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Anas Fitri Bin Ahmad ... (+15)
  • Anas Fitri Bin Ahmad
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Claire Wang Kelai
  • Ejann Hiew
  • Jonathan Koh
  • Julia Pan Mengyao
  • Ken Lee
  • Lester Siew
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon

Regional Morning Meeting Notes: Friday, April 11

GREATER CHINA Economics Inflation Deflationary pressures remain. Sector Automobile Weekly: Direct impacts from US tariffs contained; indirect spillovers uncertain. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Update Anta Sports (2020 HK/BUY/HK$81.55/Target: HK$108.80) 1Q25 sales me...

AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
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
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
GENP GENTING PLANTATIONS BHD
DBB DUOPHARMA BIOTECH BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
Posmarito Pakpahan
  • Posmarito Pakpahan

Banking – Maintaining Strength Through The Cycles

Indonesian banks face risks from global trade tensions through corporate borrowers, exporters and forex exposure. Historical data for 2012–24 shows banks' resilience during major shocks like COVID-19, the taper tantrum and the US-China trade war. Stress tests show that CAR remains above regulatory minimums even in severe scenarios, supported by strong capitalisation. Maintain OVERWEIGHT. BBCA is our top pick due to its robust CAR and ample liquidity. Tactical trades can be deployed around volati...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Friday, April 11, 2025

Banking: Maintaining strength through the cycles. TRADERS’ CORNER Unilever Indonesia (UNVR IJ): Technical BUY Gudang Garam (GGRM IJ): Technical BUY

Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks - April 2025

GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. INDONESIA Strategy Alpha Picks: Outperform In Mar 25: Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Strategy Alpha Picks: Pockets of Opportunities: Our Mar 25 Alpha Picks outperform. Apr 25 picks: Alpha IVF, Duopharma, IJM, IOI Properties, TIME...

MAJOR MAJOR CINEPLEX GROUP PCL
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
Posmarito Pakpahan
  • Posmarito Pakpahan

Banking – SOE Banks: Balancing Growth, Dividends And Leadership Change...

BBRI, BMRI and BBNI raised their 2024 DPRs, with share buybacks planned while maintaining their high-teens capital buffer. SOE banks saw major leadership changes. Overall, PPOP was flat with mixed profit trends, and loan growth was strong at 10.3% yoy in Feb 25. Danantara’s new leadership, comprising experienced professionals, may boost investor confidence. Maintain OVERWEIGHT. Our top picks are: BBCA>BMRI>BBNI> BRIS>BBRI.

Arsit Pamaranont ... (+18)
  • Arsit Pamaranont
  • Carol Dou Xiao Qin
  • Damon Shen
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Jieqi Liu
  • John Cheong Ming Chern
  • Kampon Akaravarinchai
  • Kate Luang
  • Philip Wong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen

Regional Morning Meeting Notes: Thursday, March 27, 2025

GREATER CHINA Results CR Land (1109 HK/BUY/HK$25.85/Target: HK$32.40) 2024: Results in line; positive outlook for property sales in 2025. CR Mixc (1209 HK/BUY/HK$34.50/Target: HK$38.70) 2024: Results beat with 100% payout ratio; pursuing high-quality growth. Giordano International (709 HK/BUY/HK$1.52/Target: HK$2.14) 2024: 2H24 revenue rebound; 3-5% revenue growth and improving net margin in 2025. Haidilao Internatio...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Thursday, March 27, 2025

Banking: SOE banks: Balancing growth, dividends and leadership changes. TRADERS’ CORNER Trimegah Bangun Persada (NCKL IJ): Technical BUY Pertamina Geothermal Energy (PGEO IJ): Technical BUY

Bella Lu Yifei ... (+19)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jieqi Liu
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Ken Lee
  • Ming San Soong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen

Regional Morning Meeting Notes: Wednesday, March 26, 2025

GREATER CHINA Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) 4Q24: Earnings up 73% yoy, beating our estimates on margins. Maintain BUY. Raise target price from HK$410.00 to HK$510.00. BYD Electronic (285 HK/BUY/HK$42.45/Target: HK$47.70) 2H24: Earnings miss on margins; future growth will be driven by automotive and AI. Maintain BUY. Kuaishou (1024 HK/BUY/HK$56.80/Target: HK$75.00) 4Q24: Results in line with...

Posmarito Pakpahan
  • Posmarito Pakpahan

Bank Rakyat Indonesia (BBRI IJ) - Changes In Leadership And 85% DPR

After the significant management restructuring, investors are awaiting the strategies and initiatives of the newly-appointed directors. Given his vast experience, Mr. Hery is expected to bring valuable insights and strategies to BBRI. The AGM approved: a) an 85% DPR (up from 80% in 2023); and b) a share buyback of Rp3t. Although CoC is above guidance, it significantly declined in Feb 25, decelerating the drop in net profit growth to 18% yoy in 2M25 (1M25: -58%yoy). Maintain BUY. Target price: Rp...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Wednesday, March 26, 2025

Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,800/Target: Rp4,500): Changes in leadership and 85% DPR. TRADERS’ CORNER Indocement Tunggal Prakarsa (INTP IJ): Technical BUY Bank Tabungan Negara (BBTN IJ): Technical BUY

Posmarito Pakpahan ... (+2)
  • Posmarito Pakpahan
  • Willinoy Sitorus

Strategy - Marketing Feedback From Taiwan

We mainly discussed macroeconomics, politics and Danantara with Taiwan investors. With government spending and the current political dynamics, we expect maturing SRBI to lift liquidity as its outstanding SRBI size accounts for about 10% of the industry’s deposits. The JCI’s PE valuation seems undemanding, at a 30% discount to its five-year historical average, but a sustained re-rating would require greater clarity on government policy execution and a clearer pro-mass market growth shift in econo...

Maskun Ramli ... (+3)
  • Maskun Ramli
  • Posmarito Pakpahan
  • Willinoy Sitorus

Indonesia Daily - Friday, March 21, 2025

Strategy: Marketing Feedback From Taiwan: JCI: Undemanding valuations, awaiting catalysts. TRADERS’ CORNER Salim Ivomas Pratama (SIMP IJ): Technical BUY Perusahaan Gas Negara (PGAS IJ): Technical BUY

Posmarito Pakpahan
  • Posmarito Pakpahan

Bank Rakyat Indonesia (BBRI IJ) - Spike In CoC In 1Q25; Focus On Clean...

The CoC spike in 1M25 is part of BBRI’s commitment to resolving the bad loans in 2025. The 3.0-3.2% CoC guidance is on assumptions of: a) loan growth of 7-9%, b) Rp3.0-3.5t net NPL formation/month, c) write-off of Rp40t, and d) successful KUPEDES loan restructuring. In our model, a 10% increase in the loan restructuring failure rate will increase CoC by 10-20bp. In a worse-than-expected scenario, BBRI could use reserve coverage which would lower CoC. Maintain BUY. Target price: Rp4,500.

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Thursday, March 6, 2025

Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,840/Target: Rp4,500): Spike in CoC in 1Q25; focus on cleaning up loans. TRADERS’ CORNER Bank Rakyat Indonesia (BBRI IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

Adrian Loh Tzum Yung ... (+11)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Claire Wang Kelai
  • Desmond Chong Chee Wai
  • Guan An Tan
  • Jonathan Koh
  • Kasemsun Koonnara
  • Kong Ho Meng
  • Posmarito Pakpahan
  • Roy Chen Chengzhi
  • Tham Mun Hon

Regional Morning Notes - Thursday, March 06, 2025

GREATER CHINA Economics Highlights From The NPC: A comprehensive response to economic challenges. Update Cathay Pacific Airways (293 HK/HOLD/HK$10.76/Target: HK$11.30): Cathay’s stellar 2024 earnings performance is unlikely to be sustainable in the long run, but a potential beat of street estimates may still provide a near-term trading opportunity. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,840/Target: Rp4,500): Spike in CoC in 1Q25; focus on cleaning up loans. MALAYSIA Sector Tec...

Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks - March 2025

GREATER CHINA Strategy Alpha Picks: March Conviction Calls: Add Geely, JD, SHKP and Zijin Mining to our BUY list. Take profit on CATL, Desay, JD Logistics, Mengniu, Plover Bay and Tencent. INDONESIA Strategy Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII. MALAYSIA Strategy Alpha Picks: Unprecedented Combo Of Disappointments: Our Feb 25 Alpha Picks sorely underperformed. Mar 25 picks: 99SpeedMart, Alpha IVF, KPJ Healthcare, MrDIY, MYEG, RHB Ba...

MAJOR MAJOR CINEPLEX GROUP PCL
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
Johnny Yum
  • Johnny Yum

Strategy - Alpha Picks: Underperformance In Feb 25

Our portfolio underperformed in Feb 25, declining 17.1% as JCI dropped 11.8% to a three-year low. There was a sell-off on banking stocks as investors were concerned that being included in Danantara could result in a similar fate to state-owned construction companies. Due to a sharp rise in DCII, IDXTECH outperformed in Feb 25. We remove BMRI, ISAT and CTRA from our portfolio and add MIKA. Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII.

Johnny Yum ... (+2)
  • Johnny Yum
  • Maskun Ramli

Indonesia Daily - Monday, March 3, 2025

Strategy: Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII. TRADERS’ CORNER Avia Avian (AVIA IJ): Technical BUY ESSA Industries Indonesia (ESSA IJ): Technical BUY

PT Bank Rakyat Indonesia (Persero) Tbk: Update following rating affirm...

Our credit view of Bank Rakyat Indonesia reflects its strong profitability and funding because of its leading position in microfinance, constrained by its modest asset quality.

Adrian Loh Tzum Yung ... (+24)
  • 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...

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