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HK : Property - Overall - Tough times don't last, tough companies do

We are more positive vs. Bloomberg consensus on HK developers in 2023F; we expect their EBIT margins should stay at >30% with little unit price cuts. Our interest rate sensitivity analysis shows that NWD, Wharf REIC and HLD would be most affec....
CGS-CIMB Raymond
Raymond Cheng @ CGS-CIMB 28 November 2022

HK : EC Healthcare - Focused on improving operational efficiency

1HFY3/23F net profit fell 50% yoy to HK$80m, making up 39% of our FY23F forecast. We deem this in-line, as we expect earnings to improve in 2H23F. ECH likely to dial back on MAs amid rising interest rates and competition, and instead focus on busine....
Ray Kwok @ CGS-CIMB 24 November 2022

HK : Xiaomi Corporation - Looking for SP shipments to resume growth

3Q22 adjust. et profit grew 2% qoq and formed 67% of our FY22F forecast, largely in line as we expect operations will continue to improve in 4Q22F. We expect smartphone shipments to gradually improve in 4Q22F, and a more meaningful recovery in 2H23....
Ray Kwok @ CGS-CIMB 23 November 2022

HK : SMIC - Strong headwinds in China semi industry

Net profit dipped 9% qoq in 3Q22 on weaker wafer price and higher expenses for new fabs. 9M22 net profit formed 83% of our previous FY22F. We estimate FY23F revenue to decelerate to 2% yoy on weaker consumer demand, while GPM will decline 5% pts yo....
Ray Kwok @ CGS-CIMB 22 November 2022

HK : XPeng Inc - Likely lower EV deliveries and margins

XPeng’s 3Q22F net loss (non-GAAP) likely widened to Rmb3.5bn on a 14% qoq decline (+15% yoy) in EV deliveries and lower EV margins. We expect 4Q22F EV deliveries to further decline to 25.8k units (-38% yoy or -13% qoq) due to lower-than-expected pr....
Ray Kwok @ CGS-CIMB 16 November 2022

HK : NIO Inc - Competition will be the key challenge

Net loss (non-GAAP) widened in 3Q22 to Rmb3.46bn due to a large jump in RD expenses ahead of the launch of three new EV models in 4Q22F. We estimate 4Q22F EV shipments to grow 42% qoq to 45k units. We cut our EV shipment forecasts in FY22-24F due t....
Ray Kwok @ CGS-CIMB 10 November 2022