reports
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Golden Week -- Modest Consumption Trend With S...
We observed the following trends in holiday consumption: a) jewellery performed well on rising gold prices; b) retail and catering consumption was modest, with growth decelerating from that during the 2025 Spring Festival and Labour Day; c) specialty retail (duty-free) saw per capita spending improve; and d) consumers continued to show enthusiasm for tourism and leisure spending, with domestic long-haul travel and outbound travel gaining popularity. The lower-than-expected Macau visitor arrivals...
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
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
9896 MINISO GROUP HOLDING LTD
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: Ministry Of Commerce Issues Plan To Expand Ser...
On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spring and autumn vacations to increase the ...
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
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: 2Q25/1H25 Results Wrap-up
In 2Q25/1H25, among 22 companies under our coverage, 9 beat / 7 inline or mixed / 6 missed. We observed: a) Deflation persists. b) Companies with more diversified product portfolios, along with product offerings ridding on the emerging consumption trends, stay constructive. c) Companies are expanding into new consumption channels. d) Sectors supported by monetised policy stimulus continue to demonstrate robust domestic sales in 3Q25. e) Companies are committed to enhancing shareholder returns. W...
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
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Audrey Celia
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, September 10, 2025
Greater China Sector Updates | Consumer In 2Q25/1H25, among 22 companies under our coverage, 9 beat / 7 inline or mixed / 6 missed. We observed: a) Deflation persists. b) Companies with more diversified product portfolios, along with product offerings ridding on the emerging consumption trends, stay constructive. c) Companies are expanding into new consumption channels. d) Sectors supported by monetised policy stimulus continue to demonstrate robust domestic sales in 3Q25. e) Companies are c...
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
D05 DBS GROUP HOLDINGS LTD
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
INKP PT INDAH KIAT PULP & PAPER TBK
00027 GALAXY ENTERTAINMENT GROUP LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
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.
GAM GAMUDA BHD
IOI IOI CORP BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
KORE KEPPEL PACIFIC OAK US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Tourism Group Duty Free Page 5 (601888 CH): 2Q25: Net profit dow...
CTGDF’s 2Q25 net profit decreased 32% yoy and 66% qoq. In 1H25, revenue from the Sanya duty-free mall declined 14% yoy while revenue from the Haikou duty-free mall slightly increased 0.4% yoy. Inventory fell 11% yoy but rose 7% qoq. We revise down the long-term inventory value to reflect the inventory digestion, and thus our DCFbased target price is raised by 6% to Rmb75.30. However, we think the current valuation is fair. Downgrade to HOLD.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, August 27, 2025
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb13.83/Target: Rmb16.70) Amid a challenging business environment, Aier delivered satisfactory 1H25 results with revenue and adjusted net earnings up 9.1% and 14.3% yoy respectively. The results are in line with our estimates. Management is confident about the growth outlook for Aier given rigid service demand despite the relatively weak economic conditions. Aier has further expanded its hospital network and will continue to improv...
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
02423 KE HOLDINGS INC.
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, August 27, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb13.83/Target: Rmb16.70) 1H25: Satisfactory results; seeking growth by improving service capability and operating efficiency. China Tourism Group Duty Free (601888 CH/HOLD/Rmb71.41/Target: Rmb75.30) 2Q25: Net profit down 32% yoy and 66% qoq; fair valuation. Downgrade to HOLD. Haidilao International Holding (6862 HK/BUY/HK$14.47/Target: HK$17.00) 1H25: Revenue in line but net profit misses; generous dividend payout likely to b...
1295 PUBLIC BANK BHD
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
01585 YADEA GROUP HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
MPM MARCO POLO MARINE LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
02423 KE HOLDINGS INC.
IOIPG IOI PROPERTIES GROUP BHD
600699 JOYSON ELECTRONICS CORP
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Strong Macau visitations and robust home appliance sal...
During the Labour Day holiday (1-5 May), Macau's visitor arrivals significantly beat the government's expectation. Retail and catering sales showed a modest improvement in terms of yoy growth compared with the Chinese New Year holiday, while home appliance sales continued to benefit from the trade-in programme, with premium products demonstrating robust growth. Maintain OVERWEIGHT on the China consumer sector. Our top picks include CR Beer, Mengniu, and Moutai.
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
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Kasemsun Koonnara
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, May 07, 2025
GREATER CHINA Strategy China And Hong Kong Property Market watch around May holiday: New-home sales recovery weakens in Apr 25; the trend of Hong Kong resident travelling north remains strong. Sector Consumer Strong Macau visitations and robust home appliance sales during Labour Day Holiday. INDONESIA Initiate Coverage Aneka Tambang (ANTM IJ/BUY/Rp2,540/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
5168 HARTALEGA HOLDINGS BHD.
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
HEIM HEINEKEN MALAYSIA BHD
BANPU TB BANPU
ECW ECO WORLD DEVELOPMENT GROUP
HLBANK HONG LEONG BANK BHD
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
6186 CHINA FEIHE LTD
MPM MARCO POLO MARINE LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
STM SEATRIUM LTD
PEKAT PEKAT GROUP BHD
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Tourism Group Duty Free (601888 CH) - 1Q25: Core Net Profit Down...
CTGDF’s 1Q25 net profit decreased 16% yoy. Hainan’s duty-free sales saw a sequential improvement, recording an 11% yoy decline in 1Q25 (vs a 22% yoy decline in 4Q24), which can be partially attributed to government subsidies. Looking ahead, CTGDF aims to optimise its product offerings in Hainan by introducing consumer electronics and IP brands to boost consumption. Maintain BUY and raise target price by 2% to Rmb70.80.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily - Friday, May 2, 2025
KEY HIGHLIGHTS Economics PMI: A sharp contraction in overseas demand. Sector Healthcare: Drug innovators continue to drive market growth. Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit...
02328 HONG KONG EXCHANGES & CLEARING LTD.
600887 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601888 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
601012 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
601689 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
NINGBO TUOPU GROUP CO. LTD. CLASS A
338 COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
1772 WEICHAI POWER
06690 GANFENG LITHIUM CO. LTD. CLASS H
ECX HAIER SMART HOME CO. LTD. CLASS H
XIAOMI ECARX HOLDINGS INC
XIAOMI CORP
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Notes - Friday, May 02, 2025
GREATER CHINA Sector Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit down 16% yoy; sequential improvement in Hainan duty-free sales. Ganfeng Lithium (1772 HK/BUY/HK$18.94/Target: HK$30.00)...
00388 HONG KONG EXCHANGES & CLEARING LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
XIAOMI XIAOMI CORP
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Tourism Group Duty Free (601888 CH): 2024: Results in line with ...
CTGDF’s 2024 results were in line with the preliminary announcement. In 2H24, revenue from Sanya duty-free/Sunrise Shanghai declined by 27%/22% yoy. Airport offline business has been recovering. Benefitting from the optimisation of agreement with the airport, Sunrise Shanghai’s net margin improved by 1.8ppt yoy to 3.2% in 2024. Maintain BUY and; cut target price by 1% to Rmb69.30.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Guan An Tan
- Jieqi Liu
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 1, 2025
KEY HIGHLIGHTS Economics PMI Manufacturing PMI strengthened further to 50.5 (+0.3pt mom) while non-manufacturing PMI improved to 50.8 (+0.4pt mom) as construction activity improved to 53.4 (+0.7pt mom), alongside a moderate recovery in services at 50.3 (+0.3pt mom). Small-sized enterprises saw a notable improvement to 49.6 (+3.3pt mom) despite being in the contractionary zone, pointing to a broadening of the recovery. Sector Aviation The three airlines’ 2024 results were in line but at the h...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
6186 CHINA FEIHE LTD
6049 POLY PROPERTY SERVICES CO LTD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: The State Council issued a plan on special ini...
On 16 March, the State Council issued a plan on special initiatives to boost consumption, aiming to increase spending power by increasing income and reducing financial burdens, generate effective demand through high-quality supply, and improve the consumption environment to strengthen consumers’ willingness to spend. In the China consumer sector, we prefer Anta, CR Beer, Galaxy, Haier, Mengniu, Midea, Miniso and Yili. Maintain OVERWEIGHT.
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.
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
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Satisfactory consumption momentum during CNY.
Consumption during the CNY demonstrated a satisfactory momentum. Daily average sales revenue of consumer-related industries grew 11% yoy, with the home appliances and furnishing category recording the highest growth rate. Domestic tourism per capita spending increased 1% yoy and recovered to 95% of 2019’s level, and Hainan DF per capita spending rose 4% yoy. Macau visitations recovered to 95% of 2019’s level. In the China consumer space, we prefer Anta, Haier, Mengniu, Midea, Miniso and Sands Ch...
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
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
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: CNY preview: Expect home appliance, Macau gami...
We do not expect a strong consumption momentum for the upcoming CNY holiday, but expect home appliance, Macau gaming, movie and retail to be the bright spots. We prefer Anta, Haier, Mengniu, Midea, Miniso and Sands in China’s consumer space.
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.
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, January 27, 2025
GREATER CHINA Sector Aviation Airlines: The three major airlines’ 2024 preliminary earnings estimates were below expectations – still loss-making. Healthcare TCM: GPO price pressure continues to cloud 2025’s growth outlook. Consumer CNY preview: Expect home appli...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC 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
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
5162 VSTECS
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
CAB CARLSBERG BREWERY MALAYSIA B
CPALL TB CP ALL
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
123F 123FAHRSCHULE SE
EPIC 1CM INC
Z29 029 GROUP SE
VST VSTECS BHD
- Shirley Wang Xueyi
- Stella Guo Yuting
CTG Duty-Free (601888 CH): 2024 preliminary results miss expectations;...
CTGDF reported preliminary results for 2024. Revenue declined by 16% yoy and net profit declined by 37% yoy in 2024, missing market expectations by 8%/24% and our original forecasts by 13%/32% respectively. We believe the pressured Hainan duty-free sales will continue to weigh on the company’s growth, despite a gradual recovery in airport duty-free sales and the steady progress in downtown duty-free business expansion. Maintain BUY; cut target price by 20% to Rmb69.70.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Friday, January 17, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations dropped 10% yoy and grew 8.5% wow in the second week of 2025, with major EV brands posting yoy/wow sales growth due to policy rollout. The 2025 vehicle trade-in subsidy policy covers more potential buyers vs 2024. Geely Galaxy L7 EM-i leads the A-segment PHEV SUV market in sales. CATL remains the top player in the China power battery market with a 44.8% share in 2024. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and De...
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