reports
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline (002472 CH): 1Q24: Results in line; soli...
Shuanghuan’s 1Q24 results arrived at the midpoint of its profit guidance, which is in line with our and consensus estimates. Both the ICE-car and EV gear businesses registered a solid >20% yoy growth, while the civil gear business managed to register a profit during the quarter. For 2024, a recovery in ICE-car gears, product upgrade for EV gears, and the rapid expansion of the civil gear business seem to be the key growth drivers for Shuanghuan. Maintain BUY and keep target price at Rmb27.60.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, May 2, 2024
KEY HIGHLIGHTS Economics PMI Manufacturing PMI came in better than expected at 50.4% (-0.4ppt) and stayed in the expansionary zone for the second month. It was mainly supported by production and new orders as employment remained a drag, dropping 0.1ppt to 48.0%. Non-manufacturing hit a three-month low of 51.2%, dragged by moderation in new orders and business expectations. We expect policy support to continue and the July Politburo may see new measures being rolled out. Sector Aviation T...
PRU PRUDENTIAL PLC
600132 CHONGQING BREWERY CO.LTD CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
002352 S.F. HOLDING CO. LTD. CLASS A
002460 GANFENG LITHIUM CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
YUMC YUM CHINA HOLDINGS INC.
2338 WEICHAI POWER CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
603259 WUXI APPTEC CO. LTD. CLASS A
WUXI APPTEC CO. LTD. CLASS H
- Bella Lu Yifei
- Ceilica Su Rui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thailand Research Team
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, May 2, 2024
GREATER CHINA Sector Macau Gaming Apr 24 GGR down 5% mom; downgrade to MARKET WEIGHT. Results China Construction Bank (939 HK/BUY/HK$5.10/Target: HK$6.00) 1Q24: Results in line with better NIM performance. LONGi Green Energy Technology (601012 CH/SELL/Rmb18.20/Target: Rmb14.38) 2023/1Q24: Below expectations; inventory write-down wipes out earnings. Downgrade to SELL. PICC Property and Casualty (2328 HK/BUY/HK$9.71/Target: HK$11.70) 1Q24: Earnings miss on higher COR and lower investment income...
MAJOR MAJOR CINEPLEX GROUP PCL
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
OMH OM HOLDINGS
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
002352 S.F. HOLDING CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
YUMC YUM CHINA HOLDINGS INC.
CDREIT CDL HOSPITALITY TRUSTS
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
338 WEICHAI POWER
TIDLOR NGERN TID LOR PCL
TAPG TRIPUTRA AGRO PERSADA PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline Co (002472 CH): 4Q23: Results in line; b...
Shuanghuan’s 4Q23 results are in line with our estimates and preliminary results, although the revenue was slightly below due to a weaker-than-expected EV gear business. In 2024, growth of the EV gear business should stabilise, but the high growth period is likely over, while the overseas business and development of the newlyacquired civil gear business will be crucial for Shuanghuan to find a new growth driver. Maintain BUY but cut target price to Rmb27.60.
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Johnny Yum Chung Man
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Economics Money Supply Slower-than-expected credit expansion. Trade Exports drop 7.5% and imports fall 1.9%. Sector Healthcare ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60) 4Q23: Results in line; but slowdown in EV gear business is apparent. HSI AND HS TECH INDEX OUTLOOK
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Singapore Research Team
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Monday, April 15, 2024
GREATER CHINA Economics Money Supply: Slower-than-expected credit expansion. Trade: Exports drop 7.5% and imports fall 1.9%. Sector Healthcare: ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60): 4Q23: Results in line; but slowdown in EV gear business is apparent. MALAYSIA Sector Banking: The operational commencement of the various new digital bank...
- Johnny Yum Chung Man
China Industrial Automation: Demand stabilises with marginal recovery ...
We are starting to see a marginal orders recovery in some cyclical verticals and consumer electronics, although visibility is still limited while the impact from foreign brands’ destocking may last into 1Q24. Demand drivers will shift in 2024 as cyclicals and consumer electronics recover while solar and Li-ion weaken; as such, brands with a diversified product mix should be better positioned to capture the recovery cycle in 4Q23-1H24. Downgrade to MARKET WEIGHT as the recovery turned out weaker ...
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline Co Page 37 (002472 CH): 3Q23: Results in...
Shuanghuan’s 3Q23 net profit was in line with preliminary results, while top-line growth was better than our expectation with a steadily improving PV/CV business and strong growth in the civil gear/robotic reducer business. Going forward, management expects a healthy growth for the PV gear business as inventory correction comes to an end, and remains confident in achieving 2024’s incentive target of Rmb950m. Trim target price to Rmb31.80 but upgrade to BUY on undemanding valuation.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 31, 2023
KEY HIGHLIGHTS 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 ne...
X2S SINOPHARM GROUP CO. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
§3§3 CHINA RESOURCES CEMENT
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
002340 GEM CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- 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
- Ariel Poh Yun Li
- Johnny Yum Chung Man
China Industrial Automation: 2Q23 results wrap-up: Robust share gains ...
As foreign brands struggled to destock amid a tough macro environment, domestic automation names maintained the robust momentum in market share gains, with both Inovance and Estun seeing record-high market shares during 2Q23. The market’s recovery is slower than expected, but we are starting to see more positive signs, such as a pick-up in demand from cyclical end-markets, and slightly better sentiments from consumer electronic names. Maintain OVERWEIGHT.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline Co Page 46 (002472 CH): 2Q23: Results in...
While the 2Q23 headline numbers are in line with preliminary results, the detailed breakdown shows that the EV business’ sales growth was slightly behind our expectations, but this is more than offset by the robust recovery in the CV business. Also, the stable margins amid the EV price war showcases Shuanghuan’s strong pricing power over its client, and we expect its sales growth to pick up in 2H23 with the shipment orders recovering since June. Maintain HOLD and raise target to Rmb36.20.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 31, 2023
KEY HIGHLIGHTS Sector Insurance Outstanding 1H23 results from PICC P&C, Ping An and Prudential. Results China Longyuan Power (916 HK/BUY/HK$6.27/Target: HK$8.80) 1H23: Above expectations; wind power utilisation hours grew 8.4% yoy. China Merchants Port (144 HK/BUY/HK$9.46/Target: HK$13.33) 1H23: Results broadly in line; attractive valuation amid cautious outlook. Maintain BUY. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48) 1H23: Results beat expectations; leading market position further str...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
7777 3-D MATRIX
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
916 CHINA LONGYUAN POWER GROUP-H
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
6862 HAIDILAO INTERNATIONAL HOLDING LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 31, 2023
GREATER CHINA Sector Insurance: Outstanding 1H23 results from PICC P&C, Ping An and Prudential. Results China Longyuan Power (916 HK/BUY/HK$6.27/Target: HK$8.80): 1H23: Above expectations; wind power utilisation hours grew 8.4% yoy. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48): 1H23: Results beat expectations; leading market position further strengthened. Ganfeng Lithium (1772 HK/SELL/HK$40.15/Target: HK$33.00): 2Q23: Report profit beats on one-off gains, core earnings in line. Maintain SELL....
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
916 CHINA LONGYUAN POWER GROUP-H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
AZTECH AZTECH GLOBAL LTD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
Zhejiang Shuanghuan Driveline Co Ltd: 1 director
A director at Zhejiang Shuanghuan Driveline Co Ltd sold 1,000,000 shares at 28.120CNY and the significance rating of the trade was 70/100. 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 th...
- Ariel Poh Yun Li
- Johnny Yum Chung Man
China Industrial Automation: Component names may outperform heading in...
Most leading automation names in China have resumed positive growth from a low base in May-Jun 23 after a brief correction in April. Component players are generally performing better than the market’s previous expectations, while robots may disappoint due to EV clients asking for shipment delays. Heading into the results period, we now prefer Inovance for its resilient earnings growth, while Estun may take a back seat as the market monitors its shipment delivery. Maintain OVERWEIGHT.
- 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
- Greater China Research Team
China Strategy Alpha Picks: June conviction calls
After a steeper-than-expected pullback in May, MSCI China‘s and HSI’s 12-month forward PE have fallen to a relatively attractive 9.7x and 8.7x respectively. As the nonmanufacturing PMI remains in expansionary zone, we expect better macro data ahead to provide the catalyst for a rebound. Overall, we increase exposure to oversold sectors, ie 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.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
700 HK TENCENT 700 HK
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
BEKE KE HOLDINGS INC
1024 KUAISHOU TECHNOLOGY
2423 KE HOLDINGS INC - A
- 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
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - May 2023
GREATER CHINA Strategy Alpha Picks: May Conviction Calls: We expect increased volatility in May, but with limited downside. Add CATL, Inovance, Sands China and Tongcheng Travel to our BUY list. INDONESIA Strategy Alpha Picks: Underperformance In Apr 23: Our picks are CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Navigating the Dreaded Month of May: Our Alpha Picks performed in line with the FBMKLCI in Apr 23. May 23 picks: BAT, Genting Malaysia, Malaysia Air...
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
COM7 COM7
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
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
ROTH BRITISH AMERICAN TOBACCO BHD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2013 WEIMOB INC
SCB-R SIAM COMMERCIAL BANK PCL NVDR
FEH FOOD EMPIRE HOLDINGS LTD
MRDIY MR DIY GROUP M BHD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
AZTECH AZTECH GLOBAL LTD
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
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