reports
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
Greater China 2H25 Market Strategy: A Big Beautiful Deal?
Trade deal in focus. Notwithstanding the 90-day truce on tariff escalation, it is still a 50/50 if there will be a “Big Beautiful Deal” between the US and China. The US is steadfast in wanting to cap China’s growth and restricting her access to the latest technology, while China is making a firm stand on its economic rights. We expect that higher US tariffs on Chinese goods are unavoidable, likely closer to the 60% mark, if Trump were to be seen making a credible move to onshore production in ...
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Julia Pan Mengyao
- Ming San Soong
China Internet: 618 Festival – Evolving consumer trends and continued ...
The national subsidies programme continued to reinforce the consumption trend of “value-based substitution” during the 618 festival. While the share of online vs offline spending remained stable, emerging channels are creating new growth opportunities. We believe the consumption momentum will be shaped by: a) impact from the temporary suspension of the national subsidies programme in five provinces, and b) changes in the food delivery competitive landscape. Maintain MARKET WEIGHT.
- Julia Pan Mengyao
- Ming San Soong
China Internet: JD’s new initiative in on-demand delivery is reshaping...
Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.
- Greater China Research Team
Greater China Strategy Alpha Picks: June Conviction Calls
The HSI and MSCI China index rebounded 5.3% mom and 3.5% mom respectively in May, after China and the US agreed on a 90-day tariff truce. Nonetheless, geopolitical uncertainties and tariff war risks remain. Hence, we continue to favour domestic policy beneficiaries and defensive sectors that have been gaining traction in recent weeks. New additions to our BUY list are Prudential and Sino Biopharm, and we take profit on SHKP and Trip.com.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
- Pierre FerraguÊ
Ride-sharing & Delivery: Lower prices fuel accelerating volumes
Today, we are publishing the Ride-sharing & Delivery section of our 27th 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, Service Provider and Semicap Equipment. ...
- Jin Yoon
BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Re...
What’s new: Baidu’s reported 1Q25 results that were above consensus and our expectations driven by AI Cloud. Baidu Core ad rev growth could be impacted by the continued restructuring of AI search. AI Cloud growth could remain resilient in 2Q. We maintain our PT at USD110. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud gr...
Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91.00 (US$101.00).
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Thursday, May 22, 2025
KEY HIGHLIGHTS Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91...
- Jin Yoon
BABA FY4Q25 Results: Continued Investments in Core Businesses
What’s new: Alibaba’s reported FY4Q25 top-line results that were below consensus and our expectations. CMR growth could continue to be supported by take rate improvement, while Cloud could further accelerate partly driven by AI-related products revs. Margins could be adversely impacted due to continued investments in core businesses. We maintain our PT at USD155. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 4QFY25: Slight earnings miss; CMR delivers be...
Alibaba’s 4QFY25 earnings slightly missed expectations. Revenue grew 7% yoy to Rmb236.5b, in line with the street’s estimate. Non-GAAP net profit rose 22% yoy to Rmb29.8b, missing consensus forecasts, with net margin of 12.6%. CMR revenue growth of 12% yoy exceeded expectations, propelled by the introduction of service fees, take rate improvement and the national subsidies programme. Maintain BUY with a lower target price of HK$165.00 (US$165.00).
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, May 16, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Ge...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Greater China Research Team
Greater China Alpha Picks: May Conviction Calls
The HSI and MSCI China index fell 4.3% mom and 5.2% mom respectively in April, driven by Trump’s tariff announcements in early-April and fears of a potential global recession. Due to the ongoing external uncertainties, we will maintain our exposure to domestic policy beneficiaries and defensive sectors. New additions to our BUY list are Alibaba, Innovent, Shuanghuan, and Trip.com, and we take profit of CR Land and JBM Healthcare.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
09961 CTRIP.COM INTERNATIONAL
- Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
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
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Monetisation potential and trends of AI agent from the...
Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT.
- Pierre FerraguÊ
Bible 4Q24 – Mobility & Delivery: Healthy underlying growth
Today, we are publishing the Mobility & Delivery section of our 26th 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. Later this week we will publish sections on Memory, Semicap, Enterprise IT, PC. Ride-sharing bookings decelerated slightly but still posted robust double-digit growth, while delivery bookings a...
A Majority of Businesses Intrigued by the Potential of AI in Achieving...
EQS Newswire / 10/03/2025 / 03:30 CET/CEST More than one in two organizations acknowledge gap in understanding how digital technology can facilitate achieving sustainability goalsHANGZHOU, CHINA - - 10 March 2025 - Over three quarters of businesses (76%) across Asia, Europe and the Middle East are intrigued by the potential of digital technologies, including AI and cloud computing in driving sustainable development, according to the latest survey report titled "Tech-Driven Sustainability Trends and Index 2024", commissioned by Alibaba Cloud, the digital technology and intelligence backbo...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Potential implications from implementation of social s...
JD and Meituan announced plans to gradually begin providing social security coverage for full-time and stable part-time riders nationwide starting 2Q25. Despite JD’s strategic implementation on zero commission and full social security coverage, we opine that this will have a limited impact on the company on competitive landscape and cost level, on the back of Meituan’s dominant market share, extensive restaurant coverage and 1P rider network scale advantages. Maintain MARKET WEIGHT.
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Alibaba Group Holding Limited and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 26 February 2025 in which we reassessed the appropriateness of the ratings in...
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.