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Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: New-home Sales Remain Weak In Jan 26; Top Pick: CR Lan...

CRIC data shows top 100 developers’ contracted sales fell 24.7% YoY in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain an UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below five-year mean, and PE and yield near five year average.

Audrey Celia ... (+16)
  • Audrey Celia
  • Benjaphol Suthwanish
  • Damon Shen
  • Gigi Cheuk
  • Jieqi Liu
  • Johnny Yum
  • Jonathan Koh
  • Joyce Chu
  • Kate Luang
  • Kitpon Praipaisarnkit
  • Kong Ho Meng
  • Krit Tanarattananon
  • Roy Chen Chengzhi
  • Suryaputra Wijaksana
  • Thailand Research Team
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, February 03, 2026

Greater China Sector Update | China Property CRIC data show that the top 100 developers’ contracted sales fell 24.7% yoy in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below the five-year mean, and PE and yield near the five-year average....

BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
WPRTS MAPLETREE INDUSTRIAL TRUST
06088 WESTPORTS HOLDINGS BHD
ICBP FIT HON TENG LIMITED
RATCH INDOFOOD CBP SUKSES MAKMUR T
UHU RATCH GROUP PUBLIC CO. LTD.
CRPU UNITED HAMPSHIRE US REIT
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
OXMU LENDLEASE GLOBAL COMMERCIAL REIT
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
BBNI KEPPEL PACIFIC OAK US REIT
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
MXNU PT CISARUA MOUNTAIN DAIRY TBK
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: 2025 Results Preview; Second-Hand Home Transactions Sh...

In 2025, CR Land and COLI saw 15-20% yoy profit declines and Longfor’s core profit may turn from positive to negative due to weak DP margins. For 2026, the outlook remains constrained, though as it is the first year of the 15th Five-Year Plan, SOEs are expected to have clearer growth targets. In Jan 26, new-home sales in 28 major cities fell 40% yoy, while second-hand transactions in three Tier 1 cities declined 4% yoy. Maintain UNDERWEIGHT, but we see a rising possibility of policy support.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Sales Remain Weak In Dec 25 While Property Investment ...

The NBS published industry data for Dec 25, which revealed weak industry fundamentals. Demand remains under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post yoy declines even with the low base in Jan 25. We expect sales growth in 1Q26 to remain negative yoy, due to the high base since Feb 25 and weak demand. Policy uncertainty and weak policy implementation continue to be key concerns, and we remain UNDERWEIGHT on China’s property sector.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Sales Remain Weak in Jan 26; Land Investments Still Co...

Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably towards the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high policy volatility and weak policy implementation in 1...

Benjaphol Suthwanish ... (+12)
  • Benjaphol Suthwanish
  • Damon Shen
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Jieqi Liu
  • Jo Yee Ng
  • Julia Pan Mengyao
  • Kenny Yong Hui Lim
  • Lester Siew
  • Ming San Soong
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, January 13, 2026

Greater China Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably toward the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high polic...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Key Party Media Qiushi Emphasises Government’s Commitm...

Qiushi published an article on 1 Jan 26, emphasising the government's renewed commitment to stabilise the property market, suggesting a higher likelihood of stronger policy support in 1H26; however, implementation risks remain, in our view. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 37% yoy and second-hand home prices in three Tier 1 cities down by 24% yoy. We maintain UNDERWEIGHT on China’s property sector and expect a continued consolidation toward SOEs. We keep CR Lan...

Andrew Agita Buntoro ... (+16)
  • Andrew Agita Buntoro
  • Chong Lee Len
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Greater China Research Team
  • Jieqi Liu
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Philip Wong
  • Suryaputra Wijaksana
  • Thailand Research Team
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, January 06, 2026

Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Latest Pre-CEWC Politburo Meeting Sidesteps Supports F...

At the latest pre-CEWC Politburo meeting, not a word about property policy and urbanisation was mentioned. This points to a much lower possibility of strong stimulus for the property industry in the near term. Demand stayed weak in Dec 25, with new-home sales in 28 cities down 55% yoy and second-hand home prices in most cities falling. We maintain UNDERWEIGHT on China’s property sector, with CR Land as our top pick for its consistent earnings outperformance.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Major Mainland Cities See Deeper YOY Declines In New H...

Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second-hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance.

Audrey Celia ... (+15)
  • Audrey Celia
  • Damon Shen
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jieqi Liu
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Malaysia Research Team
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Suryaputra Wijaksana
  • Thailand Research Team
  • Vincent Khoo Boo Aik
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, December 02, 2025

Greater China Sector Update | China Property Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance. Sector Update | Macau Gaming Macau’s Nov 25 GGR reached MOP 21.1b, down 12% mom but up 14% yoy, and recovering to 92% o...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Channel Check On Hohhot And Taiyuan’s Property Markets...

Our channel check showed that new home property prices in the core districts of Hohhot and Taiyuan showed signs of stabilisation, supported by population inflow, higher efficiency ratio of new products and sharper contraction in supply. With greater downward pressure on property prices in Tier 1 cities, the trend in lower tier cities points to continued divergence and complexity in China’s property market. Maintain MARKET WEIGHT on the sector. CR Land remains our top pick.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China And Hong Kong Property: China To Expand C-REITs For POEs; Major ...

On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP and Kerry Properties.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: NBS Data For Sep 25 Shows Industry Weakness, Expect Pr...

Industry data showed further deterioration in Oct 25. The 0.4% yoy growth in property completion in Sep 25 is a positive development. Given the higher comparison base since Oct 24, we expect nationwide property sales to see deeper yoy declines in 4Q25. We maintain MARKET WEIGHT on the China property sector, with CR Land as our top pick.

Audrey Celia ... (+15)
  • Audrey Celia
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Claire Wang Kelai
  • Damon Shen
  • Jieqi Liu
  • Jonathan Koh
  • Ken Lee
  • Philip Wong
  • Suryaputra Wijaksana
  • Tanaporn Visaruthaphong
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Willinoy Sitorus
  • Ziv Ang Sze Champ

Regional Morning Meeting Notes: Tuesday, October 21, 2025

Greater China Economics | Economic Activity China’s 3Q25 GDP growth slowed to 4.8% yoy, 9M25 growth to 5.1%. Ytd FAI fell 0.5% yoy, dragged by property FAI (-13.9% ytd yoy). September's industrial production rose 6.5% yoy, but retail sales growth eased to 3.0% yoy. With the stronger-than-expected 9M25 growth, we raise the full-year real GDP growth forecast to 5.0% yoy. That said, further policy support is still needed and we expect proposals for the 15th Five-year Plan to provide further clu...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China and Hong Kong Property: Takeaways From Visit To Jinling Residenc...

Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80.

Adrian Loh Tzum Yung ... (+13)
  • Adrian Loh Tzum Yung
  • Audrey Celia
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Damon Shen
  • Jieqi Liu
  • Julia Pan Mengyao
  • Kitpon Praipaisarnkit
  • Kong Ho Meng
  • Lester Siew
  • Ming San Soong
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Wednesday, October 15, 2025

Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China and Hong Kong Property: Update Of Key Data And Trends During 202...

Golden Week new-home sales varied, with sales in Tier 1 cities growing 18.1% yoy on average, while sales in Tier 2 and Tier 3 cities declined. In Hong Kong, second-hand transactions from 2024-25 projects, like SHKP's Cullinan Sky, achieved better capital gains, boosting investor sentiment. Tourism data was mixed: mainland tourist growth slowed, other regions’ visitors surged, and northbound travel stayed strong. Maintain MARKET WEIGHT on China and Hong Kong property/landlord sectors.

Damon Shen ... (+2)
  • Damon Shen
  • Jieqi Liu

China Property: Channel Check On Shanghai’s Property Market.

Shanghai’s property market shows diverging trends: New home prices remain supported by a low-base effect from previous price caps and policy easing, but the secondary housing market stays weak, with falling prices, rising listings and improving rental yields. LGFVs lag in pace and quality, while project management companies stand out as beneficiaries. Maintain MARKET WEIGHT on the sector.

Damon Shen ... (+9)
  • Damon Shen
  • Desmond Chong Chee Wai
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Jieqi Liu
  • Jonathan Koh
  • Malaysia Research Team
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, September 23, 2025

Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...

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