reports
- Claire Wang Kelai
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): Riding the policy wave, watching for...
Baosteel is expected to report stable 2Q25 margins, with lower iron ore and coking coal costs helping to offset weaker spot steel pricing. Strong export performance has cushioned weak domestic demand. Auto demand remains firm, although the output of white goods is cooling and infrastructure activity remains less steel-intensive. Sentiment momentum has strengthened on firmer policy signals, but sustainability hinges on credible policy follow-through. Maintain BUY. Target: Rmb8.20.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, July 28, 2025
KEY HIGHLIGHTS Update Baoshan Iron & Steel (600019 CH/BUY/Rmb7.44/Target: Rmb8.20) Baosteel is expected to report stable 2Q25 margins, with lower iron ore and coking coal costs helping to offset weaker spot steel pricing. Strong export performance has cushioned weak domestic demand. Auto demand remains firm, although the output of white goods is cooling and infrastructure activity remains less steel-intensive. Sentiment momentum has strengthened on firmer policy signals, but sustainability hin...
- Audrey Celia
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Jonathan Koh
- Posmarito Pakpahan
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, July 28, 2025
GREATER CHINA Update Baoshan Iron & Steel (600019 CH/BUY/Rmb7.44/Target: Rmb8.20) Riding the policy wave, watching for undercurrents. Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb231.84/Target: Rmb325.00) Regaining growth momentum from Q3 2025, on track for top 10 global medtech status. INDONESIA Sector Consumer 2Q25 preview: Mixed results. Results Bank Negara Indonesia (BBNI IJ/BUY/Rp4,090/Target: Rp5,...
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
MYOR MAYORA INDAH
MAPI MITRA ADIPERKASA
ERAA ERAJAYA SWASEMBADA
ACES PT ACE HARDWARE INDONESIA TBK
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
CTOS CTOS DIGITAL BHD
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Claire Wang Kelai
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): 2024/1Q25: Below expectations; align...
Baosteel reported 2024 earnings of Rmb7,361.9m (-38.4% yoy), achieving 82% of our full-year estimate, below expectations yet still outperformed the industry. Earnings rebounded in 1Q25 to Rmb2,434.1m (+26.4% yoy) with steel products’ gross margin rebounded to 5.6% in 1Q25, given sharper decline in raw material prices. Baosteel remains committed to developing its 2+2+N differentiated product strategy and expanding its presence in overseas markets. Maintain BUY. Target price Rmb7.70.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 29, 2025
KEY HIGHLIGHTS Sector Online Travel Agencies We saw continuous vitality in cultural and tourism consumption based on 1Q25 travel data and Labour Day travel data projections. Key travellers’ preference trends during Labour Day 2025 will be long-haul travel, inbound tourism and county-level travel. With favourable policy support such as the implementation of "instant tax refunds" for outbound travel, we expect to see promising revenue and earnings growth from OTA companies in 1H25. Maintain OVER...
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
300244 DIAN DIAGNOSTICS GROUP CO
- MarketLine Department
Nippon Steel Trading Corp - Company Profile and SWOT Analysis
Summary Nippon Steel Trading 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 Nippon Steel Trading Corp (Nippon Steel Trading), a subsidiary of Nippon Steel Corp, is a steel product trading company. It markets steel and related products, industrial supply and infrastruc...
- MarketLine Department
Nippon Steel & Sumikin Bussan Corporation - Mergers & Acquisitions (M&...
Summary Marketline's Nippon Steel & Sumikin Bussan Corporation 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 Nippon Steel & Sumikin Bussan Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions...
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): 3Q24: Below expectations; stimulus m...
Baosteel reported 9M24 earnings of Rmb5,882.1m (-29.6% yoy), representing 54% of our full-year estimate and below expectations. Steel products’ gross margin declined to 3.0% (-1.2ppt yoy). Differentiated products’ sales volume increased to 22.55m tonnes (+11.0% yoy), remaining as the key earnings contributor amind the industry downcycle. The company secured 4.66m tonnes of overseas order ytd (+2.6% yoy), and is on track to achieving 6.0m tonnes for 2024. Maintain BUY. Target price: Rmb7.90.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Thursday, October 31, 2024
KEY HIGHLIGHTS Results ASMPT (522 HK/BUY/HK$87.00/Target: HK$104.50) ASMPT’s Semi solution business registered better-than-expected revenue and margins in 3Q24 thanks to robust advanced packaging demand, which led to a 10% beat vs our operating profit estimates, although reported net profit ended up below expectations due to forex loss. ASMPT will remain a key beneficiary of the AI investment trend, and we recommend accumulating after its recent share price correction. Maintain BUY. Target p...
ASM PACIFIC TECHNOLOGY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
01801 INNOVENT BIOLOGICS INC.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1199 COSCO SHIPPING PORTS LIMITED
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
Baosteel (600019 CH): 1H24: Below expectations; differentiated product...
Baosteel reported 1H24 earnings of Rmb4,554.6m (-0.2% yoy), representing 34% of our full-year estimate and below expectations. Steel products’ gross margin rose to 3.7% (+0.7ppt yoy). Differentiated products’ sales volume increased to Rmb15.09m (+17.2% yoy), remaining as the key earnings contributor during the industry downcycle. Steel products’ export volume grew to 3.05m (+2% yoy), on track to achieve the annual target of 6.0m tonnes. Maintain BUY. Target price: Rmb7.90.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 30, 2024
KEY HIGHLIGHTS Results Baosteel (600019 CH/BUY/Rmb5.85/Target: Rmb7.90) Baosteel reported 1H24 earnings of Rmb4,554.6m (-0.2% yoy), representing 34% of our full-year estimate and below expectations. Steel products’ gross margin rose to 3.7% (+0.7ppt yoy). Differentiated products’ sales volume increased to Rmb15.09m (+17.2% yoy), remaining as the key earnings contributor during the industry downcycle. Steel products’ export volume grew to 3.05m (+2% yoy), on track to achieve the annual target...
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2877 CHINA SHINEWAY PHARMACEUTICA
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
- Ceilica Su Rui
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): 2023/1Q24: Above expectations; diffe...
Baosteel reported 2023 earnings of Rmb11,944.1m (-2.0% yoy), above our expectations. 4Q23 earnings of Rmb3,593.6m (+32% yoy) was boosted by the settlement of one-off tax incentives. 2023 operating profit was flattish at +0.3% yoy. The slump in ASP was offset by lower production cost, which led to flattish gross margin of 6.3%. Sales of differentiated products continued to break new highs and supported their outperformance against peers. Maintain BUY. Target price: Rmb7.90.
- 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
- Ziv Ang Sze Champ
China Commodities: Weekly: US 4Q23 GDP trounces expectations; weak cop...
Stronger-than-expected 4Q23 US annualised GDP data has pushed back the timeline of the first rate cut. Funds are increasingly bearish on copper, with weak global demand outweighing concerns on supply disruptions. The rebound in flat products’ prices saw steel mills’ margins recovering, but it is unsustainable despite rising production due to weak demand amid the low season. Cement demand was hampered by the first cold snap in 2024, with construction continuing to slow as CNY approaches.
- Ziv Ang Sze Champ
China Commodities Weekly: US dollar tumbles on easing Fed rate hike fe...
The US’ weaker-than-expected Oct 23 CPI has eased market concerns of further rate hikes by the Fed, dragging the US dollar to a two-month low. Expectations of more stimulus measures from China are boosting demand outlook for industrial metals and iron ore. Steel mills’ margins expansion continued on the rebound of steel prices, though consumption has slowed. Cement shipment slowed as the northern region entered the low season and the southern region encountered rainy weather.
- Ziv Ang Sze Champ
China Commodities Weekly: Easing fears of further rate hikes supportin...
Gold and copper prices gained strength last week with the less hawkish signals from Fed officials and cooling US’ jobs data. Upside for gold prices could be very limited given the declining risk premium on the Israel-Hamas war and rising risk appetite, whereas demand prospects for copper are still clouded by China’s fragile recovery. Domestic construction activities are continuing to gain traction while the recovery in steel prices is driving a margin recovery for both steel mills and cement man...
- Ziv Ang Sze Champ
Baoshan Iron & Steel (600019 CH): 3Q23: In line; gross margin jumps 3....
Baosteel reported 9M23 earnings of Rmb8,350.4m (-11.8% yoy), representing 81% of our 2023 forecast, in line with expectations. 3Q23 gross margins expanded sequentially to 8.3% (+3.3% qoq), thanks to lower coal prices and cost-cutting initiatives. 9M23 cost reduction reached Rmb4.89b, exceeding the annual target. The growing differentiated products’ sales and export orders have offset the impacts of lacklustre domestic demand. Maintain BUY. Target price: Rmb7.10.
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