reports
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Shenzhou International Group Holdings (2313 HK): Optimistic on order g...
We are optimistic on Shenzhou’s order growth in 2024, which will be mainly driven by Adidas and PUMA as destocking activities are coming to an end, although orders from Nike will see only modest growth. Shenzhou’s gross margin will improve sequentially to a normalised level by end-24, in our view, driven by higher capacity utilisation and product optimisation. Maintain BUY and raise target price by 6% to HK$99.60.
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, May 8, 2024
KEY HIGHLIGHTS Sector Healthcare Going through a prolonged funding winter, China’s biopharma market is still growing at a CAGR of 6.9% in 2019-24, outpaced the global industry. Leading players have continuously enhanced their R&D capabilities with increasing new product launches. Innovation is driving growth and supporting the industry’s rosy outlook. The number of innovative drugs launched in China rocketed from 1 in 2017 to 34 in 2023. Our top picks are Innovent and Hansoh Pharma. Maintain...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 08, 2024
GREATER CHINA Sector Healthcare: From surviving to thriving. Hong Kong Property: Expect normalised primary transactions and continued weakness of retail sales in May; watch for possible policy support. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$83.35/Target: HK$99.60): Optimistic on order growth in 2024; margin expansion a key driver. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,445/Target: Rp1,500): 1Q24: Excellent SG&A management results in double-digit NPAT growth. Mitra...
PTT PTT PUBLIC COMPANY LIMITED
KLBF PT KALBE FARMA TBK
MAPI MITRA ADIPERKASA
AP AP THAILAND
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- 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.
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - May 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call: Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
TFG THAIFOODS GROUP
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SE SEA ADS
INRI INARI AMERTRON BHD
FEHT FAR EAST HOSPITALITY TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
IOI IOI CORP BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
333 MIDEA GROUP
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
3692 HANSOH PHARMACEUTICAL GROUP
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
PDD PINDUODUO PDD US
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
ESSO ESSO THAILAND PCL
HUME HUME CEMENT INDUSTRIES BHD
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
600690 HAIER SMART HOME CO. LTD. CLASS A
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- 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
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
Shenzhou International Group Holdings (2313 HK): 2023: Results in line...
2023 results were in line with consensus despite missing on top-line. Revenue resumed growth in 4Q23, and management is optimistic on the order growth momentum in 2024. Production utilisation rate has been back to 100% in 1Q24 and overseas production efficiency has also improved, which will support Shenzhou’s margin expansion, in our view. Maintain BUY and fine-tune target price by 1% to HK$93.60.
- 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
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy: Staying the course -- We expect China’s real G...
The Chinese economy will see a gradual climb higher in 2024, hitting 4% yoy growth, with private consumption providing much of the heavy lifting. Policy easing will be incremental, focusing on the real estate sector and local government financing. Until these issues are resolved, PE expansion will be limited. Thus, EPS growth will be the key driver, with an index target of 67.3pt. Our focus is on smart consumption, premiumisation and turnaround stocks, staying negative on the auto sector.
AS7 ANTA SPORTS PRODUCTS LTD.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9999 HK PINDUODUO PDD US
NETEASE INC
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2024 - Staying the course
The Chinese economy will see a gradual climb higher in 2024, hitting 4% yoy growth, with private consumption providing much of the heavy lifting. Policy easing will be incremental, focusing on the real estate sector and local government financing. Until these issues are resolved, PE expansion will be limited. Thus, EPS growth will be the key driver and our index target is at 67.3pt. Our focus is on smart consumption, premiumisation and turnaround stocks. Staying the course. The Central Financ...
AS7 ANTA SPORTS PRODUCTS LTD.
NEH NETEASE INC. SPONSORED ADR
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01299 AIA GROUP LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9999 HK PINDUODUO PDD US
NETEASE INC
- 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
- Stella Guo Yuting
Shenzhou International Group Holdings (2313 HK): 2Q23: Business operat...
Shenzhou’s 1H23 results missed market consensus by 7%, mainly due to the weakerthan- expected top-line. However, we believe that the worst is over for Shenzhou. Orders continue to recover going into 3Q23, and are expected to record orders’ positive growth from early-4Q23. We expect gross margin to improve given better production capacity utilisation. Maintain BUY and fine-tune target price by 2% to HK$86.80.
- 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
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 31, 2023
GREATER CHINA 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. CR Land (1109 HK/BUY/HK$33.25/Target: HK$47.48): 1H23: Results beat expectations; leading market position further strengthened. Ganfeng Lithium (1772 HK/SELL/HK$40.15/Target: HK$33.00): 2Q23: Report profit beats on one-off gains, core earnings in line. Maintain SELL....
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
916 CHINA LONGYUAN POWER GROUP-H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
AZTECH AZTECH GLOBAL LTD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
- Jo Yee Ng
- Stella Guo Yuting
Shenzhou International Group Holding (2313 HK): Takeaways from oversea...
Shenzhou’s vertically-integrated position, strong R&D capabilities and good ESG practices anchor its leading position in the textile industry. We are positive on Shenzhou’s customer expansion and production efficiency improvement in the long term. Raise target price by 6% to HK$85.00. Maintain BUY.
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Friday, June 30, 2023
KEY HIGHLIGHTS Sector Automobile Weekly: EV sales expected to grow 15.5% mom in June, beating estimates. Maintain UNDERWEIGHT with preference for EV segment. Top BUYs: BYD, CATL and Li Auto. Update Kuaishou (1024 HK/BUY/HK$56.70/Target: HK$90.00) Best positioned for advertising comeback; to break even in 2Q23. Ping An Healthcare and Technology Company (1833 HK/HOLD/HK$19.16/Target:HK$18.00) 2023 revenue under pressure; corporate client acquisition to drive growth. Downgrade to HOLD. Shenzhou...
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