reports
Longfor Group Holdings Limited: 1 director
A director at Longfor Group Holdings Limited sold 1,000,000 shares at 19.660HKD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...
- Damon Shen
- Jieqi Liu
China Property: Stronger policy combo expanding the trading range; str...
Beijing becomes the last tier 1 city to announce the relaxation of HPRs but saw the strongest sales rebound. We expect recovery of sales volume in the following month, driven by relaxation of HPRs in tier 1 cities. The strength of the recovery is yet to be tested. Maintain MARKET WEIGHT. Despite a cautious view on fundamentals, we do think improved liquidity and support in the stock market will positively drive valuation. Raise target prices of CR Land/COLI/Longfor on higher multiples. CR Land r...
- Damon Shen
- Jieqi Liu
China Property: Near trough valuation priced in the negatives and open...
Industry fundamentals continue to deteriorate in Sep 24, with sales momentum in the primary and secondary markets further weakened and listing price in a downward trend. There is some talk of destocking policies but little action. The trough valuation has priced in all the negatives. Potential monetary easing may accelerate SOEs’ destocking progress and resolve risks. Maintain MARKET WEIGHT on the sector. Our top pick is CR Land, which is trading at a 2024 yield of 7.2%.
- Arsit Pamaranont
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kate Luang
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, September 24, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Solid growth momentum into 8M24, reiterate BUY on Plover Bay Technologies and raise target price to HK$6.10. Sector Property Trough valuation has priced in the weak industry fundamentals and poor policy implementation; poised for potential monetary easing. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp458/...
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
UEMS UEM SUNRISE BHD
709 GIORDANO INTERNATIONAL LTD
MCH MATRIX CONCEPTS HOLDINGS BHD
TWC TIONG WOON CORPORATION HOLDING
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Damon Shen
- Jieqi Liu
Longfor (960 HK): 1H24: Core net profit declines 28% yoy; weathering t...
1H24 core net profit dropped 28% yoy and is equivalent to 49% of our full-year forecast, dragged by contraction of the PD segment. Its mall portfolio remained resilient. Although Longfor continues to face challenges from PD contraction and high debt maturities in 2025, its proactive business model upgrade and positive policies may help Longfor navigate the cycle. Trim 2025/26 earnings forecast by 2.6%/3.8% respectively. Lower target price by 12% to HK$12.61 and maintain BUY.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Singapore Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
- Thailand Research Team
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb9.96/Target: Rmb12.50) 1H24: Results lower than expected; striving for growth amid weak economic conditions. ENN Energy Holdings (2688 HK/HOLD/HK$53.50/Target: HK$58.40) 1H24: Below expectations; earnings dragged by sluggish new installation and absence of LNG trading gain. Hysan Development (14 HK/BUY/HK$11.36/Target: HK$15.41) 1H24 Interim results remains stable yoy; retail portfolio being ...
XGH ENN ENERGY HOLDINGS LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
01585 YADEA GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MISC MISC BHD
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
BST BERJAYA SPORTS TOTO BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
338 WEICHAI POWER
OR PTT OIL & RETAIL BUSINESS PCL
CK CH. KARNCHANG PUBLIC CO LTD
BBNI BANK NEGARA INDONESIA PERSER
Z29 029 GROUP SE
LNGFOR LONGFOR GROUP
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Ken Lee
- Kenny Yong Hui Lim
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, August 26, 2024
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb9.96/Target: Rmb12.50) Aier reported lower-than-expected results with revenue and adjusted net earnings up 2.9% and 1.5% yoy respectively in 1H24. Despite the weak economic conditions, Aier still achieved a 9% yoy growth in outpatient numbers, demonstrating its resilient business expansion capabilities. Striving for growth, Aier further expanded its hospital network by acquisitions. We believe the newly added hospitals will bri...
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
01585 YADEA GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
300244 DIAN DIAGNOSTICS GROUP CO
- Damon Shen
- Jieqi Liu
China Property: Trim earnings estimates for Chinese developers amid AS...
With an accelerated decline of national property prices in 1H24 and the weakening of national retail sales in Jun 24, developers’ margin is under pressure. We had channel checks with CR Land/COLI/Longfor and trim our earnings estimate and target price. Maintain MARKET WEIGHT on China’s property sector. CR Land remains our top pick.
- Damon Shen
- Jieqi Liu
China Property: The Third Plenum has released the roadmap to a new mod...
The comprehensive reform plans released on 21 July point to two key trends in the next five years: a) government housing makes a much higher contribution to housing supply, and b) the private residential sector will contract in size but improve in quality. The future looks rosy but the road to the new model is not a smooth one, with a possible change of the pre-sale regime and potential introduction of the property holding tax. Maintain MARKET WEIGHT. Top pick: CR Land.
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Sharper property price decline ...
For the mainland market, despite the marginal recovery of key indicators in June, the accelerated decline in property prices in 1H24 is weighing on developers’ margins. Top pick is CR Land for its defensiveness of margins thanks to strong recurring income. For Hong Kong, the daily average number of mainland tourists to Hong Kong and Hong Kong residents going northwards rose 22% and fell 7.8% mom in July. The upcoming rate cut will support the valuations of Hong Kong retail landlords. Top pick: L...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, July 16, 2024
GREATER CHINA Economics Economic Activity 2Q24 growth below expectations. Strategy China And Hong Kong Property Sharper property price decline in 1H24 weighing on margins of Chinese developers; upcoming interest rate cut to support value of Hong Kong retail landlords. Update Kingmed Diagnostics (603882 CH/BUY/Rmb38.10/Target: Rmb35.00) 1H24 and 2024 results under pressu...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
SMRA PT SUMMARECON AGUNG TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
MLK MALAKOFF CORP BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
GMB GAS MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
TIDLOR NGERN TID LOR PCL
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China Property: Channel checks and observations of Shanghai and Shenzh...
In Shanghai, the secondary market saw volume rebound. The transaction volume of oldsmall apartments within the outer rings of Shanghai increased significantly due to higher purchase demand after policy easing. The new home market is recovering but is weaker than the secondary home market. However, there are rising doubts about the sustainability of sales recovery. Maintain MARKET WEIGHT. Top picks: CR Land and Longfor.
- Damon Shen
- Jieqi Liu
China and Hong Kong Property Strategy: Major SOE Developers See Sales ...
For the mainland property market: a) both new and secondary home sales in core cities improved, and b) SOEs saw sales rebound in Jun 24. For Hong Kong’s property market: a) it entered the low sales season, b) approval of automatic land lease renewal marginally improved buyer sentiment, and c) an increase in the duty-free quota was below expectations. Maintain MARKET WEIGHT on the China and Hong Kong property sectors. Downgrade the Hong Kong landlord sector to MARKET WEIGHT. Prefer the China prop...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Tuesday, July 02, 2024
KEY HIGHLIGHTS Economics PMI: Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property: Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming: Jun 24 GGR down 12% mom, missing expectations. HSI AND HS TECH INDEX OUTLOOK
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.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
599A SANDS CHINA LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Limartha Adhiputra
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, July 02, 2024
GREATER CHINA Economics PMI Manufacturing PMI below 50% for a second month. Strategy China And Hong Kong Property Major SOE developers saw sales rebound in June; policy support for Hong Kong tourism weaker-than-expected. Sector Macau Gaming Jun 24 GGR down 12% mom, missing expectations. INDONESIA Results Vale In...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
INCO VALE INDONESIA
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China and Hong Kong Property Strategy: Weekly observation of property ...
For the mainland property market: a) new home sales in core cities improved wow but fell yoy, b) second-hand home sales in Tier 1 cities continued to rebound, and c) signs of stabilisation of listing prices seen in some Tier 2 cities. For Hong Kong’s property market: a) primary sales in June were weaker than expected, and b) SHKP’s NOVO Land is a highlight. Maintain MARKET WEIGHT on both sectors. Prefer Hong Kong developers to China developers for their stronger fundamentals and attractive valua...
- Damon Shen
- Jieqi Liu
China Property: Industry fundamentals remain weak; rising policy uncer...
According to the latest NBS data, there is a marginal recovery in national property sales, with the slump in property prices accelerating in May 24. Listing prices in most core cities remain on a downward trend, with Shanghai and Shenzhen seeing signs of stabilisation. Without additional policy enhancements, destocking initiatives are expected to continue facing persistent challenges. There are still expectations for further supportive policies. Maintain MARKET WEIGHT on China’s property sector.
- Damon Shen
- Jieqi Liu
China Property: Property prices drop further after 17 May 24 policy co...
The average daily new homes sales in 15 major cities for 18 May to 6 June was 28.3% higher than that of 1-17 May. Second-hand home sales in Tier 1 cities also saw a strong rebound. However, property prices fell further after the announcement of a policy combo on 17 May, as reflected by the ICE data. The overall progress of destocking is still sluggish. Effective implementation of policies will determine the pace of market stabilisation. Maintain MARKET WEIGHT on China’s property sector.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 11, 2024
GREATER CHINA Economics Trade May exports grew 7.6%; imports moderated. Sector Property Property prices further drop after 17 May 24 policy combo; effective implementation of policies crucial for market stabilisation. INDONESIA Sector Telecommunications Pos...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
TOP THAI OIL PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTG PTG ENERGY
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
BURSA BURSA MALAYSIA BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OR PTT OIL & RETAIL BUSINESS PCL
EXCL XL AXIATA (EXCELCOMINDO)
688536 3PEAK INCORPORATED
BCOW 1895 BANCORP OF WISCONSIN INC
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
- Jieqi Liu
- Ming San Soong
China Property: Central government announces solid policy combo to rev...
The central government announced a policy combo on 17 May. Although the Rmb300b PSL is below market expectations, the removal of the mortgage rate floor is a positive surprise that will revive buyers’ sentiment. The accelerated granting of whitelist loans will help ease the risks of undelivered homes. With sufficient implementation by local SOE and banks, we expect property prices to stabilise in 2025. Maintain MARKET WEIGHT. Top picks: COLI and Longfor.
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