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.
Greentown Service Group Co Ltd is a China-based company and mainly engaged in residential property management service. The main segments of the Company include Property Management Services, Property Consulting Services and Community Value-added Services. Property Management Services include security, cleaning, gardening, and repair and maintenance services. Property Consulting Services include consulting services to real estate developers and local property management companies to address various needs that arise during each major stage throughout the course of their property development projects and capitalizing on brand equity and expertise. Community Value-added Services mean that the Company provides property owners and residents of managed communities with access to an extensive array of daily necessities complemented by a wide assortment of life-style products and services through multiple channels.
Global Equities Flirting With A Breakout Major support levels we pointed to in last Thursday's Int'l Compass held strong, leading to a strong bounce so far this week. The MSCI ACWI, ACWI ex-US, EAFE, and EM indexes have had such a strong bounce that the concern of lower highs has been removed. If fact, several indexes and countries are showing signs of breaking out (MSCI ACWI, MSCI EM, and Japan to name a few). No matter how you look at it this is a positive sign, however we need to see these levels hold in order to have confidence in a breakout; otherwise, it would put us right back into a h...
Property owners have redefined the value of the property management industry following the COVID-19 outbreak. Portfolio diversification has enabled property management players to widen profit margins and diversify revenue streams. Two key forces driving management area growth are parent companies’ contributions and aggressiveness in M&A execution. M&As have fast-tracked management area growth for related companies and pushed up industry concentration. Maintain OVERWEIGHT.
Property owners have redefined the value of the property management industry following the COVID-19 outbreak. Portfolio diversification has enabled property management players to widen profit margins and diversify revenue streams. Two key forces driving management area growth are parent companies’ contributions and aggressiveness in M&A execution. M&As fast-track management area growth and accelerate industry consolidation. Maintain OVERWEIGHT.
1Q20 sharply below expectations. Tune Protect Group (Tune) reported 1Q20 net profit of RM2.5m (-86.4% yoy, -76.5% qoq), which was sharply below our expectations with 1Q20 representing only 7% of our full-year forecast, mainly attributable to a sharp decline in investment income and higher contingent liabilities reserving. That said, we expect 1H20 to be significantly weaker than 2H20 due to the grounding of air travel which will severely impact its travel insurance business (contributes to 60% of earnings). 1Q20 was impacted by a sharp decline in investment income due to marked-to-market fair ...
Results above expectations. Sarawak Oil Palms (SOP) registered core net profit of RM41m in 1Q20. This is higher than our and consensus expectations, accounting about 60% of our full-year estimate. We reckon that the strong earnings were mainly due to the better-than-peers’ realised CPO selling prices at RM2,679/tonne as compared to peers’ at about RM2,600/tonne.
1Q20: Results Within Expectations SDP reported net core profit of RM96m in 1Q20, within our expectation. The upstream operation had improved, supported by higher selling prices, which fully offset the lower FFB production. Downstream operation had also performed well with better margin and higher sale volume. We expect higher production in 2Q20, which will partially offset lower ASP and higher cost. Downstream operation remains steady in 2Q20. Maintain SELL with higher target price of RM3.40.
GREATER CHINA Sector Consumer: Bi-weekly (9-26 May). Results Kingsoft Corp (3888 HK/BUY/HK$26.90/Target: HK$35.00): 1Q20: Top-line surged, bottom-line turned positive. Maintain BUY. INDONESIA Update Indofood CBP (ICBP IJ/HOLD/Rp8,950/Target: Rp8,700): Paying 69x 2019 PE and 23x 2020F PE for Pinehill Company? Downgrade to HOLD. MALAYSIA Sector Rubber Gloves: Upgrade the sector to OVERWEIGHT as ASPs surge past our expectations. We expect glove demand to sustain into 2021. Top pick: Top Glove. Results CIMB Group (CIMB MK/HOLD/RM3.47/Target: RM3.26): 1Q20: Earnings below expectation, impacted by...
KEY HIGHLIGHTS Sector Consumer Bi-weekly (9-26 May). Results Kingsoft Corp (3888 HK/BUY/HK$26.90/Target: HK$35.00) 1Q20: Top-line surged, bottom-line turned positive. Maintain BUY. TRADERS’ CORNER Shimao Property (813 HK): Trading Buy Range RUSAL (486 HK): Trading Buy Range
GREATER CHINA Sector CRO/CDMO: The fast movers in innovation excellence. Property: Policy interpretation: Investment opportunities still exist in the property industry. Initiate Coverage Frontage Holdings Corporation (1521 HK/BUY/HK$4.13/Target: HK$5.00): Growing service offerings for a strong take-off. WuXi AppTec (2359 HK/BUY/HK$114.50/Target: HK$145.20): Ready to fly higher. Update WuXi Biologics (Cayman) Inc (2269 HK/BUY/HK$126.50/Target: HK$170.00): A fruitful 2020 despite COVID-19 outbreak. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp920/Target: Rp1,050): Depending on collo...
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