reports
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 31, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Pet food exports on track for recovery; beneficiary: Yantai China Pet Food. Results BYD Company (1211 HK/BUY/HK$246.20/Target: HK$630.00): 3Q23: Earnings up 82% yoy and 53% qoq, in line. Maintain BUY. Target price: HK$630.00. China Construction Bank (939 HK/BUY/HK$4.48/Target: HK$6.00): 3Q23: Results in line; earnings up 2.6% on lower credit costs. China Merchants Bank Co. (3968 HK/BUY/HK$30.30/Target: HK$45.00): 3Q23: Results miss; longer wait need...
2308 DELTA ELECTRONICS INC.
AALI ASTRA AGRO LESTARI
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
1099 SINOPHARM GROUP CO LTD
CDREIT CDL HOSPITALITY TRUSTS
709 GIORDANO INTERNATIONAL LTD
TDC TIME DOTCOM BHD
BUKA BUKALAPAK.COM PT TBK
830 CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 31, 2023
KEY HIGHLIGHTS Sector Insurance Outstanding 1H23 results from PICC P&C, Ping An and Prudential. Results China Longyuan Power (916 HK/BUY/HK$6.27/Target: HK$8.80) 1H23: Above expectations; wind power utilisation hours grew 8.4% yoy. China Merchants Port (144 HK/BUY/HK$9.46/Target: HK$13.33) 1H23: Results broadly in line; attractive valuation amid cautious outlook. Maintain BUY. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48) 1H23: Results beat expectations; leading market position further str...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
7777 3-D MATRIX
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
916 CHINA LONGYUAN POWER GROUP-H
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
6862 HAIDILAO INTERNATIONAL HOLDING LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
- Ziv Ang Sze Champ
China Commodities Weekly: Gold steadies above US$2,000; market sees ov...
Gold and copper futures retraced from the multi-month peak on 14 April on the hawkish statement from the Fed governor. Traders now see over 80% odds of a 25bp rate hike in the next FOMC meeting. Weakening steel prices have further compressed steel mills’ profitability. With steel production still hovering at high levels, we see strong inventory pressure ahead. Cement prices have continued weakening while inventory is piling up, due to high capacity utilisation and a lack of incremental demand fr...
- Ziv Ang Sze Champ
China Commodities Weekly: Volatile metals prices on mixed economic dat...
Signs of the US economy slowing down are fuelling recession concerns, and also boosted gold prices to above $2,000 last week. Iron ore prices have slumped on concerns over slowing demand and stricter supervision on speculation activities by NDRC. Steel products’ prices are falling on lacklustre downstream demand. The pace of steel products’ inventory digestion has slowed to -0.7% wow whereas production output continues to expand. Cement prices have weakened due to the recent rainy weather.
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 2022: Results in line.
Zijin reported 2022 earnings of Rmb20,042m (+27.9% yoy), largely in line with market expectations. Gross margin was flattish at 15.7%, and gross profit margin of mineproduced products fell to 54.3% (-4.69ppt yoy), dragged by the 8.4% yoy decline in mine-produced copper ASP. The depreciation of renminbi is expected to continue weighing on production cost in 2023. Mine-produced copper and gold is expected to grow by 33%/61% yoy in the next three years. Maintain BUY. Target price: HK$15.60.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Malaysia Research Team
- Sabrina Soh
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 28, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00): 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00): 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00): 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30): 2022: Net profit in line with pr...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
ASTRO ASTRO MALAYSIA HOLDINGS BHD
RFMD RAFFLES MEDICAL GROUP LTD
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 28, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00) 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00) 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00) 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30) 2022: Net profit in line with p...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1558 YICHANG HEC CHANGJIANG PHA-H
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Ziv Ang Sze Champ
China Commodities Weekly: China’s modest growth target dampening basic...
China has set 2023 real GDP growth target at around 5%, at the low end of market expectations. Absence of major stimulus for the embattled property sector and infrastructure investments are hurting market sentiment, in addition to the modest LGSB issuance quota of Rmb3.8t for 2023. Infrastructure investments will remain as the key pillar for basic materials’ demand in 2023. We are cautious on the sustainability of the demand recovery as the effects of pent-up demand gradually subside.
- Ziv Ang Sze Champ
China Commodities Weekly: Strength and sustainability of steel demand ...
Strong rebound in US Jan 23 PPI is fuelling concerns about the Fed staying firm with their hawkish stance. The 10-year treasury yield and US dollar index are currently at a six-week high. Steel product prices reacted positively to the slowdown in steel product inventory build-up, although the strength and sustainability of the demand recovery in the current upcycle remain in doubt. Cement prices and inventory levels continued to improve as resumption of construction activities started to gain tr...
- Ziv Ang Sze Champ
China Commodities: Hawkish Fed stance weighing on metal prices; slower...
Gold and copper prices are expected to be under pressure in the near term as the Fed has reaffirmed its view that interest rates will have to keep rising in order to contain inflation. The upward momentum of iron ore futures’ and steel products’ prices has started to ease due to the slower-than-expected downstream demand recovery after the Chinese New Year holidays, with inventory levels continuing to expand. Cement prices have started to rebound with inventory levels reversing down; a recovery ...
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2023 - Cross-currents
2023 will provide good trading opportunities as an improving Chinese economy comes up against the Fed’s tightening cycle. China’s reopening should buoy equities in 1H23 and we are OVERWEIGHT on the reopening, reflation beneficiaries and structural growth themes in tech and industrials. 2H23 may see rising downside risk if Fed fund rates stay high and global growth slows further. Under our base-case forecast, MSCI China will hit a high of 74pt in 1H23, with the year-end target at 55pt.
01109 CHINA RESOURCES LAND LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
ONT 1300 SMILES LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
6098 COUNTRY GARDEN SERVICES
2747 ESTUN AUTOMATION
3690 MEITUAN DIANPING 3690 HK
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
PDD PINDUODUO PDD US
9961 TRIP.COM GROUP LTD
- Greater China Research Team
- Tham Mun Hon
China Market Strategy: 2023 - Cross-currents
2023 will provide good trading opportunities as an improving Chinese economy comes up against the Fed’s tightening cycle. China’s reopening should buoy equities in 1H23 and we are OVERWEIGHT on the reopening, reflation beneficiaries and structural growth themes in tech and industrials. 2H23 may see rising downside risk if Fed fund rates stay high and global growth slows further. Under our base-case forecast, MSCI China will hit a high of 74pt in 1H23, with the year-end target at 55pt. Normalc...
01109 CHINA RESOURCES LAND LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
6098 COUNTRY GARDEN SERVICES
2747 ESTUN AUTOMATION
3690 MEITUAN DIANPING 3690 HK
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
PDD PINDUODUO PDD US
9961 TRIP.COM GROUP LTD
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 3Q22: In line; issuance of Rmb10b convertible ...
Zijin’s 9M22 earnings grew 47.5% yoy to Rmb16,667m, in line with our expectation. Early commissioning of phase 2 of the Kamoa project has contributed to their 55.0% expansion of copper production volume. Zijin plans to issue Rmb10b convertible bonds to fund new M&As and project construction. The company has also allocated Rmb250m-500m to a share buyback programme that will then be used for an employee share incentive programme. Maintain BUY. Target price: HK$13.30.
- Jessie Guo Yuting
- Jo Yee Ng
- Ken Lee
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Monday, October 24, 2022
KEY HIGHLIGHTS Sector Consumer Expecting more optimising policies; pay attention to beer’s cost decline in 4Q22. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$30.80/Target: HK$45.00) 3Q22: Earnings up 50% yoy and 0.5% qoq, beating estimate. Maintain BUY. Target price: HK$45.00. Great Wall Motor (2333 HK/BUY/HK$7.56/Target: HK$13.00) 3Q22: Core net profit up 181% yoy and 202% qoq, in line with estimates. Maintain BUY. Cut target price to HK$13.00 on a higher risk premium. Zijin Mining (2...
- Sid Rajeev
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2022
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect increased market volatility with downside bias in Sep 22. Add Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Outperformance in Aug 22: Our picks: ENAK, UNVR, BMRI, BBNI, SMGR, TLKM, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Some Opportunities Despite Risk-Off: Aug 22 Alpha Picks performed in line with FBMKLCI. Sep 22 picks: Alliance Bank, GENM, MyEG, Press Metal, Sunway REIT, VS Industry and Yinson. SINGAP...
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
AMATA AMATA CORP
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
TISCO TISCO FINANCIAL GROUP
002594 BYD COMPANY LIMITED CLASS A
01299 AIA GROUP LIMITED
KLBF PT KALBE FARMA TBK
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
SMGR PT SEMEN INDONESIA (PERSERO) TBK
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
ACES PT ACE HARDWARE INDONESIA TBK
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
MAG MAGMATIC RESOURCES
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ART ASCOTT RESIDENCE TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
CPN-R CENTRAL PATTANA PCL NVDR
GENM GENTING MALAYSIA BHD
916 CHINA LONGYUAN POWER GROUP-H
BRC BRC ASIA LTD
SREIT SUNWAY REAL ESTATE INVESTMEN
VGI VGI
DBB DUOPHARMA BIOTECH BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2460 GANFENG LITHIUM
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2696 SHANGHAI HENLIUS BIOTECH INC
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
2269 WUXI BIOLOGICS CAYMAN INC
291 CHINA RESOURCES BEER HOLDINGS CO LTD
BUKA BUKALAPAK.COM PT TBK
PDD PINDUODUO INC
9999 HK NETEASE INC
CLI CAPITALAND INVESTMENT LTD
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
AEM AEM HOLDINGS LTD
ENAK CHAMP RESTO INDONESIA TBK
- Sid Rajeev
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 1H22: In line with expectations; copper produc...
Zijin’s 1H22 earnings increased 90% to Rmb12,630m (+90% yoy), representing 56.8% of the full-year earnings forecast. Earnings growth was supported by the 70.5%/22.8% yoy growth of its copper and gold production output and 263.1% yoy growth in investment income. Zijin’s gross margin remained resilient at 17.1% (+2.6ppt). Signs of copper and gold prices bottoming out should support the eventual valuation recovery of the company. Maintain BUY. Target price: HK$14.80.
- Jo Yee Ng
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Monday, August 15, 2022
KEY HIGHLIGHTS Economics Money Supply Credit growth below expectations as property sector woes bite. Sector Consumer Remain upbeat on CTGDF; maintain Li Ning as top sportswear pick. Results Li Ning Company (2331 HK/BUY/HK$70.10/Target: HK$98.10) 1H22: Solid results on high base; robust sales momentum to continue. Zijin Mining (2899 HK/BUY/HK$9.50/Target: HK$14.80) 1H22: In line with expectations; copper production volume grew 71% yoy.
- Chaiwat Arsirawichai
- Chong Lee Len
- Jack Goh Tooan Orng
- Jo Yee Ng
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Llelleythan Tan Tan
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tham Mun Hon
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 15, 2022
GREATER CHINA Economics Money Supply: Credit growth below expectations as property sector woes bite. Sector Consumer: Remain upbeat on CTGDF; maintain Li Ning as top sportswear pick. Results Li Ning Company (2331 HK/BUY/HK$70.10/Target: HK$98.10): 1H22: Solid results on high base; robust sales momentum to continue. Zijin Mining (2899 HK/BUY/HK$9.50/Target: HK$14.80): 1H22: In line with expectations; copper production volume grew 71% yoy. INDONESIA Update Astra International (ASII IJ/BUY/Rp6,950...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
NNO NANO ONE MATERIALS CORP
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
GFPT GFPT
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
ASII PT ASTRA INTERNATIONAL TBK
HEIM HEINEKEN MALAYSIA BHD
2331 LI NING CO LTD
OR PTT OIL & RETAIL BUSINESS PCL
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