reports
- Damon Shen
- Jieqi Liu
China & Hong Kong Property Strategy: Channel check of Shanghai’s prima...
In May 25, new home and second-hand transactions in Tier 1 cities remain relatively resilient. We visited four residential projects in Shanghai and observed: a) better sales of upgrading units, b) price stabilisation, and c) a challenging margin outlook. In Hong Kong, with the sharp decline of 1M HIBOR being a major positive development, RVD’s latest rental yields data points to improved return of smaller units. We expect higher yields into the school admission season. Maintain sector ratings an...
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Market watch around May holiday...
In Apr 25, the 28 mainland cities we monitored saw yoy decreases in new home sales, and total sales for Top 100 developers fell 16.9% yoy, worsening from a 10.6% yoy drop in Mar 25. As holiday delays data registration, we think the sales data for next two weeks will show the strength of sales in May 25. For the Hong Kong market, declining inventory and rising rental yields are positive signs. But consumption leakage remains a key concern. Maintain sector ratings. Top picks: CR Land and SHKP.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Kasemsun Koonnara
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, May 07, 2025
GREATER CHINA Strategy China And Hong Kong Property Market watch around May holiday: New-home sales recovery weakens in Apr 25; the trend of Hong Kong resident travelling north remains strong. Sector Consumer Strong Macau visitations and robust home appliance sales during Labour Day Holiday. INDONESIA Initiate Coverage Aneka Tambang (ANTM IJ/BUY/Rp2,540/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
5168 HARTALEGA HOLDINGS BHD.
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
HEIM HEINEKEN MALAYSIA BHD
BANPU TB BANPU
ECW ECO WORLD DEVELOPMENT GROUP
HLBANK HONG LEONG BANK BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MPM MARCO POLO MARINE LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
STM SEATRIUM LTD
PEKAT PEKAT GROUP BHD
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Sales recovery weakened in Apr ...
In Apr 25: a) major mainland cities saw mom decreases in new home sales and secondhand transactions; b) the CVI index in Hong Kong is hovering around 40, pointing to weakened sentiment; and c) mainland tourists to Hong Kong/Hong Kong residents to China grew 15.7%/25.2% yoy respectively. Amid rising trade risks, stabilising domestic demand has become more important for China. Besides, Hong Kong’s free port status needs to be monitored. Maintain sector ratings. Top picks: CR Land and SHKP.
- Damon Shen
- Jieqi Liu
China And Hong Kong Property & Hong Kong Landlords Strategy: Tariffs c...
The tariffs announced by Trump increased uncertainties over the Fed’s rate cuts, weighing on the recovery of the Hong Kong residential market and tourism. The mainland property market will be less affected, backed by China’s relatively independent monetary policy. For 2025, leading SOE developers’ earnings stabilisation will be a key highlight. Maintain sector weights with this pecking order: China property>Hong Kong developers>Hong Kong landlords. Top picks: CR Land and SHKP.
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Damon Shen
- Jieqi Liu
Kerry Properties (683 HK): 2024: Underlying net profit beats expectati...
Kerry Properties’ underlying net profit rose 25% yoy to HK$3.9b, 27% and 29% higher than our and consensus estimates respectively. The growth was driven by stronger revenue from DP and lower taxes, with DPS staying at HK$1.35. Following the sale of Jinling Residence in 2025, management targets to reduce the net gearing ratio to the mid-30s within two years. The growing IP portfolio is a positive sign. Lift 2025/26 earnings forecast by 4%/10%. Maintain BUY. Target price: HK$22.70.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 20, 2025
KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80) Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market sha...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, March 20, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
AAON AAON INC.
00683 KERRY PROPERTIES LIMITED
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
HCM HUTCHISON CHINA MEDITECH LIMITED
DBB DUOPHARMA BIOTECH BHD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
- Damon Shen
- Jieqi Liu
Kerry Properties (683 HK): Luxury home expert; mega investment in Shan...
Kerry Properties specialises in luxury homes, with over 60% of its IP and DP gross asset value contributed by mainland China projects, which should benefit from the stabilisation of China’s economy. Mont Verra in Hong Kong and Jinling Residence in Shanghai are set to boost sales, lowering net gearing from 43% in 2024 to 31% by 2026. Expect stable DPS of HK$1.35 for 2024-26. The stock is trading at 0.22x P/B, the lowest among peers. Initiate coverage with BUY and a target price of HK$21.70, deriv...
- 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%...
- Damon Shen
- Jieqi Liu
Kerry Properties (683 HK): Luxury home expert; mega investment in Shan...
Kerry Properties specialises in luxury homes, with over 60% of its IP and DP gross asset value contributed by mainland China projects, which should benefit from the stabilisation of China’s economy. Mont Verra in Hong Kong and Jinling Residence in Shanghai are set to boost sales, lowering net gearing from 43% in 2024 to 31% by 2026. Expect stable DPS of HK$1.35 for 2024-26. The stock is trading at 0.25x P/B, the lowest among peers. Initiate coverage with BUY and a target price of HK$21.70 derive...
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, September 12, 2024
GREATER CHINA Sector Hong Kong Property Results wrap-up for Hong Kong developers: Navigating the cycle. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,270/Target: Rp2,900) Fixed broadband ARPU might increase by 10% post-acquisition of ServeCo. MALAYSIA Sector Utilities A strong 2Q24 with companies coming in broadly within expe...
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
2883 CHINA OILFIELD SERVICES LIMITED CLASS H
00016 SUN HUNG KAI PROPERTIES LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
5347 TENAGA NASIONAL BHD
01113 CK ASSET HOLDINGS LIMITED
MLK MALAKOFF CORP BHD
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
EXCL XL AXIATA TBK PT
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
Kerry Properties: 1 director
A director at Kerry Properties bought 356,000 shares at 13.868HKD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
KERRY PROPERTIES sees an upgrade to Positive due to a better fundament...
The general evaluation of KERRY PROPERTIES (HK), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 15, 2022, the closing pric...
- Phillip Zhong
Morningstar | Kerry Properties' Full-Year Results a Miss due to Except...
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...
- Phillip Zhong
Morningstar | Kerry Properties' Full-Year Results a Miss due to Except...
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...
- Phillip Zhong
Kerry Properties' Full-Year Results a Miss due to Exceptional Items, U...
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...
- Phillip Zhong
Morningstar | 00683 Updated Forecasts and Estimates from 25 Feb 2019
Going into the second half of 2018, Kerry Properties' two major residential projects in Hong Kong, Mantin Heights and Bloomsway, have largely been sold. The current project pipeline is limited to two phases of the Beacon Hill project and a joint venture with Sino Land for the Wong Chuk Hang station package. We expect earnings to be underpinned by the current order book as well as steady performance of the investment properties. We maintain our fair value estimate of HKD 33 and our no-moat rating...
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