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Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

China Internet: Eyes on the big picture for China's digital economy.

The 14th Five-Year Plan for China’s digital economy will serve as the national digitalisation blueprint, and reaffirms the government’s support towards China’s internet sector. President Xi stressed the importance of integrating China’s digital economy and recognised the contribution of digital technology in the fight against COVID-19. We believe this is positive in the long term, but are cautious on the near term due to slowing macro environment and persistent policy risk. Maintain MARKET WEIGH...

Wedbush Research
  • Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
2454 MEDIATEK INC
UBI UBISOFT ENTERTAINMENT SA
VMW VMWARE INC. CLASS A
QRVO QORVO INC.
WSM WILLIAMS-SONOMA INC.
WEN WENDY'S COMPANY
WDC WESTERN DIGITAL CORPORATION
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
TSCO TRACTOR SUPPLY COMPANY
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
SBNY SIGNATURE BANK
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
PRGS PROGRESS SOFTWARE CORPORATION
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MTH MERITAGE HOMES CORPORATION
LOW LOWE'S COMPANIES INC.
JCOM J2 GLOBAL INC.
INTC INTEL CORPORATION
HBAN HUNTINGTON BANCSHARES INCORPORATED
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EAT BRINKER INTERNATIONAL INC.
DKS DICK'S SPORTING GOODS INC.
DIN DINE BRANDS GLOBAL INC.
CYBR CYBERARK SOFTWARE LTD.
CUBI CUSTOMERS BANCORP INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CFG CITIZENS FINANCIAL GROUP INC.
BIIB BIOGEN INC.
BBY BEST BUY CO. INC.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
AZO AUTOZONE INC.
AXTI AXT INC.
ATVI ACTIVISION BLIZZARD INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
BBBY BED BATH & BEYOND INC.
EA ELECTRONIC ARTS INC.
ZNGA ZYNGA INC. CLASS A
HPE HEWLETT PACKARD ENTERPRISE CO.
TWTR TWITTER INC.
CLSD CLEARSIDE BIOMEDICAL INC
SNAP SNAP INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
AVGO BROADCOM INC.
ZS ZSCALER INC.
TENB TENABLE HOLDINGS
NICE NICE LTD
PINS PINTEREST INC. CLASS A
SCPL SCIPLAY
CHWY CHEWY INC. CLASS A
DELL DELL TECHNOLOGIES INC CLASS C
MTCH MATCH GROUP INC.
ITOS ITEOS THERAPEUTICS
WOOF PETCO HEALTH AND WELLNESS
PLTK PLAYTIKA HOLDING
LICY LI-CYCLE
STX SEAGATE TECHNOLOGY HLDGS PLC
CCSI CONSENSUS CLOUD SOLUTIONS INC
Jin Yoon
  • Jin Yoon

New Street: BABA FY3Q22 Preview

What’s New: We revised down our FY3Q as well as FY22 estimates mainly due to impact from resurgence of cases and continued slowdown in overall China retail. In this note, we highlight the latest update on the business including near term demand outlook and investments in strategic initiatives. Analysts: Jin Yoon

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

Greater China Daily: Monday, January 10, 2022

KEY HIGHLIGHTS Update Alibaba Group (9988 HK/BUY/HK$128.80/Target: HK$167.00) Absence of catalyst in the near term.

Thailand Research Team ... (+5)
  • Thailand Research Team
  • Singapore Research Team
  • Malaysia Research Team
  • Johnny Yum
  • Greater China Research Team

REG: Strategy: Alpha Picks - January 2022

GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We expect the indices to rebound in January on better policy news flow and improving investor sentiments. Add Venus MedTech, replace JD.com with Alibaba on our BUY list. INDONESIA Strategy Alpha Picks: Drop SMRA, ERAA and Add BBNI: Our picks: UNVR, SIDO, JSMR, BMRI, TLKM, KLBF, ROTI, EXCL and BBNI. MALAYSIA Strategy Alpha Picks: Embracing The High Beta Picks: Dec 21 alpha picks portfolio significantly outperformed the FBMKLCI, cappi...

NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
G13 GENTING SINGAPORE
00823 LINK REAL ESTATE INVESTMENT TRUST
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
TOP THAI OIL PUBLIC CO. LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SMRA PT SUMMARECON AGUNG TBK
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
EXCL PT XL AXIATA TBK
Y92 THAI BEVERAGE PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
VSI V.S. INDUSTRY BERHAD
SIDO INDUSTRI JAMU DAN FARMASI SI
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
ART ASCOTT RESIDENCE TRUST
839 CHINA EDUCATION GROUP HOLDINGS LTD
SAPE SAPURA ENERGY BHD
GENM GENTING MALAYSIA BHD
916 CHINA LONGYUAN POWER GROUP-H
BRC BRC ASIA LTD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2331 LI NING CO LTD
UAG UNI-ASIA GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
SENTRAL SENTRAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
291 CHINA RESOURCES BEER HOLDINGS CO LTD
CVL CIVMEC
2500 VENUS MEDTECH (HANGZHOU) INC.
Julia Pan Mengyao ... (+2)
  • Julia Pan Mengyao
  • Chun Sung Oong

China Internet : Recent divestment among tech giants.

We saw the recent news on divestments among tech giants where Alibaba is in discussions to pare down its stake in Weibo after Tencent announced paring its stake in JD by way of a special dividend. We think the move could reduce the tech giants’ influence in China’s internet industry, which complements the government’s anti-trust measures. We maintain our MARKET WEIGHT view on the internet sector with Alibaba as the top pick.

Greater China Research Team
  • Greater China Research Team

China Strategy : Alpha Picks: January conviction calls.

The Chinese equity market remained volatile in Dec 21 as surges of Omicron outbreaks clouded economic revival efforts amid regulators’ efforts to offer clarity on the policy front. Despite the setbacks, based on our expectations that peak regulatory risks have passed with most of the bad news already priced in, we expect the Chinese market to offer some bargains in 2022, supported by more favourable shifts in monetary policy.

Greater China Research Team ... (+2)
  • Greater China Research Team
  • Tham Mun Hon

Greater China Market Strategy : 2022 - A slow climb up.

While still facing a wall of worries, Chinese equities are expected to recover in 2022 on easing COVID-19 fears, peaking of regulatory risks and supportive macro policies. We see a potential upside of 17.9% for the MSCI China index by 2Q22 and expect EV, IT hardware, renewable energy and consumption-related names to outperform. Potential thawing of Sino-US relationship would also be positive for exporters, apparel, auto parts, electronics and appliances.

Tian Hou
  • Tian Hou

T. H. Data Flash - Alibaba Group – November & FY3Q22E: Negatives From ...

We are positive on Alibaba’s FY3Q22E performance relative to the Street expectation. BABA’s issues with regulators started from Oct. 2020. Since then, the new regulations have not only impacted BABA, but the entire internet sector in China. As the first company to experience the pressure, we believe BABA is likely to come out of business contraction soon and refocus on growth. The recent internal personnel changes are likely to lead to a relatively decentralized power structure, which we believe...

Greater China Research Team ... (+3)
  • Greater China Research Team
  • Carolyn Ching
  • Tham Mun Hon

China Market Strategy: 2022 - A slow climb up.

While still facing a wall of worries, Chinese equities are expected to recover in 2022 on easing COVID-19 fears, peaking of regulatory risks and supportive macro policies. We see a potential upside of 16.5% for the MSCI China index by 2Q22 and expect EV, IT hardware, renewable energy and consumption-related names to outperform. Potential thawing of Sino-US relationship would also be positive for exporters, apparel, auto parts, electronics and appliances. - A bruising 2021. The MSCI China index ...

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

China Internet : The homecoming.

The Nasdaq Golden Dragon Index has fallen by 5.4% mtd (as at 8 Dec 21) following the recent news on the potential delisting of Chinese ADRs from the US market. Despite the CSRC downplaying the overseas delisting risk, we still think Chinese ADRs will gradually initiate dual listings back in Hong Kong/China to address the risk of being delisted from the US market. We maintain MARKET WEIGHT on the internet sector.

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

China Internet: The homecoming. MARKET WEIGHT

The Nasdaq Golden Dragon Index has fallen by 5.4% month-to-date (as at 8 Dec 21) following the recent news on the potential delisting of Chinese ADRs from the US market. Despite the CSRC downplaying the overseas delisting risk, we still think Chinese ADRs will gradually initiate dual listing back in Hong Kong/China to address the risk of being delisted from the US market. We maintain MARKET WEIGHT on the internet sector.

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

China Internet : Not out of the woods yet.

China’s slowing e-commerce tangible goods’ GMV growth (+8.7% in 3Q21 vs 3Q20’s +16.2%) and intensifying competition dragged traditional e-commerce companies’ GMV growth in 3Q21 with Alibaba taking the most impact. Consumer staples categories to continue to outperform the non-essential categories as the resurgence of the pandemic will prompt consumers to stockpile staple goods and weak consumer sentiment will weigh on non-essential items. Maintain MARKET WEIGHT.

Chun Sung Oong ... (+2)
  • Chun Sung Oong
  • Julia Pan Mengyao

China Internet: Not out of the woods yet. MARKET WEIGHT

China’s slowing e-commerce tangible goods GMV growth (+8.7% in 3Q21 vs 3Q20’s +16.2%) and intensifying competition dragged traditional e-commerce companies’ GMV growth during 3Q21 with Alibaba taking the most impact. In the near term, we expect consumer staples categories to continue to outperform non-essentials categories as the resurgence of the pandemic will prompt consumers to stockpile staples and weak consumer sentiment will weigh on sales of non-essentials. We maintain MARKET WEIGHT on th...

Sumeet Singh
  • Sumeet Singh

China ADRs Delisting

On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA). On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA which was signed by Trump on 18th Dec 2020 and which seeks to stop China ADRs from being traded on the US exchanges. We have covered the background in our previous notes: China ADRs Secondary Listing Deep-Dive: Yin and Yang, published in Feb ...

Increased risk weighs on ALIBABA GROUP, penalising its rating down to...

The independent financial analyst theScreener just lowered the general evaluation of ALIBABA GROUP (US), active in the Broadline Retailers industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date December 3, 2021, the clos...

Moody's announces completion of a periodic review of ratings of Alibab...

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Alibaba Group Holding Limited. Global Credit Research- 19 Nov 2021. Hong Kong, November 19, 2021-- Moody's Investors Service has completed a periodic review of the ratings of Alibaba Group Holding Limited and other ratings that are associated with the same analytical unit.

Jin Yoon
  • Jin Yoon

New Street: BABA FY2Q22 Results - FY Rev Guide Down on Macro Concerns

What's new: Alibaba’s reported FY2Q22 top-line results were below consensus and our estimates as core commerce face near term amid elevated competition and weakening macro environment. FY22 total revenue guidance was revised to reflect continued slowdown in macro coupled with intensified competition in lower tier city. We lower our PT from USD 250 to USD200, which implies a 20.1x P/E on our FY23 estimates. Analysts: Jin Yoon

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