reports
- MarketLine Department
Bank of China Limited - Mergers & Acquisitions (M&A), Partnerships & A...
Summary Marketline's Bank of China Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Bank of China Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Inv...
- MarketLine Department
China Minsheng Banking Corp., Ltd. - Mergers & Acquisitions (M&A), Par...
Summary Marketline's China Minsheng Banking Corp., Ltd. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by China Minsheng Banking Corp., Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partne...
- Greater China Research Team
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Thursday, January 11, 2024
GREATER CHINA Sector Catering: Pick Haidilao in the near term on better operating leverage. Maintain UNDERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$69.75/Target: HK$102.00): 3QFY24 preview: Improving GMV and advertising growth bolstered by ad-tech upgrade initiatives. China Merchants Bank Co (3968 HK/BUY/HK$25.80/Target: HK$40.00): When the going gets tough, the tough get going. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,160/Target: Rp1,300): Soft 4Q23 but stronger 2024 perfo...
China Merchants Bank: 2 directors
Two Directors at China Merchants Bank bought/maiden bought 62,000 shares at between 28.030CNY and 28.080CNY. The significance rating of the trade was 71/100. 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'...
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 31, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Pet food exports on track for recovery; beneficiary: Yantai China Pet Food. Results BYD Company (1211 HK/BUY/HK$246.20/Target: HK$630.00): 3Q23: Earnings up 82% yoy and 53% qoq, in line. Maintain BUY. Target price: HK$630.00. China Construction Bank (939 HK/BUY/HK$4.48/Target: HK$6.00): 3Q23: Results in line; earnings up 2.6% on lower credit costs. China Merchants Bank Co. (3968 HK/BUY/HK$30.30/Target: HK$45.00): 3Q23: Results miss; longer wait need...
2308 DELTA ELECTRONICS INC.
AALI ASTRA AGRO LESTARI
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
1099 SINOPHARM GROUP CO LTD
CDREIT CDL HOSPITALITY TRUSTS
709 GIORDANO INTERNATIONAL LTD
TDC TIME DOTCOM BHD
BUKA BUKALAPAK.COM PT TBK
830 CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
- MarketLine Department
Guangzhou Rural Commercial Bank Co Ltd - Strategy, SWOT and Corporate ...
Summary Guangzhou Rural Commercial Bank Co Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Guangzhou Rural Commercial Bank Co Ltd (GRCB) is a provider of retail banking, corporate banking, and e-banking products; and financial market-based solutions. Offerings...
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Tuesday, August 29, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$31.05/Target: HK$50.00) 1H23: Reduced provisions cushion NIM pressure and weakening fee income. China Overseas Land & Investment (688 HK/BUY/HK$15.62/Target: HK$25.86) 1H23: Decent profitability well maintained; expecting accelerated investment in 2H23. Gala Technology (2458 HK/NOT RATED/HK$4.13) 1H23: Solid results; encouraging outlook stemming from overseas expansion. Kingboard Laminates (1888 HK/HOLD/HK$6.44/Target: HK$7.40) 1H23...
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1888 KINGBOARD LAMINATES HOLDINGS LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
2458 GALA TECHNOLOGY HOLDING LT D
- Ariel Poh Yun Li
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Tuesday, August 29, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$31.05/Target: HK$50.00): 1H23: Reduced provisions cushion NIM pressure and weakening fee income. China Overseas Land & Investment (688 HK/BUY/HK$15.62/Target: HK$25.86): 1H23: Decent profitability well maintained; expecting accelerated investment in 2H23. Kingboard Laminates (1888 HK/HOLD/HK$6.44/Target: HK$7.40): 1H23: Earnings in line with profit warning; gradual recovery from 2H23. Shanghai Henlius Biotech Inc. (2696 HK/SELL/HK$11.20/...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5681 PETRONAS DAGANGAN BHD.
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
IJM IJM CORP BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1888 KINGBOARD LAMINATES HOLDINGS LTD
CLAS CAPITALAND ASCOTT TRUST
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Greater China Research Team
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Notes - Friday, July 07, 2023
ASEAN Economics Quarterly ASEAN Outlook: Gingerly seeking value and diversification as near-term headwinds mount. GREATER CHINA Sector Automobile: Weekly: June PV sales beat estimates due to big price cuts on ICE-cars. Maintain UNDERWEIGHT with preference for EV segment. Top BUYs: BYD, CATL and Li Auto. Shipping and Ports: Weak global trade outlook more than priced in. Maintain MARKET WEIGHT; CSH (1919 HK/BUY/Target: HK$9.71) and CSP (1199 HK/BUY/Target: HK$6.65) are our top picks. Update China...
- MarketLine Department
China Minsheng Banking Corp Ltd - Strategy, SWOT and Corporate Finance...
Summary China Minsheng Banking Corp Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights China Minsheng Banking Corp Ltd (CMBC) is a provider of a range of commercial banking, retail banking, and treasury products and services to individuals and corporate customers...
- MarketLine Department
Bank of China Ltd - Strategy, SWOT and Corporate Finance Report
Summary Bank of China Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Bank of China Ltd (BOC), a subsidiary of Central Huijin Investment Ltd, is a provider of personal and commercial banking, wealth management and private banking, treasury, investment banking,...
- Sabrina Soh
China Merchants Bank (3968 HK): 1Q23: Results in line; cautiously opti...
CMB’s revenue dropped 1.47% yoy with NIM declining as expected, affected by multiple LPR cuts. NPL remained under 1% at 0.95%, but management expects that all bad debts in the real estate sector will be fully exposed this year. Also, management gave a cautiously optimistic guidance on NIM, given that it is trending down. Maintain BUY on CMB with a target price of HK$58.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, May 2, 2023
KEY HIGHLIGHTS Economics PMI Points to weak employment outlook. Sector Aviation Airlines: 1Q23 narrowing losses broadly in line with expectations. Maintain UNDERWEIGHT. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.44/Target: Rmb7.10) 2022/1Q23: In line; speeding up M&A. China Construction Bank (939 HK/BUY/HK$5.25/Target: HK$6.06) 1Q23: Results in line; NIM to stabilise in next few quarters. China Merchants Bank (3968 HK/BUY/HK$37.65/Target: HK$58.00) 1Q23: Results in line; cautiously op...
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
2460 GANFENG LITHIUM
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Malaysia Research Team
- Sabrina Soh
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 28, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00): 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00): 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00): 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30): 2022: Net profit in line with pr...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
ASTRO ASTRO MALAYSIA HOLDINGS BHD
RFMD RAFFLES MEDICAL GROUP LTD
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Sabrina Soh
China Merchants Bank (3968 HK): 2022: Results in line; loan repricing ...
CMB’s net profit grew 15.1% yoy, affecting by slowdown in non-interest income. NIM compression was also in line. The real estate sector affected the asset quality but management expects significant decrease in the formation of NPL in 2023. While NIM compression continues to impact industry-wide earnings, increased demand for retail lending as China’s economy recovers should partially offset the negative deviation. Hence, we maintain BUY on CMB and cut the target price to HK$58.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 28, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00) 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00) 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00) 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30) 2022: Net profit in line with p...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1558 YICHANG HEC CHANGJIANG PHA-H
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Sabrina Soh
China Banking: Limited impact of Credit Suisse crisis on Chinese Finan...
China's bank bond market investments do not have overseas AT1 holdings, limiting the potential contagion risk to the Chinese banking system. China’s AT1 bonds differ from overseas AT1 bonds mainly on their: a) write-down clauses with specific trigger conditions, while foreign AT1 bonds can have principal write-downs; b) dividend suspension mechanism; and c) higher probability of redemption. Maintain MARKET WEIGHT. Our top pick is CMB (3968 HK).
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - March 2023
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: We expect higher volatility in March, adding Zhongsheng Group to our SELL list. New BUY ideas include Anhui Conch, CM Bank, Desay SV, Fenjiu, and Sunny Optical. INDONESIA Strategy Alpha Picks: Portfolio Overhaul After Gains in Feb 23: Our picks: HMSP, ROTI, BBYB, BMRI, BUKA, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Blockchain And Reopening Winners: Our Alpha Picks fell significantly more than the FBMKLCI in Feb 23. Ma...
00823 LINK REAL ESTATE INVESTMENT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI NIPPON INDOSARI CORPINDO
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
ROTH BRITISH AMERICAN TOBACCO BHD
881 ZHONGSHENG GROUP HOLDINGS
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
FEH FOOD EMPIRE HOLDINGS LTD
WHA TB WHA CORP PCL
OR PTT OIL & RETAIL BUSINESS PCL
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9868 XPENG INC
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2378 PRUDENTIAL PLC
EXCL XL AXIATA TBK PT
CLAS CAPITALAND ASCOTT TRUST
BBYB BANK NEO COMMERCE
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2023 - Cross-currents
2023 will provide good trading opportunities as an improving Chinese economy comes up against the Fed’s tightening cycle. China’s reopening should buoy equities in 1H23 and we are OVERWEIGHT on the reopening, reflation beneficiaries and structural growth themes in tech and industrials. 2H23 may see rising downside risk if Fed fund rates stay high and global growth slows further. Under our base-case forecast, MSCI China will hit a high of 74pt in 1H23, with the year-end target at 55pt.
01109 CHINA RESOURCES LAND LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
ONT 1300 SMILES LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
6098 COUNTRY GARDEN SERVICES
2747 ESTUN AUTOMATION
3690 MEITUAN DIANPING 3690 HK
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
PDD PINDUODUO PDD US
9961 TRIP.COM GROUP LTD
- Greater China Research Team
- Tham Mun Hon
China Market Strategy: 2023 - Cross-currents
2023 will provide good trading opportunities as an improving Chinese economy comes up against the Fed’s tightening cycle. China’s reopening should buoy equities in 1H23 and we are OVERWEIGHT on the reopening, reflation beneficiaries and structural growth themes in tech and industrials. 2H23 may see rising downside risk if Fed fund rates stay high and global growth slows further. Under our base-case forecast, MSCI China will hit a high of 74pt in 1H23, with the year-end target at 55pt. Normalc...
01109 CHINA RESOURCES LAND LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
6098 COUNTRY GARDEN SERVICES
2747 ESTUN AUTOMATION
3690 MEITUAN DIANPING 3690 HK
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
PDD PINDUODUO PDD US
9961 TRIP.COM GROUP LTD
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