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
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
Haidilao International Holding (6862 HK): 2023: In line; revenue growt...
Haidilao’s 2023 results were in line with the profit alert. Management aims to maintain its market share at 7-8% against a growing catering market (6-8% yoy) in 2024, by growing the store count by single digits yoy and improving table turnover. Overall, we think the higher table turnover, stable gross margin and operating efficiency will outweigh the cons of wage cost inflation and possible price cuts amid a promotional environment. Maintain BUY and keep target price of HK$18.80 unchanged.
- 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
An increasingly favourable environment allows HAIDILAO INTERNATIONAL H...
The independent financial analyst theScreener just upgraded the general evaluation of HAIDILAO INTERNATIONAL HOLDING (HK), a company active in the Restaurants & Bars industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date February 25, 2022, the closing price wa...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Bullish Outlook Intact Overall we remain bullish and we continue to believe the path of least resistance is higher for global equities (MSCI ACWI). The price uptrend is fairly steep for ACWI-US, so while this means it could correct 5-10% on a breakdown, such a pullback would likely be a buying opportunity. Furthermore, there is little that suggests a correction is imminent; we recommend riding the trend higher. · Index Overviews. The MSCI ACWI index (USD) is breaking out to all-time h...
034220 LG DISPLAY CO. LTD
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
CSIQ CANADIAN SOLAR INC.
CAR AVIS BUDGET GROUP INC.
NOKIA NOKIA OYJ
KWS KWS SAAT SE & CO KGAA
4704 TREND MICRO INCORPORATED
9684 SQUARE ENIX HOLDINGS CO. LTD.
XRO XERO LIMITED
300136 SHENZHEN SUNWAY COMMUNICATION CO. LTD. CLASS A
002475 LUXSHARE PRECISION INDUSTRY CO. LTD. CLASS A
APX APPEN
7974 NINTENDO CO. LTD.
2395 SHIN NIPPON BIOMEDICAL LABORATORIES
6758 SONY CORPORATION
002027 FOCUS MEDIA INFORMATION TECHNOLOGY CO LTD CLASS A
JUBLFOOD JUBILANT FOODWORKS LIMITED
000333 MIDEA GROUP CO. LTD. CLASS A
YUMC YUM CHINA HOLDINGS INC.
SAP... SAP SE
HTHT HUAZHU GROUP LTD. SPONSORED ADR
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BC8 BLACK CAT SYNDICATE
WTC WESTERN SILVER CORP.
- Ivy Xu Da
- Johnny Yum Chung Man
- Joyce Chan Pui Lai
- Ken Lee
- Robin Yuen
- Shaun Tan
Greater China Daily: Friday, October 4, 2019
KEY HIGHLIGHTS Sector Automobile BMW may skip special rebates to dealers for 3Q19, pressuring dealers’ new car sales margins. REITs & Landlords Office & retail: Uncertainties may linger; downgrade to MARKET WEIGHT. Sportswear Channel checks suggest a healthy 3Q19. TRADERS’ CORNER Haidilao (6862 HK): Trading Buy Range Café de Coral (341 HK): Trading Buy Range
- Carol Dou Xiao Qin
- Charles Wong Kok Min
- Eric Wang Zhen
- Jayson Kong
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- K Ajith
- Katrina Chen Chucan
- Lee Yuk Kei
- Michael Cheung Ho Bun
- Neo Chen Wentao
- Nick Liu Sunliang
- Sandra Huang Jieqiong
- Shaun Tan
- Tham Mun Hon
- Zhifeng Shen
Greater China Daily: Thursday, August 29, 2019
KEY HIGHLIGHTS Economics The Big Picture Financing squeeze may prove to be the Achilles heel of FAI growth. Results China Construction Bank (939 HK/BUY/HK$5.80/Target: HK$7.23) 1H19: Results in line; NIM squeezed as expected, but asset quality improved. China Jinmao Holdings (817 HK/BUY/HK$4.75/Target: HK$5.30) 1H19: Top-line disappoints but core profit in line; stable gross margins. China Molybdenum (3993 HK/HOLD/HK$2.09/Target: HK$2.30) 1H19: Results below expectation; production of maj...
00966 CHINA TAIPING INSURANCE HOLDINGS CO. LTD.
00817 CHINA JINMAO HOLDINGS GROUP LIMITED
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1066 SHANDONG WEIGAO GP MEDICAL-H
6869 YANGTZE OPTICAL FIBRE & CABLE COMPANY
958 HUANENG RENEWABLES CORP-H
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Kowit Pongwinyoo
- Lee Yuk Kei
- Leow Huey Chuen
- Loke Pei Hao
- Michael Cheung Ho Bun
- Oscar Jiang
- Philip Wong
- Shaun Tan
- Singapore Research Team
- Siwakorn Mitsantisuk
- Thunya Sutavepramochanon
Regional Morning Notes - Wednesday, August 21, 2019
CHINA Sector Healthcare: Clearer regulatory directions benefit innovative drug development. Upgrade to MARKET WEIGHT. Results China Traditional Chinese Medicine Holdings (570 HK/BUY/HK$3.36/Target: HK$4.50): 1H19: Results in line, upgrade to BUY on attractive valuation. Haidilao International (6862 HK/HOLD/HK$31.85/Target: HK$29.92): 1H19: Slight miss; rosy prospects. Kingsoft Corp (3888 HK/HOLD/HK$15.22/Target: HK$14.00): 2Q19: JX mobile III performance misses expectation, full-year margin fore...
CK CH. KARNCHANG PCL
STA SRI TRANG AGRO-INDUSTRY PCL
3K1 KINGSOFT CORP. LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
683 KERRY PROPERTIES LTD
HEIM HEINEKEN MALAYSIA BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
570 CHINA TRADITIONAL CHINESE ME
- Julia Cheung Pui Man
- Lee Yuk Kei
Haidilao International - 1H19: Slight miss; rosy prospects.
Under the new accounting standard IFRS 16, Haidilao posted 1H19 net profit of Rmb911m, up 41% yoy, 11% below consensus forecast. The robust top-line growth of 59% yoy was driven by rapid restaurant expansion with 130 units opened in 1H19 and SSS growth of 4.7% yoy. In the light of the decent rally in share price, we deem its high-growth story has been fully reflected in the current 40x 2020F PE. We lift our DCF-based target price to HK$29.92 on more aggressive store-opening assumption. Maintain ...
- Carol Dou Xiao Qin
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Lee Yuk Kei
- Michael Cheung Ho Bun
- Oscar Jiang
- Shaun Tan
Greater China Daily: Wednesday, August 21, 2019
KEY HIGHLIGHTS CHINA Sector Healthcare Clearer regulatory directions benefit innovative drug development. Upgrade to MARKET WEIGHT. Results China Traditional Chinese Medicine Holdings (570 HK/BUY/HK$3.36/Target: HK$4.51) 1H19: Results in line, upgrade to BUY on attractive valuation. Haidilao International (6862 HK/HOLD/HK$31.85/Target: HK$29.92) 1H19: Slight miss; rosy prospects. Kingsoft Corp (3888 HK/HOLD/HK$15.22/Target: HK$14.00) 2Q19: JX mobile III performance misses expectation, fu...
- Jayson Kong
- Johnny Yum Chung Man
- Joyce Chan Pui Lai
- Ken Lee
- Tham Mun Hon
Greater China Daily: Thursday, June 13, 2019
KEY HIGHLIGHTS CHINA Economics Inflation Inflation data reflects broad-based growth slowdown. Money Supply Funding cost expected to remain elevated amid weak credit growth and looming credit risk. Update Zhongsheng Group Holdings (881 HK/BUY/HK$19.76/Target: HK$24.00) Margins recovering since 2Q19 on completion of destocking; raise target price to HK$24.00. TRADERS’ CORNER Zijin Mining (2899 HK): Trading Buy Range Haidilao (6862 HK): Trading Buy Range
- Julia Cheung Pui Man
- Lee Yuk Kei
Haidilao International - 2018: Slightly better-than-expected results; ...
HDL posted a 2018 net profit of Rmb1,646m, up 60% yoy, 12% and 4% above our and consensus forecasts. The robust growth was driven by 200 new restaurants and a decent SSS growth of 6.2% while cost control (particularly raw material costs) was better than expectation. As HDL’s shares have rallied 26% since our initiation, current valuation at 36.8x 2019F PE should fully reflect its high-growth story. We reduce our target price to HK$21.17. Downgrade to HOLD. Entry price: HK$18.09.
- Carol Dou Xiao Qin
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Lee Yuk Kei
- Michael Cheung Ho Bun
Greater China Daily: Thursday, March, 28, 2019
KEY HIGHLIGHTS CHINA Results Haidilao International (6862 HK/HOLD /HK$23.35/Target: HK$21.17) 2018: Slightly better-than-expected results; decent operating metrics; downgrade to HOLD. Huifu Payment (1806 HK/BUY/HK$3.90/Target: HK$4.55) 2018: Beats consensus forecast; bullish prospects. Kingsoft Corp (3888 HK/BUY/HK$19.80/Target: HK$22.00) 4Q18: Results beat. Cloud growth remains robust in 2019, JX mobile launch in June. MicroPort Scientific Corporation (853 HK/SELL/HK$7.73/Target: HK$5.68)...
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Kader Farhan Bin Kader Ridzwan
- Katrina Chen Chucan
- Keith Wee Teck Keong
- Kong Ho Meng
- Lee Yuk Kei
- Loke Pei Hao
- Michael Cheung Ho Bun
- Stevanus Juanda
- Thananchai Jittanoon
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, March 28, 2019
CHINA Results Haidilao International (6862 HK/HOLD /HK$23.35/Target: HK$21.17): 2018: Slightly better-than-expected results; decent operating metrics; downgrade to HOLD. Huifu Payment (1806 HK/BUY/HK$3.90/Target: HK$4.55): 2018: Beats consensus forecast; bullish prospects. Kingsoft Corp (3888 HK/BUY/HK$19.80/Target: HK$22.00): 4Q18: Results beat. Cloud growth remains robust in 2019, JX mobile launch in June. MicroPort Scientific Corporation (853 HK/SELL/HK$7.73/Target: HK$5.68): 2018: Earning...
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Lee Yuk Kei
Greater China Daily: Friday, February, 08, 2019
KEY HIGHLIGHTS CHINA Initiate Coverage Haidilao International (6862 HK/BUY/HK$18.60/Target: HK$22.99) Initiate coverage with BUY; an innovative hotpot leader in China with global ambition. TRADERS’ CORNER DCH Holdings (1828 HK): Trading Buy Range Bright Smart (1428 HK): Trading Buy Range
- Julia Cheung Pui Man
- Lee Yuk Kei
Haidilao International - Initiate coverage with BUY; an innovative hot...
Haidilao is the leading hotpot restaurant chain in China with a 2.2% market share and a growing global presence. With Chinese cuisine, particularly hotpot, gaining popularity overseas, hotpot chains with strong brands and execution are poised to capture market growth. We expect the company to accelerate new store openings in the next three years, which will drive revenue CAGR of 50% over 2017-20. We assign a target price of HK$22.99, based on DCF methodology. Initiate coverage with BUY.
- Chaiwat Arsirawichai
- Chong Lee Len
- Foo Zhi Wei
- Julia Cheung Pui Man
- Lee Yuk Kei
- Malaysia Research Team
- Napat Vorajanyavong
- Singapore Research Team
- Stevanus Juanda
- Vincent Khoo Boo Aik
Regional Morning Notes - Friday, February 08, 2019
CHINA Initiate Coverage Haidilao International (6862 HK/BUY/HK$18.60/Target: HK$22.99): Initiate coverage with BUY; an innovative hotpot leader in China with global ambition. INDONESIA Update Gudang Garam (GGRM IJ/BUY/Rp83,100/Target: Rp100,000): Rp36t difference in valuation even after allocating Rp10t to Kediri airport. MALAYSIA Strategy Alpha Picks: A Wide Variety Of Ideas: January picks gain 5.2% mom vs FBMKLCI’s -0.4%. For February, we drop Axiata and add Heineken, Syarikat Takaful, TM, V...
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