A director at Yunnan Energy New Material Co Ltd bought 173,900 shares at 28.740CNY and the significance rating of the trade was 67/100. 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 l...
GREATER CHINA Sector Automobile: Weekly: PV sales rebounded 11% mom in the first half of October, in line. Maintain MARKET WEIGHT. Top picks: BYD, CATL, Zhongsheng and Yongda. Banking: Slowing economy weighs on sector outlook. Update Chinasoft International (354 HK/NOT RATED/HK$13.18): Key beneficiary of HarmonyOS ecosystem. Yunnan Energy New Material (002812 CH/BUY/Rmb299.00/Target: Rmb348.00): Separator product prices start to pick up. INDONESIA Results Bank Tabungan Negara (BBTN IJ/BUY/Rp1,7...
The latest update from Enjie indicates a robust downstream demand supported by the separator market in 4Q. Enjie is maintaining its market leading position by enhancing its connections with domestic and overseas battery/EV makers. The prices of wetprocessed separator products started to rise in mid-October. We expect separator price hikes to serve as a catalyst going forward, as the market will remain tight in 2022. Reiterate BUY, with a higher target price of Rmb348.
KEY HIGHLIGHTS Sector Automobile Weekly: PV sales rebounded 11% mom in the first half of October, in line. Maintain MARKET WEIGHT. Top picks: BYD, CATL, Zhongsheng and Yongda. Banking Slowing economy weighs on sector outlook. Update Chinasoft International (354 HK/NOT RATED/HK$13.18) Key beneficiary of HarmonyOS ecosystem. Yunnan Energy New Material (002812 CH/BUY/Rmb299.00/Target: Rmb348.00) Separator product prices start to pick up. TRADERS’ CORNER CK Infrastructure Holdings (1038 HK): Tr...
Enjie posted a strong set of results for 1H21, with revenue and net profit up 136% yoy and 227% yoy respectively, in line with guidance. Gross margin expanded to 46.7% thanks to steady capacity expansion and good cost control. Separator shipments rose 200% yoy to 1.2b sqm in 1H21. Management has guided an aggressive production ramp-up plan for 2022-23, and further cost cuts are still achievable. Maintain BUY with a higher target price of Rmb315.00.
KEY HIGHLIGHTS Results Anhui Conch Cement Co (914 HK/BUY/HK$41.05/Target: HK$51.00) 1H21: A resilient set of results; expect demand to recover in 4Q21. China National Building Material (3323 HK/BUY/HK$9.80/Target: HK$13.50) 1H21: Results better than expectation; expansion in new materials segment to accelerate. Dongfeng Motor (489 HK/BUY/HK$8.12/Target: HK$10.00) 1H21: Earnings up 137% yoy, beating estimates; a special dividend of Rmb0.40 declared. Maintain BUY and raise target price to HK$1...
GREATER CHINA Results Anhui Conch Cement Co (914 HK/BUY/HK$41.05/Target: HK$51.00):1H21: A resilient set of results; expect demand to recover in 4Q21. Great Wall Motor (2333 HK/HOLD/HK$32.50/Target: HK$32.00):2Q21: Net profit up 3.5% yoy and 13.4% qoq, in line with estimates. Maintain HOLD. Target price: HK$32.00. The United Laboratories International (3933 HK/BUY/HK$5.48/Target: HK$7.20): 1H21: Results better than expected; insulin GPO offers expansion opportunities. Yadea Group Holdings (1585 ...
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.
The latest update from Enjie indicates robust downstream demand has supported separator market ytd. Enjie is running at full utilisation with ample orders on hand. It is maintaining its market-leading position by enhancing its connections with domestic and overseas battery/EV markers. Enjie is also catching up with top Japanese players in terms of product consistency. Separator price hikes could serve as a catalyst in the future, as the market will remain tight in 2021. Maintain BUY. Target pric...
GREATER CHINA Sector Automobile: Weekly: Parts suppliers riding on global automobile market recovery; maintain MARKET WEIGHT; top picks: Nexteer and CATL. Update Yunnan Energy New Material (002812 CH/BUY/Rmb172.00/Target: Rmb190.00): Strengthens leading position in global separator industry. INDONESIA Results Sarana Menara Nusantara (TOWR IJ/BUY/Rp1,270/Target: Rp1,470): 1Q21: Revenue and EBITDA grew 8% yoy; 12% valuation impact on acquisition. MALAYSIA Results SKP Resources (SKP MK/BUY/RM1.64...
KEY HIGHLIGHTS Sector Automobile Weekly: Parts suppliers riding on global automobile market recovery; maintain MARKET WEIGHT; top picks: Nexteer and CATL. Update Yunnan Energy New Material (002812 CH/BUY/Rmb172.00/Target: Rmb190.00) Strengthens leading position in global separator industry. TRADERS’ CORNER CITIC (267 HK): Trading Buy Range: HK$9.28-9.29 Want Want China (151 HK): Trading Buy Range: HK$6.01-6.02
GREATER CHINA Results CK Asset Holdings (1113 HK/BUY/HK$47.05/Target: HK$55.33): 2020: In line with expectations; proposed M&A using equity may dilute shares. Kerry Properties (683 HK/HOLD/HK$24.85/Target: HK$26.33): 2020: In line with expectations; core profit slumps 22%. Sunny Optical (2382 HK/BUY/HK$195.80/Target: HK$275.00): 2H20: Results beat expectations on product mix and expansion in HCM margins. Xtep International Holdings (1368 HK /BUY/HK$3.72/Target: HK$4.60): 2020: Back to growth mod...
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.
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...
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