reports
- Greater China Research Team
Greater China Strategy Alpha Picks: December Conviction Calls
Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson, JBM Healthcare and PICC P&C.
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
PDD PINDUODUO INC. SPONSORED ADR CLASS A
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
06160 BEIGENE LTD.
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Pierre FerraguÊ
Bible 3Q25 – Ride-sharing & Delivery: Growth accelerating; margin expa...
Today, we are publishing the Ride-sharing and delivery section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment. Bookings across...
- Jin Yoon
NTES 3Q25 Results: Online Games Continue to Remain Resilient
What’s new: NetEase’s reported 3Q25 revs that were below consensus estimates and our expectations. Gaming rev growth could remain resilient partly driven by the launch of new titles and recovery of legacy titles. We maintain our PT at USD150. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
NetEase (9999 HK): 3Q25: Earnings In Line; Encouraging Deferred Revenu...
NetEase’s 3Q25 results were largely within expectations. Revenue grew 8.2% yoy to Rmb28.4b, 3% below consensus forecast. Gross profit jumped 10.3% yoy to Rmb18.2b, with gross margin rising 1ppt yoy to 64%. Non-GAAP operating profit increased 10% yoy to Rmb8.9b. Non-GAAP net profit rose 26.7% yoy to Rmb9.5b, in line with consensus estimate. Net margin expanded 5ppt yoy to 34% in 3Q25. Maintain BUY with a lower target price of HK$276.00 (US$170.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, November 21, 2025
Top Stories Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Res...
- Jin Yoon
BIDU 3Q25 Results: BIDU Core Ads YoY Decline Could Further Narrow in 4...
What’s new: Baidu’s reported 3Q25 core revs that were largely in line with consensus and our expectations. Baidu Core ad rev YoY decline could further narrow in 4Q partly driven by continued monetization of AI-native ad products. Margins could also fare better in 4Q compared to 3Q as BIDU would remain disciplined in AI spending. We maintain our PT at USD140. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 3Q25: Earnings Beat Expectations; Subdued Top-lin...
Baidu’s 3Q25 earnings missed our expectations. Revenue dropped 7% yoy to Rmb31.2b, in line with consensus estimate. Gross margin dropped 10ppt yoy to 41.2%, below consensus expectation. Non-GAAP operating profit was Rmb2.2b, plunging 69% yoy, while non-GAAP operating profit margin came in at 7%. Non-GAAP net profit slumped 36% yoy to Rmb3.8b, beating consensus forecast. Maintain BUY with an unchanged target price of HK$151.00 (US$167.00).
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 19, 2025
Top Stories Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10 for ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Pelham Smithers
NEH NETEASE INC. SPONSORED ADR
DIS WALT DISNEY COMPANY
CDR CD PROJEKT S.A.
9697 CAPCOM CO. LTD.
9468 KADOKAWA CORPORATION
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
00700 TENCENT HOLDINGS LTD.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
78320 BANDAI NAMCO
7844 JT MARVELOUS INC
- Jin Yoon
BIDU 3Q25 Preview: Top line Intact
What’s New: We maintain our Baidu Core total rev estimates in the 2H as ads would continue to be adversely impacted by restructuring of AI search. Cloud could continue to decelerate in the 2H partly due to tougher comps. We up our PT from US$110 to US$140 partly due to multiples rerating on AI. Our updated PT of US$140 implies an 18.8x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Cost Efficiency As Performance Cornerstone And Robotax...
The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed investor interest. Key companies riding ...
- Pelham Smithers
PSA Media & Entertainment: Are We at Peak Japan Soft Power? Considerin...
Switch 2, Hello Kitty and Demon Slayer have underlined the success of Japan’s global pop culture influence. In this review, Pelham Smithers discusses whether 2025 will be the peak, or if there more to come. In light of the capital limitations faced by Japanese game developers evident at TGS2025, Pelham thinks further consolidation is likely and suggests three likely scenarios.
NEH NETEASE INC. SPONSORED ADR
NFLX NETFLIX INC.
9697 CAPCOM CO. LTD.
9684 SQUARE ENIX HOLDINGS CO. LTD.
9468 KADOKAWA CORPORATION
9766 KONAMI HOLDINGS CORP
7974 NINTENDO CO. LTD.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
9602 TOHO CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
EA ELECTRONIC ARTS INC.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
78320 BANDAI NAMCO
36350 KOEI TECMO
- Julia Pan Mengyao
- Ming San Soong
China Internet: Re-valuation On Shifting Dynamics Of AI Infrastructure...
Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand during Golden Week. Maintain OVERWEIGHT...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): Kunlun AI Chip As The Key Catalyst For Revaluatio...
Amid US chip ban uncertainties, Baidu Inc's (Baidu) Kunlun chip is well-positioned to capture emerging AI chip localisation opportunities. Meanwhile, Robotaxi offers significant growth potential, with Baidu emerging as the global leader in driverless commercial ride-hailing. In cloud, Baidu differentiates itself through its full-stack AI capabilities and a resilient, recurring software revenue stream. Upgrade to BUY with a higher target price of HK$135.00 (US$150.00).
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, September 9, 2025
Top Stories Economics | Trade China’s export momentum softened in August as front-loaded US demand has faded, exposing the vulnerability of shipments to the US market. While the trade diversion supported flows to ASEAN and the EU, overall growth moderated. Imports also weakened amid subdued agricultural demand, despite firmer commodity-related inflows. Product-level data was mixed, with motor vehicles and hi-tech exports showing strength. Looking ahead, the trade outlook remains cautious, with ...
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment.
- Julia Pan Mengyao
- Ming San Soong
China Internet: AI -- Accelerating AI+cloud hyperscaler growth; AI age...
We expect the emergence of AI agents and AI applications to continue fuelling the surge in AI inference demand, driving the acceleration of hyperscaler revenue growth, and we forecast revenue growth reaccelerating in 2H25-2026. The sustained dominance of super-apps in commerce, coupled with the swift rise of cost-efficient AI models, creates a strong catalyst for adoption and future global expansion. We upgrade the internet sector to OVERWEIGHT and are OVERWEIGHT the AI segment. WHAT’S NEW Ev...
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