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)
Bilibili Inc. Announces Results of Annual General Meeting
Bilibili Inc. Announces Results of Annual General Meeting SHANGHAI, June 20, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that each of the proposed resolutions (the “Proposed Resolutions”) set out in the notice of the annual general meeting dated April 11, 2025 (the “AGM Notice”) has been adopted at its annual general meeting of shareholders held in Shanghai, China today. After the adoption of the Proposed Resolutions, all corporate authoriz...
- 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.
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
Bilibili Inc. Announces Completion of the Repurchase Right of Its 1.25...
Bilibili Inc. Announces Completion of the Repurchase Right of Its 1.25% Convertible Senior Notes due 2027 SHANGHAI, June 13, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it has completed its previously announced repurchase right relating to its 1.25% Convertible Senior Notes due 2027 (CUSIP No. 090040AD8) (the “Notes”). The repurchase right expired at 5:00 p.m., New York City time, on Thursday, June 12, 2025. Based on information from De...
- 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
JD.com to Hold Annual General Meeting on June 20, 2025
JD.com to Hold Annual General Meeting on June 20, 2025 BEIJING, May 28, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it will hold its annual general meeting of shareholders (the “AGM”) at Building A, No. 18 Kechuang 11 Street, Yizhuang Economic and Technological Development Zone, Daxing District, Beijing 101111, People’s Republic of China, on June 20, 2025 at 3:00 p.m. (Hong Kong time). No proposal will be submitted for...
- Jin Yoon
PDD 1Q25 Results: Revs and Profitability to Face Pressure in the Near ...
What’s new: PDD’s reported 1Q25 results that were below consensus and our expectations. PDD noted that profitability is likely to face challenges in the near-term and potentially over a longer period partly due to continued merchant support amid a challenging environment in both domestic and overseas markets. We lower our PT from US$150 to USD$120 on lowered outlook. Our updated PT of US$120 implies a 16.0x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, May 28, 2025
KEY HIGHLIGHTS Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1...
- Julia Pan Mengyao
- Ming San Soong
PDD Holdings (PDD US) - 1Q25: Earnings Miss Expectations; Increased Pl...
PDD’s 1Q25 results missed expectations. Revenue increased 10% yoy to Rmb95.7b, missing consensus estimate by 6%, dampened by sluggish commission revenue growth. Non-GAAP net profit slumped 45% yoy to Rmb16.9b, 39% below consensus estimate. Non-GAAP net margin shrank 18ppt to 17.7%. Looking ahead, PDD expects its top-line growth and profitability to continue being hampered by its merchant support strategy. Downgrade to SELL with a lower target price of US$90.00.
- Jin Yoon
PDD: 1Q25 Flash - Meaningful Deceleration in Revs; Margins Below Expec...
Total revenues were RMB95.7bn (-13.5% QoQ and +10.2% YoY), below consensus estimates of RMB101.6bn and our expectations of RMB107.9bn. Online marketing services revenue came in at RMB48.7bn (-14.5% QoQ and +14.8% YoY), below our estimates of RMB49.3bn. Transaction services revenues were RMB47.0bn (-12.4% QoQ and +5.8% YoY), below our estimates of RMB58.5bn. Analysts: Jin Yoon
PDD Holdings Announces First Quarter 2025 Unaudited Financial Results
PDD Holdings Announces First Quarter 2025 Unaudited Financial Results DUBLIN and SHANGHAI, May 27, 2025 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights Total revenues in the quarter were RMB95,672.2 million (US$1 13,184.0 million), an increase of 10% from RMB86,812.1 million in the same quarter of 2024.Operating profit in the quarter was RMB16,085.6 million (US$2,216.7 million), a decrease of 38% from RMB25,973.7 million in the ...
- 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. ...
Bilibili Inc. Announces Completion of US$690 Million Convertible Senio...
Bilibili Inc. Announces Completion of US$690 Million Convertible Senior Notes and Offering of Class Z Ordinary Shares in Connection with Hedging Transactions of Certain Convertible Notes Investors and Terms of Concurrent Repurchase SHANGHAI, May 23, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced (i) the completion of its offering (the “Notes Offering”) of US$690 million in aggregate principal amount of convertible senior notes due 2030 (the “No...
- Jin Yoon
BZ 1Q25 Results: Improving Recruitment Demand
What’s new: BZ’s reported 1Q25 revs that were in-line with consensus and our expectations. Top-line growth could bottom out in 2Q as continued recovery in recruitment demand could drive sequentially recovery in the business. Non-GAAP OP target for FY25 remains intact. We maintain our PT at USD25. Analysts: Jin Yoon
- 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...
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.