reports
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, April 11
GREATER CHINA Economics Inflation Deflationary pressures remain. Sector Automobile Weekly: Direct impacts from US tariffs contained; indirect spillovers uncertain. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Update Anta Sports (2020 HK/BUY/HK$81.55/Target: HK$108.80) 1Q25 sales me...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
GENP GENTING PLANTATIONS BHD
DBB DUOPHARMA BIOTECH BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): 1Q25 sales meet expectations; acquisition of Ja...
Anta's 1Q25 operations were in line with expectations, with Fila continuing to sustain a good momentum. The company announced that it will acquire German outdoor brand Jack Wolfskin at a base price of US$290m, implying a 2025 PS ratio of 0.8x. Management expects the acquisition to further complete the company’s outdoor product portfolio, positioning Jack Wolfskin as a mid-range pricing option in addition to its current brands. Maintain BUY and target price of HK$108.80.
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, April 11, 2025
KEY HIGHLIGHTS Economics Inflation March CPI fell 0.1% yoy, up from February’s 0.7% yoy dip as the latter was affected by the Chinese New Year effect. Core CPI did edge higher to 0.5% yoy compared with the average pace of 0.3% yoy over the past three months, driven by higher services inflation. PPI deflation worsened to -2.5% yoy (-0.3ppt), with declines seen in mining and quarrying as well as other raw materials. We opine that the overall pricing power of manufacturers remains weak. Sector ...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): 2024: Revenue beats estimates but profit in lin...
Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market share amid intense competition. Maintain BUY but cut target price by 10% HK$108.8...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 20, 2025
KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80) Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market sha...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, March 20, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
AAON AAON INC.
00683 KERRY PROPERTIES LIMITED
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
HCM HUTCHISON CHINA MEDITECH LIMITED
DBB DUOPHARMA BIOTECH BHD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: The State Council issued a plan on special ini...
On 16 March, the State Council issued a plan on special initiatives to boost consumption, aiming to increase spending power by increasing income and reducing financial burdens, generate effective demand through high-quality supply, and improve the consumption environment to strengthen consumers’ willingness to spend. In the China consumer sector, we prefer Anta, CR Beer, Galaxy, Haier, Mengniu, Midea, Miniso and Yili. Maintain OVERWEIGHT.
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.
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
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Satisfactory consumption momentum during CNY.
Consumption during the CNY demonstrated a satisfactory momentum. Daily average sales revenue of consumer-related industries grew 11% yoy, with the home appliances and furnishing category recording the highest growth rate. Domestic tourism per capita spending increased 1% yoy and recovered to 95% of 2019’s level, and Hainan DF per capita spending rose 4% yoy. Macau visitations recovered to 95% of 2019’s level. In the China consumer space, we prefer Anta, Haier, Mengniu, Midea, Miniso and Sands Ch...
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
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
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Consumer: CNY preview: Expect home appliance, Macau gami...
We do not expect a strong consumption momentum for the upcoming CNY holiday, but expect home appliance, Macau gaming, movie and retail to be the bright spots. We prefer Anta, Haier, Mengniu, Midea, Miniso and Sands in China’s consumer space.
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.
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
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Monday, January 27, 2025
GREATER CHINA Sector Aviation Airlines: The three major airlines’ 2024 preliminary earnings estimates were below expectations – still loss-making. Healthcare TCM: GPO price pressure continues to cloud 2025’s growth outlook. Consumer CNY preview: Expect home appli...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC 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
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
5162 VSTECS
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
CAB CARLSBERG BREWERY MALAYSIA B
CPALL TB CP ALL
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
123F 123FAHRSCHULE SE
EPIC 1CM INC
Z29 029 GROUP SE
VST VSTECS BHD
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): Improved 4Q24 sales; Fila the bright spot; mid-...
Sales momentum of the Anta brand and Fila both improved in 4Q24 compared to 3Q24, in terms of yoy growth, especially for Fila, although both brands fell short of the full-year sales targets. By channel, the performance of the offline channel has normalised. For 2025, management maintains the company’s mid- to long-term sales targets. In addition, the company plans to prioritise Super Anta as the key focus of store innovation in 2025. Maintain BUY and target price of HK$120.60.
- Greater China Research Team
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, January 9, 2025
KEY HIGHLIGHTS Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60) Sales momentum of the Anta brand and Fila both improved in 4Q24 compared to 3Q24, in terms of yoy growth, especially for Fila, although both brands fell short of the full-year sales targets. By channel, the performance of the offline channel has normalised. For 2025, management maintains the company’s mid- to long-term sales targets. In addition, the company plans to prioritise Super Anta as the key focus of store innov...
- Jack Goh Tooan Orng
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, January 09, 2025
GREATER CHINA Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60): Improved 4Q24 sales; Fila the bright spot; mid-to-long term sales targets maintained. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$284.00/Target: HK$352.00): 4Q24 results preview: Strong earnings growth on reviving turnover. INDONESIA Update Kalbe Farma (KLBF IJ/BUY/Rp1,275/Target: Rp1,800): Higher sales growth in pharma and medical devices expected in 2025. MALAYSIA Sector Gloves: After the stellar share price perfo...
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): Issuance of new CB for refinancing and addition...
Anta announced its plan to issue €1.5b zero-coupon CBs due 2029 with a conversion price at a 35% premium. Proceeds will be mainly used for repurchase of the existing CBs and additional share buybacks, which will be initiated depending on the execution of the current plan. Qtd operations were in line with expectations despite higher return rates for Double 11 this year. Anta aims to achieve its profit target through strict cost control. Maintain BUY and target price of HK$120.60.
- Carol Dou Xiao Qin
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, November 28, 2024
KEY HIGHLIGHTS Sector Healthcare Geopolitical tensions and weak economic conditions may cloud 2025’s growth outlook of the CRDMO, medical devices and services segments. However, the biopharma segment will see continued recovery, supported by a lower cost of capital and constant innovative product launches in China and even overseas. Leading internet healthcare players, with stabilising business models, also expect robust revenue growth and improving profitability. Maintain MARKET WEIGHT. Up...
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, November 28, 2024
GREATER CHINA Sector Healthcare: Striving for growth in 2025. Update Anta Sports (2020 HK/BUY/HK$78.25/Target: HK$120.60): Issuance of new CB for refinancing and additional share buybacks; qtd operations meet expectations. China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.96/Target: Rmb6.61): Trim earnings forecast on slower macro recovery; stay positive on 2025 outlook. Small/Mid Cap Highlights Best Pacific International Holdings (2111 HK/NOT RATED/HK$2.89): Takeaways from Vi...
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
IJM IJM CORP BHD
AMM AMMB HOLDINGS BHD
2111 BEST PACIFIC INTERNATIONAL H
ELITE ELITE COMMERCIAL REIT
TDC TIME DOTCOM BHD
NATGATE NATIONGATE HOLDINGS BHD
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
02161 JBM (HEALTHCARE) LTD
- Shirley Wang Xueyi
- Stella Guo Yuting
China Sportswear: Diverging consumption trends; uncertainties remain f...
There are ongoing diverging consumption trends in China’s sportswear sector. Consumers remain value-conscious, while outdoor functional wear and niche categories have been gaining momentum. Sportswear companies achieved Double 11 sales in line with internal expectations and discounts improved yoy. However, it is still uncertain on achieving retail sales targets. Maintain MARKET WEIGHT. The top pick is Anta given its strong execution and high earnings visibility.
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, October 23, 2024
KEY HIGHLIGHTS Sector Property In the first three weeks of Oct 24, property transactions in Tier 1 cities have yet to fully exceed the volume observed in the three weeks following the 17 May policy combo. The National Day holidays might be a key factor affecting sales. The first-home mortgage rate in Guangzhou fell to 2.75%, and is moving closer to the city's average rental yield of 2.34%. However, we have yet to see further updates on destocking. Maintain MARKET WEIGHT. Update Li Ning...
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): 3Q24 sales missed expectations but Golden Week ...
Anta’s 3Q24 sales missed management’s expectations, especially Fila, due to the challenging consumption environment in 3Q24. However, sales during the Golden Week exceeded expectations and outperformed the industry, driven by the improving traffic. Management sees it is challenging to fulfil the full-year sales targets. However, they remain confident on the company’s profit level, if both Anta brand and Fila meet the sales targets in 4Q24. Maintain BUY and target price of HK$132.30.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, October 14, 2024
KEY HIGHLIGHTS Economics Inflation September consumer price inflation slipped slightly to 0.4% yoy but remained positive for the eighth consecutive month, below Bloomberg consensus of 0.6% yoy. Meanwhile, PPI inflation declined further from -1.8% in August to -2.8% yoy, mainly driven by broad-based price contractions and is lower than Bloomberg consensus of -2.6% yoy. Core CPI inflation fell from 0.3% to 0.1% yoy, reflecting weaker underlying demand. Strategy China Strategy: Providing greate...
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