The better-than-expected 1H22 results and the sales recovery in Jul-Aug are not enough to catalyse a sustainable upward trend of share prices amid the external uncertainties. We are cautious on the consumption during the Mid-Autumn Festival and National Day holidays. We recommend a combination of certainty (Moutai) and high growth potential (CTGDF). We suggest long-term funds to accumulate shares of CTGDF. Maintain OVERWEIGHT on China’s consumer sector.
The state announced to cut purchase tax rate for most PVs by half to 5% from 1 Jun 22 to 31 Dec 22, better than expected. There is no subsidy for EV purchases in rural areas, as opposed to the rumoured Rmb3,000-5,000/vehicle in subsidies. Shenzhen and Shanghai announced to give Rmb10,000/vehicle in purchase and trade-in subsidies for EVs, and raise quota on new car plates by 20% and 40% respectively. Maintain OVERWEIGHT. Top picks: BYD, GWM and Geely.
Bud APAC reported mild revenue growth (+0.4% yoy) with solid attributable net profit growth (+28.3% yoy) in 1Q22. Dragged by COVID-19-related restrictions in China, overall sales volume declined 2.7% yoy. It conducted like-for-like price hikes on partial product categories in China and South Korea across Mar 22 and Apr 22. The economic reopening of South Korea and India should lend support to the company amid the tough operating environment in China. Maintain BUY and lift target price to HK$28.8...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, ACCIONA, CAF. EUROPA: BAYER, BNP PARIBAS, MUNICH RE, UNICREDIT. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’21 que se publicarán en España y Europa en los próximos días. Ligeras correcciones desde máximos Jornada de transición en los mercados europeos sin apenas datos macro relevantes y con la vi...
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....
Daojia Limited (DL), one of the largest one-stop home services platforms in China, aims to raise at least US$300m in its US IPO. The company is backed by 58.com and Baba. DL operates Swan Daojia, a platform where it offers multiple services across categories such as maternity nurse, nanny, housekeeping services, along with training services and SaaS-based solutions. As of Mar 21, it had over 16m registered consumers across 99 cities in China and more than 1.5m registered and verified service ...
58 COM INCO. (US), a company active in the Publishing industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 3, 2020, the closing price was USD 53.81 and its potential was esti...
WUBA will report 3Q19 results on November 19th before the markets open with an 8am EST conference call. Based on our data, assumptions and calculations, we believe WUBA’s 3Q19E topline is likely to be slightly above consensus at RMB4,089M and towards the middle point of the company’s guidance (RMB4,100M - RMB4,200M, or 13% - 16% Y/Y growth).
WUBA will report 2Q19 results on August 22nd before the markets open with an 8am EST conference call. While we are positive toward its 2Q19 results, we believe its 3Q19 guidance is likely to be just in line with consensus. We used to believe that WUBA is totally shielded from the slowdown of the macro economy, as it serves a group of people and businesses that are less correlated with the macro; plus WUBA is still in the phase of expanding.
WUBA will report 1Q19 earnings on May 29th before the markets open with an 8am EST conference call. While we are positive on WUBA into 1Q19, we believe the company is likely to be prudent for its full year 2019 outlook due to issues derived from the trade war, which is beyond the company’s control. However, business fundamental-wise, we believe the company is making significant improvement via its new APP feature “58Tribe”.
We are positive on WUBA into 4Q18 on both the top line and bottom line performance. Based on our data, assumptions and calculations, we believe WUBA’s 4Q18E revenue is likely to be above consensus at RMB 3,553M and towards the high end of the company’s guidance range of RMB 3,500M - RMB 3,600M driven by both the number of paying merchants and ASPs.
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
WUBA will report 1Q18 results on May 24th before the markets open with an 8am EST conference call. Based on our proprietary data and calculations, we believe WUBA’s 1Q18 revenue is likely to reach RMB2,570M, representing 29.3% Y/Y growth, better than consensus at RMB2,357M and the company’s guidance at RMB2,290M - RMB2,390M.
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