reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - May 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls: Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. INDONESIA Strategy Alpha Picks: Outperformance In Apr 25: Remove ICBP, EXCL and MIKA; add BBTN and GOTO. MALAYSIA Strategy Alpha Picks: Capitalising On Sentiment Turnaround: Our Apr 25 Alpha Picks underperformed. May 25 picks: Duopharma, Gamuda, IJM, IOI Properties, TIME dotCom, MYEG, Nationgate, Northeast Group and RHB Bank. SINGAPO...
OU8 CENTURION
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
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) 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
3816 MISC BHD
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
SATS SP SATS LTD.
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
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.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
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
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
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
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2025
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. INDONESIA Strategy Alpha Picks: Outperform In Mar 25: Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Strategy Alpha Picks: Pockets of Opportunities: Our Mar 25 Alpha Picks outperform. Apr 25 picks: Alpha IVF, Duopharma, IJM, IOI Properties, TIME...
OU8 CENTURION
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
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) 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
3816 MISC BHD
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
SATS SP SATS LTD.
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
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.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
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
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
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
- Kenny Yong Hui Lim
AIA Group (1299 HK): 2024: VONB slightly below expectations; new US$1....
AIA’s VONB grew 17% yoy in 2024, slightly below our and market expectations, mainly due to economic assumption changes in China amid falling rates. OPAT per share increased 12% yoy, ahead of management’s three-year growth target. DPS jumped 8.8% yoy with a new US$1.6b buyback programme, translating into a decent 6% yield. We believe its current valuation of 1.1x 2025F P/EV (-2.0SD) does not fully capture its improving fundamentals. Maintain BUY. Target price: HK$93.00.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Kampon Akaravarinchai
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Monday, March 17, 2025
GREATER CHINA Economics Money Supply: Credit demand remains subdued. Sector Update Consumer: The State Council issued a plan on special initiatives to boost consumption. Initiate Coverage Waterdrop Inc (WDH US/BUY/US$1.50/Target: US$2.20): From crowdfunding to insurtech leadership with differentiated business model. Results AIA Group (1299 HK/BUY/HK$61.25/Target: HK$93.00): 2024: VONB slightly below expectations; new US$1.6b buyback programme. Contemporary Amperex Technology (300750 CH/BUY/Rmb26...
01299 AIA GROUP LIMITED
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
OSP OSOTSPA PUBLIC CO. LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
WDH WATERDROP INC
SCB SCB X PUBLIC COMPANY LIMITED
NATGATE NATIONGATE HOLDINGS BHD
YINSON YINSON HOLDINGS BHD
WIFI SOLUSI SINERGI DIGITAL TBK PT
02015 LI AUTO INC
ITMAX ITMAX SYSTEMS BHD
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, March 17, 2025
KEY HIGHLIGHTS Economics Money Supply February's M1 growth slowed to 0.1% yoy (-0.3ppt), missing consensus’ 1.0%, due to the Chinese New Year effect. M2 remained steady at 7.0% yoy, but new bank loans fell to Rmb1.01t compared with Jan 25’s Rmb5.13t, while new TSF fell to Rmb2.23t, both below forecasts. Thus, outstanding bank loans growth edged lower to 7.3% yoy. Nevertheless, outstanding TSF growth rose to 8.2% yoy due to increased government bond issuance. Weak domestic demand remains a key ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2025
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: Add Geely, JD, SHKP and Zijin Mining to our BUY list. Take profit on CATL, Desay, JD Logistics, Mengniu, Plover Bay and Tencent. INDONESIA Strategy Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII. MALAYSIA Strategy Alpha Picks: Unprecedented Combo Of Disappointments: Our Feb 25 Alpha Picks sorely underperformed. Mar 25 picks: 99SpeedMart, Alpha IVF, KPJ Healthcare, MrDIY, MYEG, RHB Ba...
OU8 CENTURION
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
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) 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
3816 MISC BHD
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
SATS SP SATS LTD.
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
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.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
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
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
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 -- March Conviction Calls
The HSI and MSCI China index rose 13.4% mom and 11.5% mom respectively in February, riding the wave of optimism on China’s tech sector. Sino-US tensions look set to rise in March, as higher tariffs take effect and should lead to greater market volatility. Hence, we will be quick to take profit and will only add names with less demanding valuations. New additions to our BUY list are Geely, JD, SHKP and Zijin Mining.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
01299 AIA GROUP LIMITED
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
- Greater China Research Team
Greater China Strategy: Alpha Picks -- February Conviction Calls
The HSI and MSCI China index rose 0.8% mom and 0.9% mom respectively in January as investors awaited clarity on Sino-US relations and any additional Chinese stimulus. Looking ahead, we will focus on oversold names, policy beneficiaries and stocks that will also be quick to book profits due to greater market volatility. We are adding AIA, CR land, Haier and Han’s Laser to our BUY list. We take profits on Crystal, Geely, Trip.com and Weimob, and cut losses on Sinopharm.
01109 CHINA RESOURCES LAND LIMITED
EZQ CHINA MENGNIU DAIRY CO. LTD.
01299 AIA GROUP LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
00700 TENCENT HOLDINGS LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - February 2025
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: Add AIA, CR Land, Haier and Han’s Laser to our BUY list. Take profit on Crystal, Geely, Trip.com and Weimob. INDONESIA Strategy Alpha Picks: Slight Underperformance In Jan 25: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI and ASII. MALAYSIA Strategy Alpha Picks: Spotlight On The Upcoming Results Winners: Our Alpha Picks outperformed in Jan 25. Feb 25 picks: Gamuda, GENM, Kossan, MrDIY, MYEG, Pekat, RGB, RHB Bank, VSI...
OU8 CENTURION
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
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) 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
3816 MISC BHD
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
SATS SP SATS LTD.
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
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.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
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
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
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
- Kenny Yong Hui Lim
AIA Group (1299 HK): 4Q24 preview: Expecting another quarter of strong...
We expect AIA’s 4Q24 VONB to grow 23% yoy, driven by reaccelerated growth in China against a lower base and solid sales performances in Hong Kong and Singapore. However, AIA may encounter some challenges in Malaysia and Thailand due to softer demand following the medical product repricing. We think that AIA is more resilient than its peers in the declining bond yield environment in China, thanks to its better ALM. Maintain BUY. Target price: HK$93.00.
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Monday, January 27, 2025
KEY HIGHLIGHTS Sector Aviation: Airlines Based on their preliminary earnings estimates, all three airlines remained in a loss-making position for 2024. This is below our expectations as we were expecting Air China and CSA to record slight profits. The losses were likely due to the sector’s overcapacity situation, but we remain hopeful for the sector’s turnaround in 2025 helped by further demand growth. Having said that, a moderate earnings recovery is not enough to resolve the airlines’ balanc...
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, January 27, 2025
GREATER CHINA Sector Aviation Airlines: The three major airlines’ 2024 preliminary earnings estimates were below expectations – still loss-making. Healthcare TCM: GPO price pressure continues to cloud 2025’s growth outlook. Consumer CNY preview: Expect home appli...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
5162 VSTECS
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
CAB CARLSBERG BREWERY MALAYSIA B
CPALL TB CP ALL
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
123F 123FAHRSCHULE SE
EPIC 1CM INC
Z29 029 GROUP SE
VST VSTECS BHD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – January 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Still Ample Domestic Catalysts: Our Alpha Picks outperformed in Dec 24. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RGB, RHB Bank, SP Setia, VSI and Yinson. SINGAP...
OU8 CENTURION
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
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) 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
3816 MISC BHD
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
SATS SP SATS LTD.
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
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.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
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
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
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
- 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
- Kenny Yong Hui Lim
AIA Group (1299 HK): Continues to deliver as promised.
AIA’s 3Q24 VONB came in above our estimates with 17% yoy growth, driven by the better-than-expected Hong Kong business performance while the China and ASEAN markets achieved 9%/8% VONB growth against a high base. In addition, we turn more positive on AIA’s China outlook following the two new provincial license approvals. Valuation becomes more attractive (-1.9SD) with >8.0% of shareholder return yield after the recent correction. Maintain BUY. Target price: HK$96.00.
- 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
- Greater China Research Team
Greater China Strategy Alpha Picks: October Conviction Calls
The HSI and MSCI China surged 17.5% and 23.1% mom respectively in September, buoyed by the PBOC’s policy easing and supportive statements from the Politburo meeting. Looking ahead, we are keeping beneficiaries of an improved domestic consumption outlook in our stock picks and adding CATL, Geely and Plover Bay.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
03690 MEITUAN CLASS B
3933 THE UNITED LABORATORIES INTE
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
2232 CRYSTAL INTERNATIONAL GROUP LTD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – October 2024
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: Adding CATL, Geely and Plover Bay to our BUY list. INDONESIA Strategy Alpha Picks: Defensive Stance Worked In Sep 24: Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: A Variety of Event Drivers: Our Alpha Picks outperforms as hoped. Oct 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Sime Darby, VSI and Yinson. SINGAPORE Strategy Alpha Picks: Outperforming ...
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
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
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
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
9CI CAPITALAND INVESTMENT LTD
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)
CVL CIVMEC LIMITED
GEELY GEELY AUTOMOBILE
- Greater China Research Team
Greater China Strategy Alpha Picks: September conviction calls.
The MSCI China rose 0.8% in August, trailing the HSI’s 3.7%, as the former was weighed by the weaker performance of utilities, materials and consumer staples. Looking ahead, we opine that the Fed rate cut in Sep 24 should be priced in and we do not expect ratesensitive sectors to outperform. We are adding AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and The United Laboratories to our BUY list. We remain cautious on the EV sector, adding Li Auto to our SELL list.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
03690 MEITUAN CLASS B
3933 THE UNITED LABORATORIES INTE
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02423 KE HOLDINGS INC.
2232 CRYSTAL INTERNATIONAL GROUP LTD
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
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.