reports
- Gigi Cheuk
- Kate Luang
China Beststudy Education (3978 HK): Post “Double Reduction”: Talent-e...
We had a luncheon with China Beststudy. Following the Double Reduction policy in 2021, the company is expecting K9 education regulations to normalise and favour compliant players. It is set to gain market share in Guangdong Province as a licensed talent education provider with strong brand recognition. It targets a 77%/66% yoy growth in revenue/attributable net profit in 2025 and is open to raising dividend payout ratio from 60%/70% in 2025/26 and stepping up share buybacks.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Ministry Of Commerce Issues Plan To Expand Ser...
On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spring and autumn vacations to increase the ...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
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.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Audrey Celia
- Willinoy Sitorus
Mayora Indah (MYOR IJ) - Expect Better 2H25 Results Despite Persistent...
Highlights • MYOR’s 1H25 net profit fell 32% yoy on margin compression, although revenue remained solid, supported by stronger export growth. • Expect a seasonal recovery in 3Q25, with 2H25 domestic demand likely to be more favourable than that in 1H25, supported by expected improvements in macro conditions. • We revise 2025-26 EPS by -13.1%/-13.0% due to margin pressure from the rise in raw material prices. Maintain HOLD with Rp2,400 target price and roll over valuation to 2026 with a multiple ...
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, September 17, 2025
Top Stories Sector Update | Consumer On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spring...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Oil and Gas - China’s Anti-Involution Policy: A Long-Term Game Changer
Highlights • Global oil demand forecasts for 2025-26 have been revised upward, as the reciprocal tariffs’ impact on global GDP proved to be less severe than expected. • Rising supply is pressuring crude oil prices, though geopolitical factors are expected to cap the downside. • Anti-involution will be a long-term game changer for the petrochemical sector, but in the near term, spreads are likely to remain under pressure due to oversupply. • Maintain MARKET WEIGHT. Our preferred picks are O...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily: Wednesday, September 17, 2025
Top Stories Sector Update | Oil and Gas The global oil demand outlook for 2025-26 has been revised upward, with limited GDP impact from tariffs. The rising supply is pressuring crude prices, though geopolitical risks may limit declines. GRM softened seasonally in 3Q25 but should rebound in 4Q25. Petrochemical spreads remain pressured by oversupply despite long-term structural shifts from China’s anti-involution policy. Maintain MARKET WEIGHT, with OR, SCGP and IVL as top picks.
- Keith Wee Teck Keong
Banking - Solid Under Pressure
Solid Under Pressure We expect sector earnings to grow 3%/5% in 2025/26 respectively, with a stronger rebound in 2026 as deposits reprice lower, lifting NIM (+2bp). Earnings resilience is underpinned by an about 5% loan growth, stable credit costs, manageable NIM pressure, and potential non-interest income upside. Maintain OVERWEIGHT. We remain constructive on the sector. Valuations remain appealing, with the sector trading at a mean P/B of 1.10x and offering an attractive dividend yield o...
- Malaysia Research Team
Malaysia Daily - Wednesday, September 17, 2025
Top Stories Sector Update | Banking Malaysian banks reported 2Q25 results that were broadly in line with expectations. Despite persistent headwinds, the sector delivered a resilient 6% yoy expansion in 2Q25 pre-provision operating profit. Maintain OVERWEIGHT. We remain constructive on the sector. Valuations remain appealing, with the sector trading at a mean P/B of 1.10x and offering an attractive dividend yield of 6.0%/6.5% for 2025/26 respectively. Market Spotlight The FBMKLCI rose 17.28pt t...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily: Wednesday, September 17, 2025
Top Stories Company Update | Food Empire Holdings (FEH SP/BUY/S$2.59 /Target: S$3.00) Our recent site visit to FEH’s Vietnam operations underscored strong execution, with staff strength quadrupling and strong improvement seen in efficiencies. MacCoffee’s market share rose 2ppt to 15% in 2024, driving >30% yoy revenue growth for the past three years. With new RTD launches and marketing initiatives ahead, we expect FEH to sustain above-industry growth. Maintain BUY with a 10% higher target pri...
- Suryaputra Wijaksana
Economics - Indonesia’s External Debt On A Slowing Trend
Highlights • Debt level declined and growth slowed. Indonesia's external debt fell to US$432.5b in Jul 25, with its annual growth rate slowing significantly to 4.1% yoy. • Contrasting government and corporate trends. The slowdown was caused by lower government & central bank debt, while private corporate debt continued to contract due to high global interest rates and strong domestic corporate savings. • Improved debt servicing and stronger growth outlook. The lower debt burden improved the nati...
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Wednesday, September 17, 2025
Economics | External Debt Indonesia's external debt fell to US$432.5b in Jul 25, with growth slowing to 4.1% yoy. The decline was driven by reduced government and central bank borrowings, while private sector debts contracted due to high global interest rates and domestic liquidity. This improved the nation's interest payment costs. Debt is projected to grow at a faster pace, supported by easing global interest rates and stronger domestic economic activity. Company Update | Mayora Indah (MYOR I...
- Arsit Pamaranont
- Audrey Celia
- Benjaphol Suthwanish
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kate Luang
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, September 17, 2025
Greater China Sector Update | Consumer On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spri...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Food Empire Holdings Ltd - Site Visit In Vietnam Reinforces Our Positi...
Our recent site visit to FEH’s Vietnam operations underscored strong execution, with staff strength quadrupling and strong improvement seen in efficiencies. MacCoffee’s market share rose 2ppt to 15% in 2024, driving >30% yoy revenue growth for the past three years. With new RTD launches and marketing initiatives ahead, we expect FEH to sustain above-industry growth. Maintain BUY with a 10% higher target price of S$3.00.
- Damon Shen
- Jieqi Liu
China Property: NBS Data For Aug 25 Shows Continued Industry Weakness,...
The nationwide property data in Aug 25 remained weak. The decent rebound in property transactions in Shanghai/Shenzhen after the removal of HPRs is a positive development. Expect supportive monetary and fiscal policies to support homebuyers’ sentiment. Maintain MARKET WEIGHT on the China property sector, with CR Land as our top pick.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Bi-Weekly: Affected By Geopolitical Headwinds
The China healthcare stocks under our coverage exhibited a mixed performance during 1-15 Sep 25. Internet healthcare majors like Ali Health and JD Health outperformed, with share prices rising 18.8% and 8.6% respectively, thanks to strong revenue growth prospects and potential policy support. Investors took profits on major biopharmas amid concerns over possible in-licensing restrictions from the US. The trend of innovation and globalisation among Chinese biopharmas remains strong, driven by rob...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Claire Wang Kelai
- Tham Mun Hon
China Economic Activity: Broad-Based Weakness In August Highlights
China’s economic activity weakened further in Aug 25. Industrial production grew 5.2% yoy (-0.5ppt) while retail sales slowed to 3.4% yoy (-0.3ppt). Fixed asset investment growth also declined to 0.5% yoy (-1.1ppt), dragged by a sharp 12.9% yoy (-0.9ppt) decline in property investment. The unemployment rate rose to 5.3% (+0.1ppt). Data missed expectations across the board, reflecting fragile domestic demand and weak consumer confidence. We expect further targeted fiscal and monetary support in t...
- Benjaphol Suthwanish
Thai Airways (THAI TB) - Resuming Normal Operations
Highlights • THAI has returned to trading after successfully completing debt restructuring, resetting its cost structure. • The airline’s operational expansion continues with phased fleet additions, supported by a favourable oil price outlook. • Initiate coverage with a BUY recommendation and a target price of Bt17.00.
- Benjaphol Suthwanish
Thailand Daily - Tuesday, September 16, 2025
Top Stories Initiation Coverage | Thai Airways (THAI TB/BUY/Bt14.80/Target: Bt17.00) THAI exited rehabilitation in Jun 25 with a leaner cost structure, industry-leading margins and greater efficiency after restructuring staff and maintenance costs. Management targets to restore market share from 26% in 2024 to 35% by 2029 by adding 45 new aircraft, including 32 fuel-efficient A321neos, while fleet rationalisation and retrofitting cabins for premium economy will further enhance profitability. In...
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Tuesday, September 16, 2025
Top Stories Economics | Economic Activity China’s economic activity weakened further in Aug 25. Industrial production grew 5.2% yoy (-0.5ppt) while retail sales slowed to 3.4% yoy (-0.3ppt). Fixed asset investment growth also declined to 0.5% yoy (-1.1ppt), dragged by a sharp 12.9% yoy (-0.9ppt) decline in property investment. The unemployment rate rose to 5.3% (+0.1ppt). Data missed expectations across the board, reflecting fragile domestic demand and weak consumer confidence. We expect furthe...
- Roy Chen Chengzhi
Singapore Daily: Tuesday, September 16, 2025
Top Stories Company Update | Singapore Airlines (SIA SP/SELL/S$6.51/Target: S$6.05) SIA’s Aug 25 operating data were broadly in line with our expectations, with pax load and cargo rising 5.4% and 0.5% yoy respectively. We forecast 2QFY25 earnings at S$100m-200m, representing a significant yoy drop mainly due to major earnings drags from Air India, which is expected to remain in a loss-making position. Given the expected earnings decline in FY26, we reckon market sentiments towards SIA will sta...
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