reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Focus on four key theses for the sector.
In this report, we have summarised what we read from consumer companies’ 2023 results, the 2024 outlook and recent updates. We think companies: a) with overseas expansion or turnaround prospects, b) that have upside potential of improving operating efficiency, c) that will benefit from near-term catalysts (eg event-driven), and d) have increasing dividend payout will outperform. Anta, CR Beer, CTGDF, Galaxy, Haidilao, Haier, Midea and Shenzhou are our most preferred stocks. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - April 2024
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
TFG THAIFOODS GROUP
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
01299 AIA GROUP LIMITED
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SE SEA ADS
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
IOI IOI CORP BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
3692 HANSOH PHARMACEUTICAL GROUP
BUKA BUKALAPAK.COM PT TBK
PDD PINDUODUO PDD US
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY SUNWAY BHD
ESSO ESSO THAILAND PCL
HUME HUME CEMENT INDUSTRIES BHD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Haier Smart Home (6690 HK): 2023: Results largely in line; generous di...
Haier’s 2023 results were in line with market consensus but 1% slightly below our estimate. We expect Haier to continue to consolidate its market leading position in China, and its overseas operation to improve in terms of profitability, mainly driven by the turnaround of the Europe market. Management aims to raise the dividend payout steadily during 2024-26, and targets dividend payout ratio to be not lower than 50% in 2026. We maintain BUY and raise target price by 9% HK$31.00.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Mar 24 GGR grew 6% mom; may Golden Week a potential cata...
The sequential uptick in Mar 24’s GGR, which surpassed our and the street’s estimates, implies a sustained and resilient gaming demand after the CNY holiday. Notably, this marks another milestone as the industry’s GGR peaked at MOP19.5b after the reopening, marginally above Oct 23’s level. We are confident on the industry’s growth momentum. May 24 Golden Week is a potential catalyst for the sector. Maintain OVERWEIGHT. Top pick: Galaxy Entertainment (27 HK).
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - March 2024
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
AP4 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ADRO RIVERSTONE HOLDINGS
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
M4B NIPPON INDOSARI CORPINDO
SE CHINA MERCHANTS BANK CO. LTD. CLASS H
SEA ADS
INRI COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
PTTEP-R INARI AMERTRON BHD
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SCGB BUMITAMA AGRI LTD
KPJ SUNWAY CONSTRUCTION GROUP BH
SMM KPJ HEALTHCARE BERHAD
3933 SEMBCORP MARINE LTD
MINT THE UNITED LABORATORIES INTE
BURSA MAPLETREE INDUSTRIAL TRUST
MSGB BURSA MALAYSIA BHD
IOI MAH SING GROUP BHD
CPALL TB IOI CORP BHD
ECW CP ALL
GENM ECO WORLD DEVELOPMENT GROUP
MAHB GENTING MALAYSIA BHD
06098 MALAYSIA AIRPORTS HLDGS BHD
01801 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
2013 INNOVENT BIOLOGICS INC.
EKO WEIMOB INC
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
1199 CSPC PHARMACEUTICAL GROUP LTD
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
MRDIY MARCO POLO MARINE LTD
09988 MR DIY GROUP M BHD
09999 ALIBABA GROUP HOLDING LTD.
2696 NETEASE INC
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
TIDLOR PTT OIL & RETAIL BUSINESS PCL
1209 NGERN TID LOR PCL
BUKA CHINA RESOURCES MIXC LIFESTYLE SERVICES
CVL BUKALAPAK.COM PT TBK
01024 CIVMEC
PDD KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
BBTN BAIDU INC
BBNI BANK TABUNGAN NEGARA PERSERO TBK PT
EXCL BANK NEGARA INDONESIA PERSER
GOTO XL AXIATA TBK PT
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
09961 HUME CEMENT INDUSTRIES BHD
BTG CTRIP.COM INTERNATIONAL
BETAGRO PUBLIC COMPANY LIMITED
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Feb 24 GGR declines 4% mom. OVERWEIGHT
Feb 24 GGR was below our and the street’s estimates despite the strong demand seen during the CNY holidays, likely due to volatility in win rates and post-holiday seasonal effects. Nevertheless, Macau is focusing on expanding its international markets, which we view positively as efforts to uplift casino and non-gaming revenues. Maintain OVERWEIGHT. Top pick: Galaxy Entertainment (27 HK). Feb 24 GGR declined 4% mom. According to the Gaming Inspection & Coordination Bureau (DICJ), Feb 24 GGR h...
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Galaxy Entertainment Group (27 HK): 4Q23: Market share shrank within e...
Galaxy’s 4Q23 luck-adjusted EBITDA is in line with consensus estimates. Galaxy’s mass drop and mass GGR exceeded 20% vs 2019 levels during the CNY holidays. In our view, its market share decline could be reversed as it reconfigured its gaming areas at Galaxy Macau and aims to increase focus on the high-end premium mass customers. We expect to see higher operating leverage from 2Q24 onwards. Maintain BUY with unchanged target price of HK$56.00.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, February 29, 2024
GREATER CHINA Economics 2024/25 Budget: Tough Balancing Act. Sector Property: Government removes all cooling measures on Hong Kong property; upgrade sector to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$106.60/Target: HK$128.00): 4Q23: Solid earnings growth; all eyes on AI-powered ads and Ernie Bot in 2024. Galaxy Entertainment Group (27 HK/BUY/HK$42.05/Target: HK$56.00): 4Q23: Market share shrank within expectations; expanding share in 2024. Sun Hung Kai Properties (16 HK/BUY/HK$78.00 /Tar...
1295 PUBLIC BANK BHD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
COM7 COM7
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
IJM IJM CORP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
968 XINYI SOLAR HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
TIDLOR NGERN TID LOR PCL
09888 BAIDU INC
AVIA AVIA AVIAN TBK PT
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, February 29, 2024
KEY HIGHLIGHTS Economics 2024/25 Budget Tough Balancing Act. Sector Property Government removes all cooling measures on Hong Kong property; upgrade sector to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$106.60/Target: HK$128.00) 4Q23: Solid earnings growth; all eyes on AI-powered ads and Ernie Bot in 2024. Galaxy Entertainment Group (27 HK/BUY/HK$42.05/Target: HK$56.00) 4Q23: Market share shrank within expectations; expanding share in 2024. Sun Hung Kai Properties (16 HK/BUY/HK$78....
Galaxy Entertainment Group Reports Q4 & Annual 2023 Results
Galaxy Entertainment Group Reports Q4 & Annual 2023 Results Q4 2023 Group Adjusted EBITDA of $2.8 Billion,Versus $(163) Million in Q4 2022 2023 Full Year Group Adjusted EBITDA of $10.0 Billion Versus $(0.6) Billion in 2022 2023 Full Year Group NPAS of $6.8 Billion Versus $(3.4) Billion in 2022 Announced Another Special Dividend of $0.30 Per Share HONG KONG, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month and twelve-month periods ended 31 December 2023. (All amounts are expr...
银河娱乐集团 2023 年第四季度及全年业绩
银河娱乐集团 2023 年第四季度及全年业绩 2023年第四季度经调整EBITDA为28亿元对比2022年第四季度为(1.63)亿元 2023年全年经调整EBITDA为100亿元，对比2022年为(6)亿元 集团全年股东应占溢利为68亿元，对比2022年为(34)亿元 宣布派发另一次特别股息每股0.30元 香港, Feb. 28, 2024 (GLOBE NEWSWIRE) -- 银河娱乐集团（「银娱」、「公司」或「集团」）（香港联合交易所股份代号﹕27）今天公布截至2023年12月31日止三个月及十二个月期间之业绩。（除另有注明，所有金额均以港元列示） 银河娱乐集团主席吕志和博士表示﹕ 「今天，我很高兴就2023年第四季及全年财务业绩提供最新概况。在银娱，我们继续推动各项业务发展，特别将焦点放在中场并继续妥善分配资源以达至最有效运用。尽管澳门和区内的竞争持续，地缘政治和经济问题影响着消费者的情绪，但我们的努力反映在全年经调整EBITDA达到 100亿元，对比2022年为(6)亿元。 截至2023年12月31日，我们的资产负债表仍然稳健，现金和流动投资总额为250亿元，净现金为235亿元。我们于2023年10月27日派发了每股0.20元的特别股息，我们很高兴宣布另一次特别股息为每股0.30元，将约于2024年4月26日派发。我们是通关后首间宣布恢复派息以回馈...
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Tourism, catering and movie consumption: Strong perfor...
During the Chinese New Year (CNY) holiday, tourism, both domestic and outbound, catering and movie consumption put up strong performances. For the consumer sector, we prefer discretionary to staple, and Macau gaming in the discretionary space, given the strong recovery momentum of Macau tourism and moderate hike in opex. Galaxy is our top pick in Macau gaming sector, given its net cash position amid the higher interests. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
ADCB ABU DHABI COMMERCIAL BANK
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
1928-HK SANDS CHINA
1368 XTEP INTERNATIONAL HOLDINGS
0606923D CHINA DUTY FREE GROUP CO LTD
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
ONEM 1LIFE HEALTHCARE
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - February 2024
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
HUME CEMENT INDUSTRIES BHD
- Greater China Research Team
Greater China Strategy Alpha Picks: February Conviction Calls
The HSI and the MSCI China fell 9.2% and 10.5% mom respectively in Jan 24, dragged down by IT and consumer discretionary stocks amid low market confidence and negative geopolitical news flow. The policy easing in late-Jan 24 may have established a bottom, but the timing of a new upcycle remains uncertain, contingent on favourable macro news flow in the near term. Hence, we remain hedged, adding COSCO Shipping Holdings and FII to our BUY list, with additional SELL calls on Li Auto and Xpeng.
00992 LENOVO GROUP LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
4DS 4DS MEMORY
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
TCOM US TRIP.COM TCOM US
1199 COSCO SHIPPING PORTS LIMITED
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
LI LI AUTO INC. SPONSORED ADR CLASS A
XPEV XPENG INC. ADR SPONSORED CLASS A
9868 XPENG INC
2015 LI AUTO INC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
4DX TRIP.COM GROUP LTD
4D MEDICAL LTD
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: GGR up 4% mom in Jan 24; expect sustainable growth momen...
Going into Feb 24, we expect daily GGR to rise further from Jan 24 (MOP624m) in view of a probable visitation surge during the CNY holidays, supported by the robust forward hotel bookings and free transportation offered to international visitors. The Macao Government Tourism Office expects a daily average of 120,000 visitors during the holiday, exceeding that of the National Day Golden Week (115,411). Maintain OVERWEIGHT. Top pick: Galaxy Entertainment (27 HK). Jan 24 GGR rose 4% mom. Accordi...
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: GGR to trend upwards in Jan 24 and Feb 24.
We expect to see sustained growth in premium mass markets in 2024, following the 12% qoq mass GGR per visitor growth in 4Q23, thanks to premium players’ strong spending power and upgraded new facilities as attractions. We believe the opex hike expectations for 2024, for which we foresee only a moderate growth, and recent salary hike announcements should have been fully digested by the market. Top pick remains Galaxy. Maintain OVERWEIGHT.
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - January 2024
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Greater China Research Team
Greater China Strategy Alpha Picks: January Conviction Calls
The HSI was flat in Dec 23 but the MSCI China fell 2.6% mom. Despite the announcement of new policy support and prospects of US rate cuts in 2024, investors sold into strength following weaker macro data. With MSCI China trading at 9.0x 12-month forward PE, we expect most negatives to have been priced in. We add the potential beneficiaries of the CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy cut.
NEH NETEASE INC. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1801 INNOVENT BIOLOGICS INC
TCOM US TRIP.COM TCOM US
1093 CSPC PHARMACEUTICAL GROUP LTD
1199 COSCO SHIPPING PORTS LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9999 HK PINDUODUO PDD US
9961 NETEASE INC
TRIP.COM GROUP LTD
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy: Staying the course -- We expect China’s real G...
The Chinese economy will see a gradual climb higher in 2024, hitting 4% yoy growth, with private consumption providing much of the heavy lifting. Policy easing will be incremental, focusing on the real estate sector and local government financing. Until these issues are resolved, PE expansion will be limited. Thus, EPS growth will be the key driver, with an index target of 67.3pt. Our focus is on smart consumption, premiumisation and turnaround stocks, staying negative on the auto sector.
AS7 ANTA SPORTS PRODUCTS LTD.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9999 HK PINDUODUO PDD US
NETEASE INC
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2024 - Staying the course
The Chinese economy will see a gradual climb higher in 2024, hitting 4% yoy growth, with private consumption providing much of the heavy lifting. Policy easing will be incremental, focusing on the real estate sector and local government financing. Until these issues are resolved, PE expansion will be limited. Thus, EPS growth will be the key driver and our index target is at 67.3pt. Our focus is on smart consumption, premiumisation and turnaround stocks. Staying the course. The Central Financ...
AS7 ANTA SPORTS PRODUCTS LTD.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9999 HK PINDUODUO PDD US
NETEASE INC
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