Research | Other Coverage

(1810.HK) Xiaomi
Mar 28, 2023
Maintain Buy on cost optimization focus and new product launches in FY23e
(1810.HK) Xiaomi
Mar 21, 2023
Macro headwinds still around, maintain Buy on upbeat outlook on new product launches
(1810.HK) Xiaomi
Nov 25, 2022
Resilient operations pave the way for upcoming recovery despite prolonged headwinds, maintain Buy
(1810.HK) Xiaomi
Aug 22, 2022
Supply-demand imbalance weighed on results, shift towards user experience to gain differentiated edges, maintain Buy
(1810.HK) Xiaomi
Mar 24, 2022
Earnings beat on back of resilient operation, reiterate Buy on attractive valuation and upcoming sector recovery
(1810.HK) Xiaomi
Nov 26, 2021
Supply constraints easing ahead + growing H/W installed base potential, maintain Buy on undemanding valuation
(268.HK) Kingdee
Sep 2, 2021
Solid 1H results, R&D investment likely to peak and operating leverage on the horizon, raising PT to HK$33.7
(302.HK) CMGE
Sep 2, 2021
Solid 1H results, upbeat outlook on the back of strong IP pipeline, raise PT to HK$6.9
(1810.HK) Xiaomi
Aug 27, 2021
Impressive overall Q2 results, continued expansion in premium/overseas market drives future growth, reiterate Buy
(2013.HK) Weimob
Aug 23, 2021
Solid 1H results, accelerating strategic investment to unleash future growth potential, new PT HK$16.5
(HUIZ.US) Huize
Jun 9, 2021
Robust quarter driven by surging demand, but off-season headwinds still ahead, maintain Buy
(1810.HK) Xiaomi
May 31, 2021
Record quarterly results with impressive GM, raise est./PT to HK$38.3 on continued strong smartphone momentum
Global Tech Biweekly Vol.41
May 17, 2020
Global smartphone shipment – growth accelerated in 1Q21
(1810.HK) Xiaomi
May 12, 2021
Strong smartphone momentum driving more sustainable growth ahead, reiterate Buy on recent market correction
(1810.HK) Xiaomi
Mar 26, 2021
Q4'20 results review: GM expansion, strong momentum on smartphone, entering FY21 with multiple growth drivers, reiterate Buy
(1810.HK) Xiaomi
Jan 15, 2021
Fundamental unchanged, LT growth story intact, buying opportunity emerging, reiterate Buy with PT of HK$35.0
Global Tech Biweekly Vol.37
Dec 11, 2020
marginSalesforce – secular growth driven by strategic acquisitions
(BLCT.US) BlueCity
Dec 8, 2020
3Q20 results review: Streamlining business process and realigning overseas expansion amid headwinds
(HUIZ.US) Huize
Dec 8, 2020
Initiation Report: Leading the evolution of online insurance platform to the next generation
(0382.HK) Edvantage Group Holdings Limited
Nov 27, 2020
Grooming Greater Bay Area’s Next Generation of Talent, Initiate with Buy
Global Tech Biweekly Vol.36
Nov 27, 2020
Cloud computing (IaaS) – growth and scale
(1810.HK) Xiaomi
Nov 27, 2020
Impressive smartphone sales, HW margin expanding, and upbeat outlook on overseas market, PT to HK$35.0
Global Tech Biweekly Vol.35
Nov 13, 2020
Global smartphone shipment – bottomed out stronger than expected
Global Tech Biweekly Vol.34
Nov 11, 2020
China smartphone shipment – ahead of a new upgrade cycle
Global Tech Biweekly Vol.33
Oct 19, 2020
NVIDIA – computing for the age of AI
Global Tech Biweekly Vol.32
Sep 25, 2020
IaaS – product competitiveness of major vendors
Global Tech Biweekly Vol.31
Sep 11, 2020
SaaS – outperformed in the downturn
(BLCT.US) BlueCity
Sep 10, 2020
Initiation report: Leading online LGBTQ community growing with the true demands of loyal customers
(302.HK) CMGE
Aug 31, 2020
More top hits scheduled to launch in 2H with a big room for valuation expansion, PT to HK$5.0
(1810.HK) Xiaomi
Aug 31, 2020
Valuation expansion boosted by strong LT growth potential and index inclusion catalyst, raise PT to HK$30.5
Global Tech Biweekly Vol.30
Aug 28, 2020
Cloud computing (IaaS) – growth and scale
(1810.HK) Xiaomi
Aug 27, 2020
2Q20: weathered through the pandemic, raising FY21E on back of share gain opportunity; PT to HK$24.4
(268.HK) Kingdee
Aug 21, 2020
1H20 Report
(2013.HK) Weimob
Aug 18, 2020
Solid execution amidst headwinds, expect further upside from econ recovery, raising PT to HK$13.7
Global Tech Biweekly Vol.29
Aug 14, 2020
Global smartphone – recovery could be delayed to late 3Q
Global Tech Biweekly Vol.28
Jul 31, 2020
6G networks - Expected to achieve commercialization by 2030
Global Tech Biweekly Vol.25
Jun 22, 2020
China’s smartphone shipment – 5G is becoming the major driver
Global Tech Biweekly Vol.24
Jun 5, 2020
Cloud computing (IaaS) – growth, scale, and capex
Global Tech Biweekly Vol.23
May 22, 2020
Global smartphone shipment dropped in Q1, but not worse than expected
(1810.HK) Xiaomi
May 21, 2020
1Q20: 5G and premium strategy started to pay off for smartphone amid the COVID-19 uncertainty
(302.HK) CMGE
May 6, 2020
High-growth mobile game operator moving upstream to fully tap its IP potential
Global Tech Biweekly Vol.22
May 6, 2020
Smartphone – lens sets growth driven by multi-camera adoption
(1810.HK) Xiaomi Corporation
Apr 2, 2020
Diversification played in macro headwinds, expect smartphone sales bounce back in 2H
Global Tech Biweekly Vol.21
Apr 2, 2020
China telecom capex cycle – 5G-related investment is picking up
Global Tech Biweekly Vol.20
Mar 25, 2020
Smartphone – weaker demand becomes a new concern after supply chain disruption
(2013.HK) Weimob
Mar 24, 2020
Solid FY19 results back on healthy operating metrics, softer outlook on FY20, Maintain buy
(1810.HK) Xiaomi FY19 earnings preview
Mar 10, 2020
Expect solid FY19 results based on smartphone GM recovery and healthy IoT growth
Initiate Weimob (2013.HK) with a BUY rating (PT HK$6.2)
Mar 10, 2020
A long-term growth story – frontrunner of SMB SaaS vendors chasing new digitalization growth
Global Tech Biweekly Vol.19
Mar 6, 2020
5G smartphone growth – powered by chipmaker
Global Tech Biweekly Vol.18
Feb 21, 2020
Cloud computing (IaaS) – growth vs scale
Global Tech Biweekly Vol.17
Feb 7, 2020
YoYGlobal smartphone shipment – uncertainties at the early stage of a new cycle
Global Tech Biweekly Vol.16
Jan 21, 2020
CES – Global stage for innovation
Global Tech Biweekly Vol.15
Jan 8, 2020
Adobe – Strong Q4 results
1931.HK IVD Medical | Initiation of Coverage
Dec 17, 2019
A leading IVD product distributor in China
Global Tech Biweekly Vol.14
Dec 13, 2019
AWS – re:Invent 2019 key takeaways
(1810.HK) Xiaomi Corporation | Company Update
Dec 12, 2019
Redmi K30 5G – the game changer of 5G smartphone competition
(1810.HK) Xiaomi Corporation | 3Q19 Earnings Review
Dec 3, 2019
Proactive defense strategy with margin expansion; 5G a big driver in 2020
Global Tech Biweekly Vol.13
Nov 29, 2019
We believe the rapid growth of IoT market is expected to be driven by 5G deployment, which will further improve the performance of IoT device and expand its applications.
Global Tech Biweekly Vol.12
Nov 18, 2019
According to IDC, worldwide smartphone shipment was 358.3mn units in 3Q19, up 0.8% YoY after 7 consecutive quarters of decline. Despite the meager growth in this quarter, we still saw a clear recovery trend and believe global smartphone has been back on growth track again as a new round of smartphone replacement is coming soon.
Global Tech Biweekly Vol.11
Nov 1, 2019
In this issue, we will look into Kingdee’s cloud transition, which performs differently in different market segments, as a result benefits of cloud transition have yet fully come.
Global Tech Biweekly Vol.10
Oct 18, 2019
In this issue, we will look into Yonyou’s cloud business development.
China Online Advertising Chartbook 2Q19
Oct 10, 2019
Meituan, Pinduoduo , and Qutoutiao continued to outperform
Global Tech Biweekly Vol.9
Oct 4, 2019
In this issue, we will discuss the changes that cloud transition brought to traditional software company from a financial and valuation perspective.
Global Tech Biweekly Vol.8
Sep 19, 2019
In this issue, we will discuss the main characteristics of cloud native SaaS companies.
Global Tech Biweekly Vol.7
Sep 5, 2019
In this issue, we will discuss the relationship between revenue growth and the corresponding Capex of major cloud (IaaS) vendors and how they build their product competitiveness.
Global Tech Biweekly Vol.6
Aug 22, 2019
Smartphone (shipment forecast, product strategy, 5G implication, and CCM)
Global Tech Biweekly Vol.5
Aug 8, 2019
Cloud computing
Global Tech Biweekly Vol.4
Jul 25, 2019
According to Gartner (April 2019), the worldwide public cloud services market size was US$182.4bn in 2018 and projected to grow by 17.5% YoY to US$214.3bn in 2019. In terms of service type, SaaS market accounted for the largest proportion while smaller IaaS market was quite concentrated. In 2018, three big giants, Amazon (AWS), Microsoft (Azure), and Alibaba accounted for 47.8%, 15.5%, and 7.7% of the global IaaS market share, respectively.
Global Tech Biweekly Vol.3
Jul 10, 2019
After being launched by Niantic in 2016, Pokémon Go became very popular and has caught wide market’s attention on AR. Spun out of Alphabet in 2015, Niantic raised a new US$245mn C funding round at a US$4bn valuation in Jan 2019. Game has become a successful way of monetization for new AR technology.
Global Tech Biweekly
Jun 24, 2019
On 11 Jun, Sunny Optical announced shipment data for May. Handset lens shipment were 107mn, -5.8% MoM/+38.7% YoY. CCM shipment were 39.7mn, +2.1% MoM/+16.6 YoY. The shipment data began to weaken mainly because the Huawei’s order cut impact started to show.
Global Tech Biweekly Vol.1
Jun 10, 2019
Telecom investment cycle of China
1Q19: smartphone bottoming out and accelerated monetization in internet services
May 24, 2019
Xiaomi reported 1Q19 revenue of Rmb43.8bn, +27.2% YoY/-1.5% QoQ and beating the consensus by 4.9%. 1Q19 gross profit came at Rmb5.2bn, +21.3% YoY/-7.9% QoQ, with gross margin softened at 11.9%. With the strong new product launch including high-end phone Mi9 in 1Q19, we expect a recovery in margin in 2Q19.
Xiaomi Corporation
March 21, 2019
Xiaomi reported FY18 full-year revenue of Rmb175bn, +53% YoY, with 4Q revenue at Rmb44.4bn, +26.5% YoY/-12.6% QoQ. The sector-wide sluggish smartphone sales and few new models launched (only two mid/high-end models launched in 4Q) weighed on 4Q result
Greater Bay Area Guideline Comment
March 1, 2019
We upgrade Aoyuan to Buy. The company has maintained a faster-than-peer sales momentum on sufficient landbank, strong execution and a strong balance sheet
Xiaomi Corporation - The launch of Mi9 and 5G Mix 3 marks the start of a new era
February 27, 2019
Xiaomi recently launched two flagship smartphones: the Mi9 and 5G Mix 3. We believe these two new smartphone models and the independent operation of Red Mi brand reflect Xiaomi’s strategy to strengthen its market share in high-performance premium smartphone segment
Xiaomi Corporation - Upbeat results supported by strong growth momentum
November 21, 2018
Xiaomi has upbeat revenue growth and profitability despite challenging market condition. In 3Q18, Xiaomi reported a stronger-than-expected set of results；reiterate “BUY”rating and price target of HK$ 22.0
Xiaomi Corporation - Innovation and unique consumer IoT network key to growth
Sept 4, 2018
Xiaomi offers a portfolio of award-winning, high-performance smartphones, smart hardware and lifestyle products with “honest price”. The smart devices serve as the gateway to offer internet services to its loyal users. Its price strategy is achieved through highly efficient distribution channels that seamless integrate direct online sales, self-operated Mi Home and offline retail partners
The market may underestimate a potential trade war
March 7, 2018
On March 1, 2018, President Trump proposed that the US would impose 25% import tariffs on steel and 10% on aluminum.Although a trade war may end up in a lose-lose situation for China and the US, we are concerned that the stock market may have underestimated such possibility
Comment on US market plunge
February 6, 2018
De-risking mode on; HK stocks may see good entry point on volatility; The global stock selloff may trigger US and Europe investors to take profit on the liquid HK stock market, given the rally in 2017. On the other hand, southbound inflows through Stock Connect program may come to offset this
Canvest Environmental Protection Group – Star on the rise
February 21, 2017
Canvest Environmental Protection Group is the largest non-state-owned waste-to-energy (WTE) incineration treatment provider in Guangdong Province, by municipal solid waste (MSW) treatment capacity. It is a star on the rise, with ROE expansion and we Initiate with Buy rating.
Wonderful Sky Financial Group - No.1 market leader stepping up the game
December 22, 2016
We initiate coverage on?Wonderful Sky (WSFG, 1260.HK)?with Buy rating. We identify it as a growth stock with good defensive value. We see deep valuation discount to its peers with dividend yield at 7.0%, and FY17 PE at 8.6x.