reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – November 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
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
U96 SEMBCORP INDUSTRIES 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
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
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
SPOST SINGAPORE POST LTD
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.
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
CVL CIVMEC
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
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
- Greater China Research Team
Greater China Strategy Alpha Picks: November Conviction Calls
The HSI and MSCI China dropped 3.9% and 5.9% mom respectively in October, as investors took profit pending further details on the expected fiscal package. We expect the fiscal stimulus to have been largely priced in and will take profit on most outperformers. Our focus will be on stocks with specific catalysts in the near term. We are adding Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. We add Sinopharm to our SELL list.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, November 04, 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
5162 VSTECS
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AD2 AIR CHINA LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
T TELEKOM MALAYSIA BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ECW ECO WORLD DEVELOPMENT GROUP
TXG 10X GENOMICS INC CLASS A
RGB RGB INTERNATIONAL BHD
TDC TIME DOTCOM BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CDB CELCOMDIGI BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Colin Lee
- Johnny Yum Chung Man
BYD Electronic (285 HK): 3Q24: Solid set of results; 4Q24/2025 growth ...
BYDE registered a solid 21.1% yoy revenue growth in 3Q24 thanks to the consolidation of the acquired Jabil unit, while margins recovered sequentially thanks to product mix improvements. Guidance for 4Q24-25 remains upbeat, as the iOS business is expected to enter its peak season, while efficiency improvements for the Jabil unit and rollout of active suspension and high-end ADAS to its parent company is expected to be a key earnings driver for 2025. Maintain BUY with a lower target price of HK$40...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, November 1, 2024
KEY HIGHLIGHTS Economics PMI October’s manufacturing PMI rose to 50.1% (+0.3ppt mom), with improvements across all composite indices. However, new export orders and inventory of finished goods continued to contract, with increases in purchase prices. The non-manufacturing PMI rose to 50.2% (+0.2ppt mom), showing broad-based improvements across all indices but a slight dip in construction PMI. Activity for small-sized firms contracted, likely impacted by fewer new manufacturing export orders....
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01299 AIA GROUP LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2747 ESTUN AUTOMATION
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
01876 BUDWEISER BREWING CO. APAC LTD.
- Colin Lee
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Thailand Research Team
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, November 01, 2024
GREATER CHINA Economics PMI: Broad-based improvement in PMI. Results Budweiser APAC (1876 HK/BUY/HK$8.11/Target: HK$14.60): 3Q24: Premiumisation slows down in China; in-home channel to be a focus. BYD Electronic (285 HK/BUY/HK$33.50/Target: HK$40.90): 3Q24: Solid set of results; 4Q24/2025 growth may accelerate further. Maintain BUY. China Longyuan Power (916 HK/HOLD/HK$6.91/Target: HK$6.50): 3Q24: In line; 3Q24 wind power generation up 6.2% yoy. COSCO SHIPPING Holdings (1919 HK/HOLD/HK$11.54/Tar...
ISAT INDOSAT
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01299 AIA GROUP LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
MAPI MITRA ADIPERKASA
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
ROTH BRITISH AMERICAN TOBACCO BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
2747 ESTUN AUTOMATION
01876 BUDWEISER BREWING CO. APAC LTD.
HMN ASCOTT RESIDENCE TRUST
BRIS BANK BRISYARIAH TBK
- Pierre FerraguÊ
Tesla: Deep dive into Chinese competition - Existential threat?
Multiple media reports make it sound like Tesla is under threat in China, from local manufacturers. Is it true? In this note we assess the competitive landscape with an analysis of the cost structure of Tesla relative to peers and its market position by segment.
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: Smartphone supply chain recovery on track; China st...
Our recent checks across the supply chain indicates high visibility of a specs upgrade trend in the coming two quarters, which can offset any potential moderation in shipment volume. For investors, while there are still concerns over iOS’ demand and the sustainability of this recovery cycle, interest in the smartphone supply chain is gradually improving thanks to recent launches which come with more exciting new features. Maintain OVERWEIGHT.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: Takeaways from recent company visits; maintain OVER...
We recently visited UBTech and BYDE in Shenzhen. Both companies are actively developing AI-driven products for industrial use cases, and both are starting to see real demand for AI-driven applications with small-batch shipments from clients or for internal uses. However, the development of humanoid robots and industrial GenAI will likely take a couple of years before it becomes more viable, due to reliability issues and constraints on hardware.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
Byd Electronic (International) Company Limited: 1 director
A director at Byd Electronic (International) Company Limited maiden bought 169,000 shares at 27.296HKD and the significance rating of the trade was 100/100. 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...
- Johnny Yum Chung Man
China IT Hardware: Maintain preference for the more defensive AI-devic...
1H24 results are mixed. AI infrastructure-related businesses remain robust, with solid guidance for 2H24-25, but the market’s high expectations, mounting geopolitical tensions and a lack of long-term visibility have capped upside in the near term. As such, we continue to prefer AI-device names as we expect more meaningful developments in the edge-AI ecosystem throughout 2H24 thanks to new hardware and OS launches. Maintain OVERWEIGHT. Top picks: Xiaomi and Lenovo.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
0763 ZTE CORPORATION CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Johnny Yum Chung Man
BYD Electronic (285 HK): 1H24: Results missed on margins. Expect peak ...
BYDE registered a robust 40% yoy growth in 1H24 revenue thanks to a stronger-thanexpected assembly business, but the disappointing 1.0ppt decline in gross margins more than offset the revenue growth. Nevertheless, guidance on 2H24 sales remains upbeat, and we expect its margins to recover meaningfully on the back of a better mix. In the longer term, its exposure to AI smartphone cycle, and content gain story in major clients remain unchanged. Maintain BUY with a lower target price of HK$42.50.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 30, 2024
KEY HIGHLIGHTS Results Baosteel (600019 CH/BUY/Rmb5.85/Target: Rmb7.90) Baosteel reported 1H24 earnings of Rmb4,554.6m (-0.2% yoy), representing 34% of our full-year estimate and below expectations. Steel products’ gross margin rose to 3.7% (+0.7ppt yoy). Differentiated products’ sales volume increased to Rmb15.09m (+17.2% yoy), remaining as the key earnings contributor during the industry downcycle. Steel products’ export volume grew to 3.05m (+2% yoy), on track to achieve the annual target...
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2877 CHINA SHINEWAY PHARMACEUTICA
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Greater China Research Team
- Johnny Yum Chung Man
Greater China Daily: Monday, July 22, 2024
KEY HIGHLIGHTS Sector IT Hardware: AI investments to remain elevated but edge AI plays are more attractive. Maintain OVERWEIGHT. We are shifting our preference to edge AI picks, as we see an improved visibility on the recovery in global smartphone and PC shipment in 2H24. With this, coupled with the pick-up in AI device shipment towards year-end and a more undemanding valuation, we expect edge AI plays to outperform the AI infrastructure supply chain, which is now under pressure from profit-tak...
ASM PACIFIC TECHNOLOGY LIMITED
000063 ZTE CORPORATION CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
XIAOMI XIAOMI CORP
- Johnny Yum Chung Man
China IT Hardware: AI Investments To Remain Elevated But Edge AI Plays...
We are shifting our preference to edge AI picks, as we see an improved visibility on the recovery in global smartphone and PC shipment in 2H24. With this, coupled with the pick-up in AI device shipment towards year-end and a more undemanding valuation, we expect edge AI plays to outperform the AI infrastructure supply chain, which is now under pressure from profit-taking, and mounting geopolitical risks. Maintain OVERWEIGHT. Top picks: Lenovo and BYDE.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BCOW 1895 BANCORP OF WISCONSIN INC
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Friday, July 5, 2024
KEY HIGHLIGHTS Initiate Coverage BYD Electronic (285 HK/BUY/HK$37.35/Target: HK$47.70) BYDE is one of the best positioned names to capture GenAI opportunities in the consumer electronics space, thanks to its growing presence in the Apple supply chain, as well as long-standing relations with Android clients. With its content gains in BYD’s EV supply chain amid the ongoing import substitution trend, and its venture into the AI server ODM business, we believe BYDE will see a solid 27% earnings CA...
- Desmond Chong Chee Wai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Limartha Adhiputra
- Ming San Soong
Regional Morning Meeting Notes: Friday, July 5, 2024
GREATER CHINA Initiate Coverage BYD Electronic (285 HK/BUY/HK$37.35/Target: HK$47.70) Robust multi-year growth cycle driven by content gains and GenAI themes. Update Pinduoduo (PDD US/BUY/US$133.88/Target: US$200.00) Fostering overseas expansion to mitigate regulatory uncertainties. INDONESIA Update Jasa Marga (JSMR IJ/BUY/Rp5,250/Target: Rp7,300) Progress in JTT equity financing. MALAYSIA Sector Technology ...
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
5243 VELESTO ENERGY
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
SKP SKP RESOURCES BHD
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
570499Z ADITYA BIRLA SUN LIFE AMC
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
NATGATE NATIONGATE HOLDINGS BHD
PRIME PRIME ROAD POWER PUBLIC CO LTD
CEB CAPE EMS BERHAD
Z29 029 GROUP SE
- Johnny Yum Chung Man
BYD Electronic (285 HK): Robust multi-year growth driven by content ga...
BYDE is one of the best positioned names to capture GenAI opportunities in the consumer electronics space, thanks to its growing presence in the Apple supply chain, as well as long-standing relations with Android clients. Coupled with its content gains in BYD’s EV supply chain amid the ongoing import substitution trend, and its venture into the AI server ODM business, we believe BYDE will see a solid 27% earnings CAGR in 2024-26. Initiate coverage with BUY. Target price: HK$47.70. Consumer el...
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