reports
- 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
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Catering: Pick Haidilao in the near term on better operating lev...
We attribute Haidilao’s share price surge of 8% on 10 Jan 23 in reaction to the strong table turnover rate growth. However, we reiterate our conservative view on the catering sector in view of the low visibility of an economic recovery and downside pressure on net margins from the market’s aggressive promotions. Within the sector, Haidilao is our top pick. We maintain UNDERWEIGHT on the sector.
- 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
China Catering: Recovery rate diverged in Aug 23; expect continued pro...
Haidilao’s table turnover rate yoy growth accelerated in Aug 23, while the contrary was seen for Tai Er and Song. We attribute Haidilao’s faster table turnover growth to its aggressive promotions in the midnight dining scene since mid-Jul 23, against the weak spending sentiment towards the end of summer holidays. Looking ahead, we expect the companies’ table/seat turnover rate to gradually improve on economic recovery and continuous value-for-money meal offerings. Maintain MARKET WEIGHT.
- Jo Yee Ng
- Stella Guo Yuting
Haidilao International Holding Ltd Page 27 (6862 HK): 1H23: In line; h...
Haidilao’s 1H23 results were in line with its profit alert. Going into 2H23, we expect new store openings to remain selective and table turnover rate to improve, thanks to the company’s emphasis on menu, service and store innovations, as well as the upcoming holiday peak. Management guided for stable gross margin and staff cost ratio could improve on better operating efficiency. Maintain BUY. Target price: HK$26.00.
- 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$47.48) 1H23: Results beat expectations; leading market position further str...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
7777 3-D MATRIX
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
916 CHINA LONGYUAN POWER GROUP-H
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
6862 HAIDILAO INTERNATIONAL HOLDING LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
- Jo Yee Ng
- Stella Guo Yuting
Haidilao International Holding (6862 HK): 1H23 profit alert: Surprise ...
Haidilao’s share price surged 12.17% yesterday in reaction to the surprise earnings guidance for 1H23, on top of the better market sentiment with the government boosting local consumption. The company expects net profit margin to arrive at 11.7% (+11.2ppt yoy) in 1H23, higher than consensus estimate of 7.5% for 2023. We turn more upbeat on the company as we see improving internal operating efficiency, with the Woodpecker plan bearing fruit earlier than expected. Upgrade to BUY. Target price: HK$...
- Jo Yee Ng
- Stella Guo Yuting
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, August 1, 2023
KEY HIGHLIGHTS Economics PMI Moderating contraction in manufacturing. Results Xinyi Solar Holdings (968 HK/BUY/HK$8.40/Target: HK$10.20) 1H23: Below expectations; weak start to the year. Update Haidilao International Holding (6862 HK/BUY/HK$21.85/Target: HK$26.00) 1H23 profit alert: Surprise in net profit margin. Upgrade to BUY. TRADERS’ CORNER Meituan (3690 HK): Trading Buy range: HK$142.00-146.00 Kunlun Energy Company Limited (135 HK): Trading Buy range: HK$6.10-6.30
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, August 1, 2023
GREATER CHINA Economics PMI: Moderating contraction in manufacturing. Results Xinyi Solar Holdings (968 HK/BUY/HK$8.40/Target: HK$10.20): 1H23: Below expectations; weak start to the year. Update Haidilao International Holding (6862 HK/BUY/HK$21.85/Target: HK$26.00): 1H23 profit alert: Surprise in net profit margin. Upgrade to BUY. INDONESIA Results Mayora Indah (MYOR IJ/BUY/ Rp2,420/ Target: Rp3,000): 2Q23: Decline in raw material costs drives 41.6% yoy NPAT growth. Triputra Agro Persada (TAPG ...
- 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
Haidilao International Holding (6862 HK): 2022: In line; margin expans...
In line with its profit alert, Haidilao’s revenue (excluding Super Hi) dropped 20.6% yoy and turned profitable in 2022, thanks to improved operations and staff efficiency. Management remains cautiously optimistic on restaurant openings in 2023 while staying upbeat on table turnover rate growth. We estimate a 0.7ppt yoy net profit margin expansion in 2023 on a higher table turnover rate and a lower staff costs ratio. Maintain HOLD and lift target price to HK$23.00.
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Monday, April 3, 2023
KEY HIGHLIGHTS Economics PMI Points to further recovery, but employment still soft. Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) 2022: Below expectations; recognition of RMB2,045m in impairment provision. China Merchants Port (144 HK/BUY/HK$12.04/Target: HK$13.48) 2022: Core earnings a slight beat; expecting earnings decline in 2023. Maintain BUY. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14) 2022: Results below expectations; targeting 20% sale...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
189 DONGYUE GROUP LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Singapore Research Team
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 3, 2023
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) :2022: Below expectations; recognition of Rmb2,045m in impairment provisions. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14): 2022: Results below expectations; targeting 20% sales growth in 2023 with strengthened landbank. China Resources Gas (1193 HK/BUY/HK$28.95/Target: HK$35.10): 2022: Below expectations; gas shortages in 4Q22 weighed on margins. China Tourism Group Duty Free Corp (601888...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
MNHB MYNEWS HOLDINGS BHD
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
BUKA BUKALAPAK.COM PT TBK
06690 HAIER SMART HOME CO. LTD. CLASS H
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Retail sales pickup; remain upbeat on the luxur...
While we think the road ahead to an overall consumption recovery is still bumpy despite the RSV pickup in 2M23, we are upbeat on the wealthy group’s sustainable consumption ability and the future growth of China’s luxury and duty-free markets. We believe the duty-free market will grow at a faster pace than the overall luxury market in China. CTGDF will be the largest beneficiary of the government’s intention to nurture it into a super strong duty-free leader globally. Maintain OVERWEIGHT on the ...
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
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Confident about consumer spending recovery desp...
Concerns on the household segment’s excess deposits continued into 2023 after the peak of its incremental deposits of Rmb17,840b in 2022. However, we expect gradual consumer spending recovery ahead as evidenced in 2021 given the easing of the pandemic and the recovery of consumer confidence. We attribute the share price corrections to the weak sentiment on overall consumption situations, but stay positive on the improving fundamentals. Maintain OVERWEIGHT on the consumer sector.
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.
ABDP AB DYNAMICS
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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
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
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: A pause in the upward trend.
We see the recent consumer names’ share price correction as a pause in the upward trend due to: a) a lack of data exceeding market expectations, which would support the high share price levels in a short period, and b) fundamentals that are still improving. We reiterate that verification of improving consumption and further positive market consensus will drive the upward trend ahead. We suggest paying attention to potential further re-rating of Wuliangye ahead. Maintain OVERWEIGHT on the consume...
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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
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
- Jo Yee Ng
- Zhifeng Shen
China Consumwer Weekly: View of consumption fundamentals likely remain...
We attribute the stronger share price performance of baijiu names than peers to the market’s optimistic expectation on an economic and consumption recovery. We think the view of fundamentals likely remains positive although the share price performance could be diverse at the current stage. We attribute the relatively weak price performance of CTGDF to its limited tourism reception capacity, which will be effectively alleviated after its pipeline projects start operating. Maintain OVERWEIGHT on t...
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
600600 TSINGTAO BREWERY 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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
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
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Upbeat on sub-premium baijiu demand recovery af...
In the second week after the holidays, the recovery continued and we saw more footfall in shopping malls, and busier roads and highways in Shanghai. We still prefer high-end products and services amid the improving fundamentals. We are also upbeat on the demand for sub-premium baijiu in Feb and Mar 23 given the recovery in drinking occasions. Fenjiu should be the key beneficiary thanks to its competitive product mix and continuous brand revival. Maintain OVERWEIGHT on the consumer sector.
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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
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
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Normalising footfall; upbeat on dairy leaders’ ...
After the holidays, traffic flow is normalising rapidly and we are also seeing more footfall in shopping malls, in both core and non-core areas in Shanghai. We are still upbeat on the fundamentals of CTGDF as the pipeline project, recovery of international airlines, further development of downtown duty-free, and recovery of margins would support its growth ahead. We are also upbeat on the leading diary players’ further rerating in 2023. Maintain OVERWEIGHT on the consumer sector.
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
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
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
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