reports
- Greater China Research Team
Greater China Alpha Picks: May Conviction Call
The HSI and MSCI China rose 7.4% and 6.4% mom respectively in April, lifted by news of a stock connect scheme expansion and further easing of restrictions on property purchases in China. With the July Politburo likely to see further supportive policy rollout, we are adding beneficiaries of improving domestic consumption − CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou and Tencent − to our BUY list, and closing out our SELL calls.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Midea Group (000333 CH): 1Q24: Core net profit grew 20% yoy; great eff...
In 1Q24, Midea’s smart home solutions business recorded revenue growth of 11% yoy, with overseas business expansion making great efforts through new channels and in new markets. We are in favour of Midea’s overseas expansion achievements, and we believe the still robust AC production planning data for 2Q24 will boost the sentiment of AC makers. Maintain BUY with an unchanged target price of Rmb76.20.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 30, 2024
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$34.95/Target: HK$44.00) CMB’s 1Q24 earnings were slightly below our expectations due to disappointing fee income and higher cost ratio, partly offset by strong trading gains and lower credit impairment. 1Q24 NIM performance beat our expectation with a 2bp qoq decline and we expect it to hit its bottom by 2024 if there is another round of deposit rate cuts. Besides that, asset quality remains largely stable. Maintain BUY. Target price:...
01299 AIA GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
000333 MIDEA GROUP CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
Z29 029 GROUP SE
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Focus on four key theses for the sector.
In this report, we have summarised what we read from consumer companies’ 2023 results, the 2024 outlook and recent updates. We think companies: a) with overseas expansion or turnaround prospects, b) that have upside potential of improving operating efficiency, c) that will benefit from near-term catalysts (eg event-driven), and d) have increasing dividend payout will outperform. Anta, CR Beer, CTGDF, Galaxy, Haidilao, Haier, Midea and Shenzhou are our most preferred stocks. Maintain OVERWEIGHT.
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.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy Throughout 2024 we have discussed the theme of classic bull market behavior as evidenced by an ever-increasing number of global indexes and Sectors breaking out to new highs. The long list of breakouts discussed throughout 2024 include the MSCI EM, Frontier, ACWI, and MSCI EAFE indexes (all in local currency), and also Japan, Israel, Germany, Sweden, France, Ireland, UK, South Korea, and Norway. Another important thing to note is that none of these breakouts are failing; t...
- Greater China Research Team
China Strategy Alpha Picks: April Conviction Calls
In Mar 24, the HSI and MSCI China edged up 0.2% and 0.9% mom respectively, as profit taking set in after the Two Sessions, while investors await further details of the policy support. The MSCI China index still trades at an undemanding valuation of 9.1x 12-month forward PE. We are mainly adding beneficiaries of policy support like Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, but hedging with SELLs on BYD, EVE Energy and Li Auto, where price competition has intens...
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Midea Group (000333 CH): 2023: Results missed slightly; AC peak season...
Midea’s 2023 results slightly missed consensus and our estimates. However, the company sharpened its competitiveness in the home appliance sector through product upgrading and channel optimisation. In the near term, the upcoming AC peak season will be a catalyst for Midea, in our view. We switch to Midea as our top pick in the home appliance sector. Maintain BUY and raise target price by 13% to Rmb76.20.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 28, 2024
KEY HIGHLIGHTS Results BYD Company (1211 HK/SELL/HK$201.60/Target: HK$140.00) 4Q23: Earnings up 19% yoy but down 17% qoq, in line. Management guides for flat earnings in 2024. Maintain SELL. Target price: HK$140.00. China Mengniu Dairy (2319 HK/BUY/HK$17.08/Target: HK$22.50) 2023: Missed estimates on one-off loss; weak demand to persist in the near term. China Merchants Bank (3968 HK/BUY/HK$30.95/Target: HK$44.00) 2023: Rise to the occasion. Country Garden Services (6098 HK/HOLD/HK$5.27...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
M3I MINTH GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, March 28, 2024
GREATER CHINA Results BYD Company (1211 HK/SELL/HK$201.60/Target: HK$140.00): 4Q23: Earnings up 19% yoy but down 17% qoq, in line. Management guides for flat earnings in 2024. Maintain SELL. Target price: HK$140.00. China Merchants Bank (3968 HK/BUY/HK$30.95/Target: HK$44.00): 2023: Rise to the occasion. Haidilao International Holding (6862 HK/BUY/HK$16.86/Target: HK$18.80): 2023: In line; revenue growth on higher table turnover in 2024. Midea Group (000333 CH/BUY/Rmb63.67 /Target: Rmb76.20): 20...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
C52 COMFORTDELGRO CORPORATION LIMITED
M3I MINTH GROUP LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
ICBP INDOFOOD CBP SUKSES MAKMUR T
TTB TMBTHANACHART BANK PCL
BUKA BUKALAPAK.COM PT TBK
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Tourism, catering and movie consumption: Strong perfor...
During the Chinese New Year (CNY) holiday, tourism, both domestic and outbound, catering and movie consumption put up strong performances. For the consumer sector, we prefer discretionary to staple, and Macau gaming in the discretionary space, given the strong recovery momentum of Macau tourism and moderate hike in opex. Galaxy is our top pick in Macau gaming sector, given its net cash position amid the higher interests. Maintain OVERWEIGHT.
AS7 ANTA SPORTS PRODUCTS LTD.
ADCB ABU DHABI COMMERCIAL BANK
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.
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
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
1928-HK SANDS CHINA
1368 XTEP INTERNATIONAL HOLDINGS
0606923D CHINA DUTY FREE GROUP CO LTD
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
ONEM 1LIFE HEALTHCARE
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 31, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Pet food exports on track for recovery; beneficiary: Yantai China Pet Food. Results BYD Company (1211 HK/BUY/HK$246.20/Target: HK$630.00): 3Q23: Earnings up 82% yoy and 53% qoq, in line. Maintain BUY. Target price: HK$630.00. China Construction Bank (939 HK/BUY/HK$4.48/Target: HK$6.00): 3Q23: Results in line; earnings up 2.6% on lower credit costs. China Merchants Bank Co. (3968 HK/BUY/HK$30.30/Target: HK$45.00): 3Q23: Results miss; longer wait need...
2308 DELTA ELECTRONICS INC.
AALI ASTRA AGRO LESTARI
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
1099 SINOPHARM GROUP CO LTD
CDREIT CDL HOSPITALITY TRUSTS
709 GIORDANO INTERNATIONAL LTD
TDC TIME DOTCOM BHD
BUKA BUKALAPAK.COM PT TBK
830 CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Good recovery by domestic tourism and catering during ...
During the Golden Week holiday, domestic tourism and catering recovery were on track while duty-free sales recovery was still weak. We prefer sportswear in the discretionary space, given the decent sales momentum during the holiday (Anta: in line with internal targets; Xtep: 20% yoy growth), and baijiu in the staples space, given baijiu’s strong brand power. We prefer Anta in the sportswear sector, given its multiple catalysts, and Moutai in the baijiu sector, for its highest earnings visibility...
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.
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.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
1928-HK SANDS CHINA
333 MIDEA GROUP
1368 XTEP INTERNATIONAL HOLDINGS
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
ONEM 1LIFE HEALTHCARE
1876:HK BUDWEISER BREWING CO APAC LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Home Appliance: Overseas recovery underway; maintain MARKET WEIG...
We believe the capital market focus has shifted to overseas market recovery instead of domestic AC sales after the peak season. In our view, the overseas market recovery is underway with normalised inventories and improved enddemand. We now turn more optimistic on China white goods exports in 4Q23, supported by overseas retailers?re-stocking for the upcoming holiday season. We maintain MARKET WEIGHT on the sector and prefer Haier-H to Midea.
- Jo Yee Ng
- Stella Guo Yuting
Midea Group (000333 CH): 1H23: Results slightly beat; demand continues...
Midea’s 1H23 results slightly beat the street’s estimate. We expect home appliance demand to continue being lukewarm in 2H23, especially for air conditioners, given the earlier unleashing of consumer demand from the summer season. We think there are limited catalysts for the company in the near term. Maintain BUY with an unchanged target price of Rmb67.30.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Thursday, August 31, 2023
KEY HIGHLIGHTS Sector Insurance Outstanding 1H23 results from PICC P&C, Ping An and Prudential. Results China Longyuan Power (916 HK/BUY/HK$6.27/Target: HK$8.80) 1H23: Above expectations; wind power utilisation hours grew 8.4% yoy. China Merchants Port (144 HK/BUY/HK$9.46/Target: HK$13.33) 1H23: Results broadly in line; attractive valuation amid cautious outlook. Maintain BUY. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48) 1H23: Results beat expectations; leading market position further str...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
01109 CHINA RESOURCES LAND LIMITED
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
7777 3-D MATRIX
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
916 CHINA LONGYUAN POWER GROUP-H
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
6862 HAIDILAO INTERNATIONAL HOLDING LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
- Jo Yee Ng
- Stella Guo Yuting
China Home Appliance: Lack of catalysts ahead. Maintain MARKET WEIGHT.
We maintain MARKET WEIGHT on China’s home appliance sector. The recent strong AC sales momentum was mainly due to seasonality, while home appliance demand has yet to recover, in our view. Looking ahead, we see a lack of catalysts to support the share price rally of white goods names, as distributors’ restocking will decelerate and uncertainties remain in overseas markets. We suggest investors take profit at the current stage, after the sector’s share price rally of 14% since June.
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Periodical opportunities ahead; confident on pr...
We expect to see periodical opportunities in the following months due to the slow pace of consumption recovery and lack of incremental funds. We suggest paying more attention when the share prices dip to a low level that is close to the bottoms in Apr/Oct-Nov 22. We are confident on domestic sportswear leaders’ future growth from the increasing demand for professional sports products against the partially recovered purchasing power. Maintain OVERWEIGHT on the consumer sector.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
333 MIDEA GROUP
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Upbeat on names with high earnings visibility.
In spite of the limited funds in the market, we believe that consumer names’ investment opportunities still exist after share prices factored in rational expectations. We expect players with high earnings visibility and/or faster-than-expected growth pace (ie Moutai, Anta and CR Beer) to remain attractive for investment against a relatively weak consumption recovery background. Maintain OVERWEIGHT on the consumer sector.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
333 MIDEA GROUP
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
1876:HK BUDWEISER BREWING CO APAC LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
ME 23ANDME HLDG CO
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Retail sales pickup; remain upbeat on the luxur...
While we think the road ahead to an overall consumption recovery is still bumpy despite the RSV pickup in 2M23, we are upbeat on the wealthy group’s sustainable consumption ability and the future growth of China’s luxury and duty-free markets. We believe the duty-free market will grow at a faster pace than the overall luxury market in China. CTGDF will be the largest beneficiary of the government’s intention to nurture it into a super strong duty-free leader globally. Maintain OVERWEIGHT on the ...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
333 MIDEA GROUP
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
1876:HK BUDWEISER BREWING CO APAC LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Jo Yee Ng
- Zhifeng Shen
Midea Group (000333 CH): A large-scale manufacturing leader.
Midea expected rising sales growth this year and 5-10% growth for overall revenue and earnings in 2023. It forecasted about 3x sales hike in the auto parts segment, and expected the building technology segment and KUKA to see 10% and high single-digit sales growth in 2023. We believe its efficient management and incentive mechanism, strong R&D ability, efficient operations and competitive product mix will firmly support its leading position in the future. Maintain BUY with a new target price of ...
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