GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Growth rebound supported by upbeat earnings news and hopes that peak regulatory risks have passed. Add Li Ning, Tinci Material, Zijin Mining. Swap Yongda Auto for BYD. Sector Internet: Further tightening – key to ensuring healthy development of data infrastructure. Results Beijing Easpring Material Technology (300073 CH/BUY/Rmb86.55/Target: Rmb100.00): 3Q21: Results better than expectations; sustained margins amid rising raw material...
Beijing Easpring reported 3Q21 core net profit of Rmb223m, up 127% yoy, thanks to production ramp-up. Margins dipped on high raw material costs but its higher overseas exposure helped the company sustain a relatively high margin in 3Q21. Looking ahead, company is on track to expand capacity in China and abroad and is able to maintain healthy utilisation rate with sufficient orders on hand. Maintain BUY with a target price of Rmb100.00.
KEY HIGHLIGHTS Strategy Alpha Picks: November Conviction Calls Growth rebound supported by upbeat earnings news and hopes that peak regulatory risks have passed. Add Li Ning, Tinci Material, Zijin Mining. Swap Yongda Auto for BYD. Sector Internet Further tightening – key to ensuring healthy development of data infrastructure. Results Beijing Easpring Material Technology (300073 CH/BUY/Rmb86.55/Target: Rmb100.00) 3Q21: Results better than expectations; sustained margins amid rising raw materia...
Beijing Easpring reported 1H21 core net profit of Rmb291m, up 157% yoy, thanks to steady margin expansion and production ramp-up. Looking ahead, the company is well on track to expand capacity in China and abroad, and at the same time maintain a healthy utilisation rate with sufficient orders on hand. Maintain BUY and revise up our earnings forecasts. Raise target price to Rmb82.00.
GREATER CHINA Results Beijing Easpring Material Technology (300073 CH/BUY/Rmb73.00/Target: Rmb82.00): 1H21: Results in line; steady capacity expansion and sufficient orders on hand. China Yongda Automobile Services Holdings (3669 HK/BUY/HK$12.90/Target: HK$28.00): 1H21: Net profit up 121% yoy, beating estimates. Raise target price to HK$28.00. Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb140.84/Target: Rmb160.00): 1H21: Results beat expectation; electrolyte giant’s expansion right on t...
KEY HIGHLIGHTS Results Beijing Easpring Material Technology (300073 CH/BUY/Rmb73.00/Target: Rmb82.00) 1H21: Results in line; steady capacity expansion and sufficient orders on hand. China Yongda Automobile Services Holdings (3669 HK/BUY/HK$12.90/Target: HK$28.00) 1H21: Net profit up 121% yoy, beating estimates. Raise target price to HK$28.00. Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb140.84/Target: Rmb160.00) 1H21: Results beat expectation; electrolyte giant’s expansion right on ...
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....
Riding on strong downstream demand, EV battery material prices and shipments continue to be boosted in 2H21. For electrolytes: Aggressive capacity expansion from 2023 onward and long-term contracts will offset cyclicality. For cathodes: An accelerating nickel-rich trend and the metal price stabilising. For separators: Possible price hikes to serve as a catalyst in the future. Raise target prices for Enjie, Tinci and Easpring on higher earnings forecasts.
2020 net profit was Rmb385m, and revenue grew 39% yoy due to higher LIB cathode sales (+58.4%yoy), in line with expectations. 4Q20 results were lower than expectations on non-recurring items. For 2021, Easpring will have a total NCM cathode capacity of 44,000 tonnes with the addition of 10,000 tonnes. Management guided positive outlook for the LIB market with the stro
GREATER CHINA Results Beijing Easpring Material Technology (300073 CH/BUY/Rmb42.76/Target: Rmb50.00): 2020: Results in line; steady growth expected In 2021 amid EV battery demand boom. China Molybdenum (3993 HK/BUY/HK$4.83/Target: HK$5.80): 2020: Results in line; positive on 2021 earnings recovery on rebounding metals prices. Geely Auto (175 HK/HOLD/HK$22.55/Target: HK$22.00): 2H20: Results disappoint with net profit down 23% yoy, up 41% hoh. Downgrade from BUY to HOLD. Cut target price from HK$...
KEY HIGHLIGHTS Results Beijing Easpring Material Technology (300073 CH/BUY/Rmb42.76/Target: Rmb50.00) 2020: Results in line; steady growth expected In 2021 amid EV battery demand boom. China Molybdenum (3993 HK/BUY/HK$4.83/Target: HK$5.80) 2020: Results in line; positive on 2021 earnings recovery on rebounding metals prices. Geely Auto (175 HK/HOLD/HK$22.55/Target: HK$22.00) 2H20: Results disappoint with net profit down 23% yoy, up 41% hoh. Downgrade from BUY to HOLD. Cut target price from H...
Chinese equity markets pulled back in the last week of Feb 21 on the back of a higher US bond yield. For Mar 21, we expect further volatility before the resumption of risk-on trade. We maintain SELL on Fuyao Glass and MicroPort to hedge against such a risk, and take profit on outperformers. Overall, we recommend keeping to laggards and policy-supported sectors, and add Baosteel, Brilliance, CCB, CR Cement and TUL to our BUY list.
Riding on strong downstream demand, EV battery materials prices continue to be boosted in 2021. The recovery in lithium and cobalt prices has been supported by supply tightness and a demand spike. Electrolyte prices more than doubled in the past two months from an accelerating supply shortage of LiPF6. Cathode prices have risen along with the metal price surge. Maintain OVERWEIGHT. Buy Ganfeng Lithium, China Molybdenum, Tinci and Beijing Easpring.
Despite a slight decline in the last week of January, China equity markets still managed to rally further from a historical high level for the full month. The risk of a more substantial market pullback remains; considering the demanding valuations, we keep to laggards and policy-supported sectors, and take profit on outperformers. We add Beijing Easpring, CR Beer, Topsports, WuXi AppTec to our BUY list, and Fuyao Glass, MicroPort, Whart REIC to our SELL list.
As we enter the decade of electric drive amid the rising popularity of EVs worldwide, we expect demand for EV battery materials to surge along with the fast-growing EV markets, particularly China and Europe. We expect substantial EV battery installations to translate into a 5-year c.30% demand CAGR for the four key battery materials. We prefer leaders with leading R&D capabilities, efficient capacity expansion plans and more importantly, deep-rooted cooperation with global top battery makers/OEM...
As we enter the decade of electric drive amid the rising popularity of EVs worldwide, we expect demand for EV battery materials to surge in parallel with the fast-growing EV markets, particularly in China and Europe. We expect substantial EV battery installations growth to translate into a 5-year c.30% demand CAGR for the 4 key battery materials. We prefer leaders with leading R&D capabilities, efficient capacity expansion plans, and more importantly, deep-rooted cooperation relationships with g...
Two Directors at Beijing Easpring Material Technology sold 347,400 shares at between 29.980CNY and 29.990CNY. The significance rating of the trade was 73/100. 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...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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