reports
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, October 25, 2024
GREATER CHINA Results CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb31.13/Target: Rmb37.00) 9M24: Results in line; smooth progress in R&D and CSPC Baike acquisition. Dian Diagnostics (300244 CH/HOLD/Rmb12.75/Target: Rmb13.50) 9M24: Results miss; targeting 2024 regular ICL revenue growth of 10% yoy. Downgrade to HOLD. TAL Educational Group (TAL US/BUY/US$10.12/Target: US$14.00) 2QFY25: Strong earnings beat; resilient growth visibility in AI learning devices. ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
AMATA AMATA CORP
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
NESZ NESTLE (MALAYSIA) BERHAD
KORE KEPPEL PACIFIC OAK US REIT
300765 CSPC INNOVATION PHARMACEUTICAL CO L
123F 123FAHRSCHULE SE
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
300244 DIAN DIAGNOSTICS GROUP CO
- Jin Yoon
EDU 1QFY25 Results: Margin Pressure in 2QFY25
What’s new: New Oriental’s reported 1QFY25 top-line results that were largely in-line with consensus. Margin could see downward pressure in 2QFY25 partly due to lower seasonality in the education business coupled with continued investments in the tourism segment. We lower our PT from USD70 to USD65 due to lowered outlook. Our revised PT of USD65 implies a 20.0x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group Page 8 (EDU US): 1QFY25: In ...
EDU’s 1QFY25 top-line slightly missed expectations. Revenue grew 30% yoy to US$1,435m, slightly missing consensus estimate and previous guidance of 31-34% yoy. Non-GAAP net profit rose 40% yoy to US$265m, above our and consensus estimates, while net margin inched up 1ppt yoy to 18% for 1QFY25. EDU expects 2QFY25 revenue (excluding East Buy) to rise 25-28% yoy to US$851.4m-871.8m, 1-2ppt below expectations. Maintain BUY with a lower target price of US$85.00 (HK$66.00).
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, October 24, 2024
KEY HIGHLIGHTS Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) HKEX reported a 6.5% yoy earnings growth in 3Q24 after a sharp increase in headline ADT following the rollout of stimulus packages by China in late-September. Although market velocity has normalised, ADT remains elevated, and NII could be more resilient going forward, suggesting more upside for earnings. The risk-to-reward ratio is more balanced now after the recent correction as HKEX is trading ...
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 1QFY25: Solid earnings beat; expecting...
1QFY25 results beat expectations. Revenue surged 50% yoy to US$414m for 1QFY25, 5% above the street’s estimates. Non-GAAP net profit beat expectations and came in at US$30m vs consensus estimate of a US$6m net loss. TAL guided 2QFY25 revenue growth of 44-47% yoy and reach US$593m-605m, 5% above consensus estimate. However, non-GAAP operating profit is guided to decline yoy due to new product development, below expectations. Maintain BUY with a lower target price of US$12.00.
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, August 2, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: August Conviction Calls Chinese equities fell more than 2% in July, losing initial gains after the Third Plenum did not lead to new stimulus policies. For August, 1H24 results would be the catalyst for most stocks, and we expect earnings of EV names to be under pressure given the intense price competition. We add Cosco Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and SELL on WuXi Bio and XPeng to diversify away our market risk exposur...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, August 02, 2024
GREATER CHINA Strategy Alpha Picks: August Conviction Calls We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. Small-Mid Cap Monthly Reiterate BUY on Crystal amid share price pullback; eyes on interim dividend surprise. Sector Automobile ...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TWOU 2U INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
AW9U FIRST REAL ESTATE INVESTMENT TRUST
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
PENT PENTAMASTER CORP BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
MUST MANULIFE US REAL ESTATE INV
01801 INNOVENT BIOLOGICS INC.
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
1199 COSCO SHIPPING PORTS LIMITED
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
CTOS CTOS DIGITAL BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCREIT DIGITAL CORE REIT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Jin Yoon
EDU 4QFY24 Results: Margin Expansion in Education Segment Partly Offse...
What’s new: New Oriental’s reported 4QFY24 top-line results that were largely in-line with consensus and our expectations. Margins were below expectations partly due to continued expansion of learning centers and one-time impact related to East Buy. We lower our PT from USD80 to USD70 due to lowered outlook. Our revised PT of USD70 implies a 20.0x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US): 4QFY24: Earnings m...
New Oriental’s 4QFY24 earnings missed expectations. Revenue grew 32% yoy to US$1,136.7m, in line with the street’s estimate. Non-GAAP net profit declined 41% yoy to US$37m, below our and consensus expectations, while net margin dipped 4ppt yoy to 3% for 4QFY24. EDU forecasts 1QFY25 revenue (excluding East Buy) rising 31-34% yoy to US$1,254.7m-1,283.5m, 2% below consensus estimate. Maintain BUY with a lower target price of US$90.00 (HK$70.00).
- Greater China Research Team
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 1, 2024
KEY HIGHLIGHTS Economics PMI July manufacturing PMI fell for the third consecutive month to 49.4% (-0.1ppt mom), weighed by weak output and new orders. Non-manufacturing PMI fell to 50.2% (-0.3ppt mom), marking the weakest reading in the past eight months. This was mainly driven by a 1.1ppt decline in construction PMI. Overall, the report points to further slowing of economic activities, and the improved number of activities for large-sized enterprises has yet to trickle down to the mid- and...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, August 01, 2024
GREATER CHINA Economics PMI Stuck in a soft patch. Results New Oriental Education & Technology Group (EDU US/BUY/US$69.25/Target: US$90.00) 4QFY24: Earnings miss; impact from East Buy to carve out after 1QFY25. Xinyi Solar Holdings (968 HK/HOLD/HK$3.71/Target: HK$4.00) 1H24: In line; murky demand outlook ahead. Downgrade to HOLD. Update Prudential (2378 HK/BUY/HK$69.90/Target: HK$12...
OU8 CENTURION
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
CPN CENTRAL PATTANA PUBLIC CO. LTD.
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
KORE KEPPEL PACIFIC OAK US REIT
ONEE THE ONE ENTERPRISE PCL
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 PERTAMINA GEOTHERMAL ENERGY
PGEO 029 GROUP SE
CVL PT. PERTAMINA GEOTHERMAL ENERGY
CIVMEC LIMITED
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
WYNN WYNN RESORTS LIMITED
TX. TERNIUM S.A. SPONSORED ADR
QYM SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. SERIES B ADS
PKXN POSCO
PBF PBF ENERGY INC. CLASS A
LVS LAS VEGAS SANDS CORP.
HUBS HUBSPOT INC.
FIVE FIVE BELOW INC.
EL ESTEE LAUDER COMPANIES INC. CLASS A
DVAX DYNAVAX TECHNOLOGIES CORPORATION
NTNX NUTANIX INC. CLASS A
YUMC YUM CHINA HOLDINGS INC.
CELH CELSIUS HOLDINGS INC.
ELAN ELANCO ANIMAL HEALTH INC.
HTHT HUAZHU GROUP LTD. SPONSORED ADR
DUOL DUOLINGO INC
BHP BHP GROUP LTD
INFA INFORMATICA INC
BRBR BELLRING BRANDS INC
- Greater China Research Team
Greater China Alpha Picks: July conviction call.
The HSI and MSCI China fell 2.0% and 2.8% mom respectively in June, as investors locked in profits amid weaker-than-expected macro data. A continuation of the rally that began in January hinges on the policy announcements from the Third Plenum. Looking ahead, we remain sellers of BYD due to intense competition in the EV segment and are adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com.
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00700 TENCENT HOLDINGS LTD.
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
6049 POLY PROPERTY SERVICES CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
09961 CTRIP.COM INTERNATIONAL
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - July 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call: Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24: Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Opting For More Adventurous Choices: Our Alpha Picks beat the KLCI again. Jul 24 picks: BURSA, Ekovest, Gamuda, Lagenda, Mah Sing, MYEG, Pekat...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
ASM PACIFIC TECHNOLOGY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Anas Fitri Bin Ahmad
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, July 03, 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$3.95/Target: HK$4.76) 1Q24 preview: Expecting interim DPS to more than double. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24 Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSM...
AEONTS AEON THANA SINSAP (THAILAND) PCL
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
CTRA CIPUTRA DEVELOPMENT
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
AJBU KEPPEL DC REIT
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
GENP GENTING PLANTATIONS BHD
01801 INNOVENT BIOLOGICS INC.
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
6049 POLY PROPERTY SERVICES CO LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
6AM ALCOMET
KORE KEPPEL PACIFIC OAK US REIT
CK CH. KARNCHANG PUBLIC CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
SDG SD GUTHRIE BHD
ASPL ASPIRATIONAL CONSUMER LIFESTYLE CORPORATION
- Julia Pan Mengyao
- Ming San Soong
China Education: Out of the woods after three years.
This year marks the third year after the “Double Reduction” policy was introduced. During these three years, EDU and TAL adopted a multi-faceted approach to foster healthy long-term growth. The key growth catalysts include: a) normalised regulatory tone, b) AIGC integration and smart devices, and c) diversified revenue stream with overseas exposure. We opine that the near-term drag on margins is mainly due to investment to foster sustainable growth. We maintain MARKET WEIGHT on the sector.
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US): Diverse revenue st...
We note that demand for after-school education remains resilient despite a weaker macro outlook as peer competition in China remains intense. To defend against potential uncertainties, EDU is cultivating a competitive moat by diversifying its revenue streams and investing in East Buy. Management guided 4QFY24 revenue growth of 28-31% yoy to US$1,101.5m-1,127.3m while overall net margin should expand 2-3ppt yoy in FY24. Upgrade to BUY with a higher target price of US$105.00 (HK$82.00).
- Greater China Research Team
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
Greater China Daily: Friday, May 31, 2024
KEY HIGHLIGHTS Sector Banking The impact of the recent property rescue package is mixed. Asset quality concern is expected to ease but the lower mortgage rate could continue to weigh on banks’ NIM. Thus, further policy supports from the PBOC, such as RRR and deposit rate cuts, are much needed. Meanwhile, the potential removal of dividend tax for Southbound investors could boost the sector’s valuation further given the attractive A/H spreads and high dividend yields. Upgrade to MARKET WEIGHT. To...
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Wei Xiang Ku
Regional Morning Notes - Friday, May 31, 2024
GREATER CHINA Sector Banking: Implications of property rescue package and dividend tax exemption. Update New Oriental Education & Technology Group (EDU US/BUY/US$81.38/Target: US$105.00): Diverse revenue streams; margin improvement in sight. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/HOLD/Rp3,100/Target: Rp3,300): Earnings upgrade, but downgrade to HOLD on expensive valuation, with a higher target price. MALAYSIA Results Genting Malaysia (GENM MK/BUY/RM2.80/Target: RM3.50): 1Q24: Soli...
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