October 10, 2024 03:59 AM GMT M Update | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------ ...

October 10, 2024 03:21 AM GMT M Update | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

8 October 2024 | 6:08PM CST revenue recognition will likely accelerate per mgmt as ocean freight congestion eases) and we forecast +28% yoy revenue into 2H24E. Shenzhen Inovance Technology Co. (300124.SZ): Sept IA orders slightly down yoy/up mom | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---- ...

10 October 2024 | 1:35AM HKT NAURA (002371.SZ): Long-term demand solid; 3Q Rev/ NI up 31% / 36% YoY; Buy We are positive on Naura's long-term growth potential, driven by the strong expansion of China foundries and IDMs for domestic capacities. According to our latest forecast, China's Semis capex will grow to US$36bn / US$40bn / US$42bn in 2024E / 2025E / 2026E, further increasing from the high base of US$30bn in 2023 (read more in our report). As the domestic SPE leader, we expect Naura's competitive produ ...

8 October 2024 | 3:58PM HKT | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------|-------|-------|------------------------------|-------| | | Angel Yeast (600298.SS) 3Q24 preview: Sales on rebound despite logi ...

11 October 2024 | 4:35AM KST _ Asia Pacific Technology: Semiconductors - Memory: Nanya Tech 3Q24 read-across; Hynix/SEC to see stronger ASP growth due to HBM/DDR5 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------- ...

10 October 2024 | 7:54AM CST Clean Technology: Solar: Data Update: Minor changes to estimates We make minor changes to estimates for our solar coverage, reflecting the latest industry trends in 3Q24 (for details see our newly launched monthly tracker). As a result, our 2024E-30E book values for main value chain players are fine-tuned by 2% on average, and our 2024E-30E EBITDA for Hangzhou First is tweaked by -1%. Accordingly, our 12m target prices change by -1% to 0%. We do not view these changes as materia ...

M Update Guangzhou Automobile Group | Asia Pacific October 7, 2024 10:06 AM GMT Thoughts on the share outperformance GAC-H rose 19% today (Oct 7), significantly outperforming the market (Hang Seng Index +1.6%) and H-share peers (DFM +6.8% and BAIC +11.8%). We believe this was driven mainly by: 1) potential short position coverage; and 2) expanded A/H share premium of 220% from previous trough of ~50% in 2018. Although we have not heard of any material fundamental changes at this point during the Chinese Nat ...

Investment Rating - The report maintains a **Neutral** rating for COSCO SHIPPING Holdings (601919.SS) with a 12-month price target of Rmb13.80 for A-shares and HK$10.70 for H-shares [1][2][4] Core Views - COSCO SHIPPING Holdings reported a strong 9M24 net profit of Rmb38bn, up 73% YoY, accounting for 87% of the full-year Bloomberg consensus of Rmb43bn [1] - Q3 net profit surged 286% YoY and 110% QoQ to Rmb21.3bn, driven by higher contract rates for Europe routes due to rerouting amid the Red Sea disruption [1][3] - The company's new pricing strategy, which includes more floating adjustments on contract rates, contributed to the earnings beat [1][3] - The FY24 dividend yield of 8.8%/12.0% for A/H-shares is attractive, trading above its historical average [1] Financial Performance - Revenue for 12/24E is projected at Rmb230.3bn, with EBITDA expected to reach Rmb74.2bn [2] - EPS for 12/24E is forecasted at Rmb2.62, with a P/E ratio of 6.0x [2] - The company's net debt/EBITDA ratio is expected to improve to -1.5x by 12/24E [2] Industry and Market Context - The average SCFI (Shanghai Containerized Freight Index) for Europe and Med routes increased by 308% YoY and 86% from March-May, reflecting higher freight rates [1][3] - The Red Sea disruption has led to longer voyage times, delaying revenue recognition for Europe routes, with Q3 revenue reflecting freight rates from June to August [1][3] - Fuel costs, historically 15-20% of total opex, decreased by 2% QoQ in Q3, contributing to higher profits [3] Valuation and Risks - The 12-month price targets are based on 0.8x/1.1x FY25E target P/BV multiples, above historical averages, reflecting higher ROE expectations due to supply chain complexity [7] - Upside risks include unexpected events reducing effective capacity and potential special dividend payouts [7][8] - Downside risks include faster-than-expected new ship deliveries and weaker-than-expected global trade demand [7][8] Freight Rate Analysis - The SCFI Comprehensive index stood at 2,135 as of 27-Sep-24, with Europe and Med routes showing significant YoY increases of 279% and 242%, respectively [6] - US West Coast and East Coast freight rates also saw substantial YoY growth, at 265% and 140%, respectively [6]

9 October 2024 | 9:45AM CST _ China Clean Technology: Solar Tracking the profitability inflection: Uneven pace in Sept; poly slightly improved while others further deteriorated Solar industry's supply/demand re-balancing progress has been investors' top of mind. We launch this new monthly tracker to monitor higher frequency of monthly spot prices/input costs implied cash GP & EBITDA margin trend for our coverage companies versus interim results. Research | Equity Jacqueline Du +86(21)2401-8948 | jacqueline. ...