reports
- Gigi Cheuk
- Kate Luang
Launch Tech (2488 HK): 1H25: Robust overseas and software business gro...
Launch Tech’s 1H25 revenue/net profit grew 10%/28% yoy respectively on the robust growth of its overseas businesses, software and data business, stringent cost controls and lower impairment losses. Management is positive on the 2025 outlook, driven by the robust growth of its high-margin overseas businesses, software, services and data services as it continues to integrate AI with its products and services. The interim payout ratio rose to 65% and management is open to share buybacks.
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
Greater China Daily: Wednesday, August 6, 2025
KEY HIGHLIGHTS Strategy China & Hong Kong Property The 30 Jul Politburo meeting emphasised strict controls on hidden government debt and high-quality/prudent urban renewal. CR Land’s acquisition of two prime residential projects in Shanghai (Rmb24.5b) highlights opportunities for SOE developers as LGFVs divest assets under stricter oversight. While Tier 1 and 2 cities show further sales weakness, Hong Kong is progressing with destocking, with potential changes to ease capital transfers for mai...
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, August 6, 2025
GREATER CHINA Strategy China & Hong Kong Property: CR Land’s acquisition of Shanghai projects points to further consolidation towards SOEs; potential easing of capital transfer will be key focus for Hong Kong market. Results Launch Tech (2488 HK/NOT RATED/HK$12.03): 1H25: Robust overseas and software business growth; step-up in dividend. Update Tencent Holdings (700 HK/BUY/HK$559.00/Target: HK$650.00): 2Q25 results preview: Strong game pipeline and AI-powered adtech as key catalysts. INDONESIA ...
- Gigi Cheuk
- Kate Luang
Greater China Small-Mid Cap Monthly: Maintain BUY on Crystal for its s...
KEY CALLS Crystal International (2232 HK) In 1H25, Crystal International (Crystal) saw strong orders with all factories operating at full capacity. Following the addition of 1,000 workers in 1Q25 to a total of 76,000 workers as of end-1Q25, Crystal continued to hire workers in 2Q25, given solid demand from its European customers. We think Crystal’s worker addition will likely exceed its previous target of adding 4,000 workers in 2025, thanks to rising demand across its five production bases a...
- Gigi Cheuk
- Kate Luang
Greater China Small-mid Cap Monthly: Monday, July 14, 2025
Crystal International (2232 HK) In 1H25, Crystal International (Crystal) saw strong orders with all factories operating at full capacity. Following the addition of 1,000 workers in 1Q25 to a total of 76,000 workers as of end-1Q25, Crystal continued to hire workers in 2Q25, given solid demand from its European customers. We think Crystal’s worker addition will likely exceed its previous target of adding 4,000 workers in 2025, thanks to rising demand across its five production bases and a lower ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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