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
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 Mengniu Dairy (2319 HK): 2023: Missed estimates on one-off loss;...
Mengniu’s 2023 earnings missed our estimates due to a one-off write-off related to its associates and a withholding tax from dividend distribution. Management guided for 2024 revenue to grow by low- to mid-single-digit and OPM expansion of 30-50bp yoy, thanks to product mix upgrade and lower raw milk prices. Although the change of CEO is positive to its long-term goals, it creates additional uncertainties over Mengniu’s strategic implementation amid the weak market. Maintain BUY. Cut target pric...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 28, 2024
KEY HIGHLIGHTS Results BYD Company (1211 HK/SELL/HK$201.60/Target: HK$140.00) 4Q23: Earnings up 19% yoy but down 17% qoq, in line. Management guides for flat earnings in 2024. Maintain SELL. Target price: HK$140.00. China Mengniu Dairy (2319 HK/BUY/HK$17.08/Target: HK$22.50) 2023: Missed estimates on one-off loss; weak demand to persist in the near term. China Merchants Bank (3968 HK/BUY/HK$30.95/Target: HK$44.00) 2023: Rise to the occasion. Country Garden Services (6098 HK/HOLD/HK$5.27...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
M3I MINTH GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
- 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 Dairy: Slowing demand to weigh on valuations in the near term. D...
We turn conservative on dairy companies’ top-line growth guidance for 2024, as we expect consumption to slow down in the discretionary segment while distributors are lacking enthusiasm in placing orders. We expect modest gross margin expansion, while companies may still achieve net profit margin expansion from disciplined investment and targeted marketing in 2024. Downgrade the dairy sector to MARKET WEIGHT. We switch our top pick to Yili.
China Mengniu Dairy Company Limited: 1 director
A director at China Mengniu Dairy Company Limited sold 495,000 shares at 26.330HKD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- 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 Mengniu Dairy (2319 HK): 1H23: In line; expecting a smooth price...
Mengniu reported in-line results in 1H23. Liquid milk sales were up 5% yoy, with Milk Deluxe and Fresh Meadow up double-digits yoy in 1H23. Management continues to push for premiumisation, driven by higher-value offerings, and expects a price hike in Milk Deluxe’ highest-end product. It expects full-year revenue growth to fall at the lower end of guided range, and expects gross margin gains to flow through OPM expansion (+50bp yoy). Maintain BUY. Target price: HK$39.30.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, September 4, 2023
KEY HIGHLIGHTS Economics PMI Further moderation in manufacturing contraction; policy support necessary Sector Aviation Airlines still loss-making but improving; expecting a turnaround in 2H23. Maintain UNDERWEIGHT. Internet China e-commerce seeking growth through international market expansion. Property Demand-side policy easing more strongly than expected; top pick: COLI. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.11/Target: Rmb7.10) 1H23: Below expectations; gearing up for the grow...
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
2747 ESTUN AUTOMATION
BEKE KE HOLDINGS INC
3692 HANSOH PHARMACEUTICAL GROUP
06690 HAIER SMART HOME CO. LTD. CLASS H
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jo Yee Ng
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Friday, September 01, 2023
GREATER CHINA Sector Aviation: Airlines still loss-making but improving; expecting a turnaround in 2H23. Maintain UNDERWEIGHT. Results China Mengniu Dairy (2319 HK/BUY/HK$26.40/Target: HK$39.30): 1H23: In line; expecting a smooth price hike. Estun Automation (002747 CH/BUY/Rmb23.23/Target: Rmb31.50): 2Q23: Earnings impacted by forex loss, but robot business remains solid. Great Wall Motor (2333 HK/SELL/HK$9.30/Target: HK$5.20): 2Q23: Results rebound qoq, but 1H23 earnings still fall short of tar...
1023 CIMB GROUP HOLDINGS BHD
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
EZQ CHINA MENGNIU DAIRY CO. LTD.
1155 MALAYAN BANKING BHD.
601633 GREAT WALL MOTOR CO. LTD. CLASS A
853 MICROPORT SCIENTIFIC CORP
2747 ESTUN AUTOMATION
338 WEICHAI POWER
3692 HANSOH PHARMACEUTICAL GROUP
FFB FARM FRESH BHD
- Jo Yee Ng
- Stella Guo Yuting
China Mengniu Dairy (2319 HK): Takeaways from Mengniu factory visit; f...
We visited Mengniu’s first fully intelligent factory and met with the senior management in Yinchuan, Ningxia. Overall ytd top-line performance was in line with its 2023 growth guidance in the mid-single digits yoy, and management’s full-year guidance was unchanged. Mengniu will continue to lead in the UHT milk market with its high-end Deluxe brand while efforts in product mix upgrade (ie promoting Selection Meadow) will lift its gross margin. Maintain BUY with an unchanged target price of HK$39....
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Stella Guo Yuting
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, May 30, 2023
KEY HIGHLIGHTS Strategy Small-Mid Cap Biweekly The only Hong Kong-listed luxury brand name, recent share price pullback offers a good entry point. Sector Commodities Weekly: US dollar strengthens on hawkish Fed expectations; rebar price plunges to lowest level since Apr 17. Update China Mengniu Dairy (2319 HK/BUY/HK$30.20/Target: HK$39.30) Takeaways from Mengniu factory visit; full-year guidance unchanged. TRADERS’ CORNER CNOOC LTD. (883 HK): Trading Buy range: HK$12.10-12.32 Huaneng Power I...
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Keith Wee Teck Keong
- Kelvin Chau Siu Pong
- Philip Wong
- Posmarito Pakpahan
- Stella Guo Yuting
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 30, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: The only Hong Kong-listed luxury brand name, recent share price pullback offers a good entry point. Sector Commodities: Weekly: US dollar strengthens on hawkish Fed expectations; rebar price plunges to lowest level since Apr 17. Update China Mengniu Dairy (2319 HK/BUY/HK$30.20/Target: HK$39.30): Takeaways from Mengniu factory visit; full-year guidance unchanged. INDONESIA Update Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/BUY/Rp1,970/Target: ...
- 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 Mengniu Dairy (2319 HK): 2022: Results below expectations; upbea...
Mengniui’s revenue grew 5.1% yoy, and its attributable net profit grew 5.5% yoy in 2022. 2H22 EBIT margin widened 1.5ppt yoy and drove 2022 EBIT margin to expand 0.3ppt yoy. Although management has guided cautious top-line growth, we believe Mengniu is still worth investing in after its share price correction given a potential robust operating margin expansion of 30-50bp in 2023 and thereafter, which we think is achievable. Maintain BUY and trim target price to HK$39.30.
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Zhifeng Shen
Greater China Daily: Friday, March 31, 2023
KEY HIGHLIGHTS Results China Construction Bank (939 HK/BUY/HK$5.07/Target: HK$6.06) 2022: Results in line; expect NIM compression to continue in 2023. China Mengniu Dairy (2319 HK/BUY/HK$32.60/Target: HK$39.30) 2022: Results below expectations; upbeat on future margin expansion. China Shineway Pharmaceutical (2877 HK/BUY/HK$7.26/Target: HK$10.50) 2022: Earnings growth beats expectations; TCM granule business continues to drive growth. Ganfeng Lithium (1772 HK/SELL/HK$49.45/Target: HK$35.00) ...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
2013 WEIMOB INC
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
9988 ALIBABA (9988 HK)
6049 POLY PROPERTY SERVICES CO LTD
- Adrian Loh Tzum Yung
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Philip Wong
- Posmarito Pakpahan
- Sabrina Soh
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Friday, March 31, 2023
GREATER CHINA Results China Construction Bank (939 HK/BUY/HK$5.07/Target: HK$6.06): 2022: Results in line; expect NIM compression to continue in 2023. China Mengniu Dairy (2319 HK/BUY/HK$32.60/Target: HK$39.30): 2022: Results below expectations; upbeat on future margin expansion. Ganfeng Lithium (1772 HK/SELL/HK$49.45/Target: HK$35.00): 4Q22: Earnings missed our estimates; maintain SELL. Guangzhou Automobile Group (2238 HK/SELL/HK$4.99/Target: HK$4.00): 4Q22: Results grossly missed estimates. Ma...
EZQ CHINA MENGNIU DAIRY CO. LTD.
5218 SAPURA ENERGY BHD
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SMM SEMBCORP MARINE LTD
MNHB MYNEWS HOLDINGS BHD
2013 WEIMOB INC
2460 GANFENG LITHIUM
6049 POLY PROPERTY SERVICES CO LTD
- 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
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