reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – November 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
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
U96 SEMBCORP INDUSTRIES 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
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
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
SPOST SINGAPORE POST LTD
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.
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
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
- Greater China Research Team
Greater China Strategy Alpha Picks: November Conviction Calls
The HSI and MSCI China dropped 3.9% and 5.9% mom respectively in October, as investors took profit pending further details on the expected fiscal package. We expect the fiscal stimulus to have been largely priced in and will take profit on most outperformers. Our focus will be on stocks with specific catalysts in the near term. We are adding Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. We add Sinopharm to our SELL list.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, November 04, 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
5162 VSTECS
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AD2 AIR CHINA LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
T TELEKOM MALAYSIA BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ECW ECO WORLD DEVELOPMENT GROUP
TXG 10X GENOMICS INC CLASS A
RGB RGB INTERNATIONAL BHD
TDC TIME DOTCOM BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CDB CELCOMDIGI BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China State Construction Engineering Corporation (601668 CH): 3Q24 ope...
CSCEC saw a notable contraction in infrastructure construction revenue in 3Q24. Core net profit for 9M24 fell 9.8% yoy, missing our full-year forecast of +4.3% yoy. Qoq improvement in OCF and gearing is a positive sign. We lower our 2024/25/26 earnings estimates by 9.0%/4.7%/2.4% respectively. Rolling over to FY25 EBITDA, we cut our target price by 4.9% to Rmb6.79. Maintain BUY. Expect CSCEC to benefit from enhanced fiscal policies in 4Q24-1H25.
- Damon Shen
- Jieqi Liu
China Strategy: China Construction And Property -- Key beneficiaries o...
On 12 October, the MoF announced a plan to resolve the hidden debt risks of local governments, potentially improving the cash flow of infrastructure projects and benefitting SOE contractors. The expansion of the use of special bonds will further strengthen the destocking policy, bringing total low-cost funding to approximately Rmb1t per our estimation. There is a stronger policy mix this time, but implementation remains to be tested. Maintain MARKET WEIGHT. Top picks: CSCEC, CR Land and Longfor.
- Damon Shen
- Jieqi Liu
China Construction: The momentum of FAI is yet to improve; awaiting po...
In Aug 24, infrastructure investment saw slower growth while real estate investment remained weak. Amid a weak economy, construction companies faced challenges in 1H24, with divergence in the growth rates of new orders. However, weak fundamentals have largely been priced in, as evidenced by the fact that CSCEC, the top 1 contractor that has consistently increased its DPS in the past decade, is trading at 6.2% 2024 yield, nearing the historical high. Maintain MARKET WEIGHT. Top pick: CSCEC.
- Damon Shen
- Jieqi Liu
China Construction: Building on the positive development of macroecono...
In 2H24-2025, stronger fiscal support is expected to positively drive infrastructure investment while property policies on both demand and supply may help to stabilise the property market. The construction sector, demand of which is mainly driven by China’s FAI, will be a key beneficiary of the positive development of macroeconomic policies. Initiate coverage on the construction sector with a MARKET WEIGHT rating. Initiate coverage on CSCEC with BUY and a target price of Rmb6.09.
- Arsit Pamaranont
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, September 10, 2024
GREATER CHINA Economics Inflation Deflationary pressures rising. Sector Construction Building on the positive development of macroeconomic policies in 2H24-2025. Internet 2Q24 results wrap-up: Overall earnings beat; 2H24 outlook remains promising. INDONESIA Small...
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
5243 VELESTO ENERGY
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
RATCH RATCH GROUP PUBLIC CO. LTD.
BRC BRC ASIA LTD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
AVIA AVIA AVIAN TBK PT
02423 KE HOLDINGS INC.
EPIC 1CM INC
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
- Damon Shen
- Jieqi Liu
China Construction: Building on the positive development of macroecono...
In 2H24-2025, stronger fiscal support is expected to positively drive infrastructure investment while property policies on both demand and supply may help to stabilise the property market. The construction sector, which sees demand being mainly driven by China’s FAI, will be a key beneficiary of the positive development of macroeconomic policies. Initiate coverage on the construction sector with a MARKET WEIGHT rating. Initiate coverage on CSCEC with BUY and a target price of Rmb6.09. Stronge...
- MarketLine Department
China Machinery Engineering Corp - Company Profile and SWOT Analysis
Summary China Machinery Engineering Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights China Machinery Engineering Corp (CMEC) is a construction and engineering company. It offers services such as engineering contracting, preliminary project consultation, project design, ...
- MarketLine Department
China Railway Construction Corp Ltd - Company Profile and SWOT Analysi...
Summary China Railway Construction Corp Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights China Railway Construction Corp Ltd (CRCC) is a heavy construction contractor. It focuses on the development of infrastructure construction projects such as railways, bridges, tunnel...
- MarketLine Department
China Railway Construction Corporation Limited - Mergers & Acquisition...
Summary Marketline's China Railway Construction Corporation Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by China Railway Construction Corporation Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Ac...
CHINA STATE CON.ENGR.'A' reduced its risk exposure resulting in an upg...
CHINA STATE CON.ENGR.'A' (CN), a company active in the Heavy Construction industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Positive. As of the analysis date January 11, 2022, the closing pric...
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