| 【Company Research】SANY International (631 HK) – Post-results and NDR takeaways: Expect a strong year in 2022E |
| 【Company Research】Nayuki Holdings Limited (2150 HK) – Looking forward to the digitalization in FY22E |
| 【Company Research】JS Global Lifestyle (1691 HK) – Uninspiring guidance and a cheap valuation |
| 【Company Research】BYD Electronics (285 HK) – Margin pressure remains an overhang; Maintain HOLD |
| 【Company Research】Sunac Services (1516 HK) – Very attractive risk/reward after earnings outlook reset; Maintain Buy |
| 【Company Research】Chinasoft (354 HK) – Strong demand despite near-term margin pressure |
| 【Company Research】China Construction Bank (939 HK) – FY21 review: results in line, expecting stable asset quality in 2022 |
| 【Company Research】Tongda Group (698 HK) – Emerging growth drivers to fuel recovery in 2H22E |
| 【Fixed Income Research】CARINC '22 will be money good. Downgrade CARINC '24 to Hold |
| 【Company Research】TK Group (2283 HK) – Solid FY21; Business expansion on track |
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