reports
- Julia Pan Mengyao
- Ming San Soong
China Internet: JD’s new initiative in on-demand delivery is reshaping...
Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - June 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls: Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and Trip.com. INDONESIA Strategy Alpha Picks: Good Performances In May: Good performances from most with the exception of GOTO and BUKA. MALAYSIA Strategy Alpha Picks: Raising Emphasis On Infrastructure Plays: Our May 25 Alpha Picks outperformed with resounding success. June 25 picks: Duopharma, Eco World, Gamuda, Hume Cement, IJM, MYEG, Northeast Group. SINGAPORE S...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Jin Yoon
Meituan 1Q25 Results: Food Delivery Rev and OP to Face Pressure in 2Q ...
What’s new: Meituan’s reported 1Q25 results that top consensus and our expectations. Due to intense competition in the food delivery sector, CLC rev growth could decelerate in 2Q relative to 1Q. OP for CLC could also decline YoY in 2Q partly due to subsidies and promotions as Meituan defends its market share in food delivery. We maintain our PT at HKD200. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Meituan (3690 HK): 1Q25: Earnings beat; expect margin pressure as FD c...
Meituan’s 1Q25 results are in line with expectations. Total revenue grew 18% yoy to Rmb86.6b, in line with our and consensus estimates. Non-IFRS net profit was Rmb10.9b, with net margin expanding 2ppt yoy to 12.6%, beating consensus estimates by 13%. For 2025, we turn cautious on Meituan and expect to see margin pressure stemming from intense competition in the FD business. Downgrade to HOLD with a lower target price of HK$140.00.
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Tuesday, May 27, 2025
KEY HIGHLIGHTS Results Meituan (3690 HK/HOLD/HK$129.40/Target: HK$140.00) Meituan’s 1Q25 results are in line with expectations. Total revenue grew 18% yoy to Rmb86.6b, in line with our and consensus estimates. Non-IFRS net profit was Rmb10.9b, with net margin expanding 2ppt yoy to 12.6%, beating consensus estimates by 13%. For 2025, we turn cautious on Meituan and expect to see margin pressure stemming from intense competition in the FD business. Downgrade to HOLD with a lower target price of ...
- Adrian Loh Tzum Yung
- Benyamin Mikael
- Chong Lee Len
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Singapore Research Team
- Tanapon Cholkadidamrongkul
- Wei Xiang Ku
Regional Morning Meeting Notes - Tuesday, May 27, 2025
GREATER CHINA Results Meituan (3690 HK/HOLD/HK$129.40/Target: HK$140.00): 1Q25: Earnings beat; expect margin pressure as FD competition intensifies. Downgrade to HOLD. INDONESIA Results Bumi Serpong Damai (BSDE IJ/BUY/Rp895/Target: Rp1,040): 1Q25: Weak profit; below consensus estimate. MALAYSIA Results AMMB Holdings (AMM MK/BUY/RM5.44/Target: RM6.08): 4QFY25: Net profit in line, supported by improved NIM and strong trading income. Maintain BUY with a lower target price of RM6.08. Gas Malaysia ...
- Jin Yoon
Meituan: 1Q25 Flash - Results Top Expectations
Total net revenues came in at RMB86.6bn (-2.2% QoQ and +18.1% YoY), above consensus and our expectations of RMB85.4bn. Gross margin came in at 37.4%, below our estimates of 38.0%, but up from 35.1% in 1Q24. non-GAAP net margin came in at 12.6%, above our expectations of 11.9% and up from 10.2% in 1Q24. Adjusted EBITDA margin came in at 14.2%, above our expectations of 13.1%, and up from 11.0% in 1Q24. Analysts: Jin Yoon
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - May 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls: Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. INDONESIA Strategy Alpha Picks: Outperformance In Apr 25: Remove ICBP, EXCL and MIKA; add BBTN and GOTO. MALAYSIA Strategy Alpha Picks: Capitalising On Sentiment Turnaround: Our Apr 25 Alpha Picks underperformed. May 25 picks: Duopharma, Gamuda, IJM, IOI Properties, TIME dotCom, MYEG, Nationgate, Northeast Group and RHB Bank. SINGAPO...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2025
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. INDONESIA Strategy Alpha Picks: Outperform In Mar 25: Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Strategy Alpha Picks: Pockets of Opportunities: Our Mar 25 Alpha Picks outperform. Apr 25 picks: Alpha IVF, Duopharma, IJM, IOI Properties, TIME...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Jin Yoon
Meituan 4Q24 Results: Top-line Growth Could Remain in 2025
What’s new: Meituan’s reported 4Q24 results that top consensus and our expectations. While top-line growth in 1Q25 could be partly impacted by tougher comps, FY25 outlook could remain resilient. Margins could be impacted partly due to continued investments related to Keeta. We maintain our PT at HKD200. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Meituan (3690 HK): 4Q24: Results in line; stable 2025 margin on compet...
Meituan’s 4Q24 results were in line with expectations. Total revenue grew 20% yoy to Rmb88.5b, in line with our and consensus estimates. Non-IFRS net profit was Rmb6.2b, with net margin expanding 5ppt yoy to 11%, in line with consensus forecasts. For 2025, we are cautiously optimistic on Meituan in view of solid progress in overseas expansion and AI development, offset by margin pressures due to the intensely competitive landscape. Maintain BUY with a lower target price of HK$216.00.
- Carol Dou Xiao Qin
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Monday, March 24, 2025
KEY HIGHLIGHTS Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) CSP’s 2024 core net profit of US$301.8m (+4.9% yoy) was in line with our expectation, at 101.2% of our forecast. The miss at the operating profit level was more than offset by strong JV/associate performance and interest cost savings from debt refinancing. Management guides CSP’s portfolio equity throughput to grow in line with the industry average at a low-single-digit growth rate in 2025. CSP is trading at 7.6x...
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2025
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: Add Geely, JD, SHKP and Zijin Mining to our BUY list. Take profit on CATL, Desay, JD Logistics, Mengniu, Plover Bay and Tencent. INDONESIA Strategy Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, KLBF, JSMR and ASII. MALAYSIA Strategy Alpha Picks: Unprecedented Combo Of Disappointments: Our Feb 25 Alpha Picks sorely underperformed. Mar 25 picks: 99SpeedMart, Alpha IVF, KPJ Healthcare, MrDIY, MYEG, RHB Ba...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Julia Pan Mengyao
- Ming San Soong
China Internet: Potential implications from implementation of social s...
JD and Meituan announced plans to gradually begin providing social security coverage for full-time and stable part-time riders nationwide starting 2Q25. Despite JD’s strategic implementation on zero commission and full social security coverage, we opine that this will have a limited impact on the company on competitive landscape and cost level, on the back of Meituan’s dominant market share, extensive restaurant coverage and 1P rider network scale advantages. Maintain MARKET WEIGHT.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - February 2025
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: Add AIA, CR Land, Haier and Han’s Laser to our BUY list. Take profit on Crystal, Geely, Trip.com and Weimob. INDONESIA Strategy Alpha Picks: Slight Underperformance In Jan 25: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI and ASII. MALAYSIA Strategy Alpha Picks: Spotlight On The Upcoming Results Winners: Our Alpha Picks outperformed in Jan 25. Feb 25 picks: Gamuda, GENM, Kossan, MrDIY, MYEG, Pekat, RGB, RHB Bank, VSI...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – January 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Still Ample Domestic Catalysts: Our Alpha Picks outperformed in Dec 24. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RGB, RHB Bank, SP Setia, VSI and Yinson. SINGAP...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Julia Pan Mengyao
- Ming San Soong
China Internet: 1H25 outlook shaped by implications of fiscal stimuli ...
We saw largely in-line top-line growth across companies in 3Q24, mainly pressured by a lukewarm macro environment, but with earnings beat thanks to enhanced efficiency from AI integration. Alongside pending visibility on further domestic supportive policies, we believe the key 2025 highlights are: a) re-acceleration of e-commerce GMV growth, b) potential upside in ad take rate monetisation, c) rejuvenation of online games grossing, and d) sustained travel enthusiasm. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
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