reports
- Julia Pan Mengyao
- Ming San Soong
China Internet: WAIC -- Battlefield of AI applications and agents to r...
WAIC 2025 was held in Shanghai on 26-28 July under the theme "Intelligent Horizons, Shared Future". The focus of WAIC this year shifted from LLM to the next frontier – AI applications and AI agents. As AI capabilities extend from the cloud to edge devices, a transformative evolution in human-AI interaction is underway, characterised by more tangible, embodied forms and empathetic voice interfaces. Maintain MARKET WEIGHT.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 30, 2025
GREATER CHINA Sector Internet WAIC - Battlefield of AI applications and agents to reshape productivity. Results WuXi AppTec (2359 HK/BUY/HK$111.70/Target: HK$146.00) 1H25: Results beat; benefitting from growing CRDMO service demand. Upgrade to BUY. INDONESIA Results AKR Corporindo (AKRA IJ/BUY/Rp1,345/Target: Rp1,525) 2Q25: Momentum builds, but 4Q25 to del...
AKRA PT AKR CORPORINDO TBK
AMATA AMATA CORP
3K1 KINGSOFT CORP. LTD.
C6L SINGAPORE AIRLINES LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BURSA BURSA MALAYSIA BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09988 ALIBABA GROUP HOLDING LTD.
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
WUXI APPTEC CO. LTD. CLASS H
- Julia Pan Mengyao
- Ming San Soong
China Online Games: Upcoming new game releases to capitalise on the su...
We opine that the intact grossing momentum in 2Q25 coupled with the anticipation of high-quality game releases set a compelling prelude to the upcoming summer holiday boom. We like the online game sector as it is a countercyclical play and is less susceptible to the ongoing geopolitical uncertainties. Our preference lies with Tencent, given its strong game grossing growth momentum and its position as a key proxy for AI application beneficiaries. Maintain OVERWEIGHT.
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Julia Pan Mengyao
- Ming San Soong
Kingsoft Corp (3888 HK): 1Q25: Earnings miss expectations; intact AI p...
Kingsoft’s 1Q25 results missed expectations. Revenue grew 9.4% yoy to Rmb2.3b, 6.0% below consensus estimates. Gross margin rose 1ppt yoy to 82.1%, in line with consensus and our expectations. Operating profit remained flattish yoy at Rmb601m, while operating margin shrank 2.4ppt yoy to 26%, dampened by subdued revenue growth. Net profit remained flattish yoy at Rmb284m, with net profit margin dipping 1ppt yoy to 12.1%. Maintain BUY with a lower target price of HK$47.00.
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, May 29, 2025
KEY HIGHLIGHTS Sector Property In May 25, overall new home sales improved compared with Apr 25. The second-hand home market remains resilient thanks to flexible pricing. We visited three residential projects with the following takeaways: a) discounts in Suzhou are larger, b) smaller units saw a higher sell-through rate, and c) the proportion of new home sales units is shrinking. We think property market sentiment is still weak. Continuous policy support is needed. Maintain OVERWEIGHT. Top pick...
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, May 29, 2025
GREATER CHINA Sector Property: New home sales improved mom in May 25; channel check of Suzhou’s primary residential market. Results Kingsoft Corp (3888 HK/BUY/HK$36.05/Target: HK$47.00): 1Q25: Earnings miss expectations; intact AI progress; solid game pipeline. MALAYSIA Results Hong Leong Bank (HLBK MK/BUY/RM19.94/Target: RM23.80): 3QFY25: Earnings above expectations, supported by strong non-interest income and substantial provision write-backs. Maintain BUY with a higher target price of RM23.8...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Monetisation potential and trends of AI agent from the...
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.
- 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
- Julia Pan Mengyao
- Ming San Soong
Kingsoft Corp (3888 HK): 4Q24: Revenue and earnings largely within exp...
Kingsoft 4Q24 results are largely in line with expectations. Revenue grew 20.9% yoy to Rmb2.8b, 2% above consensus estimates. Gross margin grew 2ppt yoy to 83.9%, in line with consensus but better than our expectation. Operating profit came in at Rmb1.1b, while operating margin rose 8.7ppt yoy to 40%, driven by robust revenue growth. Net profit grew 124% yoy to Rmb460m, with net profit margin expanding 7.6ppt yoy to 16.5%. Maintain BUY with an unchanged target price of HK$55.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 20, 2025
KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80) Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market sha...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, March 20, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
AAON AAON INC.
00683 KERRY PROPERTIES LIMITED
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
HCM HUTCHISON CHINA MEDITECH LIMITED
DBB DUOPHARMA BIOTECH BHD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
- Julia Pan Mengyao
- Ming San Soong
China Internet: Growth potential and AI development trends following e...
Amid geopolitical uncertainties, the emergence of DeepSeek models have ignited a major AI industry shake-up, garnered investor attention and drawn wide developer interest in the Chinese AI industry as it lowers the technical and financial barriers in deploying LLM. An increasing number of global hyperscalers and application companies have facilitated the deployment of DeepSeek and Qwen models, further expanding their accessibility and adoption. Maintain MARKET WEIGHT.
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Julia Pan Mengyao
- Ming San Soong
China Internet: 1H25 outlook shaped by implications of fiscal stimuli ...
We saw largely in-line top-line growth across companies in 3Q24, mainly pressured by a lukewarm macro environment, but with earnings beat thanks to enhanced efficiency from AI integration. Alongside pending visibility on further domestic supportive policies, we believe the key 2025 highlights are: a) re-acceleration of e-commerce GMV growth, b) potential upside in ad take rate monetisation, c) rejuvenation of online games grossing, and d) sustained travel enthusiasm. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
Kingsoft Corp: 1 director
A director at Kingsoft Corp sold 5,000,000 shares at 32.262HKD 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 last two years clearl...
- Julia Pan Mengyao
- Ming San Soong
Kingsoft Corp (3888 HK): 3Q24: Revenue and earnings beat; positive out...
Kingsoft delivered strong 3Q24 results, beating estimates. Revenue grew 17.8% yoy to Rmb2.9b, exceeding consensus estimate. Gross margin grew 3ppt yoy to 84.2%, in line with consensus expectation. Non-IFRS operating profit came in at Rmb1.2b while operating margin jumped 20ppt yoy to 41% on robust revenue growth. Net profit came in at Rmb413m, with net margin expanding 14ppt yoy to 18.4%. Maintain BUY with a slightly higher target price of HK$40.00.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, November 20, 2024
GREATER CHINA Results Kingsoft Corp (3888 HK/BUY/HK$29.20/Target: HK$40.00) 3Q24: Revenue and earnings beat; positive outlook for online games growth. Tongcheng Travel Holdings (780 HK/BUY/HK$17.70/Target: HK$20.00) 3Q24: Earnings beat; poised for better margin outlook in 2025. Upgrade to BUY. Trip.com (9961 HK/BUY/HK$505.00/Target: HK$640.00) 3Q24: Solid earnings beat; stepped up investment for interntational market share expansion. XPeng Inc...
UNTR PT UNITED TRACTORS TBK
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
ASII PT ASTRA INTERNATIONAL TBK
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
VSI V.S. INDUSTRY BERHAD
DLG DIALOG GROUP BHD
03319 A-LIVING SMART CITY SERVICES CO. LTD. CLASS H
00780 TONGCHENG-ELONG HOLDINGS LIMITED
FRKN FRENCKEN GROUP LTD
123F 123FAHRSCHULE SE
Z29 029 GROUP SE
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
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