reports
Despite a better risk assessment and improving to Neutral, SUN ART RET...
SUN ART RETAIL GROUP (HK), a company active in the Food Retailers & Wholesalers industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date March 15, 2022, the closing price w...
Sun Art Retail Group Limited: 1 director
A director at Sun Art Retail Group Limited sold 3,650,000 shares at 6.384HKD and the significance rating of the trade was 68/100. 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 last tw...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Battleground Spot For Global Equities Last week we highlighted what appeared to be rising wedge breakdowns in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes, and suggested some consolidation made sense as we get a feel for how the process of re-opening the economy is going. It ended up being a very brief consolidation period and all horizontal support levels held strong. With all the aforementioned indexes breaking above the resistance levels that we highlighted last week, it tells us momentum...
RTO LIAONING WELLHOPE AGRI-TECH (A)
RENTOKIL INITIAL PLC
600132 ROYAL VOPAK NV
600763 CHONGQING BREWERY CO.LTD CLASS A
HGNC TOPCHOICE MEDICAL CORP. CLASS A
4684 HENGAN INTERNATIONAL GROUP CO. LTD.
9449 OBIC CO. LTD.
7532 GMO INTERNET INC.
ATM PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION
600276 A2 MILK COMPANY LTD.
2782 JIANGSU HENGRUI MEDICINE CO. LTD. CLASS A
DOM SERIA CO. LTD.
06808 DOM DEVELOPMENT SA
002567 SUN ART RETAIL GROUP LIMITED
002507 TANGRENSHEN GROUP (A)
01268 CHONGQING FULING ZHACAI GROUP CO. LTD. CLASS A
603899 CHINA MEIDONG AUTO HOLDINGS LTD.
603939 SHANGHAI M&G STATIONERY INC.
600519 YIFENG PHARMACY CHAIN CO LTD CLASS A
6920 KWEICHOW MOUTAI CO. LTD. CLASS A
2326 LASERTEC CORP.
035420 DIGITAL ARTS INC.
2345 NAVER CORP.
7113 KUSHIM
2454 TOP GLOVE CORPORATION BHD.
3023 ALL ABOUT
MGLU3 RASA
MERS MAGAZINE LUIZA S.A.
139480 AL MEERA CONSUMER GOODS CO.
002714 E-MART INC.
EEM MUYUAN FOODS CO. LTD. CLASS A
002127 ISHARES MSCI EMERGING MARKETS ETF
300308 NANJI E-COMMERCE CO. LTD. CLASS A
TSGI ZHONGJI INNOLIGHT CO. LTD. CLASS A
EFA STARS GROUP INC
00839 ISHARES TRUST MSCI EAFE INDEX FUND
6544 CHINA EDUCATION GROUP HOLDINGS LIMITED
CUERVO JAPAN ELEVATOR SERVICE HOLDINGS
603517 BECLE SAB DE CV
1579 JUEWEI FOOD CO. LTD. CLASS A
603707 NIKKEI225 BULL 2X ETF
NPN NANJING KING-FRIEND BIOCHEMICAL PHARMACEUTICAL CO. LTD. CLASS A
06169 NUVEEN PENNSYLVANIA MUNICIPAL VALUE FUND
ACWX CHINA YUHUA EDUCATION CORP. LTD.
688266 ISHARES MSCI ACWI EX US ETF
300755 SUZHOU ZELGEN BIOPHARMACEUTICALS CO.
LTD.
VATS LIQUOR CHAIN STORE MANAGEMENT (A)
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Global Rally Losing Upside Momentum The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we belie...
SWMA SWEDISH MATCH AB
ROG ROGERS CORPORATION
NOVO B NOVO NORDISK A/S CLASS B
300348 SHENZHEN SUNLINE TECH (A)
KXS KINAXIS INC.
4966 C. UYEMURA & CO. LTD.
035720 KAKAO CORP.
7532 PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION
ATM A2 MILK COMPANY LTD.
06808 SUN ART RETAIL GROUP LIMITED
2196 ESCRIT INC
002511 C&S PAPER CO. LTD. CLASS A
002507 CHONGQING FULING ZHACAI GROUP CO. LTD. CLASS A
KDIC KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.
2593 ITO EN LTD.
SUNPHARMA SUN PHARMACEUTICAL INDUSTRIES LIMITED
9989 SUNDRUG CO. LTD.
3769 GMO PAYMENT GATEWAY INC.
3391 TSURUHA HOLDINGS INC.
SLCE3 SLC AGRICOLA SA
6AH AUSNUTRIA DAIRY CORP LTD
300012 CENTRE TESTING INTERNATIONAL GROUP CO. LTD. CLASS A
300406 BEIJING STRONG BIOTECHNOLOGIES (A)
3222 UNITED SUPER MARKETS HOLDING
603027 QIANHE CONDIMENT & FOOD CO. LTD. CLASS A
300142 WALVAX BIOTECHNOLOGY CO. LTD. CLASS A
207940 SAMSUNG BIOLOGICS CO. LTD.
300601 SHENZHEN KANGTAI BIOLOGICAL PRODUCTS CO. LTD. CLASS A
AZN ASTRAZENECA PLC ADS
ADYEN ADYEN NV
GDS GDS HOLDINGS LTD. SPONSORED ADR CLASS A
6544 JAPAN ELEVATOR SERVICE HOLDINGS
EMBRAC B EMBRACER GROUP
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
NPN NUVEEN PENNSYLVANIA MUNICIPAL VALUE FUND
06169 CHINA YUHUA EDUCATION CORP. LTD.
SECT B SECTRA AB B
002810 SHANDONG HEAD (A)
- Chelsey Tam
Morningstar | Suning Yigou Acquired 80% of Carrefour China; Stronger C...
As operating costs continue to rise and the offline retail sector faces ongoing challenges from the e-commerce sector, one of no-moat Sun Art’s hypermarket competitors, Carrefour, made the headlines after selling 80% of its Carrefour China business. We see this strategy as a small threat to Sun Art, given the latter is backed by the much larger Internet giant Alibaba and the transformation of Sun Art has been progressing well. According to online media, after Taoxianda launched in Sun Art’s ...
- Chelsey Tam
Suning Yigou Acquired 80% of Carrefour China; Stronger Competition in ...
As operating costs continue to rise and the offline retail sector faces ongoing challenges from the e-commerce sector, one of no-moat Sun Art’s hypermarket competitors, Carrefour, made the headlines after selling 80% of its Carrefour China business. We see this strategy as a small threat to Sun Art, given the latter is backed by the much larger Internet giant Alibaba and the transformation of Sun Art has been progressing well. According to online media, after Taoxianda launched in Sun Art’s ...
- Chelsey Tam
Morningstar | Sun Art Report Update
Sun Art Retail is the leading hypermarket operator in China with the highest market share of 15.7% in 2018. However, Sun Art has been facing headwinds, including intensifying competition from e-commerce and existing offline players and the emergence of new retailing formats. Sun Art’s same store sales growth excluding electronic appliances decreased from negative 0.26% in 2017 to negative 1.72% 2018. Sun Art has ambitious plans to revert the declining trend. To be a leader in all categories, S...
- Chelsey Tam
Sun Art Report Update
We maintain our fair value estimate for Sun Art even though full-year results missed our expectations. Sales and net income were respectively 5% and 4% lower than our forecasts. Management’s business plans give us more confidence in our assumption of a recovery in top-line growth and margin expansion. 2019 will be the year of acceleration of new retail initiatives and increased investment after laying the foundation in 2018. 2020 will be the year in which Sun Art will start to reap the benefit...
- Chelsey Tam
Morningstar | Sun Art's New Retail Initiatives Won't Reap Benefits Unt...
We maintain our fair value estimate for Sun Art even though full-year results missed our expectations. Sales and net income were respectively 5% and 4% lower than our forecasts. Management’s business plans give us more confidence in our assumption of a recovery in top-line growth and margin expansion. 2019 will be the year of acceleration of new retail initiatives and increased investment after laying the foundation in 2018. 2020 will be the year in which Sun Art will start to reap the benefit...
- Chelsey Tam
Sun Art's New Retail Initiatives Won't Reap Benefits Until 2020; Share...
We maintain our fair value estimate for Sun Art even though full-year results missed our expectations. Sales and net income were respectively 5% and 4% lower than our forecasts. Management’s business plans give us more confidence in our assumption of a recovery in top-line growth and margin expansion. 2019 will be the year of acceleration of new retail initiatives and increased investment after laying the foundation in 2018. 2020 will be the year in which Sun Art will start to reap the benefit...
- Chelsey Tam
Morningstar | Increasing Sun Art’s FVE to HKD 8.0 Per Share; Earnin...
We have increased the fair value estimate of Sun Art Retail to HKD 8.0 per share from HKD 7.8 per share purely on time value of money. After being overvalued for most of 2018, the recent share price decline now leaves the shares fairly valued, in our view. We forecast operating income to begin to accelerate in 2019 to 7% on benefits from its cooperation with Alibaba. We expect average operating income growth of 11% over our five-year forecast period due mainly to Alibaba, compared with a 3% per ...
- Chelsey Tam
Morningstar | Increasing Sun Art’s FVE to HKD 8.0 Per Share; Earning...
We have increased the fair value estimate of Sun Art Retail to HKD 8.0 per share from HKD 7.8 per share purely on time value of money. After being overvalued for most of 2018, the recent share price decline now leaves the shares fairly valued, in our view. We forecast operating income to begin to accelerate in 2019 to 7% on benefits from its cooperation with Alibaba. We expect average operating income growth of 11% over our five-year forecast period due mainly to Alibaba, compared with a 3% per ...
- Chelsey Tam
Increasing Sun Art’s FVE to HKD 8.0 Per Share; Earnings Expected to ...
We have increased the fair value estimate of Sun Art Retail to HKD 8.0 per share from HKD 7.8 per share purely on time value of money. After being overvalued for most of 2018, the recent share price decline now leaves the shares fairly valued, in our view. We forecast operating income to begin to accelerate in 2019 to 7% on benefits from its cooperation with Alibaba. We expect average operating income growth of 11% over our five-year forecast period due mainly to Alibaba, compared with a 3% per ...
- Dan Baker
Morningstar | Operationally, Sun Art Is on Track to Improve Efficiency...
We maintain our HKD 7.80 fair value estimate for no-moat Sun Art and believe the shares are fairly valued at the moment. We continue to see progress resulting from Sun Art’s partnership with Alibaba and do not expect a major financial uplift this year. We expect revenue growth to accelerate to midsingle digits starting next year with a five-year revenue compound annual growth rate of 5% while net income should see a high-single-digit increase starting next year with a five-year net income CAGR...
- Dan Baker
Operationally, Sun Art Is on Track to Improve Efficiency With Help of ...
We maintain our HKD 7.80 fair value estimate for no-moat Sun Art and believe the shares are fairly valued at the moment. We continue to see progress resulting from Sun Art’s partnership with Alibaba and do not expect a major financial uplift this year. We expect revenue growth to accelerate to midsingle digits starting next year with a five-year revenue compound annual growth rate of 5% while net income should see a high-single-digit increase starting next year with a five-year net income CAGR...
- Dan Baker
Morningstar | Sun Art First Half Below Expectations, but Company Amid ...
Sun Art’s first-half result was below our expectations on a run-rate basis, with both revenue and underlying operating profit broadly flat. Reported operating profit fell 7.7%, but the previous period included revenue from aged unutilized prepaid phone cards, which had accrued over several years, whereas this half-year included only the usual six months of this revenue. Revenue from food and fast-moving consumer goods, or FMCG, increased while electronic appliances was down. Sun Art has entere...
- Dan Baker
Morningstar | Sun Art Retail is facing challenges from changing trends...
Sun Art Retail is one of the leading hypermarket operators in China, and has the highest profit margin in the hypermarket sector due to its economies of scale and well-controlled operating cost. However, in recent years, Sun Art has been facing headwinds, including aggressive expansion of e-commerce players, intensifying competition among existing offline players, and the emergence of new retailing formats.In the medium to long term, we think China’s retail competitive landscape will remain ch...
- Dan Baker
Sun Art Retail is facing challenges from changing trends in retail for...
One hundred RT-Mart hypermarkets operated by Sun Art Retail Group have completed a new retail transformation developed by Alibaba, covering 10 million households in first- to fourth-tier cities. Sun Art management indicated that overall efficiency of these stores has improved by 15%. The Shanghai Zhabei store, the first one to complete the transformation in March, has seen a 30% improvement in sales per square feet. We reiterate management’s guidance that there will not be a substantial increa...
- Dan Baker
Sun Art First Half Below Expectations, but Company Amid Business Trans...
Sun Art’s first-half result was below our expectations on a run-rate basis, with both revenue and underlying operating profit broadly flat. Reported operating profit fell 7.7%, but the previous period included revenue from aged unutilized prepaid phone cards, which had accrued over several years, whereas this half-year included only the usual six months of this revenue. Revenue from food and fast-moving consumer goods, or FMCG, increased while electronic appliances was down. Sun Art has entere...
- Chelsey Tam
Sun Art Retail is facing challenges from changing trends in retail for...
The biggest takeaway from no-moat Sun Art Retail's earnings presentation is that management does not expect a substantial increase in profits from the collaboration with Alibaba in new retail in the next three years. Management guided to a dividend payout ratio range of 30%-40%, a cut from over 70% in 2016 and 44% in 2017 as the group needs to reserve cash for new retail, online-to-offline investments. Capital expenditure is expected to double to CNY 4 billion in 2018 for new retail investments...
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