reports
- Julia Pan Mengyao
Meituan (3690 HK): 4Q25: Earnings Miss; FD Loss To Halve qoq In 1Q26 A...
4Q25 earnings missed expectations. Total revenue increased 4% yoy to Rmb92b, in line with our and consensus estimates. Non-IFRS net loss totalled Rmb15b, with a net margin loss of 17%, missing consensus estimates. For 1Q26, Meituan expects core local commerce revenue growth to remain flattish or drop slightly, with losses projected to halve sequentially. Maintain SELL with a lower target price of HK$74.00.
- Jin Yoon
Meituan 4Q25 Results: CLC Operating Loss Could Meaningfully Narrow in ...
What’s new: Meituan’s reported 4Q25 revs that were in line with consensus and our expectations. Assuming market competition remains rational, food delivery unit economics could continue to sequentially improve throughout FY26 where CLC could return to profitability in the 2H26. We maintain our PT at HKD140. Analysts: Jin Yoon
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, March 27, 2026
Top Stories Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting s...
- Benyamin Mikael
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, March 27, 2026
Greater China Company Results | China Mengniu Dairy (2319 HK/BUY/HK$16.32/Target: HK$23.20) Mengniu’s 2025 core net profit was Rmb3,960m (-11% yoy). Ytd, liquid milk revenue has achieved high single-digit growth, driven by increases in both volume and price. For 2026, management has prioritised revenue growth, targeting mid-single-digit growth, and it also aims to maintain a stable or slightly improved operating margin. It has introduced a three-year shareholder return plan (2025-27), targeting ...
EZQ CHINA MENGNIU DAIRY CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0168 TSINGTAO BREWERY CO. LTD. CLASS H
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
01801 INNOVENT BIOLOGICS INC.
1368 XTEP INTERNATIONAL HOLDINGS
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
WDH WATERDROP INC
BRMS IJ BUMI RESOURCES MINERALS
BNASTRA BINASTRA (BNASTRA MK)
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Frdiay, January 2, 2026
Top Stories Economics | PMI December Manufacturing PMI rose to 50.1, back in the expansionary zone for the first time since March. Non-manufacturing PMI also improved at 50.2 (+0.7pt mom), driven by a rebound in construction activity, while services PMI remained slightly contractionary, pointing to weak domestic demand. Enterprise PMI showed divergent trends, with large firms leading the improvement. Overall, the December data points to an uneven recovery despite the positive headline numbers. ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - December 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Ja...
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.
02232 CRYSTAL INTERNATIONAL GROUP
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)
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
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
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
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Jin Yoon
Meituan 3Q25 Results: Elevated Spending Could Persist into 2026
What’s new: Meituan’s reported 3Q25 results that were below consensus and our expectations. Due to intense competition in food delivery, the company expects operating loss trend to persist in 4Q25 for CLC. The company could also continue to invest in in-store and Keeta – which could further drag profitability in 4Q25 and into 2026. We maintain our PT at HKD140. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Meituan (3690 HK): 3Q25: Earnings Miss; FD Loss To Narrow In 4Q25 Amid...
Meituan’s 3Q25 earnings missed expectations. Total revenue grew 2% yoy to Rmb95.5b, 2-4% below our and consensus estimates. Non-IFRS net loss came in at Rmb16b, with net margin at a loss of 17%, missing consensus estimates. For 4Q25, Meituan expects to see narrowing FD losses on easing competition. In 2026, margins will remain pressured due to FD overseas expansion but total investment will be at or below 2025 levels. Maintain SELL with a slightly lower target price of HK$79.00.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, December 1, 2025
Top Stories Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms easing growth momentum, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Healthcare Mos...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
- 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
- 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
- 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
- Julia Pan Mengyao
- Ming San Soong
China Internet: Re-valuation On Shifting Dynamics Of AI Infrastructure...
Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. Garnering the most interest was the AI theme driven by: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) self-sufficiency in chip development. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent and Baidu. Tongcheng could see robust travel demand during Golden Week. Maintain OVERWEIGHT...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, September 22, 2025
Greater China Sector Update | Internet Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. The AI theme garnered the most interest, attributable to: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) development of self-sufficient chips. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent, and Baidu. Tongcheng could see robust travel ...
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
GAM GAMUDA BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
OKP OKP HOLDINGS (OKP SP)
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Takeaways From Marketing Trip
Key investor focus areas discussed during the marketing trip include: a) key drivers for AI cloud and applications outperformance, b) sustainability of monetisation of AI applications, c) ROI of accelerating capex, d) self-sufficiency in chips development, and e) where the competition in food delivery and quick commerce is ultimately headed. We foresee that AI/AI Cloud, online gaming and OTAs are poised to benefit from further re-rating, supported by their outperformance in growth. Maintain OVER...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
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