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...
A director at Tsingtao Brewery Co sold 17,500 shares at 105.157CNY and the significance rating of the trade was 53/100. 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 two years cl...
Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao. This is not the first selldown by Fosun: We covered the Dec 2021 selldown in Tsingtao Placement - Has sold before. Will sell again. The Apr 21 selldown in Tsingtao Brewery Placement - Fosun Is Back Again, Settling into a Pattern We covered the Dec 2020 selldown in Tsingtao Brewery Placement - Friday Evening Is Always a Good Time for a Beer, Maybe Not This One. In this note, we will talk about the deal dynamics and run t...
TSINGTAO BREWERY CO (CN), a company active in the Brewers industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 15, 2022, the closing price was ...
Fosun aims to raise around US$322m via selling a 2.8% stake in Tsingtao. This is not the first selldown by Fosun: We covered the Dec 2020 selldown in Tsingtao Brewery Placement - Friday Evening Is Always a Good Time for a Beer, Maybe Not This One. The Apr 21 selldown in Tsingtao Brewery Placement - Fosun Is Back Again, Settling into a Pattern In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
GREATER CHINA Results Budweiser APAC (1876 HK/BUY/HK$20.65/Target: HK$26.70): 3Q21: Upmarket push to drive earnings growth. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb307.10/Target: Rmb397.00): 3Q21: Strong sales expansion continues. Shenzhen Inovance (300124 CH/BUY/Rmb65.80/Target: Rmb75.30): 3Q21: Results in line, EV business reported robust growth. Tsingtao Brewery (168 HK/BUY/HK$67.55/Target: HK$88.00): 3Q21: Growth driven by product mix optimisation and price hikes. Update Meituan (3690 HK/...
KEY HIGHLIGHTS Results Budweiser APAC (1876 HK/BUY/HK$20.65/Target: HK$26.70) 3Q21: Upmarket push to drive earnings growth. Shanxi Xinghuacun Fenjiu (600809 CH/BUY/Rmb307.10/Target: Rmb397.00) 3Q21: Strong sales expansion continues. Shenzhen Inovance (300124 CH/BUY/Rmb65.80/Target: Rmb74.00) 3Q21: Results in line, EV business surged. Tsingtao Brewery (168 HK/BUY/HK$67.55/Target: HK$88.00) 3Q21: Growth driven by product mix optimisation and price hikes. Update Meituan (3690 HK/HOLD/HK$272.20...
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/BUY/ HK$46.85/ Target: HK$61.90) 2Q21: Net profit slightly above our estimates but missed consensus. CIFI Ever Sunshine Lifestyle Services (1995 HK/BUY/HK$17.16/Target: HK$21.77) 1H21: In line with expectations; PATMI up 65% yoy. Haidilao International (6862 HK/HOLD/HK$27.95/Target: HK$30.20) 1H21: Results far below expectation; downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$26.25/Target: HK$33.90) 1H21: Strong results; so...
GREATER CHINA Results AAC Technologies (2018 HK/BUY/ HK$46.85/ Target: HK$61.90): 2Q21: Net profit slightly above estimates. CIFI Ever Sunshine Services (1995 HK/BUY/HK$17.16/Target: HK$21.77): 1H21: In line with expectations; PATMI up 65% yoy. Haidilao International (6862 HK/HOLD/HK$27.95/Target: HK$30.20): 1H21: Results far below expectation; downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$26.25/Target: HK$33.90): 1H21: Strong results; solid development of Tai Er and supply...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
REGIONAL Sector Plantation: Higher price volatility is expected as palm oil supply enters upcycle and new soybean planting season starts; return of foreign labour could mitigate losses in peak season. GREATER CHINA Sector Automobile: Weekly: PV sales picked up; Shanghai Auto Show and 1Q21 results review. Maintain MARKET WEIGHT. Top picks: BYD, CATL, Minth and Zhongsheng. Property: Newly-started constructions recovering; expect 10% yoy property sales growth. Results TAL Educational Group (TAL US...
KEY HIGHLIGHTS Sector Automobile Weekly: PV sales picked up; Shanghai Auto Show and 1Q21 results review. Maintain MARKET WEIGHT. Top picks: BYD, CATL, Minth and Zhongsheng. Property Newly-started constructions recovering; expect 10% yoy property sales growth. Results TAL Educational Group (TAL US/BUY/US$63.00/Target: US$87.00) 4QFY21: Results solidly beat expectations; policy overhang. Tsingtao Brewery (168 HK/BUY/HK$77.00/Target: HK$89.20) 1Q21: Strong results driven by upmarket push. TR...
Sector Consumer Bi-weekly (3-17 Mar 21) update. Results Nexteer (1316 HK/BUY/HK$12.06/Target: HK$17.00) 2H20: Results in line; further recovery expected from 2021. Maintain BUY. Pinduoduo (PDD US/SELL/US$160.89/Target: US$125.00) 4Q20: Robust revenue growth; heavy investment down the road. Overshadowed by resignation of founder. Downgrade to SELL. Weimob (2013 HK/BUY/HK$22.10/Target: HK$25.00) 2020: Solid performance, margin outlook remains cautious on higher R&D. ZTE Corporation (763 HK/BUY...
South-bound capital flow from newly-raised funds pushed consumption market leader stocks to higher valuations in the second half of January. While share prices in the last week have seen some volatility, given reduction in liquidity on part of PBOC to reduce bubble concerns, we still expect consumer stocks to remain a core sector holding and thus outperform in the medium run. Maintain OVERWEIGHT.
Summary Marketline's China Resources (Holdings) Co Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by China Resources (Holdings) Co Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehe...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
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