reports
- 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
Galaxy Entertainment Group Q2 & Interim Results 2025
Galaxy Entertainment Group Q2 & Interim Results 2025 Leading Macau’s Non-Gaming Diversification Through MICE, Entertainment And Sporting Events Q2 2025 Group Adjusted EBITDA of $3.6 Billion, Up 12% Year-on-Year & Up 8% Quarter-on-Quarter Announced Interim Dividend of $0.70 Per Share Capella at Galaxy Macau Exclusive Private Preview Well Received by Its High Value Customers HONG KONG, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Galaxy Entertainment Grou...
银河娱乐集团2025年第二季度及中期业绩
银河娱乐集团2025年第二季度及中期业绩 透过会议奖励旅游、娱乐及体育盛事带领澳门非博彩多元化 2025年第二季度经调整EBITDA为36亿元，按年上升12%，按季上升8% 宣布派发中期股息每股0.70元 澳门银河 嘉佩乐独家私人预览深受高价值顾客好评 香港, Aug. 12, 2025 (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2025年6月30日止三个月及六个月期间之业绩。（除另有注明，所有金额均以港元列示） 银娱主席吕耀东先生表示： 「今天我很高兴向大家报告澳门市场及银娱在2025年第二季度及上半年的稳健表现。尽管面对全球关税纠纷、经济持续放缓及区域竞争等因素，整体澳门市场于2025年第二季度表现仍然强韧，博彩收益总额按年增长8%，按季增长6%，达到593亿元。银娱在竞争激烈的市场环境下，取得稳健的表现，市场占有率亦上升。我们成功推动各项业务板块的发展，特别是高端中场。...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - August 2025
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy Alpha Picks: Underperformance In July: Our new Alpha Picks are ASSA, AKRA, ARCI, BBNI, KLBF, MTEL, and MYOR. MALAYSIA Strategy Alpha Picks: Some Opportunities Amid A “Summer Lull”: Our July 25 Alpha Picks outperformed. Aug 25 picks: Coraza, Eco World, Gamuda, Hume Cement, IJM, Inari, RHB and Zetrix. SINGAPORE ...
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
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Jul 25 GGR Beat Consensus By 5%, Hitting Post-Pandemic H...
Jul 25 GGR came in at MOP$22.1b, up 19% yoy and 5% mom, reaching a new post-pandemic high despite 3Q generally being considered to be a low season. Jul 25 GGR beat consensus by 5% and recovered to 90% of 2019’s level. Given the sustained GGR recovery, we hence raise our full-year GGR forecast by 4% to MOP$242b, implying a 7% yoy growth and 83% recovery to 2019’s level. Maintain OVERWEIGHT on Macau’s gaming sector. Top pick remains Galaxy (27 HK).
- Felix Fischer
Asia Monthly – July 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in July 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Leonard Law
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Sands China (1928 HK): 2Q25 GGR growth outpaces industry; more aggress...
In 2Q25, GGR increased 7% qoq, with improvements in the base mass segment driven by visitations, and normalised property EBITDA grew 3% qoq. SC has adopted a more aggressive customer reinvestment policy since late-Apr 25 to drive its business growth. Going forward, it will implement the strategy flexibly across its entire Macau portfolio, aiming to achieve an annual EBITDA of US$2.7b in the short term. Maintain BUY; target price unchanged at HK$22.00.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - July 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls: Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. INDONESIA Strategy Alpha Picks: Good Performances In June: Our new Alpha Picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA, AMRT and TLKM. MALAYSIA Strategy Alpha Picks: Positioning For Positive US Trade Deals: Our Jun 25 Alpha Picks outperform. Jul 25 picks: Coraza, Duopharma, Eco World, Gamuda, Hume Cement, IJM, Inari and MYEG. SINGAP...
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: Jun 25 GGR beat consensus by 9%; GGR has regained moment...
Jun 25 GGR came in at MOP$21.1b, up 19% yoy but down 1% mom, slightly below its May level when it hit a new post-pandemic high. Jun 25 GGR beat consensus by 9% and recovered to 88% of 2019’s level. Macau’s gaming revenue has regained momentum in recent months, driven by a strong May Day Golden Week holiday and sustained demand thereafter. Maintain OVERWEIGHT on Macau gaming sector. Top pick remains Galaxy (27 HK).
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, July 02, 2025
GREATER CHINA Economics PMI Modest recovery with construction rebound. Sector Macau Gaming Jun 25 GGR beat consensus by 9%; GGR has regained momentum in recent months. INDONESIA Small/Mid Cap Highlights MAP Aktif Adiperkasa (MAPA IJ/NOT RATED/Rp700) Expanding active lifestyle retail business; 1Q25 NPAT up 21% yoy. MAL...
BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
BJC BERLI JUCKER PUBLIC CO. LTD.
ERW ERAWAN GROUP
BN2 VALUETRONICS HOLDINGS
IVL INDORAMA VENTURES PUBLIC CO. LTD.
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
INRI INARI AMERTRON BHD
MLK MALAKOFF CORP BHD
GAM GAMUDA BHD
MTC MUANGTHAI CAPITAL PCL
MYEG MY EG SERVICES BHD
IJM IJM CORP BHD
CPALL TB CP ALL
ECW ECO WORLD DEVELOPMENT GROUP
GMB GAS MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
DBB DUOPHARMA BIOTECH BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
SCGP SCG PACKAGING PCL
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
HUME HUME CEMENT INDUSTRIES BHD
PEKAT PEKAT GROUP BHD
TIDLOR TIDLOR HOLDINGS PCL
MAPA IJ MAP AKTIF ADIPERKASA (MAPA IJ)
- Felix Fischer
Asia Monthly – June 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in June 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on deve...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
KIJA JOLLIBEE FOODS CORP.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - June 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and Trip.com. INDONESIA Strategy Alpha Picks: Good Performances In May: Good performances from most with the exception of GOTO and BUKA. MALAYSIA Strategy Alpha Picks: Raising Emphasis On Infrastructure Plays: Our May 25 Alpha Picks outperformed with resounding success. June 25 picks: Duopharma, Eco World, Gamuda, Hume Cement, IJM, MYEG, Northeast Group. SINGAPORE S...
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
Galaxy Entertainment Group: 1 director
A director at Galaxy Entertainment Group sold 575,612 shares at 33.604HKD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: May 25 GGR beats consensus by 3%, the strongest month si...
Macau’s May 25 GGR came in at MOP$21.2b, up 5% yoy and 12% mom. May 25 GGR beat consensus by 3% and recovered to 82% of 2019’s level, marking the strongest month in 2025 so far and the highest level since borders reopened in Jan 23. In Apr 25, visitations to Macau were up 19% yoy, recovering to 90% of 2019’s level. Maintain OVERWEIGHT on Macau’s gaming sector. Top pick remains Galaxy (27 HK).
- Adrian Loh Tzum Yung
- Claire Wang Kelai
- Ejann Hiew
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, June 02, 2025
GREATER CHINA Economics PMI Respite from weak overseas demand. Sector Macau Gaming May 25 GGR beat consensus by 3%, the highest month since reopening. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp555/Target: Rp670) Early impressions on XPENG X9; strong traffic in Chagee’s initial outlets; maintain BUY. SINGAPORE Update Seatr...
- Felix Fischer
Asia Monthly – May 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in May 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on devel...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
KIJA JOLLIBEE FOODS CORP.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
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