reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Focus on four key theses for the sector.
In this report, we have summarised what we read from consumer companies’ 2023 results, the 2024 outlook and recent updates. We think companies: a) with overseas expansion or turnaround prospects, b) that have upside potential of improving operating efficiency, c) that will benefit from near-term catalysts (eg event-driven), and d) have increasing dividend payout will outperform. Anta, CR Beer, CTGDF, Galaxy, Haidilao, Haier, Midea and Shenzhou are our most preferred stocks. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Shenzhou International Group Holdings (2313 HK): 2023: Results in line...
2023 results were in line with consensus despite missing on top-line. Revenue resumed growth in 4Q23, and management is optimistic on the order growth momentum in 2024. Production utilisation rate has been back to 100% in 1Q24 and overseas production efficiency has also improved, which will support Shenzhou’s margin expansion, in our view. Maintain BUY and fine-tune target price by 1% to HK$93.60.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 27, 2024
KEY HIGHLIGHTS Results Anta (2020 HK/BUY/HK$83.55/Target: HK$109.60) 2023: Results beat on margin; on track to fulfil three-year targets. China Overseas Property Holdings (2669 HK/BUY/HK$4.50/Target: HK$5.60) 2023: Weaker-than-expected results; development targets revised. CR Land (1109 HK/BUY/HK$24.85/Target: HK$42.39) 2023: Results in line; clearer growth path ahead. CR Mixc (1209 HK/BUY/HK$23.60/Target: HK$33.20) 2023: Results beat with higher payout ratio; pursue high-quality grow...
AS7 ANTA SPORTS PRODUCTS LTD.
01109 CHINA RESOURCES LAND LIMITED
002352 S.F. HOLDING CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
- Arsit Pamaranont
- Bella Lu Yifei
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Ken Lee
- Limartha Adhiputra
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Wednesday, March 27, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$83.55/Target: HK$109.60): 2023: Results beat on margin; on track to fulfil three-year targets. CR Land (1109 HK/BUY/HK$24.85/Target: HK$42.39): 2023: Results in line; clearer growth path ahead. CR Mixc (1209 HK/BUY/HK$23.60/Target: HK$33.20): 2023: Results beat with higher payout ratio; pursue high-quality growth. Nexteer Automotive Group (1316 HK/SELL/HK$3.24/Target: HK$2.20): 2023: Earnings miss estimate again on margin squeeze. Maintain SELL. Cut tar...
AS7 ANTA SPORTS PRODUCTS LTD.
01109 CHINA RESOURCES LAND LIMITED
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
4731 SCIENTEX
000338 WEICHAI POWER CO. LTD. CLASS A
002352 S.F. HOLDING CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
0168 TSINGTAO BREWERY CO. LTD. CLASS H
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Tourism, catering and movie consumption: Strong perfor...
During the Chinese New Year (CNY) holiday, tourism, both domestic and outbound, catering and movie consumption put up strong performances. For the consumer sector, we prefer discretionary to staple, and Macau gaming in the discretionary space, given the strong recovery momentum of Macau tourism and moderate hike in opex. Galaxy is our top pick in Macau gaming sector, given its net cash position amid the higher interests. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
ADCB ABU DHABI COMMERCIAL BANK
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
1928-HK SANDS CHINA
1368 XTEP INTERNATIONAL HOLDINGS
0606923D CHINA DUTY FREE GROUP CO LTD
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
ONEM 1LIFE HEALTHCARE
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy: Staying the course -- We expect China’s real G...
The Chinese economy will see a gradual climb higher in 2024, hitting 4% yoy growth, with private consumption providing much of the heavy lifting. Policy easing will be incremental, focusing on the real estate sector and local government financing. Until these issues are resolved, PE expansion will be limited. Thus, EPS growth will be the key driver, with an index target of 67.3pt. Our focus is on smart consumption, premiumisation and turnaround stocks, staying negative on the auto sector.
AS7 ANTA SPORTS PRODUCTS LTD.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9999 HK PINDUODUO PDD US
NETEASE INC
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2024 - Staying the course
The Chinese economy will see a gradual climb higher in 2024, hitting 4% yoy growth, with private consumption providing much of the heavy lifting. Policy easing will be incremental, focusing on the real estate sector and local government financing. Until these issues are resolved, PE expansion will be limited. Thus, EPS growth will be the key driver and our index target is at 67.3pt. Our focus is on smart consumption, premiumisation and turnaround stocks. Staying the course. The Central Financ...
AS7 ANTA SPORTS PRODUCTS LTD.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9999 HK PINDUODUO PDD US
NETEASE INC
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Good recovery by domestic tourism and catering during ...
During the Golden Week holiday, domestic tourism and catering recovery were on track while duty-free sales recovery was still weak. We prefer sportswear in the discretionary space, given the decent sales momentum during the holiday (Anta: in line with internal targets; Xtep: 20% yoy growth), and baijiu in the staples space, given baijiu’s strong brand power. We prefer Anta in the sportswear sector, given its multiple catalysts, and Moutai in the baijiu sector, for its highest earnings visibility...
AS7 ANTA SPORTS PRODUCTS LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
1928-HK SANDS CHINA
333 MIDEA GROUP
1368 XTEP INTERNATIONAL HOLDINGS
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
ONEM 1LIFE HEALTHCARE
1876:HK BUDWEISER BREWING CO APAC LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Jo Yee Ng
- Stella Guo Yuting
Shenzhou International Group Holdings (2313 HK): 2Q23: Business operat...
Shenzhou’s 1H23 results missed market consensus by 7%, mainly due to the weakerthan- expected top-line. However, we believe that the worst is over for Shenzhou. Orders continue to recover going into 3Q23, and are expected to record orders’ positive growth from early-4Q23. We expect gross margin to improve given better production capacity utilisation. Maintain BUY and fine-tune target price by 2% to HK$86.80.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 31, 2023
KEY HIGHLIGHTS Sector Insurance Outstanding 1H23 results from PICC P&C, Ping An and Prudential. Results China Longyuan Power (916 HK/BUY/HK$6.27/Target: HK$8.80) 1H23: Above expectations; wind power utilisation hours grew 8.4% yoy. China Merchants Port (144 HK/BUY/HK$9.46/Target: HK$13.33) 1H23: Results broadly in line; attractive valuation amid cautious outlook. Maintain BUY. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48) 1H23: Results beat expectations; leading market position further str...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
7777 3-D MATRIX
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
916 CHINA LONGYUAN POWER GROUP-H
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
6862 HAIDILAO INTERNATIONAL HOLDING LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 31, 2023
GREATER CHINA Sector Insurance: Outstanding 1H23 results from PICC P&C, Ping An and Prudential. Results China Longyuan Power (916 HK/BUY/HK$6.27/Target: HK$8.80): 1H23: Above expectations; wind power utilisation hours grew 8.4% yoy. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48): 1H23: Results beat expectations; leading market position further strengthened. Ganfeng Lithium (1772 HK/SELL/HK$40.15/Target: HK$33.00): 2Q23: Report profit beats on one-off gains, core earnings in line. Maintain SELL....
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
916 CHINA LONGYUAN POWER GROUP-H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
AZTECH AZTECH GLOBAL LTD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
- Jo Yee Ng
- Stella Guo Yuting
Shenzhou International Group Holding (2313 HK): Takeaways from oversea...
Shenzhou’s vertically-integrated position, strong R&D capabilities and good ESG practices anchor its leading position in the textile industry. We are positive on Shenzhou’s customer expansion and production efficiency improvement in the long term. Raise target price by 6% to HK$85.00. Maintain BUY.
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Friday, June 30, 2023
KEY HIGHLIGHTS Sector Automobile Weekly: EV sales expected to grow 15.5% mom in June, beating estimates. Maintain UNDERWEIGHT with preference for EV segment. Top BUYs: BYD, CATL and Li Auto. Update Kuaishou (1024 HK/BUY/HK$56.70/Target: HK$90.00) Best positioned for advertising comeback; to break even in 2Q23. Ping An Healthcare and Technology Company (1833 HK/HOLD/HK$19.16/Target:HK$18.00) 2023 revenue under pressure; corporate client acquisition to drive growth. Downgrade to HOLD. Shenzhou...
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kwanchai Atiphophai
- Leow Huey Chuen
- Stella Guo Yuting
- Sunny Chen
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, June 30 2023
GREATER CHINA Sector Automobile: Weekly: EV sales expected to grow 15.5% mom in June, beating estimates. Maintain UNDERWEIGHT with preference for EV segment. Top BUYs: BYD, CATL and Li Auto. Update Kuaishou (1024 HK/BUY/HK$56.70/Target: HK$90.00): Best positioned for advertising comeback; to break even in 2Q23. Ping An Healthcare and Technology Company (1833 HK/HOLD/HK$19.16/Target:HK$18.00): 2023 revenue under pressure; corporate client acquisition to drive growth. Downgrade to HOLD. Shenzhou I...
- Jo Yee Ng
- Stella Guo Yuting
Shenzhou International Group Holdings (2313 HK): Expect a turnaround i...
We resume coverage on Shenzhou International with a BUY rating and a new target price of HK$80.00. We agree that the company’s business operation has been improving sequentially, which may lead to 2H23’s performance being better than that of 1H23. However, we believe that only clear signs of a turnaround (ie normalised orders visibility and domestic capacity utilisation), which may arise in 4Q23 at the earliest, will drive a re-rating of the stock.
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Stella Guo Yuting
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Wednesday, June 14, 2023
KEY HIGHLIGHTS Economics Money Supply Money supply growth slows, more easing expected. Sector Property Takeaways from Singapore/Kuala Lumpur marketing trip. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$71.50/Target: HK$80.00) Expect a turnaround in 4Q23 at the earliest. TRADERS’ CORNER Baidu, Inc. (9888 HK): Trading Buy range: HK$130.00-138.00 TCL Electronics Holdings Limited (1070 HK): Trading Buy range: HK$3.50-3.62
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Kong Ho Meng
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Wednesday, June 14, 2023
GREATER CHINA Economics Money Supply: Money supply growth slows, more easing expected. Sector Property: Takeaways from Singapore/Kuala Lumpur marketing trip. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$71.50/Target: HK$80.00): Expect a turnaround in 4Q23 at the earliest. INDONESIA Sector Banking: Asset quality under control. MALAYSIA Update Deleum (DLUM MK/HOLD/RM0.90/Target: RM0.89): Near-term earnings volatility is priced in, but its ESG benefits may appeal to long-term inve...
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Periodical opportunities ahead; confident on pr...
We expect to see periodical opportunities in the following months due to the slow pace of consumption recovery and lack of incremental funds. We suggest paying more attention when the share prices dip to a low level that is close to the bottoms in Apr/Oct-Nov 22. We are confident on domestic sportswear leaders’ future growth from the increasing demand for professional sports products against the partially recovered purchasing power. Maintain OVERWEIGHT on the consumer sector.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
333 MIDEA GROUP
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Upbeat on names with high earnings visibility.
In spite of the limited funds in the market, we believe that consumer names’ investment opportunities still exist after share prices factored in rational expectations. We expect players with high earnings visibility and/or faster-than-expected growth pace (ie Moutai, Anta and CR Beer) to remain attractive for investment against a relatively weak consumption recovery background. Maintain OVERWEIGHT on the consumer sector.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
333 MIDEA GROUP
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
1876:HK BUDWEISER BREWING CO APAC LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
ME 23ANDME HLDG CO
- Jo Yee Ng
- Zhifeng Shen
Shenzhou International Group Holdings (2313 HK): 2022: Results in line...
In 2022, Shenzhou’s revenue grew 16.5% yoy and attributable net profit rose 35.3% yoy, thanks to forex gains of Rmb1.1b. Management expects sales to improve in the next few quarters and a 10-15% production capacity increase in 2023. Gross margin is also likely to normalise ahead thanks to the easing of material prices, increased efficiency, capacity utilisation normalisation, and an increasing proportion of self-supplied fabric. Maintain BUY and trim target price to HK$101.70.
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