reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Becoming more innovative; valuation increasingly att...
China’s healthcare industry has experienced a slump in stock prices due to weak market sentiment. Our channel check indicates that the industry is generally in good shape and has become increasingly innovative. Most healthcare companies are improving their operating efficiency and expecting to generate stronger revenue and/or earnings growth in 2024. The recent sell-off has made valuations more attractive. BUY on weakness. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
2CRSI 2CRSI SA
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS CAYMAN INC
ME HANSOH PHARMACEUTICAL GROUP
2269 23ANDME HLDG CO
WUXI BIOLOGICS (CAYMAN) INC
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: A brighter outlook in 2024.
Easing pressure from the anti-corruption campaign will result in stronger sales growth for medical products. Moreover, after years of persistent R&D efforts, many Chinese biopharmaceutical companies now expect a fruitful year of innovation in 2024. In addition, potential US interest rate cuts will also provide liquidity for R&D investment and support the development of biotech and CRO segments in 2024. We expect a brighter outlook in 2024. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
AAC AAC MICROTEC AB
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
ME 23ANDME HLDG CO
2500 VENUS MEDTECH (HANGZHOU) INC.
2269 WUXI BIOLOGICS (CAYMAN) INC
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Staying positive in the cold winter.
Despite the weak global funding environment for biotech, companies have shown persistent efforts in pursuing innovation and globalisation. Moreover, regular academic conferences have gradually returned, supporting stronger sales momentum in 4Q23. We prefer companies with a positive long-term outlook and attractive valuations. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Easing pressure from anti-corruption campaign, long-...
Most healthcare companies reported satisfactory 1H23 results while revising down revenue growth to factor in delays in some academic conferences and hospital procurement in 3Q23. As pressure from the anti-corruption campaign is easing, we believe sales activities of medical products will resume soon and that long-term growth outlook remains intact. We prefer companies with positive long-term outlooks and attractive valuations. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
RRRP3 3R PETROLEUM OLEO E GAS
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
MicroPort Scientific Corporation (853 HK): 1H23: Results beat; anti-co...
MicroPort reported revenue growth of 19.2% yoy to reach US$482.6m, and net loss declined by 17.9% yoy to Rmb162.6m in 1H23. The results are better than our fullyear growth estimates for 2023. MicroPort guided revenue to grow at approximately 25% yoy (excluding forex impact) and significant decrease in net loss in 2023. We are relatively conservative as the anti-corruption campaign clouds its growth outlook for 2H23. Maintain SELL and target price of HK$9.50.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, September 4, 2023
KEY HIGHLIGHTS Economics PMI Further moderation in manufacturing contraction; policy support necessary Sector Aviation Airlines still loss-making but improving; expecting a turnaround in 2H23. Maintain UNDERWEIGHT. Internet China e-commerce seeking growth through international market expansion. Property Demand-side policy easing more strongly than expected; top pick: COLI. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.11/Target: Rmb7.10) 1H23: Below expectations; gearing up for the grow...
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
2747 ESTUN AUTOMATION
BEKE KE HOLDINGS INC
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jo Yee Ng
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Friday, September 01, 2023
GREATER CHINA Sector Aviation: Airlines still loss-making but improving; expecting a turnaround in 2H23. Maintain UNDERWEIGHT. Results China Mengniu Dairy (2319 HK/BUY/HK$26.40/Target: HK$39.30): 1H23: In line; expecting a smooth price hike. Estun Automation (002747 CH/BUY/Rmb23.23/Target: Rmb31.50): 2Q23: Earnings impacted by forex loss, but robot business remains solid. Great Wall Motor (2333 HK/SELL/HK$9.30/Target: HK$5.20): 2Q23: Results rebound qoq, but 1H23 earnings still fall short of tar...
1023 CIMB GROUP HOLDINGS BHD
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
EZQ CHINA MENGNIU DAIRY CO. LTD.
1155 MALAYAN BANKING BHD.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
853 MICROPORT SCIENTIFIC CORP
2747 ESTUN AUTOMATION
338 WEICHAI POWER
3692 HANSOH PHARMACEUTICAL GROUP
FFB FARM FRESH BHD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Underpenetrated ICL market in China; leading leading...
ICL is a promising segment of medical services. China’s ICL market had a low penetration rate of about 6% in 2021 vs developed countries’ 35-60%. The roll-out of DRG programmes continues to accelerate the outsourcing of testing services from hospitals. The accelerating post-pandemic market consolidation may also benefit leading ICL players. Our channel check shows that leading players (KingMed and Dian) expect to deliver steady growth in 2023 non-COVID-19-related revenue. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Be selective amidst attractive valuations.
We like healthcare service providers and leading pharmaceutical producers with steady revenue and earnings growth and ample cash on hand should outperform. We expect biotech companies and CRDMO companies to remain under pressure until US easing monetary policies improve liquidity and remove biotech funding challenges. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare - Regaining Strength
Now that the business environment has returned to normal, most healthcare companies expect higher visibility of revenue and earnings prospects in 2023. Medical services and consumable producers will likely benefit the most and see robust revenue expansion. CRO/CDMO firms may become less appealing to investors given their slower revenue growth and lower margin trend. Biotech firms have made significant R&D and commercial achievements, but will still face significant funding challenges in 2023. Ma...
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
MicroPort Scientific Corporation (853 HK): 2022: Results miss expectat...
MicroPort reported revenue growth of 8.0% yoy and a net loss of US$436.5m in 2022, up from 2021’s loss of US$276.5m, missing our and market estimates. MicroPort has guided revenue growth of 20-25% yoy and significant improvement in operating efficiency in 2023, while we believe that possible GPO tenders and further weakening of global economic conditions could continue to cloud its growth outlook for the next few years. Maintain SELL with a lower target price of HK$14.50.
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Monday, April 3, 2023
KEY HIGHLIGHTS Economics PMI Points to further recovery, but employment still soft. Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) 2022: Below expectations; recognition of RMB2,045m in impairment provision. China Merchants Port (144 HK/BUY/HK$12.04/Target: HK$13.48) 2022: Core earnings a slight beat; expecting earnings decline in 2023. Maintain BUY. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14) 2022: Results below expectations; targeting 20% sale...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
189 DONGYUE GROUP LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Singapore Research Team
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 3, 2023
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) :2022: Below expectations; recognition of Rmb2,045m in impairment provisions. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14): 2022: Results below expectations; targeting 20% sales growth in 2023 with strengthened landbank. China Resources Gas (1193 HK/BUY/HK$28.95/Target: HK$35.10): 2022: Below expectations; gas shortages in 4Q22 weighed on margins. China Tourism Group Duty Free Corp (601888...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
MNHB MYNEWS HOLDINGS BHD
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
BUKA BUKALAPAK.COM PT TBK
06690 HAIER SMART HOME CO. LTD. CLASS H
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: The worst is over, expecting a bright growth outlook...
China has reopened after the relaxation of its COVID-19 policy. Our channel check indicates that although the COVID-19 policy may have disrupted sales for some companies in 4Q22, the worst is over. We expect the market to revive quickly which will support a significant revenue and earnings growth recovery in 2023. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2022
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: The positive sentiment on the economic reopening may carry over into December and limit the extent of any consolidation. We are adding more beneficiaries of the reopening and policy easing. INDONESIA Strategy Alpha Picks: Outperformed The JCI by 3.7%: Our picks: ROTI, BBRI, BBNI, SMGR, TLKM, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Rejoining The Global Equity Uptrend: Nov 22 Alpha Picks outperformed the FBMKLCI. Dec 22 picks: ...
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
AMATA AMATA CORP
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
C52 COMFORTDELGRO CORPORATION LIMITED
SMGR PT SEMEN INDONESIA (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
AP AP THAILAND
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
853 MICROPORT SCIENTIFIC CORP
YNS YINSON HOLDINGS BHD
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
SCB-R SIAM COMMERCIAL BANK PCL NVDR
UMSH UMS HOLDINGS LTD
2359 WUXI APPTEC CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
291 CHINA RESOURCES BEER HOLDINGS CO LTD
ONEE THE ONE ENTERPRISE PCL
CLI CAPITALAND INVESTMENT LTD
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
- Greater China Research Team
China Strategy Alpha Picks: December conviction calls
Contrary to our expectations of continued volatility, Chinese equities put up a strong performance in November, buoyed by hopes of an economic reopening. The positive sentiment may carry over into December and limit the extent of any consolidation. So for December, we are adding more beneficiaries of the reopening and policy easing.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
853 MICROPORT SCIENTIFIC CORP
6098 COUNTRY GARDEN SERVICES
2747 ESTUN AUTOMATION
700 HK TENCENT 700 HK
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
PDD PINDUODUO PDD US
9961 PINDUODUO INC
TRIP.COM GROUP LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Effective Omicron-targeting vaccines expected to pav...
China has further eased its COVID-19 policy and highlighted a potential new plan to accelerate vaccination coverage. We believe effective Omicron-targeting vaccines will pave the way for China’s gradual reopening. CSPC’s mRNA vaccine is likely to win EUA approval by end-22. Moreover, the relaxation supports a better revenue and earnings growth visibility for most healthcare companies in 2H22 and 2023. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2022
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Equities would stay volatile in November, as reopening hopes play out against falling global dollar liquidity. We keep SELLs on our list, and add defensives and reopening beneficiaries. INDONESIA Strategy Alpha Picks: Another Month Of Outperformance: Our picks: ROTI, BBRI, BBNI, SMGR, TLKM, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Positioning For A More Risk-On Sentiment: Oct 22 Alpha Picks underperformed the FBMKLCI. Nov 22 p...
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
AMATA AMATA CORP
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
C52 COMFORTDELGRO CORPORATION LIMITED
SMGR PT SEMEN INDONESIA (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
AP AP THAILAND
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
853 MICROPORT SCIENTIFIC CORP
YNS YINSON HOLDINGS BHD
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
SCB-R SIAM COMMERCIAL BANK PCL NVDR
2359 WUXI APPTEC CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
291 CHINA RESOURCES BEER HOLDINGS CO LTD
ONEE THE ONE ENTERPRISE PCL
CLI CAPITALAND INVESTMENT LTD
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
- Greater China Research Team
China Strategy Alpha Picks: November conviction calls
Chinese equities should remain volatile in November as we see hopes of easing pandemic control measures playing out against a backdrop of falling global dollar liquidity. We add a combination of defensive plays and beneficiaries of reopening. We add CR Beer, CSPC, Meituan, PICC P&C, and WuXi AppTec to our BUY list; and add MicroPort Scientific to our SELL list.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
853 MICROPORT SCIENTIFIC CORP
3690 MEITUAN DIANPING 3690 HK
TCOM US TRIP.COM TCOM US
2359 WUXI APPTEC CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9961 TRIP.COM GROUP LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Outperformers in a possible global recession.
GPO tenders and NRDL price negotiation have become common practices of China’s healthcare industry, for which companies are already well prepared for and hoping to gain market share by tender wins. Although the US’ tightening policy have depressed share prices, we believe firms with leading market positions in the subsectors and strong ability to withstand risks and deliver future returns will outperform in the possible global recession in 2023. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
2500 VENUS MEDTECH (HANGZHOU) INC.
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