update | NAURA Technology Group (002371 CH/BUY/Rmb497.68/Target: Rmb571.70) We see multiple upside risks to our assumption about NAURA for 2026-27. Domestic foundries and memory IDMs are likely to further raise their capex plans for advanced nodes given robust downstream demand and capacity shortage, while the mature node capex may end up better than feared thanks to overflow demand from global Tier 1 foundries. On the other hand, localisation efforts are accelerating signif...
- 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...
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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