reports
- Damon Shen
- Jieqi Liu
China Property: Channel check on Guangzhou’s and Shenzhen’s primary re...
In Guangzhou and Shenzhen, relaxed construction standards have boosted new project efficiency ratios and sales, but increased pressure on older inventory, prompting Guangzhou to tighten rules again in May 25. For Longfor, we expect a 60-70% yoy fall in 1H25 core earnings due to lower DP segment GPM. We lower our earnings forecast and target price for Longfor while maintaining BUY for its resilient IP portfolio and deleveraging progress. Maintain MARKET WEIGHT. Top pick: CR Land.
- Damon Shen
- Jieqi Liu
China Property: Operational update and 1H25 earnings preview for CR La...
In 1H25, CR Land's revenue is expected to rise about 20% yoy with better-than-expected GPM, but core profit may drop around 5% yoy due to fewer one-off gains. COLI is projected to see a mild revenue growth, with a yoy decline in GPM, leading to an around 20% yoy drop in core profit. Although sales of both CR Land and COLI fell short of targets, 1H25 financials were better than the market had feared. Maintain MARKET WEIGHT. Top pick: CR Land.
- Damon Shen
- Jieqi Liu
China Property: Property sales and prices weakened further in June and...
Held on 14-15 July, the central urban work conference set a pragmatic tone on urbanisation without any mention of large-scale urban redevelopment. The updated framework set at the meeting will help lower policy uncertainty in the medium term, in our view. With the continuous weakening of property sales in June-July 25 and further declines in property prices in all city tiers, the mid-year Politburo meeting at the end of July 25 remains a key policy window. Maintain MARKET WEIGHT; top pick: CR La...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jieqi Liu
- John Cheong Ming Chern
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, July 16, 2025
GREATER CHINA Economics Economic Activity Resilient 1H25 growth of 5.3% yoy belies rising downside pressure. Sector Healthcare Weekly: Gaining strength on robust earnings outlook and pipeline growth. Maintain OVERWEIGHT. Property Property sales and prices weakened further in J...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
558 UMS HOLDINGS LIMITED
7160 PENTAMASTER CORP. BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
0097 VITROX
X2S SINOPHARM GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
SKP SKP RESOURCES BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
GREATEC GREATECH TECHNOLOGY BHD
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
300765 WUXI APPTEC CO. LTD. CLASS H
ITMAX CSPC INNOVATION PHARMACEUTICAL CO L
NATGATE ITMAX SYSTEM BHD
300244 NATIONGATE HOLDINGS BHD
NE DIAN DIAGNOSTICS GROUP CO
NORTHEAST GROUP BHD (NE MK)
- Damon Shen
- Jieqi Liu
China Property: Channel check on Hangzhou’s primary residential market...
Hangzhou’s property market saw weaker June sales but a stable 1H25 performance, with a stronger performance in the upgrade segment. Core area projects saw high sell-through rates and strong demand for large units. The removal of pricing restrictions in Hangzhou has enabled developers to adopt more flexible pricing and strategies. We see a higher likelihood of policy support being announced during the July Politburo meeting. Maintain MARKET WEIGHT. Top pick: CR Land.
- Greater China Research Team
Greater China Strategy: Alpha Picks -- July Conviction Calls
June’s HSI and MSCI China Index rose 3.4% mom and 4.0% mom respectively, despite the pullback due to the Middle East tensions. July may see increased volatility as the US looks to bring the tariff negotiations to a close. At this juncture, we continue to favour domestic policy beneficiaries and sector leaders. New additions to our BUY list are CATL, KE Holdings, Longfor, Midea Group, Tencent and Tencent Music Entertainment. We take profit on Prudential.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
01810 XIAOMI CORP. CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
01801 INNOVENT BIOLOGICS INC.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Damon Shen
- Jieqi Liu
China and Hong Kong Property Strategy: Weakening sales in China has ra...
For China’s property sector, Jun 25 preliminary data pointed to weakening sales, while the land market saw a clearer divergence. Weakened fundamentals may raise hopes of policy support in the July Politburo meeting. In Hong Kong, with the rental index in May 25 only 2.4% lower than the peak in Aug 19, we see signs of a stabilisation of property prices. However, a rebound in HIBOR may test the strength of sales recovery. Maintain MARKET WEIGHT for both sectors with a preference for China property...
- Adrian Loh Tzum Yung
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, June 30, 2025
GREATER CHINA Strategy Property Weakening sales in China has raised hopes of policy support in July; rebound in HIBOR will test the strength of recovery in Hong Kong property sales. INDONESIA Update Bank Mandiri (BMRI IJ/BUY/Rp5,025/Target: Rp6,000) 5M25: Steady earnings amid NIM pressure. MALAYSIA Sector Oil & Gas ...
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
5218 SAPURA ENERGY BHD
AIY IFAST
558 UMS HOLDINGS LIMITED
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
AP AP THAILAND
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
BAB BUMI ARMADA BERHAD
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
DLUM DELEUM BERHAD
RSTON RIVERSTONE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
PETGAS PETRONAS GAS BHD
- Damon Shen
- Jieqi Liu
China Property: New- and secondary-home transactions in Tier 1 cities ...
Since June, more cities have allowed HPF to be used for downpayments, although the usage for second-hand homes remains limited. YOY growth in new- and secondhand home transaction volumes in Tier 1 cities turned negative in Jun 25, pointing to a further weakening in market sentiment. While supply in Tier 1 cities remains stable and the HPF policy may offer some support, major policy easing is unlikely in the near term. Maintain OVERWEIGHT. Top pick: CR Land.
- Damon Shen
- Jieqi Liu
China Property: Property market weakens further in May 25, with diverg...
The latest data from the NBS indicates that the weakness in both sales and investment sentiment within China's property industry, observed in April, continued into May 25. Market sentiment continues to diverge across city tiers – Tier 1 cities outperformed while lower-tier cities struggled. Despite Premier Li Qiang’s pledge to boost demand and stabilise the market, significant policy easing is unlikely before end-July, contributing to expected volatility in developer stocks. Maintain OVERWEIGHT.
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Damon Shen
- Jieqi Liu
China Property: Shenzhen taps HPF for down payments to stabilise the p...
Shenzhen will allow homebuyers to use HPF for down payments, following Guangzhou’s strategy. With growing balances, HPF is expected to become one of the major policy tools to stabilise the property market in 2025. In 5M25, some top-tier cities saw strong growth in land sales, outperforming the national market. Sales data for key cities in Jun 25 point to a yoy fall in both new home sales and secondary transactions. Maintain OVERWEIGHT. Top pick: CR Land.
- Damon Shen
- Jieqi Liu
China & Hong Kong Property, Hong Kong Landlord Strategy: Manageable pr...
In May 25, data from 28 cities and the top 100 developers’ sales point to a mom increase but yoy fall in new home sales. Secondary transactions in 12 cities continued to see a yoy hike. Homebuyers’ sentiments remain weak and divergent among cities, but better supply-demand dynamics lower the urge to introduce strong policies. For Hong Kong, the gentle yoy decline in retail sales and stronger tourist numbers growth are positive developments. Maintain sector ratings. Top picks: CR Land, SHKP and L...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Keith Wee Teck Keong
- Singapore Research Team
Regional Morning Meeting Notes: Tuesday, June 03, 2025
GREATER CHINA Strategy China Property & Hong Kong Property & Hong Kong Landlord Manageable pressure in mainland property market; improved tourism and retail sales momentum in Hong Kong. INDONESIA Strategy Alpha Picks: Good Performances in May Good performances from most with the exception of GOTO and BUKA. MALAYSIA Results CIMB Group (CIMB MK/HOLD/RM6.93/Target: RM7.70) 1Q25: Earnings in line, underpinned by lower provisions. Mai...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ANTM PT ANEKA TAMBANG TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
MSGB MAH SING GROUP BHD
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DKFT IJ CENTRAL OMEGA RESOURCES
- Damon Shen
- Jieqi Liu
China Property: New home sales improved mom in May 25; channel check o...
In May 25, overall new home sales improved compared with Apr 25. The second-hand home market remains resilient thanks to flexible pricing. We visited three residential projects with the following takeaways: a) discounts in Suzhou are larger, b) smaller units saw a higher sell-through rate, and c) the proportion of new home sales units is shrinking. We think property market sentiment is still weak. Continuous policy support is needed. Maintain OVERWEIGHT. Top pick: CR Land.
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Market watch around May holiday...
In Apr 25, the 28 mainland cities we monitored saw yoy decreases in new home sales, and total sales for Top 100 developers fell 16.9% yoy, worsening from a 10.6% yoy drop in Mar 25. As holiday delays data registration, we think the sales data for next two weeks will show the strength of sales in May 25. For the Hong Kong market, declining inventory and rising rental yields are positive signs. But consumption leakage remains a key concern. Maintain sector ratings. Top picks: CR Land and SHKP.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Kasemsun Koonnara
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, May 07, 2025
GREATER CHINA Strategy China And Hong Kong Property Market watch around May holiday: New-home sales recovery weakens in Apr 25; the trend of Hong Kong resident travelling north remains strong. Sector Consumer Strong Macau visitations and robust home appliance sales during Labour Day Holiday. INDONESIA Initiate Coverage Aneka Tambang (ANTM IJ/BUY/Rp2,540/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
5168 HARTALEGA HOLDINGS BHD.
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
HEIM HEINEKEN MALAYSIA BHD
BANPU TB BANPU
ECW ECO WORLD DEVELOPMENT GROUP
HLBANK HONG LEONG BANK BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MPM MARCO POLO MARINE LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
STM SEATRIUM LTD
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China Property: Supportive policy remarks by Premier Li Qiang point to...
In Apr 25, major mainland cities saw mom/yoy decreases in new home sales, while second-hand transactions in Tier 1 cities continued to see positive yoy growth. The supportive remarks by Premier Li Qiang on 15 April point to further upside on property policies. The upcoming Politburo meeting will be an important window for clues of new policies. Maintain OVERWEIGHT. CR Land remains our top pick.
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 22, 2025
GREATER CHINA Sector Property Supportive policy remarks by Premier Li Qiang point to further upside; upcoming Politburo meeting to be an important policy window. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: HK$68.00) 1Q25: Earnings up 46% yoy, in line with estimates. Maintain BUY. Target price: HK$68.00. Han’s Laser (002008 CH/BUY/Rmb24.27/Target: Rmb32.20) 1Q25: Net pro...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
3816 MISC BHD
KBANK KASIKORNBANK PUBLIC CO. LTD.
NANO NANOCO GROUP
ACES PT ACE HARDWARE INDONESIA TBK
FRKN FRENCKEN GROUP LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
01024 KUAISHOU TECHNOLOGY CLASS B
SCB SCB X PUBLIC COMPANY LIMITED
8AZ AZTECH GLOBAL LTD
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