Analyst

Steve

Equity Bottom-Up

<ul>
<li>Since my previous insight on March 5, the share price is up 32% in less than a month.</li>
<li>The company reported 2023 results on March 26, as net profit was up 15% yoy while sales growth was flat for the year. </li>
<li>The company also announced a strong dividend payout ratio of 90% compared to below 30% previously, making the dividend yield of the stock at 6%. </li>
</ul>


Since my previous insight on March 5, the share price is up 32% in less than a month.
The company reported 2023 results on March 26, as net profit was up 15% yoy while sales growth was flat for the year. 
The company also announced a strong dividend payout ratio of 90% compared to below 30% previously, making the dividend yield of the stock at 6%. 


Yihai International (1579 HK):  Time To Take Profit

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a>, the largest hotpot chain in China, announced that the company will introduce franchise model as a new way to support growth. </li>
<li>Haidilao's move into franchising should directly benefit <a href="https://www.smartkarma.com/entities/yihai-international-holding" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai Int’L Holding (1579 HK)</a>, the affiliate company that supplies hotpot condiments to Haidilao. </li>
<li>Yihai is trading at an inexpensive 12x 2024 PE compared to a historical average of 32x since listing.</li>
</ul>


Yesterday, Haidilao International Holding (6862 HK), the largest hotpot chain in China, announced that the company will introduce franchise model as a new way to support growth. 
Haidilao's move into franchising should directly benefit Yihai Int’L Holding (1579 HK), the affiliate company that supplies hotpot condiments to Haidilao. 
Yihai is trading at an inexpensive 12x 2024 PE compared to a historical average of 32x since listing.


Yihai International (1579 HK):  Beneficiary Of Haidilao's Adoption Of Franchising Model

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).


Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong market breadth stays strong despite market pullback in November.  Mainland investors continue to increase exposure to HK market through Southbound Connect platform.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> , <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> , the global leader in Robotaxis, was granted a license to start operating its autonomous cars in Hong Kong.
</li>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> shares surged on takeover rumours after <a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng (YHS SP)</a> increased its stake to more than 12% allowing them to call a Board meeting.
</li>
</ul>


Hong Kong market breadth stays strong despite market pullback in November.  Mainland investors continue to increase exposure to HK market through Southbound Connect platform.

Baidu (9888 HK) , Baidu (BIDU US) , the global leader in Robotaxis, was granted a license to start operating its autonomous cars in Hong Kong.


Vitasoy Intl Holdings (345 HK) shares surged on takeover rumours after Yeo Hiap Seng (YHS SP) increased its stake to more than 12% allowing them to call a Board meeting.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 2)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  </li>
<li>Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.</li>
<li>Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as Vitasoy’s valuation looked frothy at the last close.  </li>
</ul>



Vitasoy Intl Holdings (345 HK)’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  
Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.
Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as Vitasoy’s valuation looked frothy at the last close.  


Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

China

Yihai International Holding Ltd. engages in the condiment industry. The Company produces hot pot seasonings and other sauce products. Yihai markets worldwide.

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Yihai Int’L Holding (1579 HK)

Yihai International (1579 HK): Time To Take Profit

The company reported 2023 results on March 26, as net profit was up 15% yoy while sales growth was flat for the year. The company also announced a...

Steve

Yihai International (1579 HK): Beneficiary Of Haidilao's Adoption Of Franchising Model

Haidilao International (6862 HK) introduces franchise model to support growth, benefiting Yihai Int’L Holding (1579 HK) with inexpensive valuation.

Steve

Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 2)

Hong Kong market breadth is high as mainland investors continue buy HK shares. Baidu, the largest Robotaxi operator was granted license to operate...

David Mudd

Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yihai International (1579 HK): Time To Take Profit

The company reported 2023 results on March 26, as net profit was up 15% yoy while sales growth was flat for the year. The company also announced a...

Steve

Yihai International (1579 HK): Beneficiary Of Haidilao's Adoption Of Franchising Model

​Haidilao International (6862 HK) introduces franchise model to support growth, benefiting Yihai Int’L Holding (1579 HK) with inexpensive valuation.

Steve

Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (December 2)

Hong Kong market breadth is high as mainland investors continue buy HK shares. Baidu, the largest Robotaxi operator was granted license to operate...

David Mudd

Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as...

Arun George

Haidilao International (6862 HK) introduces franchise model to support growth, benefiting Yihai Int’L Holding (1579 HK) with inexpensive valuation.