reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Tourism and catering strong performances during the La...
During the Labour Day holiday, tourism and catering continued to record strong performances, while DF per capita spending showed a downward trend. We reiterate our key theses for the consumer sector, highlighting companies with: a) overseas expansion or turnaround prospects, b) upside potential of improving operating efficiency, or c) near-term catalysts. We keep Anta, CR Beer, CTGDF, Haidilao, Haier, Midea and Shenzhou as our most preferred stocks, but remove Galaxy from the stock picks. Mainta...
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.
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
Wuliangye Yibin (000858 CH): 2023: In line; higher dividend payout rat...
Wuliangye’s 2023 results were in line with our and consensus estimates. The dividend payout ratio hike (+5ppt yoy to 60%) in 2023 was a pleasant surprise. 1Q24 revenue growth (+12% yoy) was on track with a revenue growth target of double-digit yoy for 2024. Looking ahead, we see a gradual improvement in Wuliangye’s brand value, as it has cut shipments in the traditional channels, further improving dealers’ confidence and profitability. Maintain BUY with unchanged target price at Rmb218.90.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, April 29, 2024
KEY HIGHLIGHTS Sector Automobile We raise 2024 forecasts on China’s PV sales growth and PEV sales growth from +8%/+21% to +10%/+24% on bigger-than-expected subsidies for the cash-for-clunker program and zero downpayment auto loans. Meanwhile, we lift the target prices of BYD, Geely, GWM, GAC and Yadea to HK$160.00/HK$13.00/HK$13.50/HK$3.30 /HK$20.00 respectively. Upgrade GWM from HOLD to BUY, and upgrade GAC from SELL to HOLD. Top BUY: CATL, Geely and Yadea. Top SELL: BYD, Li Auto and XPeng. ...
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1199 COSCO SHIPPING PORTS LIMITED
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
300244 DIAN DIAGNOSTICS GROUP CO
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 29, 2024
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$5.72/Target: HK$6.40): 1Q24: Below expectations; low wind speed weighed on performance. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.62/Target: HK$6.75): 1Q24: Results in line; steady performance in a seasonally slow quarter with headwinds. Dian Diagnostics (300244 CH/BUY/Rmb14.13/Target: Rmb18.50): 1Q24: ICL revenue growth satisfactory; esoteric testing and self-developed product segments remain 2024’s key growth drivers. Foshan Haitian Flavou...
AMATA AMATA CORP
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MINT MAPLETREE INDUSTRIAL TRUST
1199 COSCO SHIPPING PORTS LIMITED
IFAST IFAST CORP LTD
PDD PINDUODUO PDD US
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CLI CAPITALAND INVESTMENT LTD
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
300244 DIAN DIAGNOSTICS GROUP CO
- 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
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 Baijiu: Dealers’ confidence remains lacklustre.
Baijiu companies generally have a positive tone on 2024 revenue growth targets and have laid out pragmatic solutions to facilitate dealers’ pre-payment willingness. Despite that, dealers’ willingness and confidence in the baijiu end-demand recovery remain lacklustre. We also note that high-end baijiu companies have yet to follow Moutai’s ex-factory price hikes, as channel inventory pressures exist. Our top pick remains Moutai. Maintain OVERWEIGHT.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Wuliangye Yibin (000858 CH): 3Q23: Better-than-expected results; impro...
3Q23 results beat the street’s estimates by 5%, due to higher-than-expected revenue. The company’s marketing efforts that target retail consumers have improved bottle opening rates and channel inventories during the holidays, laying a solid foundation for future sales growth. Wuliangye is on track to register a double-digit revenue and earnings growth in 2023, underpinned by an upgraded product mix and higher marketing precision. Maintain BUY with an unchanged target price of Rmb231.40.
- 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
- 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 Baijiu: Weak Retail Growth Expectations; Be Selective; Top Pick:...
Share prices of baijiu companies under our coverage have fallen by 4-9% since early- Sep 23 given the weak environment. We expect mild retail sales growth for baijiu, with low-end to mid-range products (Rmb80-300) recovering faster than sub-premium (Rmb300-800) and the “thousand yuan” products. Moutai remains our top pick given its highest earnings visibility, while other names face intensified competition in the sub-premium category and firm-specific inventory destocking. Maintain OVERWEIGHT on...
- Jo Yee Ng
- Stella Guo Yuting
Wuliangye Yibin (000858 CH): 1H23: In line; promoting bottle-opening r...
Wuliangye reported in-line earnings for 1H23. Overall shipment was up 29% yoy in 1H23, with notable growth in non-Wuliangye series due to higher sell-through rates. We slightly lower our revenue growth forecast for 2023 to factor in a weaker-than-expected economic recovery in 1H23. Dealers’ profitability could improve in the subsequent months with better bottle-opening rates and reduced shipment in traditional channels. Maintain BUY with lower (-7%) target price of Rmb231.40.
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 28, 2023
GREATER CHINA Results Anhui Conch (914 HK/BUY/HK$22.00/Target: HK$28.30): 1H23: In line; industry-leading performance. China Resources Gas (1193 HK/BUY/HK$22.35/Target: HK$26.90): 1H23: In line; gas sales growth offset by weak new connections. China Tourism Group Duty Free (601888 CH/BUY/Rmb107.50/Target: Rmb138.00): 2Q23: Margin a key concern. EVE Energy (300014 HK/BUY/Rmb48.60/Target: Rmb92.00): 2Q23: Miss on margins but beat on revenue. Maintain BUY. Cut target price to Rmb92.00. Frontage Hol...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
REXI REX INTERNATIONAL HOLDING LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
GREATEC GREATECH TECHNOLOGY BHD
ADRO ADARO ENERGY INDONESIA TBK PT
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Monday, August 28, 2023
KEY HIGHLIGHTS Results Anhui Conch (914 HK/BUY/HK$22.00/Target: HK$28.30) 1H23: In line; industry-leading performance. China Resources Gas (1193 HK/BUY/HK$22.35/Target: HK$26.90) 1H23: In line; gas sales growth offset by weak new connections. China Tourism Group Duty Free (601888 CH/BUY/Rmb107.50/Target: Rmb138.00) 2Q23: Margin a key concern. EVE Energy (300014 HK/BUY/Rmb48.60/Target: Rmb92.00) 2Q23: Miss on margins but beat on revenue. Maintain BUY. Cut target price to Rmb92.00. Frontage H...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
§3§3 CHINA RESOURCES CEMENT
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
- 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
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
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