reports
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): 2024: Results in line; conserva...
2024 results were in line. For 2025, Xtep targets positive revenue growth and >10% net profit growth, with potential upside if the consumption environment improves. It plans to transition the core Xtep brand to a DTC model, with 400-500 Xtep branded stores to be involved in 2H25-2026. Saucony is expected to achieve 30-40% sales growth in 2025 and to double the sales in three years. Maintain BUY; cut target price by 2% to HK$8.00.
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
Regional Morning Notes - Wednesday, March 19, 2025
GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90): 2024: Results miss; a strong start and positive outlook for 2025. KE Holdings Inc (2423 HK/BUY/HK$67.20/Target: HK$80.00): 4Q24: Solid top-line beat; earnings miss; expecting stabilised outlook in 2025. WuXi AppTec (2359 HK/BUY/HK$72.35/Target: HK$90.00): 2024: Results satisfactory; targets continued operations for accelerated revenue growth of 10-15% yoy in 2025. Xiaomi Corp (1810 HK/BUY/HK$57.65/Target: HK$63.90...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 19, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90) 2024 results missed forecasts. However, CR Beer’s ytd performance and management’s tone for 2025 seem positive. With the ongoing consumption recovery, especially in the restaurant channel, a potentially better peak season, a much heathier inventory level and innovative products and partnerships, management expects a single-digit beer volume growth in 2025, with profit expanding much faster than revenue. Dividend...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: The State Council issued a plan on special ini...
On 16 March, the State Council issued a plan on special initiatives to boost consumption, aiming to increase spending power by increasing income and reducing financial burdens, generate effective demand through high-quality supply, and improve the consumption environment to strengthen consumers’ willingness to spend. In the China consumer sector, we prefer Anta, CR Beer, Galaxy, Haier, Mengniu, Midea, Miniso and Yili. Maintain OVERWEIGHT.
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.
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
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.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Satisfactory consumption momentum during CNY.
Consumption during the CNY demonstrated a satisfactory momentum. Daily average sales revenue of consumer-related industries grew 11% yoy, with the home appliances and furnishing category recording the highest growth rate. Domestic tourism per capita spending increased 1% yoy and recovered to 95% of 2019’s level, and Hainan DF per capita spending rose 4% yoy. Macau visitations recovered to 95% of 2019’s level. In the China consumer space, we prefer Anta, Haier, Mengniu, Midea, Miniso and Sands Ch...
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
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
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: CNY preview: Expect home appliance, Macau gami...
We do not expect a strong consumption momentum for the upcoming CNY holiday, but expect home appliance, Macau gaming, movie and retail to be the bright spots. We prefer Anta, Haier, Mengniu, Midea, Miniso and Sands in China’s consumer space.
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.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, January 27, 2025
GREATER CHINA Sector Aviation Airlines: The three major airlines’ 2024 preliminary earnings estimates were below expectations – still loss-making. Healthcare TCM: GPO price pressure continues to cloud 2025’s growth outlook. Consumer CNY preview: Expect home appli...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC 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
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
5162 VSTECS
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
CAB CARLSBERG BREWERY MALAYSIA B
CPALL TB CP ALL
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
123F 123FAHRSCHULE SE
EPIC 1CM INC
Z29 029 GROUP SE
VST VSTECS BHD
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): A good start to 2025; expects S...
In 4Q24, the core Xtep brand achieved high single-digit retail sell-through growth, bringing the full-year growth to a high single digit. Ytd, the brand has recorded doubledigit retail sell-through growth, leading to management’s relatively optimistic view on the revenue and profit targets for 2025. Saucony achieved full-year retail sell-through growth of >60% yoy. Management remains confident in its rapid growth and profitability improvement going forward. Maintain BUY; raise target price by 5%...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, January 10, 2025
KEY HIGHLIGHTS Economics Inflation Deflationary pressures persisted in December, as CPI inflation slowed further to 0.1% yoy, while PPI inflation improved to -2.3% yoy in December, despite remaining in negative territory. In contrast, core CPI inflation saw a consecutive uptick to 0.4% yoy, while services CPI inflation edged higher to 0.5% yoy. In addition, the rebound in global commodity prices lifted producer goods PPI and is expected to provide further upside bias in the coming months. Sec...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Friday, January 10, 2025
GREATER CHINA Economics Inflation: Positive signs amid deflationary pressures. Sector Automobile: Weekly: OEMs set ambitious 2025 targets. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao and Desay. Healthcare: Stay focused, stay innovative. Update Ping An Healthcare and Technology Company (1833 HK/BUY/HK$6.25/Target:HK$8.50): Ping An to consolidate PAGD with no privatisation intended; bright outlook for strategic businesses with increased synergies. Xtep International Holdings (1368 HK/BUY/HK$5.6...
- Shirley Wang Xueyi
- Stella Guo Yuting
China Sportswear: Diverging consumption trends; uncertainties remain f...
There are ongoing diverging consumption trends in China’s sportswear sector. Consumers remain value-conscious, while outdoor functional wear and niche categories have been gaining momentum. Sportswear companies achieved Double 11 sales in line with internal expectations and discounts improved yoy. However, it is still uncertain on achieving retail sales targets. Maintain MARKET WEIGHT. The top pick is Anta given its strong execution and high earnings visibility.
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep International Holdings (1368 HK): Decelerated sell-through in 3Q2...
In 3Q24, the core Xtep brand recorded mid-single-digit retail sell-through growth, weaker than management’s expectation. Although there has been a sequential improvement in business operations qtd, the company deems it challenging to achieve the full-year revenue target. Inventory and discount remained healthy. Management intends to prioritise inventory and profit rather than pursuing fast retail sell-through growth, expecting improved discounts for this year’s Double 11. Maintain BUY. Target pr...
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, October 24, 2024
KEY HIGHLIGHTS Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) HKEX reported a 6.5% yoy earnings growth in 3Q24 after a sharp increase in headline ADT following the rollout of stimulus packages by China in late-September. Although market velocity has normalised, ADT remains elevated, and NII could be more resilient going forward, suggesting more upside for earnings. The risk-to-reward ratio is more balanced now after the recent correction as HKEX is trading ...
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Golden Week -- Tourism and home appliances the...
China consumer stocks under our coverage have rebounded by 33% on average since end-Sep 24, but current valuations are still undemanding. With direct policy support and a potential wealth effect, we believe China consumers are restoring their confidence. China consumer companies should see better earnings visibility in 2024, which should support further re-rating. We suggest investors refocus on the China theme in the near term. We prefer Anta, Galaxy, Haidilao, Haier, Mengniu and Midea. Maintai...
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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, October 09, 2024
GREATER CHINA Sector Consumer Golden Week: Tourism and home appliances the bright spots; refocus on China theme. Internet Government policy rollout to boost consumption and drive valuation repair. Update Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$340.80/Target: HK$355.00) Further valuation re-rating requires more sustainable AD...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
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
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
MUST MANULIFE US REAL ESTATE INV
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
KORE KEPPEL PACIFIC OAK US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
TSVT 2SEVENTY BIO INC
02423 KE HOLDINGS INC.
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
ITMAX ITMAX SYSTEMS BHD
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Mid-Autumn Festival: Strongest tourism and dut...
For Mid-Autumn Festival holiday, tourism, duty-free shopping and home appliance consumption were the bright spots. Domestic tourism and duty-free shopping had the strongest recovery among mini breaks this year. For the home appliance sector, trade-in policies are beginning to stimulate consumer demand. We prefer companies that: a) are disciplined in business operation; b) have good prospects in overseas business; and c) maintain healthy inventories. We prefer Anta, Galaxy, Haidilao, Haier, Midea...
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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
Z29 029 GROUP SE
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: 2Q24/1H24 results wrap-up: Lowered expectation...
After the 2Q24/1H24 results, we are now more cautious on China’s consumer sector. For consumer discretionary, domestic operations were impacted by weak offline traffic. Companies remained concrete on overseas expansion and became more disciplined on cost control to protect the margin level amid the slower top-line growth. For consumer staple, we observed slower product mix upgrade. Companies adopted proactive shipment control to manage channel inventories. Operating efficiency improvement became...
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
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
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Bella Lu Yifei
- Jack Goh Tooan Orng
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Meeting Notes: Friday, September 13, 2024
GREATER CHINA Sector Automobile Weekly: PV sales rebound by 14.7% yoy, beating estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. Consumer 2Q24/1H24 results wrap-up: Lowered expectations; disciplined operations matter. INDONESIA Update Sido Muncul (SIDO IJ/BUY/Rp680/Target: Rp900) ...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
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
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
SIDO INDUSTRI JAMU DAN FARMASI SI
MYEG MY EG SERVICES BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
1772 GANFENG LITHIUM CO. LTD. CLASS H
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Xtep (1368 HK): 1H24: Results in line; lower revenue expectation for 2...
Retail sales of the core Xtep brand saw a slight increase in the offline channel, and rose >20% yoy in the online channel during Jul-Aug 24. Management now expects a lower revenue growth this year, which we estimate to be in the mid to high single digit. However, given: a) strengthened expense control, b) proactive inventory and discount management, and c) narrowing of losses thanks to the divestiture of KP, management expects net profit to grow >20% yoy in 2024. Maintain BUY and target price of...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.