ANTA Sports Products is principally engaged in the manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China. As of Dec 31 2014, there were 7,662 ANTA Stores, 1,228 Kids sportswear series stores and 519 FILA stores in China, Hong Kong and Macao.
China Gas Holdings and its subsidiaries is a gas operator and service provider primarily engaged in the investment, construction and operation of city gas pipeline infrastructure facilities, gas terminals, storage and transportation facilities, and gas logistics systems, transmission of natural gas and liquefied petroleum gas (LPG) to residential, industrial and commercial customers, construction and operation of compressed natural gas/liquefied natural gas refilling stations as well as the development and application of technologies relating to natural gas and LPG in China.
China Mengniu Dairy is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing and distribution of dairy products including liquid milk products (such as ultra-high temperature (UHT) milk, milk beverages and yogurt), ice cream, milk formula and other products (such as cheese) in China. Co.'s core brand is MENGNIU. Co.'s segments include liquid milk products, which manufactures and distributes UHT milk, milk beverages and yogurt; ice cream products, which manufactures and distributes ice cream; milk powder, which manufactures and distributes milk powder; and other products, which includes Co.'s cheese, plant-based nutrition product and trading business.
Pentamaster International Limited. Pentamaster International Limited is an investment holding company mainly engaged in the provision of automation technology and solutions. Along with subsidiaries, the Company operates its business through two segments. The Automated Equipment segment offers products and solutions catering to customers' needs for automated functionality testing on components and/or end products along their manufacturing processes. The products and solutions primarily consisted of test handlers solutions for testing of semiconductor electronic components such as integrated circuits (ICs) and smart sensors under Pentamaster Technology, as well as end product test solutions in respect of consumer electronic products and light emitting diodes (LEDs) under Pentamaster Instrumentation. Automated Manufacturing Solution segment is engaged in designing, development and installation of automated manufacturing solutions (AMS) modules.
PICC Property and Casualty is a non-life insurance company based in mainland China. Co. is engaged in motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, short-term health insurance, hull insurance, agriculture insurance, surety insurance, which are denominated in RMB and foreign currencies, together with the reinsurance of the above insurance products, and investment and fund application business permitted under the relevant laws and regulations of the People's Republic of China. Co.'s subsidiaries are engaged in the provision of insurance agency services and training services for Co.
SANY HEAVY INDUSTRY CO.,LTD is a China-based company principally engaged in the research and development, manufacture, distribution and provision of services of engineering machinery. The Company's major products are categorized into five types, which are concrete machinery, excavating machinery, hoisting machinery, pile driving machinery and road construction machinery, including truck-mounted concrete pumps, trailer concrete pumps, excavators, truck cranes, rotary drilling rigs and sets of road equipment, among others. The Company distributes its products in both domestic and to overseas markets.
Sunac China Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in property development, property investment and property management services in the People's Republic of China. As of Dec 31 2012, Co. had project developments in the five main regions of Beijing, Tianjin, Chongqing, Shanghai and Hangzhou, which were in different phases and covered a range of property types, such as high-rise and mid-rise residences, detached villas, townhouses, retail properties, offices and car parks.
Sunny Optical Technology Group is an optical manufacturing group based in Hong Kong. Co. is engaged in the design, research and development, manufacture and sales of optical and optical-related products. These products include optical components (such as glass spherical and aspherical lenses, plane products, handset lens sets, vehicle lens sets and other lens sets), optoelectronic products (such as handset camera modules, smart television video modules, security surveillance cameras and other optoelectronic modules) and optical instruments (such as microscopes, optical measuring instruments and various optical analytical instruments).
Wuxi Biologics Cayman Inc. WUXI BIOLOGICS (CAYMAN) INC. is an investment holding company. The Company along with its subsidiaries is mainly engaged in the discovery, research and development, manufacturing and sales of biologics products. The Company's primary products include the clinical active pharmaceutical ingredients, sterile liquid preparations, freeze-dried preparations, as well as small molecules antibiotics for injection drugs. The Company mainly distributes its products in the United States of America (USA) and the People's Republic of China (PRC) markets.
We see material impact in 2020 as the coronavirus outbreak paralyses discretionary spend, despite the structural sportswear participation story being intact. Retail discounts, high channel inventory, distributor support and supply chain disruptions are key near-term challenges. Downgrade sector to MARKET WEIGHT. Top pick is Shenzhou International due to diversification outside China. Our second pick is Anta as it is a brand manufacturer with a solid execution track record outside of crises.
Life segment growth was harder hit by the COVID-19 outbreak but the P&C segment was less impacted. That said, we opine that demand for life insurance is only backloaded and life insurance premiums growth should rebound as soon as economic activity resumes post-COVID-19. Maintain MARKET WEIGHT on the sector; maintain BUY on PICC P&C (2328 HK) and target price of HK$10.60. Upgrade CTIH (966 HK) to BUY with an unchanged target price of HK$20.00.
GREATER CHINA Strategy Domestic Consumption: On Emergency Response Downgrade: Exploring beneficiaries as provinces downgrade their emergency response. Sector Property: Takeaways from 2020/21 Hong Kong Budget and land sale programme announcement. Results Galaxy (27 HK/HOLD/HK$52.50/Target: HK$51.00): 4Q19: Results in-line, low visibility for 2020. NetEase (NTES US/HOLD/US$345.85/Target: US$315.00): 4Q19: In-line performance with margin beat on Cloud Music and strong 11.11. Sun Hun Kai Properties (16 HK/BUY/HK$113.10/Target: HK$138.30): 1HFY20: Company can weather the storm. INDONESIA Sector Ba...
KEY HIGHLIGHTS Economics Money Supply Better late than never: Subdued monetary data calls for further support. Small/Mid Cap Highlights Conviction BUY in social e-commerce, cloud, smart device plays. TRADERS’ CORNER RUSAL (486 HK): Trading Buy Range NCI (1336 HK): Trading Buy Range
China’s M1 and M2 growth slowed to 0.0% yoy and 8.4% yoy in Jan 20 respectively despite ample liquidity injections by the PBOC. As regulators have guided banks to step up liquidity support towards enterprises impacted by the Covid-19 outbreak via initiatives such as the Rmb300b special re-lending program, near-term credit growth should be slightly boosted. Further support may come from higher 2020 special purpose bond quota, expected to be announced during the Two Sessions.
GREATER CHINA Economics Money Supply: Better late than never: Subdued monetary data calls for further support. Small/Mid Cap Highlights Conviction BUY in social e-commerce, cloud, smart device plays: INDONESIA INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp880/Target: Rp1,050): Valuation re-rating driven by foreign access to tower industry. MALAYSIA Results British American Tobacco (ROTH MK/BUY/RM12.70/Target: RM15.33): 4Q19: Results beat expectations as volumes recover qoq against leaner opex. Valuations at an all-time low while impending regulation could be catalyst. Upgrade to BU...
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