Research
AMTD Web3.0 Biweekly
31 Mar 2023 | AMTD Research
(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
AMTD Web3.0 Biweekly
17 Mar 2023 | AMTD Research
AMTD Web3.0 Biweekly
3 Mar 2023 | AMTD Research
AMTD Web3.0 Biweekly
17 Feb 2023 | AMTD Research
AMTD Web3.0 Biweekly
3 Feb 2023 | AMTD Research
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20 Jan 2023 | AMTD Research
AMTD Web3.0 Biweekly
6 Jan 2023 | AMTD Research
AMTD Web3.0 Biweekly
23 Dec 2022 | AMTD Research
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9 Dec 2022 | AMTD Research
AMTD Web3.0 Biweekly
25 Nov 2022 | AMTD Research
(1810.HK) Xiaomi
Nov 25, 2022
Resilient operations pave the way for upcoming recovery despite prolonged headwinds, maintain Buy
AMTD Web3.0 Biweekly
11 Nov 2022 | AMTD Research
AMTD Web3.0 Biweekly
21 Oct 2022 | AMTD Research
AMTD Web3.0 Biweekly
7 Oct 2022 | AMTD Research
AMTD Web3.0 Biweekly
23 Sept 2022 | AMTD Research
AMTD Web3.0 Biweekly
2 Sept 2022 | AMTD Research
(1810.HK) Xiaomi
Aug 22, 2022
Supply-demand imbalance weighed on results, shift towards user experience to gain differentiated edges, maintain Buy
AMTD Web3.0 Biweekly
19 Aug 2022 | AMTD Research
AMTD Web3.0 Biweekly
5 Aug 2022 | AMTD Research
AMTD Web3.0 Biweekly
22 July 2022 | AMTD Research
AMTD Web3.0 Biweekly
8 July 2022 | AMTD Research
AMTD Web3.0 Biweekly
24 June 2022 | AMTD Research
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10 June 2022 | AMTD Research
AMTD Web3.0 Biweekly
27 May 2022 | AMTD Research
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10 May 2022 | AMTD Research
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22 April 2022 | AMTD Research
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8 Apr 2022 | AMTD Research
(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
(2103.HK) Sinic
Oct 4, 2021
Discontinuation of Coverage
(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
(230.HK) Minmetals Land Limited
Sep 2, 2021
Growth Accelerates on the Back of 2020 Asset Injection
(302.HK) CMGE
Sep 2, 2021
Solid 1H results, upbeat outlook on the back of strong IP pipeline, raise PT to HK$6.9
(0095.HK) LVGEM (China) Real Estate Investment Company Limited
Sep 2, 2021
Making Progress on Baishizhou Project Phase 1
(1996.HK) Redsun Properties Group Limited
Sep 2, 2021
Solid 1H21 Performance, On Track to Beat Sales Target
(1810.HK) Xiaomi
Aug 27, 2021
Impressive overall Q2 results, continued expansion in premium/overseas market drives future growth, reiterate Buy
(3662.HK) Aoyuan Healthy Life Group
Aug 27, 2021
M&A Drives Growth to Beat Expectations, Reiterate Buy
(3883.HK) China Aoyuan Group
Aug 27, 2021
Slower Growth Ahead as Deleveraging Takes Priority
(1922.HK) Yincheng Life Service
Aug 27, 2021
Strength in Organic Expansion Underpinning Diversified Growth
(2013.HK) Weimob
Aug 23, 2021
Solid 1H results, accelerating strategic investment to unleash future growth potential, new PT HK$16.5
(0123.HK) Yuexiu Property
Aug 23, 2021
Growth on Solid Foundations of Strong Balance Sheet and GBA
(0382.HK) Edvantage Group
Aug 23, 2021
3Q Earnings Boosted by Sichuan Colleges, Vocational Businesses
(0832.HK) Central China Real Estate Limited
Aug 23, 2021
Undervalued Amid Market Concerns, Reiterate Buy
(9983.HK) Central China New Life Limited
Aug 23, 2021
Rise in Third-Party Projects to Underpin Future Growth
(9993.HK) Radiance Holdings
Aug 23, 2021
Solid 1H21 All-Round Performance, Maintain Buy
(0405.HK) Yuexiu REIT
Aug 11, 2021
Recovery On Track, Interest Savings to Drive 2H21E Growth
(35.HK) Far East Consortium
Jun 29 2021
Riding on the Tide of COVID-19 Macro Recovery
(35.HK) Far East Consortium
Jun 18 2021
Another Major Milestone On the Road to COVID-19 Recovery
(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
China Property
May 24, 2021
China Developers’ Evolution into Conglomerates: 2021-2025
Global Tech Biweekly Vol.41
May 17, 2020
Global smartphone shipment – growth accelerated in 1Q21
Global Fintech Biweekly Vol.25
May 14, 2021
Redefining money: Rebellious cryptocurrencies under regulatory ambiguity
Global Fintech Biweekly Vol.24
May 14, 2021
NFTs: Value creation underlying the hype
(832.HK) Central China Real Estate Limited
May 14, 2021
Post Spin-Off Trading offers Buying Opportunity
(1810.HK) Xiaomi
May 12, 2021
Strong smartphone momentum driving more sustainable growth ahead, reiterate Buy on recent market correction
(35.HK) Far East Consortium
May 11 2021
UK Economy Reopening will Boost Property Sales
(0382.HK) Edvantage Group Holdings Limited
Apr 22, 2021
Growth on Track, Entering the M&A Harvest
(0095.HK) LVGEM (China) Real Estate Investment Company Limited
Apr 9, 2021
All Eyes on Baishizhou as Phase 1 Starts Construction
(832.HK) Central China Real Estate Limited
Apr 9, 2021
A New CEO, A New Dawn
(1996.HK) Redsun Properties Group Limited
Apr 9, 2021
Recapitalised Balance Sheet, Steady Growth Ahead
(3883.HK) China Aoyuan Group
Apr 1, 2021
Solid and Steady, Dividend Surprise
(3662.HK) Aoyuan Healthy Life Group
Apr 1, 2021
All-Stars Aligned - Valuation, Results, Growth Outlook
(9983.HK) Central China New Life Limited
Mar 31, 2021
Property Management 2.0 – The Digital Era
(230.HK) Minmetals Land Limited
Mar 30, 2021
Consolidating for a Brighter Future
(1810.HK) Xiaomi
Mar 26, 2021
Q4'20 results review: GM expansion, strong momentum on smartphone, entering FY21 with multiple growth drivers, reiterate Buy
Global Fintech Biweekly Vol.23
Mar 23, 2021
Decoding Coinbase IPO: Compliance, a double-edged sword?
(0405.HK) Yuexiu REIT
Mar 5, 2021
The Comeback Kid, Reiterate Buy
Global Fintech Biweekly Vol.22
Mar 5, 2021
Sustainable FinTech: A bottom-up approach to tackling climate changes
Global Fintech Biweekly Vol.21
Mar 5, 2021
Deep dive into the Buy Now Pay Later market
(1238.HK) Powerlong Real Estate Holdings Limited
Mar 4, 2021
Solid All Round Execution, Reiterate Buy
(0405.HK) Yuexiu REIT
Feb 16, 2021
A Great Turnaround Story of 2021, Initiate with Buy
(0382.HK) Edvantage Group Holdings Limited
Jan 25, 2021
Fundamental Growth drives Stock Outperformance, Reiterate Buy
(35.HK) Far East Consortium
Jan 19, 2021
Recovery has just begun, More Legs to Run, 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
At the Forefront of China Property
Dec 31, 2020
Opportunities emerging in Property Management Sector
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
(35.HK) Far East Consortium
Nov 27, 2020
Emerging from the Eye of the Storm, Maintain Buy
At the Forefront of China Property
Nov 27, 2020
Fully Recovered From COVID-19, Back to the New Normal
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
(0095.HK) LVGEM (China) Real Estate Investment Company Limited
Nov 11, 2020
Latest Market Transaction Underpins HK NEO Asset Value
Global Tech Biweekly Vol.34
Nov 11, 2020
China smartphone shipment – ahead of a new upgrade cycle
(832.HK) Central China Real Estate Limited
Nov 11, 2020
Asset-light Business Spin-off to Unlock 64% Valuation
Global Tech Biweekly Vol.33
Oct 19, 2020
NVIDIA – computing for the age of AI
Global Fintech Biweekly Vol.19
Oct 05, 2020
Ant Group vs. JD Digits: Different strategies
At the Forefront of China Property
Sep 29, 2020
A Solid Macro Economy Recovery
Global Tech Biweekly Vol.32
Sep 25, 2020
IaaS – product competitiveness of major vendors
(3662.HK) Aoyuan Healthy Life Group
Sep 22, 2020
Dual Engine To Propel Long Term Growth
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
(9983.HK) Central China New Life Limited
Aug 31, 2020
Geographical Focus to Drive Outperformance
Global Tech Biweekly Vol.30
Aug 28, 2020
Cloud computing (IaaS) – growth and scale
Global Fintech Biweekly Vol.18
Aug 28, 2020
Global payment giants 2Q20 results: the pandemic accelerates payment digitalization
(1996.HK) Redsun Properties Group Limited
Aug 28, 2020
A Year of Harvest, Maintain Buy
(832.HK) Central China Real Estate Limited
Aug 27, 2020
Solid 1H20 Results, Earnings Growth On Track
(1810.HK) Xiaomi
Aug 27, 2020
Q2 2020 Results Review
(0095.HK) LVGEM (China) Real Estate Investment Company Limited
Aug 26, 2020
Asset Injection Propels Stock to New Heights, Upgrade to Buy
(0095.HK) LVGEM (China) Real Estate Investment Company Limited
Aug 24, 2020
All Eyes On Baishizhou 2H20 Potential Asset Injection
(268.HK) Kingdee
Aug 21, 2020
1H20 Report
(1238.HK) Powerlong Real Estate Holdings Limited
Aug 20, 2020
Strong 1H20 results sets the stage for a share price rally, Reiterate Buy
(2013.HK) Weimob
Aug 18, 2020
Solid execution amidst headwinds, expect further upside from econ recovery, raising PT to HK$13.7
(DUO.US) Fangdd Network Group
Aug 18, 2020
A Mispriced SaaS company with Valuation Re-rating Potential
(3662.HK) Aoyuan Healthy Life Group
Aug 18, 2020
Post-Acquisition Integration to be 2H20 Key Catalyst
(3883.HK) China Aoyuan Group
Aug 18, 2020
Solid 1H20 Results Despite Unprecedented Challenges
Global Tech Biweekly Vol.29
Aug 14, 2020
Global smartphone – recovery could be delayed to late 3Q
(9983.HK) Central China New Life Limited
Aug 03, 2020
Blossoming on Deep Roots in Henan Province
Global Tech Biweekly Vol.28
Jul 31, 2020
6G networks - Expected to achieve commercialization by 2030
At the Forefront of China Property
Jul 20, 2020
1H20 Results Preview: Size Matters?
Global Tech Biweekly Vol.27
Jul 17, 2020
5G standards – Release 16 (R16) frozen
(832.HK) Central China Real Estate Limited
Jul 16, 2020
Greentown Listing Paves Way to Unlock Asset-Light Value
(35.HK) Far East Consortium
Jul 3, 2020
Riding through the Storm, Property Sales offer the Silver Lining
Global Tech Biweekly Vol.26
Jul 3, 2020
Apple – continues to sharpen the strength of ecosystem
At the Forefront of China Property
Jun 23, 2020
Developers Recapitalising Balance Sheets ahead of Interim Results
Global Tech Biweekly Vol.25
Jun 22, 2020
China’s smartphone shipment – 5G is becoming the major driver
(230.HK) Minmetals Land Limited
Jun 5, 2020
An Important Milestone that Transforms Sales Growth Outlook
Global Tech Biweekly Vol.24
Jun 5, 2020
Cloud computing (IaaS) – growth, scale, and capex
(268.HK) Kingdee
May 25, 2020
Rome was not built in a day, but enhanced cash flow heralds a reborn
Global Tech Biweekly Vol.23
May 22, 2020
Global smartphone shipment dropped in Q1, but not worse than expected
Global Fintech Biweekly Vol.17
May 22, 2020
The Re-rating of Fintech Infrastructure
(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
China Property
May 5, 2020
A Bumpy Ride Ahead, Take Shelter under Dividend Yield
(1810.HK) Xiaomi Corporation
Apr 2, 2020
Diversification played in macro headwinds, expect smartphone sales bounce back in 2H
(0832.HK) Central China Real Estate Limited
Apr 2, 2020
Reaping in the Harvest and More is to Come
Global Tech Biweekly Vol.21
Apr 2, 2020
China telecom capex cycle – 5G-related investment is picking up
(6111.HK) Dafa Properties Group Limited
Apr 1, 2020
Project launches in 2Q20 Holds the Key to Full Year Growth Outlook
(0095.HK) LVGEM (China) Real Estate Investment Company Limited
Mar 31, 2020
Solid Execution on Highly Profitable Urban Redevelopment Land Bank
(1996.HK) Redsun Properties Group Limited
Mar 27, 2020
Solid Balance Sheet, Stable Growth, Inexpensive Valuations
(3662.HK) Aoyuan Healthy Life Group
Mar 27, 2020
Profitability Over Scale, Growth Quality Underappreciated
(3883.HK) China Aoyuan Group
Mar 25, 2020
Execution Strength Shines Through in Times of Adversity
Global Tech Biweekly Vol.20
Mar 25, 2020
Smartphone – weaker demand becomes a new concern after supply chain disruption
Global FinTech Biweekly Vol.16
Mar 25, 2020
FinTech ambitions of global smartphone giants
(2013.HK) Weimob
Mar 24, 2020
Solid FY19 results back on healthy operating metrics, softer outlook on FY20, Maintain buy
(1238.HK) Powerlong Real Estate Holdings Limited
Mar 17, 2020
Growth Trajectory Intact, Reiterate 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$6.2)
Mar 10, 2020
A long-term growth story – frontrunner of SMB SaaS vendors chasing new digitalization growth
Global Tech Biweekly Vol.19
Mar 6, 2020
5G smartphone growth – powered by chipmaker
(35.HK) Far East Consortium International Limited
Mar 4, 2020
The Chase for Yield Accelerates, Positive for Overseas Property Sales
(17.HK) New World Development
Mar 3, 2020
Solid Foundations to Ride out Near Term Challenges
Global FinTech Biweekly Vol.15
Feb 26, 2020
Global FinTech Industry at an Inflection Point
Global Tech Biweekly Vol.18
Feb 21, 2020
Cloud computing (IaaS) – growth vs scale
Global Tech Biweekly Vol.17
Feb 7, 2020
YoYGlobal smartphone shipment – uncertainties at the early stage of a new cycle
China Property
Feb 7, 2020
Virus Outbreak Tightens Cash Flow, but End-User Demand will remain Intact
Global FinTech Weekly Vol.14
Jan 21, 2020
VISA acquires open banking startup Plaid for US$ 5.3bn
Global Tech Biweekly Vol.16
Jan 21, 2020
CES – Global stage for innovation
1911.HK China Renaissance
Jan 8, 2020
2019 results preview: Growth despite a challenging environment
Global Tech Biweekly Vol.15
Jan 8, 2020
Adobe – Strong Q4 results
6111.HK Dafa Properties Group Limited
Jan 8, 2020
Rapidly Rising Through the Ranks, beating Market expectations
3662.HK Aoyuan Healthy Life Group
Dec 17, 2019
A Major Step in Building a Healthcare and Beauty Business Empire
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
Global FinTech Weekly Vol.13
Dec 13, 2019
US Neobank Chime quadruples valuation in 9 months
(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
0035.HK Far East Consortium
Dec 03, 2019
Hospitality Trust spin-off will drive Share Price Re-rating, Reiterate Buy
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 FinTech Weekly Vol.12
Nov 27, 2019
PayPal to acquire shopping and rewards platform Honey for US$ 4bn and this would mark PayPal’s largest acquisition ever. PayPal’s press release explains this move as “to reach consumers at the beginning of their shopping journeys”.
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.
0832.HK Central China Real Estate Limited
Nov 12, 2019
All Set to be the next Shining Star in the Sector, Initiate with Buy
Special Focus: Victoria Dockside
Nov 5, 2019
A Key Milestone that marks The Dawn of a New World
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.
0095.HK LVGEM (China) Real Estate Investment Company Limited
Oct 30, 2019
Crown Jewel acquired at a minimal cost, a Positive Surprise
Global FinTech Weekly Vol.11
Oct 25, 2019
WeChat quietly launched a new function “Bank Deposit” in its main portal. What’s unusual about this function is that for the first time, Wechat connects users to a bank’s deposit product, and it starts with one of the largest SOE banks in the country.
Global Tech Biweekly Vol.10
Oct 18, 2019
In this issue, we will look into Yonyou’s cloud business development.
1238.HK Powerlong Real Estate Holdings Limited
Oct 16, 2019
Recapitalised Balance Sheet for Value Accretive Opportunities
China Online Advertising Chartbook 2Q19
Oct 10, 2019
Meituan, Pinduoduo , and Qutoutiao continued to outperform
Global FinTech Weekly Vol.10
Oct 10, 2019
While majority of FinTech activities target consumer market, SME FinTech may become the next wave of focus. Lack of historical data, high servicing costs and difficulty in underwriting and pricing and high failure rates are the key reasons that traditional financial institutions are unable to serve SMEs.
China Property
Oct 8, 2019
Time to ditch Stock Picking methodology based on Tier-1, 2, 3 exposure
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 FinTech Weekly Vol.9
Sep 27, 2019
From Tech to Fin vs from Fin to Tech; the line between Tech and Financials is blurred
Global Tech Biweekly Vol.8
Sep 19, 2019
In this issue, we will discuss the main characteristics of cloud native SaaS companies.
Global FinTech Weekly
Sep 13, 2019
HKEx invests in a multi-party computation (MPC) startup founded by Professor Andrew Chi-Chih Yao, the guru of MPC technology
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 FinTech Weekly
Aug 22, 2019
Digital RMB ready for launch? On Aug 10, at the China Financial 40 Forum(CF40), Mu Changchun, Deputy Director of the People's Bank of China's (PBOC) Payment Department, confirmed the potential launch of digital Rmb, which has been studied for five years.
Global Tech Biweekly Vol.5
Aug 8, 2019
Cloud computing
Global FinTech Weekly
Aug 8, 2019
Highlight of the week –Time to modernize China Rmb 40trn personal wealth management market: According to CBRC, the outstanding wealth management products (WMPs) reached RMB32trn at YE18. We estimate the personal wealth management market size to be at about RMB40-50trn, which is currently scattered in bank WMPs, mutual funds, insurance, trusts, P2P, etc.
China Aoyuan Property - Consensus Earnings Upgrades to Drive Share Price Higher
August 2, 2019
We expect consensus to continue to revise their earnings upwards and eventually the share price will reflect the earnings growth potential
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 FinTech Weekly
July 25, 2019
Highlight of the week – Facebook’s Libra in dilemma: Facebook has 2.7 billion users and Libra claims to serve 1.7 billion people without banking services worldwide. If Libra could use its stable coin feature as a selling point, it will have the potential to cover this large group by offering cross-border micro payments initially, and gradually nibble away US dollar’s international reserve currency status.
Global FinTech Weekly
Jul 12, 2019
Highlight of the week – China P2P platforms facing regulatory challenge. Since the launch of the Special Campaign against Peer-to-peer Lending Risks, as of Jun-19, the number of operating P2P platforms fell to 863, down 55% from the beginning of 2018; the outstanding loans is down by 48% from the peak in 2018. We expect China’s P2P industry will continue to shrink.
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 FinTech Weekly
Jul 8, 2019
Highlight of the week – Mutual insurance: healthcare utopia sparks fresh controversy. Mutual insurance/peer-to-peer insurance has gained popularity globally. These insurance schemes would promise that they will pay back any leftover to members. Xiang Hu Bao users have just shared a new batch of cost of RMB0.51 per person, with 150 patients receiving the payouts. The variable cost depending on the real payouts is a big selling point.
Far East Consortium FY19 review
Jul 3, 2019
FY19 revenue grew by 17.3% yoy with growth across the segments. Development gross margin came back to a more normalized level as expected. As a result, core cash profit grew by 9.6% yoy. Full year DPS was maintained at HK$22 cents, same as FY18. We estimate that FY19 contracted sales slightly declined to HK$5.0bn vs HK$6.3bn in FY18. For FY20 FEC plans a HK$15.4bn worth of new launches.
Global FinTech Weekly
Jun 28, 2019
Highlight of the week – The challenger bank brand magic. Challenger banks (or Neo banks) became venture capitals’ darling in the past 12 months. These are digital only banks that tend to focus on a few simple but competitive products with ultimate user experience that caters to millennials. 7 of them have crossed the US$ 1bn valuation hurdle.
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 FinTech Weekly
Jun 20, 2019
Highlight of the week – Facebook’s blockchain solution for global payment market. With 2.7 billion Facebook/Whatsapp/messenger/Instagram users, and some very powerful partners to onboard merchants, it could extend to a wider acceptance where even Bitcoin has not been able to reach.
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.
A leading property management service provider
May 24, 2019
Aoyuan Healthy Life provides property management service for residential and non-residential properties and commercial operational service for mid-high end shopping malls in China.
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
China Renaissance - All eyes on Science and Technology Innovation Board
March 21, 2019
China Renaissance is the leading investment bank dedicated to China’s new economy companies and entrepreneurs. We believe China Renaissance’s unmatched ability to engage new economy entrepreneurs, its deep understanding of the new economy companies
Greater Bay Area Guideline Comment
March 1, 2019
致力于大湾区内要素高效便捷流通，在制度设计、基建、人员流动、跨境投资、医疗、教育、科研领域均有宏大规划。大湾区开放型经济体定位明确，以科技创新和制度创新为依托，打造世界新兴产业、先进制造业和现代服务业基地。与此同时
China Aoyuan Property - Upgrade to Buy rating on valuation and strong sales momentum
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
New World Development - A GBA conglomerate dedicated to craftsmanship and unparalleled living experience
February 18, 2019
NWD has created a series of products and living concepts with forward-looking ideas and tastes, which reflects its dedication to craftsmanship and provides an unparalleled array of exclusive experience to its customers under the ecosystem of The Artisanal Movement living sphere
China Renaissance - A leading investment bank and asset manager dedicated to the new economy
December 21, 2018
China Renaissance is the leading investment bank dedicated to China’s new economy companies and entrepreneurs. As of YE17, its clients include 15 of the top 20 Chinese new economy companies and 56% of new economy unicorns as measured by market cap/valuation
35 Far East Consortium - Gaming segment becomes visible
November 29, 2018
FEC has strong contracted sales in 1HFY19 and revenue grew by 7% yoy; Interim DPS was maintained at HK$ 4 cents, same as 1HFY18; Gaming sector become increasingly important, for the first time, gaming sector started to contribute to revenue. Trans World Corporation contributed HK$177 million revenue in gaming and hotel operations; Revise up price target to HK$5.86
Xiaomi Corporation - Upbeat results supported by strong growth momentum
November 21, 2018
Xiaomi has upbeat revenue growth and profitability despite challenging market condition. In 3Q18, Xiaomi reported a stronger-than-expected set of results；reiterate “BUY”rating and price target of HK$ 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
China City Commercial Banks - In search for new growth engine
July 6, 2018
The regulatory call for financial deleveraging and unwinding of non-standard assets is posing challenges. City commercial banks need to shift their business model from focusing on scale towards innovation and profitability. With larger corporates gradually moving to direct financing, small & micro enterprise and retail business will be the key for them to succeed
35 Far East Consortium - The Value of Diversification
June 28, 2018
FEC has a diversified property development portfolio and hotel portfolio in Australia, Singapore, UK&Europe, China, HK and Malaysia and has demonstrated its ability to time different cycles in different markets. In FY18, FEC has turned more bullish in Singapore and UK and increased land purchases in light of potential slowdown in other markets
China Macro - Credit spreads likely to stay at elevated levels
June 6, 2018
We expect onshore and offshore credit spreads to stay at elevated levels for the rest of 2018. We recommend investors to stick with companies and sectors of manageable debt level, longer debt maturity, strong cash flows, encouraged by policies and have low reliance on shadow credit.
A Battle for Survival - Intensified market consolidation & battle for resources
May 15, 2018
Tightening on property market comes to the harshest moment. We recommend names with strong access to acquiring lands from M&A, urban redevelopment projects and shanty housing redevelopment. SOE will have advantage in this elimination game: low funding cost, access to land resource and shanty housing redevelopment experience.
2007 HK Country Garden - Sales momentum in lower tier cities continues
April 12, 2018
Country Garden's sales momentum remains strong in FY2017 and 1Q18; Revise up price target to HK$17.20, 'HOLD'
3383 HK Agile - Diversifying non-property businesses
April 12, 2018
Thanks to the high margin of projects in Hainan and Zhongshan, growth of gross profit improved by 67% YoY to RMB 20.69 bn.Revise up price target to HK$17.80, 'HOLD'
3900 HK Greentown - Uncertainty of profit pattern
April 12, 2018
Gross profit margin slightly dropped, low visibility on profit from non-investment projects. 2017 result in line; core net profit increased by 13.5% YoY; Revise up price target to HK$11.62, maintain 'HOLD'
813 HK Shimao - Growth comes back again
April 3, 2018
Upgrade to 'BUY', net profit has bottomed out and accelerate its turnover for achievable sales growth. 2017 result in line; core net profit surged by 43.5% YoY
Far East Consortium - Strengthening alliance with The Star
March 29, 2018
FEC entered share subscription agreement with The Star Entertainment Group (ASX stock code SGR) in which FEC and Chow Tai Fook Group (CTF) each will subscribe for 4.99% of The Star’s new shares; Reiterate “BUY” and Price target of HK$5.34
688 HK COLI - Targeting stable high-quality growth
March 27, 2018
Upgrade to 'BUY' on steady growth and revise up price target to HK$33.92revise up price target to HK$33.92, reasonable profitability and low valuation; 2017 results in line
1813 HK KWG Seeking balance between scale and profitability
March 27, 2018
Downgrade to 'HOLD' and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution takes times to testify
960 HK Longfor property Stable growth as always
March 27, 2018
Upgrade to 'Buy' and revise up TP to HK$ 25.34: 39% YoY growth of core net profit, GPM enhanced to 34%
3380 HK Logan Property - The best proxy in Great Bay area
March 23, 2018
87% YoY growth of core net profit, GPM enhanced to 35%; Revise up price target to HK$12.32, 'HOLD'
1109 HK CR Lands - Winner of next 5 years, BUY
March 21, 2018
2017 result: slow growth, but high profitability; CR Lands' multi-channel of land acquisition is irreproducible competitiveness to scale pursuer with high land cost.Upgrade to 'BUY' Revise up price target to HK$34.74
2777 HK R&F properties - High growth but higher gearing
March 21, 2018
Solid 2017 result, core net profit grew by 107% YoY; RMB 300 bn of sales target in 2020 implying 54% CAGR in 2017-2020; Revise up price target to HK$23.89, 'HOLD'
3883 HK China Aoyuan - All eyes on scale - targeting RMB 73bn contracted sales in 2018
March 16, 2018
Solid 2017 result, robust growth in net profit, but GPM missed; Execution will be the key to achieve RMB 73bn of 2018 sales target; Revise up price target to HK$8.10, 'HOLD'
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
35 HK FEC - Acquiring a small casino & hospitality group in Europe
March 6, 2018
FEC has announced that it had entered merger agreement with Trans World Corporation, which is engaged in hospitality and gaming business in Germany, Austria and Czech. Reiterate “BUY” and Price target of HK$5.34
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
1813 HK KWG - Shifting to fast track
February 5, 2018
Contract sales in Jan. surged 155% YoY to Rmb 5.56 bn. Rmb 100 bn of saleable resource support fastgrowth of contracted sales in 2018
China Macro - Where are we in the financial sector deleveraging process?
February 2, 2018
Since end of 2016, the regulators started to roll out a series of regulations aiming at reducing systemic financial risks. We believe this deleveraging process will last throughout 2018 until interbank liability, conduit type of asset management business and non-standard credit have significantly come down.
3380 HK Logan Property - Abundant resource supports rapid growth
January 26, 2018
Logan targets 50% growth of contracted sales in 2018; Upgrade PT to HK$12.11; maintain 'HOLD'
Land supply reform to support multi land supplies in future
January 18, 2018
Minister of Ministry of Land and Resource: Exploring separation of ownership, qualification and use right of rural homestead; government will not be the only land supplier in future
3883 HK China Aoyuan - Targeting RMB 100bn of sales by 2020
January 15, 2018
Positive profit alert for 2017, at least up 75% YoY; Looking forward, the company has strong confidence and targets a RMB 50-60bn of contracted sales in 2018 and RMB 70-80bn of contracted sales in 2019. Reiterate Buy and price target of HK$6.94
Fixed income - Ronshine China - Capex Expansion & Refinancing Pressure in Next 2 Years
January 10, 2018
High Capex for expansion ahead and gearing ratio should increase; Marketperform on RONXIN 19, still 180 bps value over MOLAND 19
China Online Consumer Finance Industry
December 19, 2017
The online consumer lending industry in China has played an indispensable role in providing consumer finance to the underbanked population. However, recently the fast-rising untamed payday loan lenders have caught regulators’ attention. In this report, we try to have a deep looking on the China consumer finance industry’s competitive landscape.
35 HK FEC - 1H18 review
November 28, 2017
1HFY18 net profit surged by 52% yoy to HK$1.0bn (+52% yoy); interim DPS raised to 4 HK$ cents from 3.5 HK$ cents in 1HFY17; Price target upgrade to HK$5.34; hidden gem with deep NAV discount
Chinese High Yield Properties
November 3, 2017
The story in 2017 is playing safely & holding for carry. Asian bond market continued to enjoy abundant liquidity while Chinese funding contributing increasing shares. Supplies from property sector dominate the Chinese HY names due to depressed onshore bond issuance and a strong physical property market in China.
Blockchain, Cryptocurrency and ICO 101
October 2017
Blockchain and cryptocurrency has been a hot topic for a long time while people's interest in it surges again since 2017 along with ICO. We will cut through the hype and see how blockchain, cryptocurrency and ICO really work.
China Property Sector 1H17 Results Review
September 15, 2017
Majority of developers in 1H2017 delivered improved GPM, lower net gearing and lower borrowing costs. Some companies even showed ambition of further fast growth in next 4-5 years, which we think may look challenging in light of future tightening policies.
Global FinTech Survey Report
August 20, 2017
Global FinTech industry is entering an era of globalization, driven by FinTech players’ ambition of going global through overseas investments and partnership. In this report, we try to identify important trends investors should pay attention to through conversations with global FinTech leaders and surveys with Asian FinTech investors.
2H17 China Property Sector Outlook - Bubble Burst? Nope! Just Slow Down!
June 30, 2017
We expect the property sector valuation to de-rate in 2H17. We selectively overweigh developers with achievable presales growth, less share price gain YTD, and relatively low valuation.
China Aoyuan (3883.HK; Buy) - Continuous growth supported by strong execution
April 7, 2017
Initiate with Buy rating: High earnings visibility; low valuation; industry consolidation provides growth opportunity.
Asia corporate insurance brokers sector - Niche and beautiful
March 29, 2017
Asia’s corporate insurance brokerage industry has tremendous growth potential, driven by the growth prospects of the underlying economy and further deepening of insurance penetration rate, in our view.
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.
China Rural Banks: New urbanization, new growth engine
January 13, 2017
In this report, we look at the macro level data as well as bottom-up financial data of rural banks, in an attempt to provide better insight on their performance trends, challenges they are facing and future opportunities.
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.
Initiation of Coverage: Far East Consortium (FEC, 35.HK)
October 25, 2016
Far East Consortium International Limited (FEC) is a medium-sized property conglomerate. It has a geographically diversified portfolio with a balanced revenue mix in property development, hotel, car park management and property investment. We initiate coverage on Far East Consortium with a Buy rating.