reports
Great Wall Motor Co: 1 director
A director at Great Wall Motor Co bought 160,000 shares at 13.610CNY and the significance rating of the trade was 54/100. 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's directors over the last two years ...
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Greater China Daily: Friday, January 19, 2024
KEY HIGHLIGHTS Sector Automobile: Weekly: 2024 as a year of pullback as evidenced by ytd data. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Ganfeng Lithium. Renewable Energy: Solar: Awaiting catalyst for sustainable valuation recovery; the rise of N-type cell. Update Great Wall Motor (2333 HK/SELL/HK$9.18/Target: HK$9.00): Margin pressure bigger than expected; downgrade from BUY to HOLD. Cut target price from HK$13.50 to HK$9.00. Li Auto (2015 HK/SELL/HK$113.20/Target: HK$100.00): Doub...
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Jonathan Koh
- Ken Lee
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, January 19, 2024
GREATER CHINA Sector Automobile: Weekly: 2024 as a year of pullback as evidenced by ytd data. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Ganfeng Lithium. Renewable Energy: Solar: Awaiting catalyst for sustainable valuation recovery; the rise of N-type cell. Update Great Wall Motor (2333 HK/SELL/HK$9.18/Target: HK$9.00): Margin pressure bigger than expected; downgrade from BUY to HOLD. Cut target price from HK$13.50 to HK$9.00. Li Auto (2015 HK/SELL/HK$113.20/Target: HK$100.00): Double wham...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
TS0U OUE COMMERCIAL REAL ESTATE INVESTMENT TRUST
601633 GREAT WALL MOTOR CO. LTD. CLASS A
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENP GENTING PLANTATIONS BHD
2015 LI AUTO INC
9896 MINISO GROUP HOLDING LTD
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2023
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
SMGR PT CISARUA MOUNTAIN DAIRY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2023
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: We add a mix of defensives and turnaround stocks − COSCO Shipping, CR Mixc, Great Wall Motor, Innovent, Link REIT and NetEase − to our BUY list. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: Focusing On Domestic Winners: Our Alpha Picks underperformed the FBMKLCI in Oct 23. Nov 23 picks: BUY BURSA, EKOVEST, GENM, ...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 THAI BEVERAGE PUBLIC CO. LTD.
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SE NIPPON INDOSARI CORPINDO
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
9988 FOOD EMPIRE HOLDINGS LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9999 HK CIVMEC
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
CMRY BANK NEGARA INDONESIA PERSER
ADOOY PT CISARUA MOUNTAIN DAIRY TBK
SMGR PT ADARO ENERGY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY BHD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 30, 2023
GREATER CHINA Sector Aviation: Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90): 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. Goldwind Science & Technology (2208 HK/HOLD/HK$3.76/Target: HK$4.00): 3Q23: Below expectations; 3Q23 WTG sales growth slows to +6.0% yoy. Great Wall Motor (2333 HK/BUY/HK$10.82/Target: HK$13.50): 3Q23: Earnings tripl...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
INCO VALE INDONESIA
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
MINT MAPLETREE INDUSTRIAL TRUST
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
EKO EKOVEST BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - October 2023
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: We expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP. INDONESIA Strategy Alpha Picks: Potential Bull Market in 4Q23: Our picks: BBNI, SMGR, NCKL, MAPI, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: A Handful Of Events To Capitalise On: Our Alpha Picks modestly outperformed the FBMKLCI in Sep 23. Oct 23 picks: BUY BURSA, HAPL, HUME, MAHB a...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
ADRO KEPPEL CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SE NIPPON INDOSARI CORPINDO
PTTEP-R SEA ADS
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
GENM CP ALL
MAHB GENTING MALAYSIA BHD
2013 MALAYSIA AIRPORTS HLDGS BHD
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
MPM ALIBABA (9988 HK)
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9868 NGERN TID LOR PCL
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Weekly: China’s PEV Sales Growth Accelerates ...
China’s PEV retail sales growth accelerated to 40% yoy in the third week of September, driven by seasonality and stimulus measures. CPCA estimates Sep 23 PEV sales at 750,000 units (+22.7% yoy/+7.4% mom), in line with expectations. The top EV companies in China jointly saw 7% mom and 17% wow growth in insurance registrations. BYD’s insurance registrations grew 19.8% mom/20.7% wow to 64,700 units during 18-24 Sep 23, hitting a record high. Maintain UNDERWEIGHT. Top picks: BYD, CATL and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
338 WEICHAI POWER
002340 GEM CO LTD
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1585 YADEA GROUP HOLDINGS LTD
9868 XPENG INC
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
BSDE KEPPEL CORPORATION LIMITED
ADRO PT BUMI SERPONG DAMAI TBK
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
599A CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC SANDS CHINA LTD.
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
02669 NIPPON INDOSARI CORPINDO
2318 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SE PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS SEA ADS
PTTEP-R YINSON HOLDINGS BHD
HMSP PTT EXPLORATION & PRODUCTION PCL NVDR
VSI HM SAMPOERNA TBK PT
BAL V.S. INDUSTRY BERHAD
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
CPN-R CP ALL
GENM CENTRAL PATTANA PCL NVDR
MAHB GENTING MALAYSIA BHD
RATCH MALAYSIA AIRPORTS HLDGS BHD
2013 RATCH GROUP PUBLIC CO. LTD.
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
BEKE ALIBABA (9988 HK)
MRDIY KE HOLDINGS INC
KEX MR DIY GROUP M BHD
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9888 NGERN TID LOR PCL
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
DELFI NATIONGATE HOLDINGS BHD
LHN DELFI LTD
LHN LTD
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jo Yee Ng
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Friday, September 01, 2023
GREATER CHINA Sector Aviation: Airlines still loss-making but improving; expecting a turnaround in 2H23. Maintain UNDERWEIGHT. Results China Mengniu Dairy (2319 HK/BUY/HK$26.40/Target: HK$39.30): 1H23: In line; expecting a smooth price hike. Estun Automation (002747 CH/BUY/Rmb23.23/Target: Rmb31.50): 2Q23: Earnings impacted by forex loss, but robot business remains solid. Great Wall Motor (2333 HK/SELL/HK$9.30/Target: HK$5.20): 2Q23: Results rebound qoq, but 1H23 earnings still fall short of tar...
1023 CIMB GROUP HOLDINGS BHD
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
EZQ CHINA MENGNIU DAIRY CO. LTD.
1155 MALAYAN BANKING BHD.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
853 MICROPORT SCIENTIFIC CORP
2747 ESTUN AUTOMATION
338 WEICHAI POWER
3692 HANSOH PHARMACEUTICAL GROUP
FFB FARM FRESH BHD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - August 2023
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect further supportive policies to be rolled out and are adding potential beneficiaries like Baidu, COPH, CR Beer, CR Land, Ping An Insurance and Sands China to our BUY list. INDONESIA Strategy Alpha Picks: Again, An Outperformance In Jul 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR, MAPI; short ADRO. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks underperformed the FBMKLCI in Jul 23. Au...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SE SEA ADS
YNS YINSON HOLDINGS BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
6098 COUNTRY GARDEN SERVICES
SCB-R SIAM COMMERCIAL BANK PCL NVDR
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
2015 LI AUTO INC
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
ADOOY PT ADARO ENERGY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
DELFI DELFI LTD
LHN LHN LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - July 2023
GREATER CHINA Strategy Alpha Picks: July Conviction Calls: We expect stimulus to be announced in July, and add CG Services and Li Auto to our BUY list. INDONESIA Strategy Alpha Picks: Slight Outperformance In Jun 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: More Re-energised in July: Our Alpha Picks outperformed the FBMKLCI in Jun 23. Jul 23 picks: BUY BAT, Malaysia Airports, Mr DIY, My EG Services, NationGate and Yinson. SINGAPORE ...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
YNS YINSON HOLDINGS BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
SIE SIA ENGINEERING CO LTD
ROTH BRITISH AMERICAN TOBACCO BHD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2013 WEIMOB INC
6098 COUNTRY GARDEN SERVICES
SCB-R SIAM COMMERCIAL BANK PCL NVDR
REXI REX INTERNATIONAL HOLDING LTD
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
BUKA BUKALAPAK.COM PT TBK
2015 LI AUTO INC
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
DELFI DELFI LTD
- Ken Lee
Automobile - Weekly: PV Sales Down 25% mom During 1-11 June, Missing E...
China’s PV retail sales dropped 10% yoy and 25% mom to 425,000 units during 1-11 Jun 23, missing estimates, due to high-base effect and wage cuts. Passenger EV retail sales grew 18% yoy and dipped 4% mom to 160,000 units, below estimates but still better than the overall PV market. Nio cut product prices by Rmb30,000 or c. 10% across the board for cancelling its free battery swap services. Maintain UNDERWEIGHT on China’s auto sector, with preference for the EV segment. Top BUYs: BYD, CATL and Li...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
TXG 10X GENOMICS INC CLASS A
2460 GANFENG LITHIUM
338 WEICHAI POWER
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1585 YADEA GROUP HOLDINGS LTD
9868 XPENG INC
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - June 2023
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: We like oversold sectors like consumer and TMT. Add COSCO Shipping Port, KE Holdings, Kuaishou and Kweichow Moutai to our BUY list and Great Wall Motor to our SELL list. INDONESIA Strategy Alpha Picks: Outperformance in May 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Anticipating A Lull June: Our Alpha Picks slightly underperformed the FBMKLCI in May 23. June 23 picks: BUY B...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
BAB BUMI ARMADA BERHAD
ROTH BRITISH AMERICAN TOBACCO BHD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2013 WEIMOB INC
SCB-R SIAM COMMERCIAL BANK PCL NVDR
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum
- Singapore Research Team
Regional Morning Notes - Monday, June 05, 2023
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: We like oversold sectors like consumer and TMT. Add COSCO Shipping Port, KE Holdings, Kuaishou and Kweichow Moutai to our BUY list and Great Wall Motor to our SELL list. Sector Property Management: GFA expansion largely on track; weak economic recovery weighing on community value-added service. INDONESIA Strategy Alpha Picks: Outperformance in May 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. SINGAPORE Stra...
00823 LINK REAL ESTATE INVESTMENT TRUST
CTRA CIPUTRA DEVELOPMENT
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
MLT MAPLETREE LOGISTICS TRUST
HMSP HM SAMPOERNA TBK PT
RFMD RAFFLES MEDICAL GROUP LTD
6098 COUNTRY GARDEN SERVICES
1199 COSCO SHIPPING PORTS LIMITED
6049 POLY PROPERTY SERVICES CO LTD
BEKE KE HOLDINGS INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
1024 KUAISHOU TECHNOLOGY
ANTA ANTA CORP
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
STM SEATRIUM LTD
- Ken Lee
China Automobile Weekly: Weekly: China Becomes World’s Biggest Car Exp...
China took over Japan’s position as the world’s largest car exporter in 1Q23 with vehicle export volume spiking 75% yoy to 1.49m units in 4M23, driven by EVs. Exports are emerging as the new growth driver of China’s EV industry. As for the China market, passenger EV retail sales in the first two weeks of May doubled yoy and grew 17% mom, in line with expectations. China is mulling stimulus for promoting EV sales in rural areas. Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: B...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
China Automobile Weekly: Weekly: Auto Retail Sales Value Up 25.1% yoy ...
CPCA expects China’s retail sales of PV and passenger EV to drop 1.3%/8.4% mom in Apr 23, given the sharp mom drop in the last week of Apr 23. China’s auto sales were still curbed by the wait-and-see attitude amid a price war, but this is abating with car prices stabilising and more new models being launched. During the Golden Week of the Labour Day holiday, auto retail sales value grew 25.1% yoy, beating expectations. Maintain UNDERWEIGHT. Top BUYs: BYD and CATL. Top SELL: Ganfeng Lithium.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
LI LI AUTO INC. SPONSORED ADR CLASS A
1585 YADEA GROUP HOLDINGS LTD
XPEV XPENG INC. ADR SPONSORED CLASS A
2015 LI AUTO INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ken Lee
Great Wall Motor (2333 HK): 1Q23: Core earnings turned negative, missi...
GWM’s 1Q23 net profit came in worse than expected at Rmb174m (-89% yoy/+65% qoq). Stripping out one-off items, GWM registered core net loss of Rmb217m in 1Q23. The disappointing 1Q23 results were due to sales declines and price cuts, which squeezed margins. We cut our 2023 net profit forecast by 14% to Rmb3,501m and keep those for 2024-25 at Rmb3,462m/Rmb3,274m respectively. Maintain SELL. Cut target price from HK$6.00 to HK$5.20.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Terence Chiu
Greater China Daily: Monday, April 24, 2023
KEY HIGHLIGHTS Initiate Coverage Aviation Airline recovery largely priced in; focus on rebuilding balance sheet strength. Re-initiate coverage with UNDERWEIGHT on the aviation sector. Results Great Wall Motor (2333 HK/SELL/HK$9.24/Target: HK$5.20) 1Q23: Core earnings turned negative, missing our estimates. Maintain SELL. Cut target price to HK$5.20. Han’s Laser (002008 CH/HOLD/Rmb27.23/Target: Rmb30.00) 1Q23: Net profit misses expectations; not entirely unexpected. ZTE Corporation (763 HK/BU...
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kwanchai Atiphophai
- Roy Chen Chengzhi
- Singapore Research Team
Regional Morning Notes - Monday, April 24, 2023
GREATER CHINA Initiate Coverage Aviation: Airline recovery largely priced in; focus on rebuilding balance sheet strength. Re-initiate coverage with UNDERWEIGHT on the aviation sector. Results Great Wall Motor (2333 HK/SELL/HK$9.24/Target: HK$5.20): 1Q23: Core earnings turned negative, missing our estimates. Maintain SELL. Cut target price to HK$5.20. Han’s Laser (002008 CH/HOLD/Rmb27.23/Target: Rmb30.00): 1Q23: Net profit misses expectations; not entirely unexpected. ZTE Corporation (763 HK/BUY/...
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