reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 3Q23: Results missed; volume impacted by ba...
Tsingtao Brewery’s 3Q23 results missed on weaker-than-expected top-line growth and higher selling expenses. Beer sales volume declined 11% yoy and 15% qoq due to a high base and impact from the bad weather. However, ASP was resilient in 3Q23, demonstrating that Tsingtao’s premiumisation remained intact. We expect the price hikes and premiumisation as well as lower raw material prices to drive further margin expansion in 2024. Maintain BUY with a new target price of HK$86.70.
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Monday, October 30, 2023
KEY HIGHLIGHTS Sector Aviation Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90) 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. ENN Energy Holdings Limited (2688 HK/BUY/HK$61.70/Target: HK$72.10) 3Q23 operational data: 3Q23 dollar margin falls to Rmb0.50/cbm. Goldwind Science & Technology (2208 HK/HOLD/HK$3.81/Target: HK$4.00) 3Q23: Below...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
916 CHINA LONGYUAN POWER GROUP-H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 30, 2023
GREATER CHINA Sector Aviation: Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90): 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. Goldwind Science & Technology (2208 HK/HOLD/HK$3.76/Target: HK$4.00): 3Q23: Below expectations; 3Q23 WTG sales growth slows to +6.0% yoy. Great Wall Motor (2333 HK/BUY/HK$10.82/Target: HK$13.50): 3Q23: Earnings tripl...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
INCO VALE INDONESIA
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLT MAPLETREE LOGISTICS TRUST
168 TSINGTAO BREWERY CO LTD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
MINT MAPLETREE INDUSTRIAL TRUST
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
916 CHINA LONGYUAN POWER GROUP-H
EKO EKOVEST BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Stephane Foucaud
Auctus on Friday - 20/10/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November. The well is targeting 4.9 mmboe possible reserves (net to ADX). Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX). The Anshof-2 well is anticipated to be onstream together with the existing Anshof-3 well in 1H24. The Ansh...
EGY VAALCO ENERGY INC.
MSMN MOSMAN OIL AND GAS
CNE. CANACOL ENERGY LTD
WPL WOODSIDE PETROLEUM LTD
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
DNO DNO ASA CLASS A
MAHA A MAHA ENERGY
CE1 CALIMA ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
BNL BLUE STAR HELIUM LTD
- 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
- Shirley Wang Xueyi
- Stella Guo Yuting
China Beer: 2Q23/1H23 results wrap-up: Sales to see modest pick-up in ...
Brewers reported solid 1H23 results for their China business, backed by mid-to-high single-digit percentage sales volume growth, ASP expansion and sequentially softer cost pressure. In the near term, we expect sales to pick up in Sep 23 thanks to the Golden Week and low base, though the recovery should be modest amid bad weather. In the medium to long term, we believe premiumisation will remain intact, and brewers’ cost pressure will soften more in 2024. Upgrade to OVERWEIGHT.
- Jo Yee Ng
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 1H23 Results beat; optimistic on full-year ...
Although Tsingtao Brewery’s sales momentum was disrupted during July-August due to the bad weather, we are optimistic on its sales growth and premiumisation trend in full-year 2023. The decent sales growth of the company’s flagship products in 1H23 demonstrated strong competitiveness in the sub-premium and above beer market. Maintain BUY with a new target price of HK$91.80.
- 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
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Tuesday, August 29, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$31.05/Target: HK$50.00) 1H23: Reduced provisions cushion NIM pressure and weakening fee income. China Overseas Land & Investment (688 HK/BUY/HK$15.62/Target: HK$25.86) 1H23: Decent profitability well maintained; expecting accelerated investment in 2H23. Gala Technology (2458 HK/NOT RATED/HK$4.13) 1H23: Solid results; encouraging outlook stemming from overseas expansion. Kingboard Laminates (1888 HK/HOLD/HK$6.44/Target: HK$7.40) 1H23...
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1888 KINGBOARD LAMINATES HOLDINGS LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
2458 GALA TECHNOLOGY HOLDING LT D
- Ariel Poh Yun Li
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Tuesday, August 29, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$31.05/Target: HK$50.00): 1H23: Reduced provisions cushion NIM pressure and weakening fee income. China Overseas Land & Investment (688 HK/BUY/HK$15.62/Target: HK$25.86): 1H23: Decent profitability well maintained; expecting accelerated investment in 2H23. Kingboard Laminates (1888 HK/HOLD/HK$6.44/Target: HK$7.40): 1H23: Earnings in line with profit warning; gradual recovery from 2H23. Shanghai Henlius Biotech Inc. (2696 HK/SELL/HK$11.20/...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5681 PETRONAS DAGANGAN BHD.
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
IJM IJM CORP BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1888 KINGBOARD LAMINATES HOLDINGS LTD
CLAS CAPITALAND ASCOTT TRUST
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Jo Yee Ng
China Baijiu and Beer: Prefer premium baijiu: Solid sales performance ...
We maintain OVERWEIGHT on the baijiu sector, given the defensiveness of the premium segment. Downgrade the beer sector to MARKET WEIGHT, as we believe that concerns on the weak sales momentum in 2Q23 have not been fully reflected, though share prices of the beer companies under our coverage have corrected by 10.3-11.5% since early-May 23. We prefer Moutai (600519 CH) in the baijiu sector and CR Beer (291 HK) in the beer sector.
- 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
Tsingtao Brewery (168 HK): 2022: Results beat expectations; slowing un...
Tsingtao Brewery’s 2022 revenue grew 6.6% yoy while attributable net profit jumped 17.6% yoy. Results were above our and market estimates due to better-than-expected operational cost savings. The mid-to-high-end product mix of the Tsingtao brand continued to expand, reaching 66% of the total. We forecast ASP growth to accelerate to 5.3% yoy in 2023 thanks to both direct and indirect price hikes, amid the deceleration in unit per COGS growth. Maintain BUY and lift target price to HK$88.00.
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Sunny Chen
- Terence Chiu
- Zhifeng Shen
Greater China Daily: Thursday, March 23, 2023
KEY HIGHLIGHTS Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$8.35/Target: HK$11.00) 2022: Adjusted earnings up 12.7% yoy; expects positive revenue and earnings growth in 2023. Jiumaojiu International Holdings (9922 HK/BUY/HK$18.88/Target: HK$22.20) 2022: Results in line; Tai Er enters stability and Song Hotpot expands. Minth Group (425 HK/BUY/HK$18.98/Target: HK$27.00) 2H22: Net profit up 42% yoy and 28% hoh, missing estimates. Trim target price from HK$30.00 to HK$27.00. Maintain BUY. T...
A2XN AAC TECHNOLOGIES HOLDINGS INC.
M3I MINTH GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
6579 AAEON TECHNOLOGY
168 TSINGTAO BREWERY CO LTD
3933 THE UNITED LABORATORIES INTE
700 HK TENCENT 700 HK
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
558 LK TECHNOLOGY HOLDINGS LTD
2155 MORIMATSU INTERNATIONAL HOLDINGS
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jessie Guo Yuting
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Sunny Chen
- Zhifeng Shen
Regional Morning Notes - Thursday, March 23, 2023
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$8.35/Target: HK$11.00): 2022: Adjusted earnings up 12.7% yoy; expects positive revenue and earnings growth in 2023. Jiumaojiu International Holdings (9922 HK/BUY/HK$18.88/Target: HK$22.20): 2022: Results in line; Tai Er enters stability and Song Hotpot expands. Minth Group (425 HK/BUY/HK$18.98/Target: HK$27.00): 2H22: Net profit up 42% yoy and 28% hoh, missing estimates. Trim target price from HK$30.00 to HK$27.00. Maintain BUY. Ten...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
M3I MINTH GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
168 TSINGTAO BREWERY CO LTD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MMHE MALAYSIA MARINE AND HEAVY EN
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
558 LK TECHNOLOGY HOLDINGS LTD
2155 MORIMATSU INTERNATIONAL HOLDINGS
- 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
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