reports
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small/Mid Cap Monthly – Reiterate BUY On Jacobson Pharma
Key Calls Jacobson Pharma (2633 HK/BUY/HK$1.46/Target: HK$2.73) Jacobson is a leading generic drugs provider in Hong Kong, with Arsenol potentially being the first FDA-approved drug developed locally. We believe Arsenol could be a game changer for Jacobson, contributing 14%/50% of net profit in FY29/34 upon successful FDA approval in 2028. Its current price implies 8.7x FY26F PE and a 6.9% FY26 dividend yield, and we believe the market has not priced in Arsenol’s value of HK$1.13 per share based...
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Greater China Small-mid Cap Monthly: Friday, October 3, 2025
KEY CALLS Jacobson Pharma (2633 HK/BUY/HK$1.46) Leading generic drug provider in Hong Kong. Jacobson Pharma (Jacobson) is the leading generic drugs provider in Hong Kong with a diversified product portfolio of over 3,000 SKUs and nine PIC/S GMPS-accredited generics manufacturing facilities in Hong Kong. The company has been the largest provider of generic drugs to the Hospital Authority since 2012, which accounted for 48% of Jacobson's FY25 revenue. Eyeing US FDA approval for Oral Arsenic Tri...
- Gigi Cheuk
- Kate Luang
VSTECS Holdings (856 HK): 1H25: Fast growth in cloud computing; ongoin...
VSTECS’ 1H25 revenue/net profit grew 13.6%/34.7% yoy to HK$45,515m/HK$610m respectively, representing 46%/51% of our full-year estimates, thanks to robust growth in enterprise systems and cloud computing as well as strong performances in SEA. The company targets a 20% earnings CAGR in 2025-27, driven by robust growth of its cloud computing systems and SEA expansion. Downgrade to HOLD but raise target price to HK$11.05 based on 12.0x 2025F PE.
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, August 22, 2025
KEY HIGHLIGHTS Sector Automobile China’s yoy PV and PEV sales growth returned to positive territory (at +6.2%/+13.5%) in the 33rd week of 2025, as OEMs cut prices again. Geely’s insurance registrations spiked 21% wow during the week, beating our expectation, driven by the blockbuster new model Galaxy A7. However, BYD, Tesla China and Li Auto still posted a yoy sales decline during the week, albeit a wow rebound. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu. Results AAC Technologi...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, August 22, 2025
GREATER CHINA Sector Automobile: Weekly: YOY PV sales growth turns positive on price cuts. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results AAC Technologies (2018 HK/BUY/HK$43.72/Target: HK$57.70): 1H25: Margins miss due to transition period; meaningful recovery in 2H25. Maintain BUY. AIA Group (1299 HK/BUY/HK$73.45/Target: HK$91.00): 1H25: In-line VONB growth; strong OPAT beat. EVE Energy (300014 HK/HOLD/ Rmb48.07/Target: Rmb50.00): 2Q25: Earnings miss due to lowe...
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
VST HOLDINGS LTD.
SATS SP SATS LTD.
MAXIS MAXIS BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
9896 MINISO GROUP HOLDING LTD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Gigi Cheuk
- Kate Luang
Greater China Small-Mid Cap Monthly: 2H25 outlook: Eyeing domestic pla...
KEY CALLS 2H25 Outlook Despite a pause in the trade war, we expect tariff rates in the US to be at least 10% higher than pre-liberation levels. As such, we continue to prefer domestic names with minimal US exposure and solid growth potentials in China and Southeast Asia (SEA), such as JBM Healthcare and VSTECS. We are also eyeing names with potential business turnaround, such as Giordano. UPDATES Crystal International (2232 HK/BUY/HK$5.02/Target: HK$6.18) Horizon Robotics (9660 HK/Not Rated/...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Kate Luang
- Ken Lee
- Sunny Chen
Regional Morning Meeting Notes: Friday, May 30, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: 2H25 outlook: Eyeing domestic plays and names with potential turnaround. Sector Automobile: Weekly: Is there an Evergrand in the China auto sector? Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. Results CSPC Pharmaceutical Group (1093 HK/HOLD/HK$7.62/Target: HK$7.70): 1Q25: Results miss; expects enhanced pipelines to secure major BD deals. Li Auto Inc (2015 HK/BUY/HK$108.20/Target: HK$145.00): 1Q25: Earnings and forward guidance mi...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BN2 VALUETRONICS HOLDINGS
VST HOLDINGS LTD.
AXIATA AXIATA GROUP BERHAD
IJM IJM CORP BHD
GENM GENTING MALAYSIA BHD
709 GIORDANO INTERNATIONAL LTD
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
02161 JBM (HEALTHCARE) LTD
02015 LI AUTO INC
09868 XPENG INC
1395186D HORIZON ROBOTICS
- Gigi Cheuk
- Kate Luang
Greater China Small-mid Cap Monthly: Thursday, May 29, 2025
Key Calls 2H25 Outlook Despite a pause in the trade war, we expect tariff rates in the US to be at least 10% higher than pre-liberation levels. As such, we continue to prefer domestic names with minimal US exposure and solid growth potentials in China and SEA, such as JBM Healthcare and VSTECS. We are also eyeing names with potential business turnaround, such as Giordano. Top pick: JBM (2161 HK). JBM is a leading branded healthcare provider with 95% revenue in Hong Kong and Mainland China...
- Gigi Cheuk
- Kate Luang
Greater China Small-Mid Cap Monthly: Sidestepping Trump’s tariffs: Pre...
KEY CALLS Sidestepping Trump’s Tariffs Trump has imposed up to 245% import tariffs on China and 10% tariffs on the rest of the world as the reciprocal tariffs announced on 2 April are put on hold for 90 days from 9 April. While Trump has exempted smartphones, computers and other tech devices from reciprocal tariffs on 11 April, they could be subject to a separate round of “semiconductor tariffs”, which will likely be announced next week. UPDATES Crystal International (2232 HK/BUY/HK$4.46/Tar...
- Gigi Cheuk
- Kate Luang
Greater China Small-mid Cap Monthly: Wednesday, April 16, 2025
Key Calls Sidestepping Trump’s Tariffs Trump has imposed up to 245% import tariffs on China and 10% tariffs on the rest of the world as the reciprocal tariffs announced on 2 April are put on hold for 90 days from 9 April. While Trump has exempted smartphones, computers and other tech devices from reciprocal tariffs on 11 April, they could be subject to a separate round of “semiconductor tariffs”, which will likely be announced next week. In view of the US’ ever-changing tariff policies, we ...
- Gigi Cheuk
- Kate Luang
VSTECS Holdings (856 HK): 2024: Results double beat; stepping up inves...
VSTECS’ 2024 revenue/net profit grew by 20.6%/14.1% yoy to HK$89,086m/HK$1,052m, beating our estimates, thanks to robust growth in enterprise systems, cloud computing and a strong performance in Southeast Asia. Management plans to increase its R&D in AI by 50% in 2025 and targets a 15-20% net profit CAGR in 2025-27. The company targets a 30-35% dividend payout ratio going forward. Maintain BUY and raise target price to HK$6.85 based on 8.0x 2025F PE.
- Carol Dou Xiao Qin
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Monday, March 24, 2025
KEY HIGHLIGHTS Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) CSP’s 2024 core net profit of US$301.8m (+4.9% yoy) was in line with our expectation, at 101.2% of our forecast. The miss at the operating profit level was more than offset by strong JV/associate performance and interest cost savings from debt refinancing. Management guides CSP’s portfolio equity throughput to grow in line with the industry average at a low-single-digit growth rate in 2025. CSP is trading at 7.6x...
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Gigi Cheuk
- Kate Luang
Greater China Small-Mid Cap Monthly: Stronger order visibility into 20...
Key Calls Crystal International (2232 HK) We held an update call with Crystal International (Crystal). It has already achieved its 2H24 target of adding 4,000 workers (vs 70,000 workers as of Jun 24) in 3Q24 and continues to recruit workers in 4Q24, thanks to stronger-than-expected order growth from its key customers, especially Uniqlo and Lululemon. Crystal is Lululemon’s strategic partner and is planning to set up a new factory for Lululemon in Vietnam in view of a solid order growth moment...
- Gigi Cheuk
- Greater China Research Team
- Kate Luang
Greater China Daily: Wednesday, November 6, 2024
KEY HIGHLIGHTS Strategy Small-Mid Cap Monthly Key Calls: Crystal International (2232 HK) -- Stronger order visibility into 2025 for Crystal International, reiterate BUY and raise target price to HK$5.12. Updates: VSTECS Holdings (856 HK/BUY/HK$4.53/Target: HK$5.47) & Texwinca (321 HK/Not Rated/HK$0.91) TRADERS’ CORNER China International Capital (3908 HK): Trading buy range: HK$15.25-15.70 China Mengniu Dairy (2319 HK): Trading buy range: HK$18.06-18.36
- Arsit Pamaranont
- Chong Lee Len
- Gigi Cheuk
- Heidi Mo Jinghui
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Philip Wong
- Stevanus Juanda
Regional Morning Meeting Notes: Wednesday, November 06, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Stronger order visibility into 2025, reiterate BUY on Crystal International and raise target price to HK$5.12. INDONESIA Results Indofood Sukses Makmur (INDF IJ/BUY/Rp7,875/Target: Rp12,000) 3Q24: Ahead of consensus expectation – driven by IFAR. Indofood CBP (ICBP IJ/BUY/Rp12,450/Target: Rp15,000) 3Q24: Strong volume growth; core NPAT in line wit...
IRPC IRPC PUBLIC CO. LTD.
F34 WILMAR INTERNATIONAL LIMITED
VST HOLDINGS LTD.
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
NETLINK NETLINK NBN TRUST
FNH FRASER & NEAVE HOLDINGS BHD
MSGB MAH SING GROUP BHD
ECW INDOFOOD CBP SUKSES MAKMUR T
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
TXG SUNWAY BHD
UEMS 10X GENOMICS INC CLASS A
321 UEM SUNRISE BHD
CICT TEXWINCA HOLDINGS LTD
MCH CAPITALAND INTEGRATED COMMERCIAL TRUST
123F MATRIX CONCEPTS HOLDINGS BHD
ITC 123FAHRSCHULE SE
2232 I-TAIL CORPORATION PUBLIC COMPANY LIMITED
EPIC CRYSTAL INTERNATIONAL GROUP LTD
IOIPG 1CM INC
LAGENDA IOI PROPERTIES GROUP BHD
LAGENDA PROPERTIES BHD
- Damon Shen
- Jieqi Liu
Greater China Small-mid Cap Monthly: Tuesday, November 5, 2024
SMALL-MID CAP MONTHLY − GREATER CHINA Key Calls Crystal International (2232 HK) We held an update call with Crystal. It has already achieved its 2H24 target of adding 4,000 workers (vs 70,000 workers as of Jun 24) in 3Q24 and continues to recruit workers in 4Q24, thanks to stronger-than-expected order growth from its key customers, especially Uniqlo and Lululemon. Crystal is Lululemon’s strategic partner and is planning to set up a new factory for Lululemon in Vietnam in view of a solid orde...
- Gigi Cheuk
- Kate Luang
VSTECS Holdings (856 HK): Leading IT distributor riding the AI wave.
VSTECS is the eighth-largest IT distributor globally with an established presence in SEA and China. We forecast a three-year net profit CAGR of 9.2% in 2024-26, fuelled by the rising adoption of AI, refresh cycles for consumer electronics and diversifying cloud services. We like VSTECS’ operating efficiency and cash conversion. We expect a dividend yield of 4.4%/5.1% in 2024-25 on solid cash flow generation. Initiate coverage with BUY. Target price: HK$5.47.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, October 30, 2024
KEY HIGHLIGHTS Initiate Coverage VSTECS Holdings (856 HK/BUY/HK$4.46/Target: HK$5.47) VSTECS is the eighth-largest IT distributor globally with an established presence in SEA and China. We forecast a three-year net profit CAGR of 9.2% in 2024-26, fuelled by the rising adoption of AI, refresh cycles for consumer electronics and diversifying cloud services. We like VSTECS’ operating efficiency and cash conversion. We expect a dividend yield of 4.4%/5.1% in 2024-25 on solid cash flow generation...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Wednesday, October 30, 2024
GREATER CHINA Initiate Coverage VSTECS Holdings (856 HK/BUY/HK$4.46/Target: HK$5.47): Leading IT distributor riding the AI wave. Results Haier Smart Home (6690 HK/BUY/HK$29.80/Target: HK$42.00): 3Q24: Earnings growth driven by efficiency improvement; expect potential tariff hike to have limited impact. Joyson Electronics (600699 CH/BUY/Rmb16.68/Target: Rmb30.00): 3Q24: Earnings in line; maintain BUY with unchanged target price of Rmb30.00. Shenzhen Inovance (300124 CH/HOLD/Rmb56.46/Target: Rmb56...
VST HOLDINGS LTD.
NANO NANOCO GROUP
BN4 KEPPEL CORPORATION LIMITED
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
ROTI NIPPON INDOSARI CORPINDO
0168 TSINGTAO BREWERY CO. LTD. CLASS H
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
AXIATA AXIATA GROUP BERHAD
SCGP SCG PACKAGING PCL
06690 HAIER SMART HOME CO. LTD. CLASS H
8AZ WUXI APPTEC CO. LTD. CLASS H
Z29 AZTECH GLOBAL LTD
600699 029 GROUP SE
JOYSON ELECTRONICS CORP
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