reports
- Johnny Yum Chung Man
Q Technology Group (1478 HK): 2025: Robust AI Momentum Kicks Off A New...
Q Tech's 2H25 results were largely in line with the profit alert, with net profit surging 623% yoy to Rmb1.2b, boosted by a Rmb903m one-off disposal gain; stripping that out, adjusted net profit of Rmb372m was still 12% above our estimates. Management guided for handset CCM shipment growth of no less than +5% yoy despite smartphone headwinds, while non-handset CCM volume is expected to register another +50% yoy growth. Maintain HOLD with target price of HK$9.70.
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Tham Mun Hon
Greater China Daily: Tuesday, March 17, 2026
Top Stories Economics | Economic Activity Economic activity in 2M26 broadly surprised to the upside. Industrial production accelerated to 6.3% yoy, while retail sales recovered to 2.8% yoy. FAI ytd rebounded to 1.8% yoy, beating expectations of a contraction, supported by strong infrastructure spending and a marked improvement in property FAI ytd to −11.1% yoy. However, it remains to be seen if the rebound is sustainable, given that February’s PMI remained in contractionary territory at 49.0. ...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Audrey Celia
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kong Ho Meng
- Posmarito Pakpahan
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 17, 2026
Greater China Economics | Economic Activity Economic activity in 2M26 broadly surprised to the upside. Industrial production accelerated to 6.3% yoy, while retail sales recovered to 2.8% yoy. FAI ytd rebounded to 1.8% yoy, beating expectations of a contraction, supported by strong infrastructure spending and a marked improvement in property FAI ytd to −11.1% yoy. However, it remains to be seen if the rebound is sustainable, as February’s PMI remained in contractionary territory at 49.0. Se...
00823 LINK REAL ESTATE INVESTMENT TRUST
AKRA PT AKR CORPORINDO TBK
1023 CIMB GROUP HOLDINGS BHD
01109 CHINA RESOURCES LAND LIMITED
2488 ALLIANCE BANK MALAYSIA BHD.
5681 PETRONAS DAGANGAN BHD.
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
1155 MALAYAN BANKING BHD.
3816 MISC BHD
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
5243 VELESTO ENERGY
01478 Q TECHNOLOGY (GROUP) CO. LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
DLUM DELEUM BERHAD
ABANK AFFIN BANK BHD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
02423 KE HOLDINGS INC.
MDKA MERDEKA COPPER GOLD TBK PT
BIMB BANK ISLAM MALAYSIA BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
AADI IJ ADARO ANDALAN INDONESIA
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
China IT Hardware: Handset Sector - Analysing Cost Impact Of Memory Pr...
Amid the memory chip supercycle, our estimates show that low-end/mid-range/high-end phones will see a 16.7%/12.0%/9.3% increase in BOM cost in 2026, which will be absorbed by consumers, smartphone OEMs and component suppliers. The impact will spread unevenly across the industry, but high-end phones will be less affected than others; smartphone OEMs absorbing the bulk of the costs will make component suppliers better positioned, and Apple’s supply chain will outperform Android thanks to Apple’s s...
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
China IT Hardware: AI Development Is Further Accelerating And Benefitt...
AI infrastructure investments continue to surge, with consensus forecasts for top China/US hyperscalers growing over 10% and 20% qoq respectively. This should fuel AI server demand growth of 60% yoy by 2026. Consumer electronics remain strong, with iPhone 17 lead times far exceeding that of iPhone 16 and Android flagships set for further spec upgrades, which will support multi-year shipment growth. China’s automation and robotics markets are also recovering faster than expected, with humanoid ro...
00992 LENOVO GROUP LIMITED
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
0763 ZTE CORPORATION CLASS H
2747 ESTUN AUTOMATION
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Q Technology (Group) (1478 HK): 1H25: Earnings in line; expect profita...
Q Tech’s 1H25 earnings soared 168% yoy to Rmb308m, in line with the midpoint of its profit alert range. The strong print was primarily due to ASP/margin expansion across both the CCM and FRM businesses. Moving forward, we expect profitability to continue to be bolstered by Q Tech’s advancements in the premium smartphone segment and growing volume in the IoT vertical, with the auto business set to break even in 2H25. Maintain BUY with a higher target price of HK$16.60.
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
Greater China Daily: Tuesday, August 12, 2025
KEY HIGHLIGHTS Results Q Technology (Group) (1478 HK/BUY/HK$13.06/Target: HK$16.60) Q Tech’s 1H25 earnings soared 168% yoy to Rmb308m, in line with the midpoint of its profit alert range. The strong print was primarily due to ASP/margin expansion across both the CCM and FRM businesses. Moving forward, we expect profitability to continue to be bolstered by Q Tech’s advancements in the premium smartphone segment and growing volume in the IoT vertical, with the auto business set to break even in ...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Audrey Celia
- Colin Lee
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Lester Siew
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, August 12, 2025
GREATER CHINA Results Q Technology Group (1478 HK/BUY/HK$13.06/Target: HK$16.60) 1H25: Earnings in line; expect profitability to further improve. Maintain BUY. INDONESIA Small/Mid Cap Highlights ESSA Industries Indonesia (ESSA IJ/NOT RATED/Rp595) Unlocking long-term value through strategic industrial upgrades. MALAYSIA Sector Plantation Inventory continues to build up due...
BN4 KEPPEL CORPORATION LIMITED
01478 Q TECHNOLOGY (GROUP) CO. LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
MCH MATRIX CONCEPTS HOLDINGS BHD
SDG SD GUTHRIE BHD
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
Q Technology Group (1478 HK) - 1H25 Profit Alert: Strong Earnings Grow...
1H25 Profit Alert: Strong Earnings Growth Thanks To Product Mix Improvements In Q Tech’s profit alert overnight, it expected net profit to grow 150-180% yoy to Rmb288m-323m, surpassing our and market expectations. The strong results were attributed to increased sales volume for the FRM business and product mix improvements across CCM and FRM. This also indicates that the spec upgrades for smartphones across the mid-range and mid-to-high-end markets are better-thanexpected, leading to ASP/margin ...
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: AI devices and AI robots to remain as key investmen...
The IT hardware sector registered corrections in share price in the past two weeks as market realised that contribution from the exciting GenAI-driven applications are unlikely to be meaningful in 2025. Nevertheless, the potential cost savings and efficiency boost facilitated by AI are clear and we expect investments into applications development to remain high. Maintain OVERWEIGHT and expect downstream AI applications to remain a key investment focus through 2025.
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
0763 ZTE CORPORATION CLASS H
2747 ESTUN AUTOMATION
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
- Colin Lee
- Johnny Yum Chung Man
Q Technology Group (1478 HK): 2024: Earnings in line; growth opportuni...
Q Tech’s 2024 earnings soared 241% yoy to Rmb241m, in line with estimates and the midpoint of its profit alert range. The strong performance was due to ASP and margin expansion across both the CCM and FRM businesses. In particular, FRM segment margins turned positive for the first time since 2021, thanks to an improved product mix. With a trifurcation of growth drivers in the smartphones, automotive and IoT spheres, we are upgrading to BUY with a higher target price of HK$10.00.
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 18, 2025
KEY HIGHLIGHTS Economics Economic Activity Industrial production growth remained resilient in 2M25, rising 5.9% yoy, beating expectations of 5.3% yoy. FAI growth jumped to 4.1% yoy (+2.0ppt), with property FAI growth improving from -10.6% yoy in Dec 24 to -9.8% yoy in 2M25. Retail sales growth also climbed to 4.0% yoy, beating expectations. Overall, 2M25’s data is market positive. Sector Property According to the latest NBS data, national sales were stronger than expected but new starts rem...
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 18, 2025
GREATER CHINA Economics Economic Activity: Stronger-than-expected 2M25 data amid property sector challenges. Sector Property: Faster-than-expected destocking progress; higher 2025 national residential sales forecast. Initiate Coverage Kerry Properties (683 HK/BUY/HK$18.28/Target: HK$21.70): Luxury home expert; mega investment in Shanghai CBD bearing fruit from 2025. Results China Resources Building Materials Tech (1313 HK/BUY/HK$1.88/Target: HK$2.30): 2024: In line; gross margin expands to 16.5%...
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: Solid 2024 shipment data; sustained growth in 2025 ...
2024 shipment data has remained solid for both Sunny and Q Tech, with significant improvements in profitability on the back of specs upgrades and better product mix. In 2025, we expect a low-to-mid single-digit shipment growth for both companies, and a sustained product mix improvement as the specs upgrade trend extends from premium phones to lower-end (Rmb2,000-4,000) products. Maintain OVERWEIGHT.
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Lester Siew
- Thailand Research Team
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, January 13, 2025
GREATER CHINA Sector IT Hardware Solid 2024 Shipment Data; recovery in 2025 remains intact. Maintain OVERWEIGHT . INDONESIA Small/Mid Caps Highlights Bukit Asam (PTBA IJ/NOT RATED/Rp2,690) Strong production outlook towards 2029. MALAYSIA Sector Banking Malaysian banks are likely to take a cautious and gradual approach to capital managemen...
CK CH. KARNCHANG PCL
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
AMATA AMATA CORP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
PTBA PT BUKIT ASAM TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
PBBANK PUBLIC BANK BERHAD
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
MTC MUANGTHAI CAPITAL PCL
KIML KIM LOONG RESOURCES BHD
KTB-R KRUNG THAI BANK PCL NVDR
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
BNII PT BANK MAYBANK INDONESIA TBK
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OXMU PRIME US REIT
TIDLOR NGERN TID LOR PCL
KORE KEPPEL PACIFIC OAK US REIT
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: Smartphone supply chain recovery on track; China st...
Our recent checks across the supply chain indicates high visibility of a specs upgrade trend in the coming two quarters, which can offset any potential moderation in shipment volume. For investors, while there are still concerns over iOS’ demand and the sustainability of this recovery cycle, interest in the smartphone supply chain is gradually improving thanks to recent launches which come with more exciting new features. Maintain OVERWEIGHT.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
- Colin Lee
- Johnny Yum Chung Man
China IT Hardware: Takeaways from recent company visits; maintain OVER...
We recently visited UBTech and BYDE in Shenzhen. Both companies are actively developing AI-driven products for industrial use cases, and both are starting to see real demand for AI-driven applications with small-batch shipments from clients or for internal uses. However, the development of humanoid robots and industrial GenAI will likely take a couple of years before it becomes more viable, due to reliability issues and constraints on hardware.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
- Johnny Yum Chung Man
China IT Hardware: Maintain preference for the more defensive AI-devic...
1H24 results are mixed. AI infrastructure-related businesses remain robust, with solid guidance for 2H24-25, but the market’s high expectations, mounting geopolitical tensions and a lack of long-term visibility have capped upside in the near term. As such, we continue to prefer AI-device names as we expect more meaningful developments in the edge-AI ecosystem throughout 2H24 thanks to new hardware and OS launches. Maintain OVERWEIGHT. Top picks: Xiaomi and Lenovo.
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
0763 ZTE CORPORATION CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Johnny Yum Chung Man
Q Technology Group (1478 HK): 1H24: Earnings in line; handset business...
Q Tech’s 1H24 earnings surged 453.9% yoy to Rmb115m, driven by a low base, and a solid recovery in shipment and margins for both the CCM and FRM businesses. Going forward, despite limited visibility, Q Tech remains confident about delivering yoy shipment growth and margin expansion, on the back of demand recovery, robust growth in non-handset products, specs upgrades, and share gains in the high-end segment. Maintain BUY and lower target price to HK$6.00.
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