Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

<ul>
<li>China stock market despair has brought down  <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (601888 CH)</a> to its lowest forward valuation in the past ten years   </li>
<li>Poised for long-term growth, Chinese are buying albeit more prudently, government supportive on promoting domestic consumption, efficiency enhancements will lower cost and boost margins </li>
<li>Using the company's lowest recorded PE ratio in the past 10 years of 23.2x into FY24, we derive a target price of CNY106 (+21% UPSIDE)  </li>
</ul>


China stock market despair has brought down  China Tourism Group Duty Free Corp Ltd (601888 CH) to its lowest forward valuation in the past ten years   
Poised for long-term growth, Chinese are buying albeit more prudently, government supportive on promoting domestic consumption, efficiency enhancements will lower cost and boost margins 
Using the company's lowest recorded PE ratio in the past 10 years of 23.2x into FY24, we derive a target price of CNY106 (+21% UPSIDE)  


2024 High Conviction: China Tourism Group (601888 CH, BUY, TP:CNY106): See the Forest for the Trees

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

Greater China Equity Long/Short Analyst

Eric Chen

Hainan Meilan International Airport / Equity Bottom-Up

<ul>
<li>A slew of bad news from weak China consumption, depreciating RMB to negative progress in an arbitration sent Meilan Airport stock down to below book value.</li>
<li>Yet when it comes to the fundamental of the company itself, we believe concerns are over-blown and very much priced in.</li>
<li>Meilan Airport is the most under-valued major airport in China airport space in our view. Patience will pay off.</li>
</ul>


A slew of bad news from weak China consumption, depreciating RMB to negative progress in an arbitration sent Meilan Airport stock down to below book value.
Yet when it comes to the fundamental of the company itself, we believe concerns are over-blown and very much priced in.
Meilan Airport is the most under-valued major airport in China airport space in our view. Patience will pay off.


Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.


Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>In this note, we talk about the company’s past performance and other deal dynamics.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
In this note, we talk about the company’s past performance and other deal dynamics.


Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

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China Tourism Group Duty Free Corp Ltd (601888 CH)

2024 High Conviction: China Tourism Group (601888 CH, BUY, TP:CNY106): See the Forest for the Trees

China's stock market decline has led to a record low valuation for China Tourism Group, but long-term growth potential and government support make...

Mohshin Aziz

Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

Midea officially filed for an H-share listing yesterday. As per media reports the company is looking to raise up to US$3bn in Hong Kong.

Sumeet Singh

Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value

50% market cap wiped off left Meilan Airport as the only China airport trading below book value. We believe the airport's fundamentals are not as...

Eric Chen

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction: China Tourism Group (601888 CH, BUY, TP:CNY106): See the Forest for the Trees

​China's stock market decline has led to a record low valuation for China Tourism Group, but long-term growth potential and government support make...

Mohshin Aziz

Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

Midea officially filed for an H-share listing yesterday. As per media reports the company is looking to raise up to US$3bn in Hong Kong.

Sumeet Singh

Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value

50% market cap wiped off left Meilan Airport as the only China airport trading below book value. We believe the airport's fundamentals are not as...

Eric Chen

Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

China's stock market decline has led to a record low valuation for China Tourism Group, but long-term growth potential and government support make...

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation