AIA Group (AIA): Expanding Horizons with Strategic Growth

AIA Group is poised for impressive performance, with its 2024 results expected to showcase 23% growth in the value of new business (VONB). This expansion is attributed to reaccelerated growth in China and robust sales in Hong Kong and Singapore. The company recently secured four new provincial licenses in China, aiming to open branches that are projected to contribute meaningfully after two years of operation. AIA’s embedded value is forecasted to grow by 1.1% despite unfavorable yield movements, driven by strong equity market performance and continued new business growth.

Recommendation: Maintain BUY with a target price of HK\$93.00, implying a 72.1% upside. AIA trades at an undemanding 1.0x 2025 P/EV (-2.0SD).

CATL: Driving EV Innovation and Growth

CATL has provided strong guidance for its 2024 reported net profit, projecting between Rmb49b (+11.1% yoy) and Rmb53b (+20.1% yoy). The company’s earnings are bolstered by a forecasted 20% CAGR in global EV sales volume from 2023 to 2030, alongside the launch of brand-new battery products and declining lithium carbonate prices. CATL’s 4Q24 net profit range of Rmb13.0b to Rmb17.0b further underscores its growth potential.

Recommendation: Maintain BUY with a target price of Rmb350.00, based on 26x 2025F PE.

China Resources Land (CR Land): Policy Easing Brings Optimism

CR Land continues to outperform its peers, driven by strong contracted sales growth since October 2024. The company anticipates stable financial results in 2024, supported by improved revenue growth, better gross profit margins, and a resilient recurring income base. CR Land is also positioned to benefit from potential fiscal easing policies.

Recommendation: Maintain BUY with a target price of HK\$32.40, derived from the SOTP valuation model.

CSCEC: Positioned for Market Stability

CSCEC demonstrates resilience with its 2024 growth in new orders aligning with expectations. Positive fiscal policies are expected to boost infrastructure investment and stabilize the real estate market further. The company offers a 5.1% 2025 dividend yield, providing downside protection amidst market volatility.

Recommendation: Maintain BUY with a target price of Rmb6.61, based on the SOTP valuation model.

Desay SV: Leading China’s Automotive Intelligentisation

Desay SV is driving innovation in the auto sector with its advanced product pipeline, including smart cockpit domain controllers and ADAS solutions. The company’s expanding customer base, including Geely, BYD, and XPeng, positions it well for sustained growth.

Recommendation: Maintain BUY with a target price of Rmb190.00, based on 40x 2025F PE.

Haier Smart Home: Unlocking Demand with Enhanced Initiatives

Haier Smart Home is leveraging its enhanced trade-in program to boost domestic appliance demand while expanding its export business. With localized production mitigating U.S. tariff impacts, Haier is poised for stronger margins in 2025.

Recommendation: Maintain BUY with a target price of HK\$42.00, based on a DCF valuation.

Han’s Laser: Benefiting from Apple’s Supply Chain Diversification

Han’s Laser is set to capitalize on Apple’s production diversification efforts and rising demand for laser tools. With strong growth prospects in its PCB tools and high-power laser tools segments, Han’s remains a key player in the Apple supply chain.

Recommendation: Maintain BUY with a target price of Rmb34.00, based on 26.5x 2025F PE.

Mr. DIY: Expanding Horizons with New Store Formats

Mr. DIY’s innovative KKV and The Colorist sub-brands are tapping into new demographics, bolstering overall growth. Despite subdued consumer sentiment, initiatives like salary adjustments and favorable forex impacts are expected to drive resilience in 2025.

Recommendation: Maintain BUY with a target price of RM2.35.

Keppel Pacific Oak US REIT (KORE): Positioned for Recovery

KORE has shown improved portfolio occupancy, driven by gains at key sites. With stable valuations and a projected resumption of distributions in 2026, KORE remains an attractive investment.

Recommendation: Maintain BUY with a target price of US\$0.33.

Airports of Thailand (AOT): Riding the Wave of Passenger Growth

AOT is experiencing robust growth, with international passenger volumes nearing pre-pandemic levels. The company’s strong financial performance is expected to continue, driven by strategic expansion and high-margin revenue streams.

Recommendation: Maintain BUY with a target price of Bt70.00.

Supalai (SPALI): Managing Market Challenges

SPALI faces challenges in the low-rise segment, but its focus on high-rise projects and Australian operations provides a silver lining. The company’s cautious approach and strong financial position underscore its resilience in a tough market.

Recommendation: Maintain HOLD with a target price of Bt18.20.

WHA Corporation: Poised for Recovery

WHA’s 4Q24 earnings are expected to reflect seasonal improvements, with strong recurring revenue projected for 2025. The company’s focus on higher ASPs and industrial estate business growth remains a key driver.

Recommendation: Maintain BUY with a target price of Bt6.60.