reports
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Longyuan Power (916 HK): 1Q25: In line; cautious outlook amid ri...
Longyuan reported 1Q25 earnings of Rmb1,977.1m (-21.8% yoy). Wind power generation rose to 17,776GWh (+4.4%), yet still trailing the pace of capacity expansion. Weaker wind resources and a higher curtailment rate of 4.4% continued to weigh on wind power utilisation hours, which declined to 585 hours (-55 hours). We remain cautious regarding the potential impacts of the post-530 policy shift and persistent uptrend in curtailment rates. Maintain HOLD. Target price: HK$6.60.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, April 30, 2025
KEY HIGHLIGHTS Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00) CCB delivered disappointing 1Q25 results as net profit declined 4.0%, dragged by NIM compression and tepid fee income. Furthermore, revenue growth was no longer supported by trading gains, as yields rebounded during 1Q25. Asset quality was a silver lining as CCB highlighted the sequential improvement in the retail and property developer segments. Management also noted that tariff risk is manageable in terms of...
600132 CHONGQING BREWERY CO.LTD CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
1199 COSCO SHIPPING PORTS LIMITED
600699 WUXI APPTEC CO. LTD. CLASS H
NINGBO JOYSON ELECTRONIC CORP
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, April 30, 2025
GREATER CHINA Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00): 1Q25: Earnings miss due to weaker NIM and fee income; tariff risk is limited. Downgrade to HOLD. China Longyuan Power (916 HK/HOLD/HK$6.10/Target: HK$6.60): 1Q25: In line; cautious outlook amid rising curtailment rates and upcoming policy shift. China Merchants Bank (3968 HK/BUY/HK$44.50/Target: HK$49.00): 1Q25: Earnings down 2.1% yoy on weaker trading gains. Estun Automation (002747 CH/SELL/Rmb19.17/Target: Rmb...
BCP THE BANGCHAK PETROLEUM PCL
FCT FRASERS CENTREPOINT TRUST
BRPT PT BARITO PACIFIC TBK
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
333 MIDEA GROUP
2747 ESTUN AUTOMATION
MPM MARCO POLO MARINE LTD
SCGP SCG PACKAGING PCL
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Longyuan Power (916 HK): 2024: In line; poor wind resources weig...
Longyuan reported 2024 earnings of Rmb6,378.7m (+2.0% yoy), within expectations. 2024 power generation was 75,546GWh (-0.9% yoy), dragged by wind power generation of 60,550GWh (-1.3% yoy). A low wind speed (-2m/s yoy) and higher curtailment rate at 3.86% (+0.16ppt yoy) have continued to weigh on wind power utilisation hours at 2,190 hours (-156 hours). Longyuan is on track to achieve its installed capacity target of 50GW by end-25. Maintain HOLD. Target price: HK$6.70.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Guan An Tan
- Jieqi Liu
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 1, 2025
KEY HIGHLIGHTS Economics PMI Manufacturing PMI strengthened further to 50.5 (+0.3pt mom) while non-manufacturing PMI improved to 50.8 (+0.4pt mom) as construction activity improved to 53.4 (+0.7pt mom), alongside a moderate recovery in services at 50.3 (+0.3pt mom). Small-sized enterprises saw a notable improvement to 49.6 (+3.3pt mom) despite being in the contractionary zone, pointing to a broadening of the recovery. Sector Aviation The three airlines’ 2024 results were in line but at the h...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
6186 CHINA FEIHE LTD
6049 POLY PROPERTY SERVICES CO LTD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Guan An Tan
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, April 1, 2025
GREATER CHINA Sector Aviation: Airlines: Expecting a turnaround in 2025 on better supply-demand balance. Maintain UNDERWEIGHT. Results China Feihe (6186 HK/BUY/HK$5.87/Target: HK$6.80): 2024: Results miss; targets accelerated revenue growth but slight gross margin improvement in 2025. China Longyuan Power (916 HK/HOLD/HK$6.23/Target: HK$6.70): 2024: In line; poor wind resources weigh on power generation despite robust new installation. China Overseas Land & Investment (688 HK/BUY/HK$13.90/Target...
- Ziv Ang Sze Champ
China Longyuan Power (916 HK): 3Q24: In line; 3Q24 wind power generati...
Longyuan reported 9M24 earnings of Rmb5,667.9m (-11.4% yoy), within expectations. 9M24 power generation was 56,847GWh (+2.4% yoy), contributed by stronger 3Q24 wind power generation at +6.2% yoy (2Q24: -10.8% yoy). Low wind speed ytd was 5.6m/s (- 0.1m/s yoy) and declining average on-grid tariff continued to drag on the wind power segment’s revenue. Wind power utilisation hours fell to 1,607 hours (-108 hours). Maintain HOLD. Target price: HK$6.50.
- 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
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
China Longyuan Power (916 HK): 1H24: Below expectations; power generat...
Longyuan reported 1H24 earnings of Rmb3,985.9 (-20.8% yoy), below expectations. 1H24 power generation was flattish at 40,081,845MWh (+0.8% yoy), with wind power generation falling 4.6% yoy. Low wind speed (-0.25m/s yoy to 5.85m/s in 1H24) saw wind power utilisation hours being reduced to 1,170 hours (-101 hours). The average on-grid tariff declined to Rmb423/MWh (-Rmb34/MWh). The installed capacity expansion target for 2024 remains at 7,500MW. Downgrade to HOLD. Target price: HK$6.10.
- 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)
- Ceilica Su Rui
- Ziv Ang Sze Champ
China Longyuan Power (916 HK): 1Q24: Below expectations; low wind spee...
China Longyuan Power reported 1Q24 earnings of Rmb2,481.7m (+2.6% yoy), below expectations. Wind power generation was up by merely 1.4% yoy although installed capacity was 6.1% higher yoy. Lower wind power utilisation hours at 640 hours (-14 hours yoy) were the key reason, due to a 0.1m/s lower wind speed and higher curtailment rate of 4.22%. The ratio of market power sales rose to 42.1% (1Q23: 40.8%). Average wind power tariff was Rmb0.4437/kWh. Maintain BUY. Target price: HK$6.40.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, April 29, 2024
KEY HIGHLIGHTS Sector Automobile We raise 2024 forecasts on China’s PV sales growth and PEV sales growth from +8%/+21% to +10%/+24% on bigger-than-expected subsidies for the cash-for-clunker program and zero downpayment auto loans. Meanwhile, we lift the target prices of BYD, Geely, GWM, GAC and Yadea to HK$160.00/HK$13.00/HK$13.50/HK$3.30 /HK$20.00 respectively. Upgrade GWM from HOLD to BUY, and upgrade GAC from SELL to HOLD. Top BUY: CATL, Geely and Yadea. Top SELL: BYD, Li Auto and XPeng. ...
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1199 COSCO SHIPPING PORTS LIMITED
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
300244 DIAN DIAGNOSTICS GROUP CO
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 29, 2024
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$5.72/Target: HK$6.40): 1Q24: Below expectations; low wind speed weighed on performance. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.62/Target: HK$6.75): 1Q24: Results in line; steady performance in a seasonally slow quarter with headwinds. Dian Diagnostics (300244 CH/BUY/Rmb14.13/Target: Rmb18.50): 1Q24: ICL revenue growth satisfactory; esoteric testing and self-developed product segments remain 2024’s key growth drivers. Foshan Haitian Flavou...
AMATA AMATA CORP
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MINT MAPLETREE INDUSTRIAL TRUST
1199 COSCO SHIPPING PORTS LIMITED
IFAST IFAST CORP LTD
PDD PINDUODUO PDD US
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CLI CAPITALAND INVESTMENT LTD
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
300244 DIAN DIAGNOSTICS GROUP CO
- Ceilica Su Rui
- Ziv Ang Sze Champ
China Longyuan Power (916 HK): 2023: Below expectations; slower-than-e...
Longyuan reported 2023 earnings of Rmb6,200.4m (+26.5% yoy), below expectations. Revenue declined 5.6% yoy to Rmb37,638.4m, dragged by a 4.9%/23.6% decline in wind/photovoltaic power tariffs and slow capacity expansion. Adjusted EBITDA margin expanded by 4.5ppt to 62.3%, supported by an improvement in wind power utilisation to 2,346 hours (+50 hours). Renewable subsidies collected in 2023 slowed to Rmb6.3b (- 70% yoy). Maintain BUY. Target price: HK$6.50.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 2, 2024
KEY HIGHLIGHTS Economics PMI First expansion in six months. Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Macau Gaming Mar 24 GGR up 6% mom; May 24 Golden Week a potential catalyst. Results China Feihe (6186 HK/BUY/HK$3.68/Target: HK$4.43) 2023: Results in line; healthy channel inventory and improved operating efficiency to drive growth. Upgrade to BUY. China Longyuan Power (916 HK/BUY/HK$5.4...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, April 02, 2024
GREATER CHINA Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Results China Longyuan Power (916 HK/BUY/HK$5.48/Target: HK$6.50) 2023: Below expectations; slower-than-expected pace of capacity expansion. China Overseas Land & Investment (688 HK/BUY/HK$11.26/Target: HK$19.42) 2023: Results beat expectations; watching for stabilisation of profitability in 2024. China Resources Gas (1193 HK/BUY/HK$24.9...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
ADIG ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST
ERW ERAWAN GROUP
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01177 SINO BIOPHARMACEUTICAL LIMITED
SSIA SURYA SEMESTA INTERNUSA
ERAA ERAJAYA SWASEMBADA
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SPSB SP SETIA BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 30, 2023
GREATER CHINA Sector Aviation: Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90): 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. Goldwind Science & Technology (2208 HK/HOLD/HK$3.76/Target: HK$4.00): 3Q23: Below expectations; 3Q23 WTG sales growth slows to +6.0% yoy. Great Wall Motor (2333 HK/BUY/HK$10.82/Target: HK$13.50): 3Q23: Earnings tripl...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
INCO VALE INDONESIA
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
MINT MAPLETREE INDUSTRIAL TRUST
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
EKO EKOVEST BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Sabrina Soh
- Stevanus Juanda
- Sunny Chen
- Waritthorn Kaewmuang
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 31, 2022
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$10.00/Target: HK$18.90): 3Q22: In line; improved wind power utilisation hours. China Tourism Group Duty Free Corp (601888 CH/BUY/Rmb167.45/Target: Rmb223.00): 3Q22: Sharp declines on low traffic flow and high base; positive on future expansion. Estun Automation (002747 CH/HOLD/Rmb19.99/Target: Rmb21.50): 3Q22: Takeaways from post-results meeting. Guangzhou Automobile Group (2238 HK/BUY/HK$4.94/Target: HK$7.50): 3Q22: Earnings miss estimat...
AALI ASTRA AGRO LESTARI
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
F34 WILMAR INTERNATIONAL LIMITED
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
INCO VALE INDONESIA
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MLT MAPLETREE LOGISTICS TRUST
SSG SHENG SIONG GROUP LTD
VGI VGI
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.