reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Tourism and catering strong performances during the La...
During the Labour Day holiday, tourism and catering continued to record strong performances, while DF per capita spending showed a downward trend. We reiterate our key theses for the consumer sector, highlighting companies with: a) overseas expansion or turnaround prospects, b) upside potential of improving operating efficiency, or c) near-term catalysts. We keep Anta, CR Beer, CTGDF, Haidilao, Haier, Midea and Shenzhou as our most preferred stocks, but remove Galaxy from the stock picks. Mainta...
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.
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.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 1Q24: Core net profit grew 12% yoy; expect ...
In 1Q24, Tsingtao Brewery’s beer sales volume declined by 8% yoy due to a high base, while premium beer sales volume was only down by 2% yoy. Going into 2Q24, we expect the company’s beer sales growth to gradually pick up due to: a) the fading away of the high base effect, and b) the upcoming summer peak season and sporting events. Maintain BUY and unchanged target price of HK$75.80.
- 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.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 4Q23: Results missed; volume declined while...
Tsingtao Brewery’s 2023 results missed estimates. In 2023, beer sales volume declined 1% yoy while premium beer sales were up 11% yoy, mainly driven by Tsingtao Classic and Tsingtao White Beer. For 1Q24, we think Tsingtao’s sales growth and pace of premiumisation may face pressure due to the high base effect. Maintain BUY but cut target price by 13% to HK$75.80.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 27, 2024
KEY HIGHLIGHTS Results Anta (2020 HK/BUY/HK$83.55/Target: HK$109.60) 2023: Results beat on margin; on track to fulfil three-year targets. China Overseas Property Holdings (2669 HK/BUY/HK$4.50/Target: HK$5.60) 2023: Weaker-than-expected results; development targets revised. CR Land (1109 HK/BUY/HK$24.85/Target: HK$42.39) 2023: Results in line; clearer growth path ahead. CR Mixc (1209 HK/BUY/HK$23.60/Target: HK$33.20) 2023: Results beat with higher payout ratio; pursue high-quality grow...
AS7 ANTA SPORTS PRODUCTS LTD.
01109 CHINA RESOURCES LAND LIMITED
002352 S.F. HOLDING CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
0168 TSINGTAO BREWERY CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
- Arsit Pamaranont
- Bella Lu Yifei
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Ken Lee
- Limartha Adhiputra
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Wednesday, March 27, 2024
GREATER CHINA Results Anta (2020 HK/BUY/HK$83.55/Target: HK$109.60): 2023: Results beat on margin; on track to fulfil three-year targets. CR Land (1109 HK/BUY/HK$24.85/Target: HK$42.39): 2023: Results in line; clearer growth path ahead. CR Mixc (1209 HK/BUY/HK$23.60/Target: HK$33.20): 2023: Results beat with higher payout ratio; pursue high-quality growth. Nexteer Automotive Group (1316 HK/SELL/HK$3.24/Target: HK$2.20): 2023: Earnings miss estimate again on margin squeeze. Maintain SELL. Cut tar...
AS7 ANTA SPORTS PRODUCTS LTD.
01109 CHINA RESOURCES LAND LIMITED
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
4731 SCIENTEX
000338 WEICHAI POWER CO. LTD. CLASS A
002352 S.F. HOLDING CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
0168 TSINGTAO BREWERY CO. LTD. CLASS H
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
- 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
- MarketLine Department
San Miguel Brewery Inc - Strategy, SWOT and Corporate Finance Report
Summary San Miguel Brewery Inc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights San Miguel Brewery Inc (SMB), a subsidiary of San Miguel Food and Beverage Inc, provides alcoholic and non-alcoholic beverages. Its product portfolio includes san Mmguel super dry, red ...
TSINGTAO BREWERY CO reduced its risk exposure resulting in an upgrade ...
TSINGTAO BREWERY CO (HK), a company active in the Brewers industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 22, 2022, the closing price was ...
- Allen Cheng
Morningstar | Tsingtao’s 1Q19 Result Beat From Strong Premium Beer G...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
- Allen Cheng
Morningstar | Tsingtao’s 1Q19 Result Beat From Strong Premium Beer G...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
- Allen Cheng
Morningstar | Tsingtao’s 1Q19 Result Beat From Strong Premium Beer G...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
- Allen Cheng
Morningstar | Tsingtao’s 1Q19 Result Beat From Strong Premium Beer G...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
- Allen Cheng
Tsingtao’s 1Q19 Result Beat From Strong Premium Beer Growth, but Sha...
Narrow-moat Tsingtao Brewery’s first-quarter results surpassed the market’s and our expectations, with revenue and net profit growing 11% and 21% year on year, respectively. Both sales volume and average selling prices were higher than we anticipated, driven by strong sales growth for premium beers. We’re raising our fair value estimate to HKD 39 from HKD 35 per H-share (to CNY 33.50 from CNY 30 per China A-share), after taking into account higher revenue and gross margin forecasts. Howeve...
- Allen Cheng
Morningstar | Tsingtao’s 2018 Results Largely in Line; Market Share ...
We maintain our fair value estimate of HKD 35 per H-share (CNY 30 per A-share) for narrow-moat Tsingtao Brewery, following its full-year 2018 results that were largely in line with our expectations. China’s beer volume consumption per capita will likely remain unchanged in the medium term, but we expect the growing premiumization trend will ignite beer sales growth. While we expect Tsingtao’s sales volume to grow at low-single-digit rates over the next five years, slightly higher than indust...
- Allen Cheng
Morningstar | Tsingtao’s 2018 Results Largely in Line; Market Share ...
We maintain our fair value estimate of HKD 35 per H-share (CNY 30 per A-share) for narrow-moat Tsingtao Brewery, following its full-year 2018 results that were largely in line with our expectations. China’s beer volume consumption per capita will likely remain unchanged in the medium term, but we expect the growing premiumization trend will ignite beer sales growth. While we expect Tsingtao’s sales volume to grow at low-single-digit rates over the next five years, slightly higher than indust...
- Allen Cheng
Tsingtao’s 2018 Results Largely in Line; Market Share Declines in So...
We maintain our fair value estimate of HKD 35 per H-share (CNY 30 per A-share) for narrow-moat Tsingtao Brewery, following its full-year 2018 results that were largely in line with our expectations. China’s beer volume consumption per capita will likely remain unchanged in the medium term, but we expect the growing premiumization trend will ignite beer sales growth. While we expect Tsingtao’s sales volume to grow at low-single-digit rates over the next five years, slightly higher than indust...
- Allen Cheng
Morningstar | Cutting 2018 Profit Forecast for Tsingtao, but FVE Raise...
The Chinese beer market seemed to improve slightly in fourth-quarter 2018, as domestic production volume increased 2% year on year, compared with 0.3% growth for the first three quarters. However, we tweaked our revenue and operating profit forecasts for narrow-moat Tsingtao Brewery slightly to CNY 26.67 billion and CNY 1.41 billion, respectively, from CNY 26.93 billion and CNY 1.48 billion, as we lower our average selling price growth and gross margin projections because of intensifying competi...
- Allen Cheng
Morningstar | Cutting 2018 Profit Forecast for Tsingtao, but FVE Raise...
The Chinese beer market seemed to improve slightly in fourth-quarter 2018, as domestic production volume increased 2% year on year, compared with 0.3% growth for the first three quarters. However, we tweaked our revenue and operating profit forecasts for narrow-moat Tsingtao Brewery slightly to CNY 26.67 billion and CNY 1.41 billion, respectively, from CNY 26.93 billion and CNY 1.48 billion, as we lower our average selling price growth and gross margin projections because of intensifying competi...
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