reports
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Julia Pan Mengyao
China Internet. Deeper Dive Into Agentic AI And The Rise Of AI Super A...
To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To- B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) rollout of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Maintain OVERWEIGHT. Top BUYs: Baidu,...
- Julia Pan Mengyao
China Internet: Deeper dive into agentic AI and the rise of AI super a...
Highlights To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To-B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) roll-out of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Over time, we expect fur...
- Jin Yoon
BIDU 4Q25 Preview: Outlook Remains Intact
What’s New: We maintain our Baidu Core total rev estimates as YoY decline in ads could continue to narrow in 4Q25. AI Cloud infrastructure rev growth could also remain resilient in FY25 despite tougher comps in the other subsegments of cloud. We up our PT from US$140 to US$170 partly due to multiples rerating on AI including a potential IPO of its chip business in 2026. Our updated PT of US$170 implies a 22.6x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 4Q25 Results Preview: Lacklustre Top-line Growth; 1Q...
JD has guided for sluggish low single-digit top-line growth in 4Q25, moderating significantly from 3Q25’s revenue growth of 15% yoy, due to the high-base effect last year as a result of national subsidies. However, 4Q25’s revenue growth performance is likely to mark a cyclical trough, particularly for the JDR segment. We are optimistic about 1Q26 due to the resumption of national subsidies and strong seasonality during the Spring Festival. Maintain BUY with a lower target price of HK$155.00 (US$...
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, January 15, 2026
Top Stories Economics | Trade Export growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while export growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid a broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is market pos...
- Jin Yoon
JD 4Q25 Preview: Lowering Estimates
What’s New: We lower our 4Q25 top- and bottom-line estimates partly due to tougher comps in home appliance and consumer electronics. Investments in food delivery could sequentially decline in 4Q partly due to continued improvement in unit economics. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong AI-driven IPO Wave Set To Unfold In 2026.
We reckon that the AI wave is driven by key themes including: a) recurring AI LLM/applications and cloud revenue growth, and b) a wider deployment of proprietary and data driven AI agents by vertical players to strengthen competitive moats. Amid an uncertain competitive backdrop, we opine that cloud hyper-scalers are key beneficiaries underpinned by their ecosystem scale and technological capabilities, underscoring growing investor confidence in the AI-driven sector’s re-rating. Maintain OVERWEI...
JD.com Announces Updates of Share Repurchase and Cancellation
JD.com Announces Updates of Share Repurchase and Cancellation BEIJING, Jan. 08, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced updates of its share repurchase and cancellation. The Company repurchased a total of approximately 183.2 million Class A ordinary shares (equivalent to 91.6 million American depositary shares, “ADSs”) for a total of approximately US$3.0 billion in 2025. The total number of these repurchased shares amoun...
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): HK Listing Of Kunlunxin To Unlock Value Of Baidu ...
We are optimistic on Baidu as the Kunlunxin spin-off could help unlock financial value for Baidu and strengthen its AI ecosystem. Baidu announced that on 1 Jan 26, Kunlunxin applied for a listing on the HK Stock Exchange. Following the spin-off, Kunlunxin will remain a consolidated subsidiary, with Baidu retaining a controlling 59% stake. Maintain BUY with a higher target price of HK$166.00 (US$185.00).
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Ziv Ang Sze Champ
Greater China Daily: Wednesday, January 7, 2026
Top Stories Company Update | Baidu (9888 HK/BUY/HK$146.60/Target: HK$166.00) We are optimistic on Baidu as the Kunlunxin spin-off could help unlock financial value for Baidu and strengthen its AI ecosystem. Baidu announced that on 1 Jan 26, Kunlunxin applied for a listing on the HK Stock Exchange. Following the spin-off, Kunlunxin will remain a consolidated subsidiary, with Baidu retaining a controlling 59% stake. Maintain BUY with a higher target price of HK$166.00 (US$185.00). Company Update...
- Greater China Research Team
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 picks, add Baidu and Midea to BUY, and take profit on Li Auto and ...
K3SD BAIDU INC SPONSORED ADR CLASS A
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
06160 BEIGENE LTD.
09888 BAIDU 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
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
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 3Q25: Solid Revenue Growth; Investment In FD To Ease...
JD’s 3Q25 results came in above expectations. Revenue increased 15% yoy to Rmb299.1b, 2-3% above our and consensus estimates. in line with its previously guided double-digit growth. Non-GAAP operating profit slumped 98% yoy to Rmb211m, translating to a non-GAAP operating margin of 0.07%. Non-GAAP net profit fell 56% yoy to Rmb5.8b. Adjusted net margin shrank 3ppt yoy to 2%. Maintain BUY with a target price of HK$166.00 (US$46.00).
- Jin Yoon
JD 3Q25 Results: Outlook Remains Intact
What’s new: JD’s reported 3Q25 results that were above consensus and our expectations. JD Retail could continue to be supported by resiliency in general merchandise which partly offset the tougher comps from home appliances and consumer electronics. Investments in food delivery could continue to sequentially decline in 4Q. We maintain our PT at USD42. Analysts: Jin Yoon
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.