reports
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, April 30, 2025
GREATER CHINA Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00): 1Q25: Earnings miss due to weaker NIM and fee income; tariff risk is limited. Downgrade to HOLD. China Longyuan Power (916 HK/HOLD/HK$6.10/Target: HK$6.60): 1Q25: In line; cautious outlook amid rising curtailment rates and upcoming policy shift. China Merchants Bank (3968 HK/BUY/HK$44.50/Target: HK$49.00): 1Q25: Earnings down 2.1% yoy on weaker trading gains. Estun Automation (002747 CH/SELL/Rmb19.17/Target: Rmb...
BCP THE BANGCHAK PETROLEUM PCL
FCT FRASERS CENTREPOINT TRUST
BRPT PT BARITO PACIFIC TBK
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
333 MIDEA GROUP
2747 ESTUN AUTOMATION
MPM MARCO POLO MARINE LTD
SCGP SCG PACKAGING PCL
- 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
- Greater China Research Team
China Banking: 1H23 results wrap-up: Getting back on track slowly.
Chinese banks recorded a modest 2.7% earnings growth, primarily attributed to rising trading gains and reduced provisions, which counterbalanced the adverse effects of NIM compression and sluggish fee income. The sector's valuation has suffered in recent years due to market concerns on NIM compression and asset quality. At this point, the sector is trading at a fairly balanced valuation, with the attractive 7% yield offsetting the impact of NIM compression. Maintain MARKET WEIGHT.
- Anas Fitri Bin Ahmad
- Ariel Poh Yun Li
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Leow Huey Chuen
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Sunny Chen
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, August 25, 2023
GREATER CHINA Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50): 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00): 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00): 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30): 1H23: Earnings continue to thrive despite...
ESSO ESSO (THAILAND)
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
ERAA ERAJAYA SWASEMBADA
TSI EMPERADOR
KLK KUALA LUMPUR KEPONG BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
UMWH UMW HOLDINGS BHD
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
- Damon Shen
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Kwanchai Atiphophai
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
Regional Morning Notes - Monday, July 17, 2023
GREATER CHINA Sector Aviation: Airlines: Three major airlines still loss-making in 2Q23. Maintain UNDERWEIGHT with Air China (753HK/BUY/Target: HK$6.32) as our top pick. Property: Latest comments by PBOC official Zou Lan point to further policy easing. Update China Construction Bank (939 HK/BUY/HK$4.39/Target: HK$6.30): 1H23 results preview: NIM dilution is expected to ease; recovery of non-interest income to support earnings growth. Maintain BUY. JD.com (9618 HK/BUY/HK$150.70/Target: HK$216.00)...
- Sabrina Soh
China Construction Bank (939 HK): 1Q23: Results in line; NIM to stabi...
CCB’s net profit grew 2.0% yoy, mainly dragged by the decline in interest income caused by multiple LPR cuts. Despite a significant exposure in the property segment, management guided that CCB’s exposure in the real estate industry is controllable and expects NIM to stabilise in the next few quarters. Maintain BUY with a target price of HK$6.06
- 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)
- Sabrina Soh
China Construction Bank (939 HK): 2022: Results in line; expect NIM co...
CCB’s attributable net profit grew 7.1% yoy, mainly due to a notable decline in noninterest income. Property risk remains manageable, as shown by the 0.04ppt decrease in the NPL ratio. While NIM compression continues to impact industry-wide earnings, increased demand for lending as China’s economy recovers should partially offset the negative deviation. Maintain BUY with target price reduced to HK$6.06.
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Zhifeng Shen
Greater China Daily: Friday, March 31, 2023
KEY HIGHLIGHTS Results China Construction Bank (939 HK/BUY/HK$5.07/Target: HK$6.06) 2022: Results in line; expect NIM compression to continue in 2023. China Mengniu Dairy (2319 HK/BUY/HK$32.60/Target: HK$39.30) 2022: Results below expectations; upbeat on future margin expansion. China Shineway Pharmaceutical (2877 HK/BUY/HK$7.26/Target: HK$10.50) 2022: Earnings growth beats expectations; TCM granule business continues to drive growth. Ganfeng Lithium (1772 HK/SELL/HK$49.45/Target: HK$35.00) ...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
2013 WEIMOB INC
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
9988 ALIBABA (9988 HK)
6049 POLY PROPERTY SERVICES CO LTD
- Adrian Loh Tzum Yung
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Philip Wong
- Posmarito Pakpahan
- Sabrina Soh
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Friday, March 31, 2023
GREATER CHINA Results China Construction Bank (939 HK/BUY/HK$5.07/Target: HK$6.06): 2022: Results in line; expect NIM compression to continue in 2023. China Mengniu Dairy (2319 HK/BUY/HK$32.60/Target: HK$39.30): 2022: Results below expectations; upbeat on future margin expansion. Ganfeng Lithium (1772 HK/SELL/HK$49.45/Target: HK$35.00): 4Q22: Earnings missed our estimates; maintain SELL. Guangzhou Automobile Group (2238 HK/SELL/HK$4.99/Target: HK$4.00): 4Q22: Results grossly missed estimates. Ma...
EZQ CHINA MENGNIU DAIRY CO. LTD.
5218 SAPURA ENERGY BHD
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SMM SEMBCORP MARINE LTD
MNHB MYNEWS HOLDINGS BHD
2013 WEIMOB INC
2460 GANFENG LITHIUM
6049 POLY PROPERTY SERVICES CO LTD
- 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).
- Sabrina Soh
China Construction Bank (939 HK): 3Q22: Results in line; steep decline...
CCB’s delivered in line 3Q22 results, with net profit improving 8.61% yoy, lifted by better-than-expected net interest income, despite NIM compression and a lacklustre non-interest income. While management expects that 4Q22’s NIM will sustain its downward momentum, we expect CCB to deliver solid earnings recovery in 4Q22 with its stable asset quality which offers attractive share price upside on its bargain valuations. Maintain BUY. Target price: HK$5.94.
- Jessie Guo Yuting
- Ken Lee
- Sabrina Soh
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Tuesday, November 1, 2022
KEY HIGHLIGHTS Economics PMI Loses momentum. Results China Construction Bank (939 HK/BUY/HK$4.17/Target: HK$5.94) 3Q22: Results in line; steep decline in non-interest income. China Merchants Bank (3968 HK/BUY/HK$25.80/Target: HK$41.43) 3Q22: Results in line. Resilient earnings despite NIM compression. Ganfeng Lithium (1772 HK/SELL/HK$53.10/Target: HK$37.00) 3Q22: Earnings line with estimates, margins squeezed qoq. Maintain SELL. Target price: HK$37.00. Ningbo Xusheng Group (603305 CH/BUY/Rm...
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- John Cheong Ming Chern
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Leow Huey Chuen
- Llelleythan Tan Tan
- Sabrina Soh
- Selvi Ocktaviani
- Stevanus Juanda
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Tuesday, November 1, 2022
GREATER CHINA Economics PMI: Loses momentum. Results China Construction Bank (939 HK/BUY/HK$4.17/Target: HK$5.94): 3Q22: Results in line; steep decline in non-interest income. China Merchants Bank (3968 HK/BUY/HK$25.80/Target: HK$41.43): 3Q22: Results in line. Resilient earnings despite NIM compression. Ganfeng Lithium (1772 HK/SELL/HK$53.10/Target: HK$37.00): 3Q22: Earnings line with estimates, margins squeezed qoq. Maintain SELL. Target price: HK$37.00. Ningbo Xusheng Group (603305 CH/BUY/Rmb3...
ISAT INDOSAT
F34 WILMAR INTERNATIONAL LIMITED
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
UNVR PT UNILEVER INDONESIA TBK
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
CDREIT CDL HOSPITALITY TRUSTS
MCT MAPLETREE COMMERCIAL TRUST
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
RFMD RAFFLES MEDICAL GROUP LTD
2460 GANFENG LITHIUM
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
- Ariel Poh Yun Li
- Arsit Pamaranont
- Chong Lee Len
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Roy Chen Chengzhi
- Sabrina Soh
- Selvi Ocktaviani
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, September 01, 2022
GREATER CHINA Economics PMI: Manufacturing PMI remains below 50%, but there are pockets of strength. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb5.33/Target: Rmb6.50): 1H22: Below expectations; surge in coking coal prices weigh on margins. China Construction Bank (939 HK/BUY/HK$4.87/Target: HK$6.38): 1H22: Results in line. China Resources Land (1109 HK/BUY/HK$32.25 /Target: HK$43.60): 1H22: Core net profit in line with expectations. Estun Automation (002747 CH/HOLD/Rmb18.90/Target: Rmb21.50):...
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
5347 TENAGA NASIONAL BHD
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
ERAA ERAJAYA SWASEMBADA
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
ABMB ALLIANCE BANK MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
2747 ESTUN AUTOMATION
6862 HAIDILAO INTERNATIONAL HOLDING LTD
338 WEICHAI POWER
- Ariel Poh Yun Li
- Greater China Research Team
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Sabrina Soh
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, September 1, 2022
KEY HIGHLIGHTS Economics PMI Manufacturing PMI remains below 50%, but there are pockets of strength. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb5.33/Target: Rmb6.50) 1H22: Below expectations; surge in coking coal prices weigh on margins. China Construction Bank (939 HK/BUY/HK$4.87/Target: HK$6.38) 1H22: Results in line. China Resources Land (1109 HK/BUY/HK$32.25 /Target: HK$43.60) 1H22: Core net profit in line with expectations. Estun Automation (002747 CH/HOLD/Rmb18.90/Target: Rmb21.50...
01109 CHINA RESOURCES LAND LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
2747 ESTUN AUTOMATION
6862 HAIDILAO INTERNATIONAL HOLDING LTD
338 WEICHAI POWER
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
- Sabrina Soh
China Banking: Key lending rates reduced to revive faltering economy.
On 22 Aug 22, the PBOC reduced the one-year LPR by 5bp from 3.70% to 3.65% and five-year LPR by 15bp from 4.45% to 4.30%. The rate cuts were in line with market expectations and we expect more rate cuts to come to cushion growth in 2022. The impact on banks is minimal and the concern over asset quality will persist. Maintain MARKET WEIGHT. Top picks are CMB (3968 HK) and CCB (939 HK) with a target price of HK$52.87 and HK$6.38 respectively.
- Carolyn Ching
- Jieqi Liu
- Sabrina Soh
China Strategy: Rising downside risk for property; manageable NPL risk...
Buyers of over 150 property projects have collectively refused to make mortgage payments for unfinished, pre-sold units unless construction resumes. We estimate aggregate GFA of projects with serious delayed delivery at 147m-205m sqm. While we expect the unfolding boycott to likely negatively impact buyers’ sentiment and further tighten developers’ financing, the impact on China banks remains manageable and should alleviate market concerns. Maintain MARKET WEIGHT on both sectors.
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1238 POWERLONG REAL ESTATE HOLDINGS LTD
- Sabrina Soh
China Banking: Loan growth recovery takes time.
TSF improved in May 22 but medium- and long-term loans remained weak. We expect to see a recovery in Jun 22 on the back of the economic reopening. Overall credit data remains weak and could pose challenges to banks’ 2Q22 revenue growth. Hence, we revised our forecast due to the weaker loan demand. Top picks are CMB (3968 HK) and CCB (939 HK), with target prices lowered to HK$68.40 and HK$7.75 respectively.
- Sabrina Soh
China Banking: Majority joint stock banks and state-owned banks have l...
The 1Q22 China Monetary Policy Report indicated that most of the banks in China have lowered their interest rates. The new weighted average deposit rate of China financial institutions in end-Apr 22 was 2.37%, decreasing 10bp from the previous week. Weak trade figures raise the risk of China's GDP shrinking. We expect more rate cuts to be taken to bolster the economy. Top picks are CMB (3968 HK) and CCB (939 HK) with a target price of HK$82.9 and HK$8.05 respectively.
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