reports
Ausnutria Dairy Corp Ltd: 1 director
A director at Ausnutria Dairy Corp Ltd sold 30,053,000 shares at 0.000HKD and the significance rating of the trade was 75/100. 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 y...
- 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)
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Global Equities Stumbling Again We continue to believe global equities (ACWI-US) are likely to test the recent low made on March 23, with an undercut of roughly 10% also in the cards. This expectation is supported by price action during prior major waterfall declines in past recessionary periods. It is also worth noting that 15-25% rallies are to be expected within bear markets -- potentially multiple. During 2001-2002 the S&P 500 had two 20-25% rallies, and both ended up failing and breaking t...
4001 ABDULLAH AL OTHAIM MARKETS CO.
NXT NEXTDC LIMITED
DRREDDY DR. REDDY'S LABORATORIES LTD.
HIK HIKMA PHARMACEUTICALS PLC
600073 SHANGHAI MALING AQUARIUS (A) (SC SH)
000830 LUXI CHEMICAL GROUP CO. LTD. CLASS A
A0M368 BEIJING SHUNXIN AGRICULTURE CO. LTD. CLASS A
NESTLEIND NESTLE INDIA LTD.
9697 CAPCOM CO. LTD.
600429 BEIJING SANYUAN FOODS CO. LTD.
3349 COSMOS PHARMACEUTICAL CORPORATION
002511 C&S PAPER CO. LTD. CLASS A
002568 SHANGHAI BAIRUN INVESTMENT HOLDING GROUP CO. LTD. CLASS A
002697 CHENGDU HONGQI CHAIN (A)
01579 YIHAI INTERNATIONAL HOLDING LTD.
3293 AZUMA HOUSE
300529 JAFRON BIOMEDICAL CO. LTD. CLASS A
8194 LIFE
600486 JIANGSU YANGNONG CHEMICAL CO. LTD. CLASS A
7974 NINTENDO CO. LTD.
000061 SHENZHEN AGRICULTURAL PRODUCTS GROUP (A)
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
7113 TOP GLOVE CORPORATION BHD.
A068270 CELLTRION INC.
3038 KOBE BUSSAN CO. LTD.
31V VINDA INTERNATIONAL HOLDINGS LIMITED
6AH AUSNUTRIA DAIRY CORP LTD
CNU CHORUS LIMITED
SSMS PT SAWIT SUMBERMAS SARANA TBK
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
SF STILLFRONT GROUP AB
MIPS MIPS AB
603233 DASHENLIN PHARMACEUTICAL GROUP CO. LTD. CLASS A
1579 NIKKEI225 BULL 2X ETF
603707 NANJING KING-FRIEND BIOCHEMICAL PHARMACEUTICAL CO. LTD. CLASS A
6669 WIWYNN CORP.
01765 HOPE EDUCATION GROUP (P CHIP)
BGA BIONEUTRA GLOB/D
300595 OVCTEK CHINA INC. CLASS A
03141 BMO ASIA USD INVESTMENT GRADE BOND ETF
002907 CHONGQING PHARSCIN PHARMACEUTICAL (A)
300783 THREE SQUIRRELS (A)
603605 PROYA COSMETICS (A)
300699 WEIHAI GUANGWEI COMPOSITES CO. LTD. CLASS A
- Ivy Xu Da
- Robin Yuen
Dairy - Read-across from Reckitt Benckiser on infant formula’s outlo...
We examined RB's 3Q19 results for insights on the Chinese infant milk formula industry. RB cited falling infant birth rates and intensifying competition as the key factors for its revenue decline. However, we highlight that RB’s firm-specific execution problems are the key culprit, and as such we believe RB’s revenue decline is not broadly representative of the industry. RB admits that local brand manufacturers have been strong lately and have been winning market share. Maintain OVERWEIGHT o...
- Ivy Xu Da
- Robin Yuen
Consumer - Observations from National Day Golden Week.
Domestic consumption remained robust even though the growth rate slightly decelerated – high-growth segments were F&B, movies and online sales of domestic brands. Macau traffic remained robust, but tourist spend per capita appears to be softening. Hong Kong visitors and business remain expectedly poor, given the latest events. Data is positive for the restaurant, movie and home appliances segments.
AS7 ANTA SPORTS PRODUCTS LTD.
M04 MGM CHINA HOLDINGS LIMITED
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
4QI XTEP INTERNATIONAL HOLDINGS LTD.
8WY WYNN MACAU LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
6AH AUSNUTRIA DAIRY CORP LTD
880 SJM HOLDINGS LTD
1928-HK SANDS CHINA
651 GREE ELECTRIC APPLIANCES
333 MIDEA GROUP
2508 HANGZHOU ROBAM APPLIANCES
- Greater China Research Team
Strategy - Alpha Picks: Greater China October Conviction List
As we continue to expect market volatility, we maintain exposure to names that have resilient earnings or are expected to enjoy an earnings growth recovery, such as Ausnutria Dairy (1717 HK), CSPC (1093 HK) and Dongfeng Motor (489 HK), and add PICC P&C (2328 HK) to our BUY list.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
- Ivy Xu Da
- Robin Yuen
Consumer - Bi-weekly updates for 16-26 September.
Domestic consumption looks healthy with better monthly data points for sportswear and home appliances. For capital markets, we see some opportunistic IPO listings (Budweiser, Topsport) this month on elevated valuation multiples. In Hong Kong, the outlook for retail and tourism remains bleak with the Golden Week likely to lead to write-offs. For Macau gaming, traffic and bookings should remain robust during the Golden Week, but GGR is likely to be weak on continued VIP and premium-mass weakness.
- Ivy Xu Da
- Robin Yuen
Consumer: Consumer bi-weekly: 16-26 Sep 19
Domestic consumption looks healthy with better monthly data points for sportswear and home appliances. Thus for capital markets, we see some opportunistic IPO listings (ie Budweiser, Topsport) this month on elevated valuation multiples. For Hong Kong, the retail and tourism outlook remains bleak with Golden Week likely to lead to write-offs. For Macau, traffic and bookings should remain robust for Golden Week, but GGR is likely to be weak given continued VIP and premium-mass weakness.
- Robin Yuen
Dairy - 1H19 review and 2H19 outlook.
Dairy names reported in-line 1H19 results with sales on track with guidance while bottom lines were slightly ahead due to the positive impact from non-operating factors. Leaders continued to win market share via product innovation, brand investment and channel penetration. The recent raw milk upcycle, representing higher cost inflation, while we note other materials have gone down as well as mix-upgrade to more than offset higher price of milk. Maintain OVERWEIGHT on the sector.
- Greater China Research Team
Strategy - Alpha Picks: Greater China September Conviction List.
We expect equity markets to stay volatile in September, given the lack of progress on the Sino-US trade talks. Moreover, the global economic slowdown has deepened, bringing further pressure to corporate earnings. Hence, for the month, we add names that have more resilient earnings or are expected to enjoy an earnings growth recovery. These companies are Dongfeng Motor, Sany Heavy Equipment Int’l, Tencent Holdings, Tian Lun Gas Holdings and Wuxi Biologics.
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
958 HUANENG RENEWABLES CORP-H
- Robin Yuen
Ausnutria Dairy - Rebutting again with transparency and forthrightness...
Blue Orca issued a follow-up report on 19 August. Aside from bringing up a new argument in relation to production tonnage, the remaining arguments are just further elaborations of arguments from their first report. Once again, management rebutted all points and offers complete data transparency going forward. Maintain BUY and target price of HK$16.00.
- Carol Dou Xiao Qin
- Charles Wong Kok Min
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Lee Yuk Kei
- Michael Cheung Ho Bun
- Oscar Jiang
- Robin Yuen
Greater China Daily: Tuesday, August 20, 2019
KEY HIGHLIGHTS CHINA Results CSPC Pharmaceutical Group (1093HK/BUY/HK$12.96/Target: HK$17.00) 1H19: Earnings grew strongly by 24.8% yoy; easing policy pressure. Inspur International (596 HK/BUY/HK$3.77/Target: HK$5.25) 1H19: Core profit in line; resilient growth from cloud service business. Minsheng Education (1569 HK/BUY/HK$1.35/Target: HK$2.00) 1H19: Results in line with expectations; one school consolidated, three more to go. Tongcheng-eLong (780 HK/BUY/HK$12.32/Target: HK$20.00) 2Q19: ...
- Arandi Ariantara
- Carol Dou Xiao Qin
- Charles Wong Kok Min
- Jacquelyn Yow Hui Li
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Kader Farhan Bin Kader Ridzwan
- Kowit Pongwinyoo
- Lee Yuk Kei
- Leow Huey Chuen
- Michael Cheung Ho Bun
- Oscar Jiang
- Robin Yuen
- Singapore Research Team
- Thunya Sutavepramochanon
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, August 20, 2019
CHINA Results CSPC Pharmaceutical Group (1093HK/BUY/HK$12.96/Target: HK$17.00): 1H19: Earnings grew strongly by 24.8% yoy; easing policy pressure. Inspur International (596 HK/BUY/HK$3.77/Target: HK$5.25): 1H19: Core profit in line; resilient growth from cloud service business. Minsheng Education (1569 HK/BUY/HK$1.35/Target: HK$2.00): 1H19: Results in line with expectations; one school consolidated, three more to go. Tongcheng-eLong (780 HK/BUY/HK$12.32/Target: HK$20.00): 2Q19: Strong GMV growth...
AKRA PT AKR CORPORINDO TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
TVO THAI VEGETABLE OIL PCL
6AH AUSNUTRIA DAIRY CORP LTD
BCH BANGKOK CHAIN HOSPITAL PCL
BST BERJAYA SPORTS TOTO BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
01569 MINSHENG EDUCATION GROUP CO. LTD.
596 INSPUR INTERNATIONAL LTD
780 TONGCHENG-ELONG HOLDINGS LTD
- Robin Yuen
Ausnutria Dairy - Credible rebuttal to short seller report.
Ausnutria issued a detailed rebuttal in response to Blue Orca's allegations, providing both convincing answers and supportive data. Furthermore, representatives from the two largest shareholders, Citic Agri and Center Lab, defended the company in the subsequent conference call. In our view, most salient points against Ausnutria have been dispelled and we see no major issues in corporate governance. Maintain BUY and target price of HK$16.00.
- Eric Wang Zhen
- Jayson Kong
- Julia Pan Mengyao
- K Ajith
- Nick Liu Sunliang
- Oscar Jiang
- Robin Yuen
- Shaun Tan
Greater China Daily: Monday, August 19, 2019
KEY HIGHLIGHTS CHINA Results BOC Aviation (2588 HK/HOLD/HK$65.75/Target: HK$69.00) 1H19: Admirable earnings growth amid concerns over B737 Max exposure. China Fortune Land (600340 CH/SELL/Rmb26.05/Target: Rmb23.34) 1H19: income increases but higher cash flow pressure, downgrade to SELL. Chongqing Rural Commercial Bank (3618 HK/SELL/HK$3.94/Target: HK$3.65) 1H19: Earnings boosted by lower staff cost. Update Kingdee (0268 HK/NOT RATED/HK$7.61) Profit meets consensus, but market weigh on...
- Chaiwat Arsirawichai
- Chong Lee Len
- Eric Wang Zhen
- Jayson Kong
- John Cheong Ming Chern
- Jonathan Koh
- Joohijit Kaur Jaztar Singh
- Julia Pan Mengyao
- K Ajith
- Nick Liu Sunliang
- Oscar Jiang
- Robin Yuen
- Shaun Tan
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thunya Sutavepramochanon
Regional Morning Notes - Monday, August 19, 2019
CHINA Results BOC Aviation (2588 HK/HOLD/HK$65.75/Target: HK$69.00): 1H19: Admirable earnings growth amid concerns over B737 Max exposure. China Fortune Land (600340 CH/SELL/Rmb26.05/Target: Rmb23.34): 1H19: income increases but higher cash flow pressure. Downgrade to SELL. Chongqing Rural Commercial Bank (3618 HK/SELL/HK$3.94/Target: HK$3.65): 1H19: Earnings boosted by lower staff cost. Update Kingdee (0268 HK/NOT RATED/HK$7.61): Profit meets consensus, margin under pressure due to cloud transf...
KLBF PT KALBE FARMA TBK
KDIC KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
6AH AUSNUTRIA DAIRY CORP LTD
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TRUE TRUE CORP. PUBLIC CO. LTD.
T TELEKOM MALAYSIA BHD
2588 BOC AVIATION LTD
OEL OVERSEAS EDUCATION LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
- Greater China Research Team
Strategy - Alpha Picks: Greater China August Conviction List
We highlight our analysts’ high conviction calls for August – Ausnutria Dairy (1717 HK), China Communication Services (552 HK), China Gas (384 HK), CNBM (3323 HK), CSPC (1093 HK), Huaneng Renewables (958 HK), Huifu Payment (1806 HK), and Sunac China (1918 HK). We also add CQRC (3618 HK), Microport Scientific (853 HK), and Nine Dragons Paper (2689 HK) to our SELL list.
SCNR SUNAC CHINA HOLDINGS LTD.
00384 CHINA GAS HOLDINGS LIMITED
02689 NINE DRAGONS PAPER HOLDINGS LTD.
03323 CHINA NATIONAL BUILDING MATERIAL CO. LTD. CLASS H
6AH AUSNUTRIA DAIRY CORP LTD
853 MICROPORT SCIENTIFIC CORP
552 CHINA COMMUNICATIONS SERVICES CORP LTD
01806 HUIFU PAYMENT (P CHIP)
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
958 HUANENG RENEWABLES CORP-H
- Greater China Research Team
Strategy - Alpha Picks: July Conviction List.
We highlight our analysts’ high conviction calls for July – Ausnutria Dairy (1717 HK), China Gas (384 HK), China Communication Services (552 HK), CNBM (3323 HK), GAC (2238 HK), Huifu Payment (1806 HK), Sino Biopharm (1177 HK), Sunac China (1918 HK) and Tongcheng-elong (780 HK).
00384 CHINA GAS HOLDINGS LIMITED
03323 CHINA NATIONAL BUILDING MATERIAL CO. LTD. CLASS H
X2S SINOPHARM GROUP CO. LTD. CLASS H
6AH AUSNUTRIA DAIRY CORP LTD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
552 CHINA COMMUNICATIONS SERVICES CORP LTD
01806 HUIFU PAYMENT (P CHIP)
780 TONGCHENG-ELONG HOLDINGS LTD
- Robin Yuen
Dairy - Twin positives from raw material deflation and product mix upg...
We attended Vitasoy’s analyst briefing last week looking for a read-across for the dairy sector. On the supply side, most input raw material prices are on a downtrend, led by price declines from sugar and packaging while raw milk prices have seen a single-digit increase. On the demand side, management observed strong demand for higher-quality products, but competition has heightened as well. All in all, these trends are positive for the dairy industry, so we maintain OVERWEIGHT on the dairy se...
- Greater China Research Team
- Tham Mun Hon
Strategy: 2H19 - The long road ahead
Trade frictions and persistent efforts at China’s containment will soon erode the optimism over a dovish Fed and ECB. While China will also roll out policies to shore up economic confidence, there are near-term risks of a weaker renminbi and capital flight. In addition, China’s growth potential will fall if efforts at displacing China from the global manufacturing value chain persist. Hence, we see pressures for further EPS downgrades and prefer BUYing domestic exposure for 2H19.
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
SCNR SUNAC CHINA HOLDINGS LTD.
00384 CHINA GAS HOLDINGS LIMITED
600547 SHANDONG GOLD MINING CO. LTD. CLASS A
03323 CHINA NATIONAL BUILDING MATERIAL CO. LTD. CLASS H
6AH AUSNUTRIA DAIRY CORP LTD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1066 SHANDONG WEIGAO GP MEDICAL-H
881 ZHONGSHENG GROUP HOLDINGS
552 CHINA COMMUNICATIONS SERVICES CORP LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
780 TONGCHENG-ELONG HOLDINGS LTD
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