Target Price Change 13 August 2024 BUY 75% side Target price: US$24.62 Prior TP: US$22.03 BEKE US Price: US$14.03 TP basis: EV/EBITDA Sector rating: - Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 6.8 8.5 9.4 Adjusted EPS 10.7 11.5 12.1 Source: BOCI Research estimates Trading Summary US$ Turnover (US$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/2314/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 0 100 200 300 400 500 600 700 800 900 Tu ...

Target Price Change 12 August 2024 BUY 125% side Target price: HK$29.00 Prior TP: HK$33.00 1548 HK Price: HK$12.90 TP basis: SOTP Sector rating: OVERWEIGHT Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue (8.1) (19.5) 0 Core EPS NM NM 0 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Turnover Genscript Biotech HSI | --- | --- ...

s August 13, 2024 Online Media: Neutral Earnings Review China Literature (772 HK, BUY, TP: HK$32.00) | --- | --- | --- | --- | |-------------------------------------------------------|-------|-----------------|-------------| | Target Price: HK$32.00 | | Price: HK$25.35 | | | Potential up/downside to TP +/-% | | | +26% | | 52-Week High/Low (HK$) | | | 33.50/20.40 | | Market Cap (US$mn) | | | 3,337 | | Shares Outstanding (mn) | | | 1,026 | | 3-mth ADTV (US$mn) | | | 10 | | Free Float (%) | | | 40 | | Major Sh ...

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Investment Rating - The report has moved from Underweight (UW) to Marketweight (MW) for Asia FX in GBI-EM [3] Core Views - Rate differentials have been a significant factor in low-yielding Asia FX, with short-term valuations correcting in funders like JPY, CNH, and THB, while MYR appears tactically rich [3] - The recent decline in USD/CNH is attributed to relative rate momentum, with Chinese corporates holding up to $300-600 billion in unsold dollars, posing a risk for further CNY strength [3][10] - The Federal Reserve is expected to cut rates more aggressively, leading to a lower year-end USD/CNY target of 7.15, down from 7.30 previously [3][17] - Geopolitical risks are highlighted as a significant factor affecting CNY FX, leading to a cautious outlook on the long-term forecast for USD/CNH [3][17] Summary by Sections Asia FX Dynamics - Asian currencies perform best in the early stages of the business cycle, requiring firmer current accounts and easier financial conditions for a sustained rally [3] - The report remains constructive on domestically oriented high yielders like INR and PHP, awaiting fairer valuations before re-engaging [3] Malaysia's Economic Outlook - Malaysia is experiencing a resurgence, driven by prudent fiscal reforms and stable politics, although significant FX hoarding remains a concern [3][40] - The MYR has rallied 6% against the USD recently, but longer-term valuations are misaligned with fundamentals due to shifts in market psychology [3][41] USD/CNH Projections - The fair value range for USD/CNH has been lowered to 6.95-7.15 from 7.18-7.25, preserving room for further downside [3][17] - The report emphasizes that the path for USD/CNY may not be linear due to geopolitical headwinds, suggesting a more cautious approach to positioning [3][17] Tactical Considerations - The report suggests that paying CNH points may be a better strategy for narrowing the US-CN yield gap in the medium term [3][17] - The report notes that increased hedging demand from corporates could pressure CNH points on the lower side, indicating a need for caution [3][17]

Investment Rating - The report indicates a positive outlook for MXCN with a target price of 67, suggesting a potential upside of 19% [30] - The CSI300 has a target price of 4000, indicating a potential upside of 20% [30] Core Insights - MXCN gained 2% while A-shares experienced volatility, with export growth missing expectations at 7.0% year-on-year, while import growth was at 7.2% year-on-year [2] - The report highlights that the State Council has released policies to boost services consumption and that Shenzhen has initiated a program to acquire unsold houses for affordable housing [2][20] - The report notes that the earnings growth forecast for 2024 is 12% for MXCN and 14% for CSI300, with respective P/E ratios of 8.8x and 10.9x [2][30] Performance Summary - MXCN and CSI300 forward P/E ratios are 8.8x and 10.9x, respectively, with expected EPS growth of 12% and 15% for 2024 and 2025 [2] - The report indicates that sectors such as Industrials and Energy have been revised up the most, while Materials and Momentum lagged behind [2] Earnings and Valuations - The report shows that 13% of all China-listed companies have reported earnings for 1H24, with a year-on-year growth of 10% [11] - The earnings growth for various sectors varies, with Consumer Discretionary at 19% and Energy at -11% [11] Policy Summary - The report outlines recent monetary and fiscal policies aimed at stabilizing the market, including the PBOC's supportive monetary policy stance and the allocation of RMB 300 billion (approximately USD 41 billion) in special treasury bonds [20] - It also mentions the relaxation of home-buying requirements in major cities to stimulate the housing market [20] Market Outlook - The report predicts that small caps are likely to underperform large caps modestly, while H shares are expected to outperform A shares over the next three months [24] - The overall economic forecast for China indicates a real GDP growth of 4.9% for 2024, down from 5.2% in 2023 [32]

M Idea Japan Equity Strategy | Japan August 6, 2024 08:00 PM GMT Great Reset & Great Volatility TOPIX P/E has tumbled to recession-phase levels. We believe the downturn in share prices will be reversed once the pessimism over the US economic outlook recedes. For now, we recommend choosing stocks from a volatility factor perspective. Key Takeaways The contrasting directions of US and Japanese monetary policy and weakness in US job figures have led to a reversal in the strategies that have prevailed in the ma ...

M Update Japan Economics | Japan August 7, 2024 10:16 AM GMT Our Impression About BoJ Deputy Gov. Uchida's Speech BoJ Dep. Gov. Uchida stated that the bank would not raise its policy rates while financial and capital markets remained unstable in his speech on Aug 7. It is more important to note that he wanted to clarify that his stance was not inconsistent with the bank's existing policy decision process. Key Takeaways Dep. Gov. Uchida stated that the bank would not raise its policy rates while financial an ...

Financial Derivatives August 13, 2024 Morning Insight: August 13, 2024 Linlin Gao Certification：Z0002332 gaolinlin@gtjas.com Yu Chen Wu (Contact) Certification：F03133175 wuyuchen028987@gtjas.com Main Body Commodity Market Insight： Lithium Carbonate: It remains in the first quadrant of inventory accumulation and price reduction. While upstream suppliers have a mindset of maintaining prices, their willingness to cut production is weak. Despite the arrival of the peak season for downstream demand, purchasing m ...

Global Pension Finance Watch – Second Quarter 2024 Continued Increases over the Second Quarter Continued rises in global discount rates drove positive WTW Pension Index movements in most regions over the quarter. Discount rates increased in all countries other than Switzerland. All countries, with the exception of Brazil and the U.K., experienced positive asset returns during the quarter. While it is always the case that Global Pension Finance Watch captures results at the end of each quarter, we particular ...