reports
Glencore: 1 director
A director at Glencore bought 11,000 shares at 446p and the significance rating of the trade was 52/100. 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 clearly showing C...
- 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
- Sid Rajeev
- 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
- Ziv Ang Sze Champ
China Commodities Weekly: Gold steadies above US$2,000; market sees ov...
Gold and copper futures retraced from the multi-month peak on 14 April on the hawkish statement from the Fed governor. Traders now see over 80% odds of a 25bp rate hike in the next FOMC meeting. Weakening steel prices have further compressed steel mills’ profitability. With steel production still hovering at high levels, we see strong inventory pressure ahead. Cement prices have continued weakening while inventory is piling up, due to high capacity utilisation and a lack of incremental demand fr...
- Ziv Ang Sze Champ
China Commodities Weekly: Volatile metals prices on mixed economic dat...
Signs of the US economy slowing down are fuelling recession concerns, and also boosted gold prices to above $2,000 last week. Iron ore prices have slumped on concerns over slowing demand and stricter supervision on speculation activities by NDRC. Steel products’ prices are falling on lacklustre downstream demand. The pace of steel products’ inventory digestion has slowed to -0.7% wow whereas production output continues to expand. Cement prices have weakened due to the recent rainy weather.
- Ziv Ang Sze Champ
Zijin Mining (2899 HK): 2022: Results in line.
Zijin reported 2022 earnings of Rmb20,042m (+27.9% yoy), largely in line with market expectations. Gross margin was flattish at 15.7%, and gross profit margin of mineproduced products fell to 54.3% (-4.69ppt yoy), dragged by the 8.4% yoy decline in mine-produced copper ASP. The depreciation of renminbi is expected to continue weighing on production cost in 2023. Mine-produced copper and gold is expected to grow by 33%/61% yoy in the next three years. Maintain BUY. Target price: HK$15.60.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Malaysia Research Team
- Sabrina Soh
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 28, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00): 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00): 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00): 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30): 2022: Net profit in line with pr...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
ASTRO ASTRO MALAYSIA HOLDINGS BHD
RFMD RAFFLES MEDICAL GROUP LTD
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 28, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$39.30 /Target: HK$58.00) 2022: Results in line; loan repricing the key challenge in 2023. ENN Energy Holdings (2688 HK/BUY/HK$101.70/Target: HK$128.00) 2022: Core profit in line with expectations. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$13.54/Target:HK$18.00) 2022: Earnings down 4.8% yoy; expect double-digit revenue growth in 2023. Kingboard Laminates (1888 HK/HOLD/HK$9.21/Target: HK$8.30) 2022: Net profit in line with p...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1558 YICHANG HEC CHANGJIANG PHA-H
1585 YADEA GROUP HOLDINGS LTD
1888 KINGBOARD LAMINATES HOLDINGS LTD
3692 HANSOH PHARMACEUTICAL GROUP
- Ziv Ang Sze Champ
China Commodities Weekly: China’s modest growth target dampening basic...
China has set 2023 real GDP growth target at around 5%, at the low end of market expectations. Absence of major stimulus for the embattled property sector and infrastructure investments are hurting market sentiment, in addition to the modest LGSB issuance quota of Rmb3.8t for 2023. Infrastructure investments will remain as the key pillar for basic materials’ demand in 2023. We are cautious on the sustainability of the demand recovery as the effects of pent-up demand gradually subside.
- Ziv Ang Sze Champ
China Commodities Weekly: Strength and sustainability of steel demand ...
Strong rebound in US Jan 23 PPI is fuelling concerns about the Fed staying firm with their hawkish stance. The 10-year treasury yield and US dollar index are currently at a six-week high. Steel product prices reacted positively to the slowdown in steel product inventory build-up, although the strength and sustainability of the demand recovery in the current upcycle remain in doubt. Cement prices and inventory levels continued to improve as resumption of construction activities started to gain tr...
- Ziv Ang Sze Champ
China Commodities: Hawkish Fed stance weighing on metal prices; slower...
Gold and copper prices are expected to be under pressure in the near term as the Fed has reaffirmed its view that interest rates will have to keep rising in order to contain inflation. The upward momentum of iron ore futures’ and steel products’ prices has started to ease due to the slower-than-expected downstream demand recovery after the Chinese New Year holidays, with inventory levels continuing to expand. Cement prices have started to rebound with inventory levels reversing down; a recovery ...
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