Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul class=""><li>Full-service restaurants increased by 4% in current value terms to HKD81.9 billion in 2017, with 1% growth in the number of outlets (to 8,872) and transactions.</li><li>Stable demand for Chinese food supported the growth of full-service restaurants.</li><li>European full-service restaurants experienced the highest current value growth in 2017 with 4%.</li><li>Fulum Group Ltd remained the leading player in 2017.</li><li>Full-service restaurants are expected to see a positive value CAGR of 1% at constant 2017 prices over the forecast period to reach HKD87.4 billion in 2022.</li></ul>

Full-service restaurants increased by 4% in current value terms to HKD81.9 billion in 2017, with 1% growth in the number of outlets (to 8,872) and transactions.Stable demand for Chinese food supported the growth of full-service restaurants.European full-service restaurants experienced the highest current value growth in 2017 with 4%.Fulum Group Ltd remained the leading player in 2017.Full-service restaurants are expected to see a positive value CAGR of 1% at constant 2017 prices over the forecast period to reach HKD87.4 billion in 2022.

Sector Capsule: Full-Service Restaurants in Hong Kong, China

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to gamble in overseas casinos. Our contacts in the industry have already seen immediate termination of marketing efforts in mainland China by Macau casinos, which imply lower near-term gaming revenue in our view. A loss of higher-margin direct VIP business could also mean lower overall VIP margin for the Macau casinos, as junket VIP margins are one to two percentage points lower compared with direct VIP margins. Near-term sentiment will be unfavorable for the Macau gaming stocks. However, we gauge that marketing activities in mainland China will resurface as the dust settles, though casinos will take a lower-profile approach.To reflect the short-term impact, if we reduced 2016 full-year VIP, mass and slot revenue by 7.5% for our Macau gaming coverage, there would still be no impact on fair value estimates. Therefore, we maintain our long-term forecast and long-term-based, DCF-generated fair value estimates. Our narrow moat ratings also remain unchanged.Analyst: Chelsey Tam

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to gamble in overseas casinos. Our contacts in the industry have already seen immediate termination of marketing efforts in mainland China by Macau casinos, which imply lower near-term gaming revenue in our view. A loss of higher-margin direct VIP business could also mean lower overall VIP margin for the Macau casinos, as junket VIP margins are one to two percentage points lower compared with direct VIP margins. Near-term sentiment will be unfavorable for the Macau gaming stocks. However, we gauge that marketing activities in mainland China will resurface as the dust settles, though casinos will take a lower-profile approach.To reflect the short-term impact, if we reduced 2016 full-year VIP, mass and slot revenue by 7.5% for our Macau gaming coverage, there would still be no impact on fair value estimates. Therefore, we maintain our long-term forecast and long-term-based, DCF-generated fair value estimates. Our narrow moat ratings also remain unchanged.Analyst: Chelsey Tam

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Hong Kong

Tao Heung Holdings Limited operates a chain of Chinese restaurants throughout Hong Kong.

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Tao Heung (573 HK)

Sector Capsule: Full-Service Restaurants in Hong Kong, China

Full-service restaurants increased by 4% in current value terms to HKD81.9 billion in 2017, with 1% growth in the number of outlets (to 8,872) and...

Euromonitor International Ltd.

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to...

Morningstar, Inc.

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