reports
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Galaxy Entertainment Group (27 HK): 3Q25: Normalised EBITDA Up 5% qoq;...
Galaxy’s 3Q25 normalised adjusted EBITDA rose 5% qoq, but Typhoon Ragasa decreased the EBITDA by HK$140m. In Oct 25, the company delivered good performance, driven by robust visitations and an unusual win rate in the VIP segment, with this momentum continuing into Nov 25. Looking ahead, management expects 4Q25 to perform slightly above normal seasonality, supported by the top premium mass and VIP segments. Maintain BUY; cut target price by 4% to HK$47.00 (previously HK$49.00).
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ejann Hiew
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Friday, November 7, 2025
Top Stories Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weicha...
Galaxy Entertainment Group Selected Unaudited Q3 2025 Financial Data
Galaxy Entertainment Group Selected Unaudited Q3 2025 Financial Data Continues To Lead Macau’s Non-Gaming Diversification Through MICE, Entertainment And Sporting Events Q3 2025 Group Normalized EBITDA Of $3.3 Billion Up 7% Year-on-Year And Up 5% Quarter-on-Quarter Paid An Interim Dividend Of $0.70 Per Share In October 2025 Continues To Ramp Up Capella At Galaxy Macau And Progressing With The Fitting Out Of Phase 4 HONG KONG, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month p...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - November 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&C an...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Oct 25 GGR Beats Consensus By 4% To Set Another Post- CO...
Macau’s Oct 25 GGR was MOP$24.1b, increasing 32% mom and 16% yoy, and recovering to 91% of 2019’s level (vs a recovery of 83% in Sep 25). Oct 25’s GGR number beat market consensus by 4%, and set another post-COVID-19 record. For 10M25, GGR climbed to MOP$205.4b, up 8% yoy, and recovered to 83% of 2019’s level. Maintain OVERWEIGHT; Galaxy remains our top pick.
- Audrey Celia
- Bella Lu Yifei
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kai Jie Tang
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 03, 2025
Greater China Sector Update | Macau Gaming Macau’s Oct 25 GGR was MOP$24.1b, increasing 32% mom and 16% yoy, and recovering to 91% of 2019’s level (vs a recovery of 83% in Sep 25). Oct 25’s GGR number beat market consensus by 4%, and set another post-COVID-19 record. For 10M25, GGR climbed to MOP$205.4b, up 8% yoy, and recovered to 83% of 2019’s level. Maintain OVERWEIGHT; Galaxy remains our top pick. Company Results | China Merchants Bank (3968 HK/HOLD/HK$48.64/Target: HK$51.00) CMB rep...
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
JPFA JAPFA COMFEED INDONESIA
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
C61U CAPITALAND COMMERCIAL TRUST
ADRO PT ADARO ENERGY TBK
599A SANDS CHINA LTD.
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
LPN LPN DEVELOPMENT PCL
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
06690 HAIER SMART HOME CO. LTD. CLASS H
GOTO GOJEK TOKOPEDIA TBK PT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MAYBANK MALAYAN BANKING BHD
VST VSTECS BHD
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
AADI IJ ADARO ANDALAN INDONESIA
002747 CH ESTUN AUTOMATION
EREIT ESR REIT
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Golden Week -- Modest Consumption Trend With S...
We observed the following trends in holiday consumption: a) jewellery performed well on rising gold prices; b) retail and catering consumption was modest, with growth decelerating from that during the 2025 Spring Festival and Labour Day; c) specialty retail (duty-free) saw per capita spending improve; and d) consumers continued to show enthusiasm for tourism and leisure spending, with domestic long-haul travel and outbound travel gaining popularity. The lower-than-expected Macau visitor arrivals...
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
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.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
9896 MINISO GROUP HOLDING LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - October 2025
Greater China Strategy | Alpha Picks: October Conviction Calls The HSI and MSCI China gained 7.1%/8.2% mom in September on Fed easing and optimism over advancements in semiconductors and AI. We remain positive in the medium term but expect near-term consolidation after the recent strong gains. The best performer of the month was Alibaba (+53.0% mom). With some rotations expected in non-tech stocks, our October calls are: add Galaxy, Jacobson, Ping An, Trip.com and WuXi Bio to BUY; SELL Meituan. ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Sep 25 GGR Misses Consensus By 3% Due To Super Typhoon; ...
Macau’s Sep 25 GGR was MOP$18.3b, down 17% mom but up 6% yoy, recovering to 83% of 2019’s level. This missed market consensus by 3%, largely due to Super Typhoon Ragasa forcing a 33-hour closure of all casinos and disrupting entry points. However, we expect October to be another strong month due to the Golden Week holiday. We hence raise our full-year GGR forecast by 1% to MOP$245b, implying 8% yoy growth and 84% recovery to 2019’s level. Maintain OVERWEIGHT.
- Greater China Research Team
Greater China Strategy Alpha Picks: October Conviction Calls
The HSI and MSCI China gained 7.1%/8.2% mom in September on Fed easing and optimism over advancements in semiconductors and AI. We remain positive in the medium term but expect near-term consolidation after the recent strong gains. The best performer of the month was Alibaba (+53.0% mom). With some rotations expected in non-tech stocks, our October calls are: add Galaxy, Jacobson, Ping An, Trip.com and WuXi Bio to BUY; SELL Meituan. Take profits on Alibaba and Xiaomi; cut losses on Anta.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
03690 MEITUAN CLASS B
2633 JACOBSON PHARMA CORP LTD
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
2269 WUXI BIOLOGICS (CAYMAN) INC.
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Ministry Of Commerce Issues Plan To Expand Ser...
On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spring and autumn vacations to increase the ...
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
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.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: 2Q25/1H25 Results Wrap-up
In 2Q25/1H25, among 22 companies under our coverage, 9 beat / 7 inline or mixed / 6 missed. We observed: a) Deflation persists. b) Companies with more diversified product portfolios, along with product offerings ridding on the emerging consumption trends, stay constructive. c) Companies are expanding into new consumption channels. d) Sectors supported by monetised policy stimulus continue to demonstrate robust domestic sales in 3Q25. e) Companies are committed to enhancing shareholder returns. W...
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
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.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Audrey Celia
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, September 10, 2025
Greater China Sector Updates | Consumer In 2Q25/1H25, among 22 companies under our coverage, 9 beat / 7 inline or mixed / 6 missed. We observed: a) Deflation persists. b) Companies with more diversified product portfolios, along with product offerings ridding on the emerging consumption trends, stay constructive. c) Companies are expanding into new consumption channels. d) Sectors supported by monetised policy stimulus continue to demonstrate robust domestic sales in 3Q25. e) Companies are c...
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
D05 DBS GROUP HOLDINGS LTD
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
INKP PT INDAH KIAT PULP & PAPER TBK
00027 GALAXY ENTERTAINMENT GROUP LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
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.
GAM GAMUDA BHD
IOI IOI CORP BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
KORE KEPPEL PACIFIC OAK US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - September 2025
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: Add Anta, BYDE and CSCEC to our BUY list, Li Auto and OOIL to our SELL list. Take profit on Innovent, JD Logistics, Lenovo, Sino Biopharm, Tencent and TME. INDONESIA Strategy Alpha Picks: Underperformance In August: Our new Alpha Picks are ASSA, ARCI, BBCA, BBNI, BRMS, MTEL, HRUM and NCKL. MALAYSIA Strategy Alpha Picks: Wake Me Up When September Ends: Our Aug 25 Alpha Picks underperformed marginally. Sep 25 picks: Alpha IVF, Hume ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Aug 25 GGR sets another post-pandemic high.
Aug 25 GGR came in at MOP$22.2b, setting yet another post-pandemic high. The Aug 25 GGR remained largely flat mom and increased 12% yoy, recovering to 91% of 2019’s level. For the first eight months combined, GGR reached MOP$163.1b, up 7% yoy and recovering to 82% of 2019’s level. Maintain OVERWEIGHT on Macau’s gaming sector. Top pick remains Galaxy (27 HK).
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
ISticking With China We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int'l Compass reports all echoing this sentiment. We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121. Our bullish near-term outlook will remain in place as long as the 3-month uptrend continues on ACWI-US. Short-term supports to w...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Galaxy Entertainment Group (27 HK): 2Q25: Normalised EBITDA up 7% qoq;...
Galaxy’s 2Q25 normalised EBITDA rose 7% qoq. In 2Q25, the lower hold rate led to a modest mass market share gain. However, the hold rate has been normalising qtd. With Capella’s opening, management expects reinvestments efficiency to be optimised further amid intense market competition. The company declared an interim dividend of HK$0.70, implying a payout ratio of 58%, and management expects the payout ratio of about 60% to remain sustainable. Maintain BUY; raise target price by 5% to HK$45.00.
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, August 13, 2025
KEY HIGHLIGHTS Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) Galaxy’s 2Q25 normalised EBITDA rose 7% qoq. In 2Q25, the lower hold rate led to a modest mass market share gain. However, the hold rate has been normalising qtd. With Capella’s opening, management expects reinvestments efficiency to be optimised further amid intense market competition. The company declared an interim dividend of HK$0.70, implying a payout ratio of 58%, and management expects the payout rat...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, August 13, 2025
GREATER CHINA Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) 2Q25: Normalised EBITDA up 7% qoq; expects reinvestment efficiency to optimise. Increased dividend payout to remain sustainable. Kweichow Moutai (600519 CH/BUY/Rmb1,437.04/Target: Rmb1,722.00) 2Q25: On track to achieve full-year target; expect wholesale price pressure to persist into 2H25. Tencent Music Entertainment Group (1698 HK/BUY/HK$88.30/Target: HK$105.00) ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
QH QUALITY HOUSES
F34 WILMAR INTERNATIONAL LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
CAB CARLSBERG BREWERY MALAYSIA B
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
SREIT SUNWAY REAL ESTATE INVESTMEN
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SE US SEA LIMITED
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
BBYB BANK NEO COMMERCE
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
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.