reports
- Curtis Yeung
- Greater China Research Team
- Tham Mun Hon
Greater China Daily: Monday, February 23, 2026
Top Stories Sector Update | Metals And Mining Gold is holding near US$5,000/oz, supported by geopolitical risk, sustained central bank buying and policy uncertainty, reinforcing a higher structural floor. Despite tempered rate-cut expectations, gold equities still price in lower long-term bullion assumptions, implying valuation upside amid volatility. Copper’s pullback appears cyclical, with LME inventory builds driven by Chinese New Year seasonality and a temporary import arbitrage closure. We ...
- Greater China Research Team
- Tham Mun Hon
China Metals and Mining: Gold Priced For Risk; Copper Priced For Timin...
Gold is holding near US$5,000/oz, supported by geopolitical risk, sustained central bank buying and policy uncertainty, reinforcing a higher structural floor. Despite tempered rate-cut expectations, gold equities still price in lower long-term bullion assumptions, implying valuation upside amid volatility. Copper’s pullback appears cyclical, with LME inventory builds driven by Chinese New Year seasonality and a temporary import arbitrage closure. We maintain OVERWEIGHT, favouring low-cost upstre...
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
China Metals and Mining: China Carbon Market Moves Into Industrial Com...
China’s ETS expansion brings copper smelting into the carbon regulatory pipeline, with newly-covered sectors currently in the MRV stage and facing no immediate compliance or quota costs. Over time, benchmark efficiency standards and tighter approval conditions should restrain refining capacity growth. This shifts industry adjustment away from volatile TC/RC cycles toward stronger copper prices, improving earnings leverage for major miners while stabilising utilisation and margins for leading sme...
- Claire Wang Kelai
- Ziv Ang Sze Champ
CMOC (3993 HK): Copper Outperformance Anchors A Higher Earnings Floor.
CMOC’s preliminary 2025 results were in line with expectations, underpinned by guidance-beating copper output that establishes a higher production baseline in 2026, with management guiding a further 2.6-10.7% yoy increase. DRC cobalt export quotas mark a structural tightening of global supply and have driven a sharp price response, favouring large producers like CMOC. Funding flexibility is enhanced via a US$1.2b zero-coupon convertible bond, with limited dilution risk. Maintain BUY with a highe...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Kong Ho Meng
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 21, 2026
Greater China Company Update | Anta Sports (2020 HK/BUY/HK$82.55/Target: HK$103.40) In 4Q25, the Anta brand’s retail sales missed expectations, recording a low single-digit decline. In contrast, Fila achieved mid-single-digit growth, accelerating from low single-digit growth in 3Q25, and all other brands continued to demonstrate robust growth at 35-40%. For 2026, management expects group-level operating margin to face pressure due to the need for sustained investment in both the Anta brand and F...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
C09 CITY DEVELOPMENTS LIMITED
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
TMB TMB BANK PUBLIC COMPANY LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
YNS YINSON HOLDINGS BHD
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
UOBKH: Greater China Daily: Wednesday, January 21, 2026 [Update: 2020,...
Top Stories Company Update | Anta Sports (2020 HK/BUY/HK$82.55/Target: HK$103.40) In 4Q25, the Anta brand’s retail sales missed expectations, recording a low single-digit decline. In contrast, Fila achieved mid-single-digit growth, accelerating from low single-digit growth in 3Q25, and all other brands continued to demonstrate robust growth at 35-40%. For 2026, management expects group-level operating margin to face pressure due to the need for sustained investment in both the Anta brand and Fi...
- Claire Wang Kelai
- Ziv Ang Sze Champ
CMOC (3993 HK): 9M25: In Line; 2025 Copper Output Set To Beat Guidance...
CMOC’s 9M25 net profit rose 72.6% yoy to Rmb14,279.7m, driven by higher copper prices and a record output of 543,000 tonnes (+14.1% yoy). Gross margin expanded to 22.0% (+4.3ppt yoy) on stronger copper and cobalt prices, while the DRC export quota continued to constrain cobalt sales. KFM Phase 2 will add around 100,000 tonnes to copper capacity by 2027. We maintain BUY on CMOC with a higher target price of HK$20.30.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 28, 2025
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
AIY IFAST
SPALI SUPALAI PCL
7160 PENTAMASTER CORP. BHD
CENTEL CENTRAL PLAZA HOTEL
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CAREIT CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
CENTURION ACCOMMODATION REIT
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 28, 2025
Top Stories Company Results | CMOC (3993 HK/BUY/HK$17.04/Target: HK$20.30) CMOC’s 9M25 net profit rose 72.6% yoy to Rmb14,279.7m, driven by higher copper prices and a record output of 543,000 tonnes (+14.1% yoy). Gross margin expanded to 22.0% (+4.3ppt yoy) on stronger copper and cobalt prices, while the DRC export quota continued to constrain cobalt sales. KFM Phase 2 will add around 100,000 tonnes to copper capacity by 2027. We maintain BUY on CMOC with a higher target price of HK$20.30. Com...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
603259 WUXI APPTEC CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Claire Wang Kelai
- Ziv Ang Sze Champ
CMOC (3993 HK): 1H25: Above expectations; cost optimisation meets copp...
CMOC reported 1H25 earnings of Rmb8,671.3m (+60.0% yoy), slightly ahead of expectations. Mining entities’ gross margin expanded to 52.4% (+5.6ppt yoy) on copper and cobalt’s robust output growth and thus declining unit production cost. 1H25 copper/cobalt output increased to 353,570/61,073 tonnes (+12.7%/+13.1% yoy), meeting 56.1% of the output guidance median. DRC cobalt export curbs have lifted prices and margins despite a slump in sales. Maintain BUY. Target: HK$13.60.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, August 26, 2025
KEY HIGHLIGHTS Results China Overseas Property Holdings (2669 HK/BUY/HK$5.85 /Target: HK$7.00) COPH’s 1H25 results showed a 4.3% yoy earnings growth supported by improved efficiency, better receivables collection and stable cash, but revenue growth was weighed down by weaker VAS segments and slowing external expansion, leading to softer earnings forecasts despite stable core PM services. The company announced HK$0.09 interim DPS and HK$0.01 special DPS, implying a 39% payout ratio. Maintain BU...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Metals & Mining: Copper -- Trade uncertainties cloud 2H25; decar...
Copper prices rebounded on renewed US-China trade optimism, while demand remains under pressure from macro headwinds. Looser supply conditions have weighed on the Yangshan premium and spurred export activity. The near-term outlook remains neutral, with trade negotiations a key swing factor. A more constructive view emerges for 1H26, underpinned by green energy momentum and a global policy-driven recovery. Maintain OVERWEIGHT.
- Claire Wang Kelai
- Ziv Ang Sze Champ
CMOC (3993 HK): 2024: Above expectations; copper output up 55% yoy to ...
CMOC reported 2024 earnings of Rmb13,532.0m (+64.0% yoy), 10% above consensus estimates. Mining entities’ gross margin expanded to 45.1% (+4.6ppt yoy) on copper’s lower production costs and robust output growth. 2024 copper output increased to 650,161 tonnes (+55.0% yoy), well above the previous guidance given. Congo’s cobalt export ban is expected to be temporary, with its impact on CMOC expected to be limited. Re-initiate with a BUY. Target price: HK$8.70.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 25, 2025
KEY HIGHLIGHTS Sector Internet Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) CMOC reported 2024 earnings of Rmb13,532.0m (+64.0...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
CMOC Group Limited: 3 directors
Three Directors at CMOC Group Limited sold 9,071,462 shares at 7.770CNY. The significance rating of the trade was 86/100. 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 last two years ...
CHINA MOLYBDENUM sees an upgrade to Slightly Positive due to a better ...
The general evaluation of CHINA MOLYBDENUM (HK), a company active in the General Mining industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 1, 2022, the closing price was H...
- Neo Chen Wentao
- Sandra Huang Jieqiong
China Molybdenum (3993 HK) : 1H21: Strong results on hikes in price of...
China Molybdenum posted 1H21 net profit growth of 139% yoy to Rmb2.4b, beating market expectation. Stripping out the metals trading business IXM, the mining business’ gross margin expanded to 41.9%. Management expects to achieve its fullyear production target, and maintains its positive outlook on copper and cobalt in the long run. Expansion projects are on track, with copper and cobalt production to see a significant increase from 2023. Maintain BUY with target price at HK$7.20.
- Carol Dou Xiao Qin
- Chun Sung Oong
- Jo Yee Ng
- Joyce Chan Pui Lai
- Julia Pan Mengyao
- Neo Chen Wentao
- Sandra Huang Jieqiong
- Sunny Chen
- Zhifeng Shen
Greater China Daily: Tuesday, August 24, 2021
KEY HIGHLIGHTS Results China Molybdenum (3993 HK/BUY/HK$5.20/Target: HK$7.20) 1H21: Strong results on price hikes for metals. ENN Energy (2688 HK/HOLD/HK$162.20/Target: HK$146.00) 1H21: Strong results in line with expectations; await a better entry point. Goldwind Science & Technology (2208 HK/BUY/HK$14.12/Target: HK$16.30) 1H21: WTG sales margin on track to meet full-year guidance. JD.com (JD US/BUY/US$63.62/Target: US$77.00) 2Q21: Strong results overshadowed by widening loss from new busin...
- Neo Chen Wentao
- Sandra Huang Jieqiong
China Molybdenum (3993 HK) : Expansion on track; Earnings set to recov...
CMOC recently announced the further construction plan for mixed-ore Tenke mine in DR Congo; it has a capex budget of US$2.51b, which would help it to double its copper and cobalt production from 2023 onwards. Earnings should have risen on the metal price rebound in 1H21. Cobalt price is expected to sustain the uptrend momentum into 2H21, with demand recovery mainly from the EV sector. We raise earnings forecast on higher metal price forecasts, and raise target price to HK$7.20. Maintain BUY.
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