Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>Historical results as expected with a sales and profit decline</li>
<li>The first 2 months of the year show a positive trend</li>
<li>Market reaction to the results should highlight low investor expectations </li>
</ul>


Historical results as expected with a sales and profit decline
The first 2 months of the year show a positive trend
Market reaction to the results should highlight low investor expectations 


China Resources Beer Signals a Bottom in Consumption?

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chongqing-brewery-co-a" target="_blank" data-smartkarma-citation="entities:8837:1" rel="noopener">Chongqing Brewery Co A (600132 CH)</a> announced a impressive earnings beat last night, with net profit up 24% yoy in 2Q23.  Stock is limit up (10%) today.</li>
<li>The results confirm the premiumization thesis of the China beer sector is in tact. </li>
<li>Buy <a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a>; take advantage of the overall H-share market weakness and unfounded fear on deflation.    </li>
</ul>



Chongqing Brewery Co A (600132 CH) announced a impressive earnings beat last night, with net profit up 24% yoy in 2Q23.  Stock is limit up (10%) today.
The results confirm the premiumization thesis of the China beer sector is in tact. 
Buy China Resources Beer Holdings (291 HK); take advantage of the overall H-share market weakness and unfounded fear on deflation.    


Chongqing Brewery (600132 CH) Limit Up 10% Today After Results Beat; Buy China Resources Beer

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 the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

<ul>
<li>Full -year 2023 results  and 2024 forecasts indicate business going to plan</li>
<li>The Baijiu division, key to a rerating, grew sales 50% y/y in the first two months of the year</li>
<li>The beer division continues to reap the benefits of its premiumisation strategy</li>
</ul>


Full -year 2023 results  and 2024 forecasts indicate business going to plan
The Baijiu division, key to a rerating, grew sales 50% y/y in the first two months of the year
The beer division continues to reap the benefits of its premiumisation strategy


China Resources Beer Holdings (291.HK) Starts 2024 with a Bang!

<ul>
<li>A liquid proxy for China's recovering consumption (with no technology regulation risk)</li>
<li>A quality red chip company at a very reasonable valuation</li>
<li>Growing sales and margins as its premiumisation strategy is executed</li>
</ul>


A liquid proxy for China's recovering consumption (with no technology regulation risk)
A quality red chip company at a very reasonable valuation
Growing sales and margins as its premiumisation strategy is executed


Cheers! Raise a Glass to China Resources Beer (0291.HK)

Hong Kong

China Resources Beer (Holdings) Company Limited is an alcoholic beverage retailer.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Resources Beer Holdings (291 HK)

China Resources Beer Signals a Bottom in Consumption?

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

Chongqing Brewery (600132 CH) Limit Up 10% Today After Results Beat; Buy China Resources Beer

Chongqing Brewery Co A (600132 CH) announced a big earnings beat last night, with net profit up 24% yoy in 2Q23. Stock is limit up (10%) today. ...

Steve

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM