China Real Estate Equities Day 2 tour wrap: More policies to anchor recovery China Centaline roundtable – more policies to reinforce market stabilization. We had a roundtable discussion with Mr. LIU Yuan, Vice President of Property Research at Centaline, to discuss the latest housing market dynamics. Contrary to the market view, he believes more policies will be announced to reinforce this recovery cycle. In spite of a pullback in April, Mr Liu's tone is more optimistic and he is confident that tier-1 and t ...

亚洲首次公开募股：香港复苏，东盟落后。 ◆ 经过长时间的放缓，香港的首次公开募股（IPO）正在复苏 。中国大陆公司现在在香港筹集的股权比在国内更多。 ◆ 2024年，印度是全球最大的首次公开募股（IPO）市场，按 交易量计算位居世界首位，按价值计算位居第二，并且有望 迎来又一个强劲的年份。 ◆ 在东盟地区，首次公开募股（IPO）活动放缓，马来西亚除 外。在新加坡，退市公司的数量多于首次公开募股。 飞航荷兰人 香港反弹。 经过数年的平淡活动，香港的IPO市场今年有所回升，反映了股市的逆 转。今年迄今为止，公司筹集的资金量是2024年同期总额的两倍多，未来几个月的I PO项目管道也是有三年以来最繁忙的。按目前的运行速度，我们预计今年IPO筹集 的资金总额将达到170亿美元，超过过去三年中每年的筹集金额。 缺乏大型上市交易。 中国本土市场在去年新资本市场政策实施后有所放缓。然而，2 024年中国本土IPO产生了卓越的回报。有趣的是，2024年中国企业在香港筹集的资 金多于在本土交易所筹集的资金。这种趋势可能延续到2025年。台湾在超过十年里没 有大型IPO，但今年小型上市的速度有所加快。韩国的小型IPO也很常见，但 ...

The RBA Observer Multi-Asset Expect a 25bp cut in May Global backdrop plays a bigger role Paul Bloxham Chief Economist, Australia, New Zealand & Global Commodities HSBC Bank Australia Limited paulbloxham@hsbc.com.au +61 2 9255 2635 Jamie Culling Since the RBA's board last met, the global economy and financial markets have had tumultuous times. The cause has been the 'Liberation Day' trade policy shock on 2 April, and the almost daily shifts in the global trade policy environment since then. As we see it, th ...

Investment Rating - The report maintains a "Buy" rating for NetEase, with a target price increase to USD 130 from USD 120, implying a 21.4% upside from the current share price of USD 107.11 [6][11][100] Core Insights - NetEase's recent earnings report showed a 25% beat in earnings, a 5% beat in game revenue, and an 11% beat in deferred revenue, leading to a revision of EPS growth to +18% year-on-year in 2025 [2][11] - The strong deferred revenue growth of 19% year-on-year indicates potential for accelerating game revenue growth in the upcoming quarters [2][97] - Upcoming game launches, including Marvel Mystic Mayhem and Destiny Rising, are anticipated to be key focus areas following the annual product launch event [2][11] Financial Performance - In Q1 2025, NetEase reported total revenue of RMB 28,829 million, reflecting a year-on-year growth of 7% [91] - Online game revenue grew by 15% year-on-year, driven by strong performances from titles such as Identity V, Where Winds Meet, and Marvel Rivals [94] - The gross profit margin (GPM) for games and related value-added services (VAS) was reported at 67%, with a non-GAAP operating profit of RMB 11,393 million, representing a 34% year-on-year increase [91][94] Game Highlights - Mobile game revenue only fell by 4% year-on-year, outperforming consensus expectations of a 6% decline, thanks to strong performances from Identity V and Where Winds Meet [3][94] - PC game revenue saw an impressive growth of 85% year-on-year, significantly above the consensus estimate of 67%, driven by contributions from WWM PC and Blizzard titles [3][94] - The launch of Once Human mobile resulted in 6 million new users in its first week, boosting the PC version's revenue by 500% [3][94] Margin Discussions - The report notes an increase in games and related VAS gross profit margin quarter-on-quarter, attributed to a reduced focus on non-game businesses and a shift towards profitability [4][94] - The report anticipates that it will take a few quarters for sales and marketing expenses as a percentage of revenue to normalize [4] Valuation Metrics - The report provides estimates for future financial performance, projecting revenue of RMB 116,721 million for 2025, with a year-on-year growth of 11% [98] - The estimated price-to-earnings (PE) ratio for 2025 is 12.6, indicating a favorable valuation compared to historical averages [7][14] Pipeline and Future Outlook - The report highlights key upcoming titles such as Ananta, expected to launch in 2026, which could significantly contribute to future revenue streams [2][90] - The successful return of Overwatch in China has set new records for peak concurrent users, indicating strong market demand for NetEase's offerings [94]

Hongkong Land (HKL SP) Buy: Business transformation off to a good start Re-rating set to continue. The share price of Hongkong Land (HKL) has gone up 50% since May 2024, outperforming the Hang Seng Index by 27ppt. Investors are now focusing on the possibility of a further re-rating. In our view, the market has yet to factor in the full potential of the company's new corporate strategy announced in October 2024 – to simplify the business by focusing on the development of premium integrated commercial propert ...

16 May 2025 土耳其食品零售商 盈利能力面临压力 ◆ 自2024年第三季度以来，所有参与者的实际营收增长率都在 下降，这主要是由更弱的流量数据所推动。 71 569445882 ◆ 然而，凭借运营杠杆，公司似乎将在未来几个季度实现更佳的 利润率和现金流。 ◆ 维持对BIM、Migros、Sok的买入评级，估值合理；BIM、So k的目标价保持不变，将Migros的目标价下调5%至TRY665 消费者面临压力，交通量减弱： 同店销售额（LFL）在2025年第一季度因消费者购 买力减弱及基数效应增强，于我们覆盖的三家土耳其食品零售商中呈现下降。促销与 营销活动持续高投入，且自2024年第三季度后，经食品通胀调整后的实际营收增长 呈下滑趋势。Migros表现略优，市场份额有所增长，而Sok则在逐步复苏（较弱的基 数效应）。基础消费品通胀率较低对BIM的营收增长构成挑战，但产品线增至1000种 （原为900种）或能推动更高商品篮子增长。鉴于通缩计划的特殊性，该行业实现有 意义的实际同店销售恢复增长具有挑战性。 短期利润率仍将承受压力： 行业毛利率趋势在促销力度加大方面保持稳定至轻微受 压。2025年第一季度 ...

KE Holdings (BEKE US) Buy: Increasing confidence in margin recovery Neutral results, positive long-term guidance: KE Holdings (Beike) reported 42% y-o-y growth in revenue and 6% non-GAAP net profit margin in 1Q25, higher than its guidance but largely within market expectation. We see the results as unsurprising, but we take comfort from management's willingness to guide a recovery in its profitability. Indeed, the expectation of flattish secondary home GTV and 10% y-o-y growth in primary home GTV for 2Q25 l ...

Lupin (LPC IN) Buy: Timely US launches key to sustain growth Operationally in-line 4Q: Revenue at INR56.7bn (+14.2% y-o-y) was in line with HSBCe. India segment sales at INR17.1bn (c31% of 4Q) grew 6.9% y-o-y and Lupin expects its prescription (Rx) business (more than 90% of India sales) to continue to grow at 1.2-1.3x vs the market. US sales at USD245m (c41% of 4Q) grew 17.2% y-o-y in constant currency, helped by the launch of gPred Forte and traction in mirabegron. Gross margin at 69.7% improved 184bp y-o ...

Alibaba Group (BABA US) Buy: Improved outlook on CMR CMR monetization is going strong, accelerating to 12% in the March quarter (from 9% in December), beating expectations. We raise our FY26 CMR estimate to 8% (from 7%) as we think this trajectory has room to go as BABA continues to lift service fee exemptions to SMEs and further roll out the full-platform ad tool in coming quarters. We are confident that cloud revenue can continue to accelerate to meet our 20% y-o-y growth in FY26e. Robust AI demand has li ...

SFA Engineering (056190 KS) Hold: 1Q review – Slow recovery Subsidiaries still dragging down margins in 1Q: SFA reported 1Q earnings with OP of KRW29bn (turn to profit q-o-q, down 30% y-o-y) and sales of KRW398bn (down 14% q-o-q, 47% y-o-y). Sales were 8% lower than our estimates from weaker earnings at key subsidiaries; CIS was lower from the delayed recovery in battery equipment installations and semiconductor outsourced assembly and testing (OSAT) for SFA semiconductor. New orders came in 7% weaker than ...