In today’s briefing:
- Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
- BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback
- Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
- CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
- OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering
- Lucror Analytics – Morning Views Asia
Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
- In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
- The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
- The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.
BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback
- After an explosive rally in the first part of the year BYD (1211 HK) started to sputter in mid-May and has been downtrending since.
- BYD was starting to be oversold at the end of last week, as shown in our latest Global Markets Tactical Outlook WEEKLY insight, but this week started a relief rally.
- However, the current trend pattern is NOT BULLISH according to our model, the stock could fall again after a 1-2 weeks bounce. Profit target: 116-123 price zone.
Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
- In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP) is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
- This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance.
- Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.
CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
- CNGR Advanced Material (300919 CH) , a Chinese battery-component producer, aims to raise around US$500m in its H-share listing.
- CNGR is a Chinese battery-component producer, and labels itself as a new energy materials company.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering
- Omnivision (Will Semiconductor 603501 CH) (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
- OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Lucror Analytics – Morning Views Asia
- The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
- The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
- Equities rallied to new record highs, with the S&P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T
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