reports
Kingsoft Corp: 1 director
A director at Kingsoft Corp sold 1,322,800 shares at 35.060HKD and the significance rating of the trade was 77/100. 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
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
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
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment.
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment. WHAT’S NEW Ev...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong top-line growth and margins further hurt in 2H2...
China’s internet companies reported intact 2Q25 top-line with mixed earnings results. The key focuses are on the latest quick commerce war and AI cloud and agent development. In 2Q25, we saw meaningful AI monetisation visibility contributing to incremental top-line growth, and expect this momentum to continue into 2H25. On the profitability front, margins will remain under pressure from heightened investments to fend off the intensifying competition in on-demand delivery. 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
- Julia Pan Mengyao
- Ming San Soong
Kingsoft Corp (3888 HK): 2Q25: Results miss; supported by intact WPS a...
Kingsoft’s 2Q25 results missed expectations. Revenue dropped 6.7% yoy to Rmb2.3b, 6% below consensus estimates. Gross margin shrank 2ppt yoy to 80.3%, falling short of consensus and our expectations. Operating profit plunged 52% yoy to Rmb383m, while operating margin fell 16ppt yoy to 17%, dampened by subdued revenue growth. Net profit grew 35% yoy to Rmb532m, with net margin expanding 7ppt yoy to 23%. Maintain BUY with a slightly lower target price of HK$45.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 21, 2025
KEY HIGHLIGHTS Results Baidu Inc (9888 HK/HOLD/HK$87.25/Target: HK$88.00) Baidu’s 2Q25 earnings missed our expectations. Revenue dropped 4% yoy to Rmb32.7b, in line with consensus estimates. Gross margin dropped 8ppt yoy to 43.9%, below consensus expectations. Non-GAAP operating profit was Rmb4.4b, plunging 41% yoy, while non-GAAP operating profit margin came in at 14%. Non-GAAP net profit slumped 35% yoy to Rmb4.8b, beating consensus forecasts. Maintain HOLD with an unchanged target price of ...
00683 KERRY PROPERTIES LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
3K1 KINGSOFT CORP. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
300244 DIAN DIAGNOSTICS GROUP CO
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, August 21, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$87.25/Target: HK$88.00): 2Q25: Earnings missed expectations; release of next-gen Ernie bot in 2H25. Crystal International (2232 HK/BUY/HK$6.08/Target: HK$7.07): 1H25: Continuous margin expansion; strong order visibility into 3Q26. Fuyao Glass Industry Group (3606 HK/BUY/HK$67.50/Target: HK$85.00): 2Q25: Core earnings beat estimates by 8%. Maintain BUY. Raise target price from HK$68.00 to HK$85.00. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$44...
ORI ORIGIN PROPERTY
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
3K1 KINGSOFT CORP. LTD.
ERAA ERAJAYA SWASEMBADA
DLG DIALOG GROUP BHD
SPSB SP SETIA BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
DFG DEZIGN FORMAT
- 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.
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