Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Capital Markets

COFCO Joycome Foods / Equity Capital Markets

Following my IPO preview piece on COFCO Meat, there were some enquiries on the history of COFCO Meat. Below are some pieces of history regarding COFCO Meat and its siblings. <h2>
 "Angry birds" ate all the profits so they got culled
</h2>According to reports from Beijing Business Today (and subsequently picked up by <a href="http://news.xinhuanet.com/fortune/2016-09/08/c_129273606.htm" target="_blank">Xinhua News</a>), COFCO Meat sold away its stake in COFCO Su Qian that was held under its subsidiary COFCO Livestock. Based on news sources, COFCO Suqian was in the business of chicken breeding…

Following my IPO preview piece on COFCO Meat, there were some enquiries on the history of COFCO Meat. Below are some pieces of history regarding COFCO Meat and its siblings. 
 "Angry birds" ate all the profits so they got culled
According to reports from Beijing Business Today (and subsequently picked up by Xinhua News), COFCO Meat sold away its stake in COFCO Su Qian that was held under its subsidiary COFCO Livestock. Based on news sources, COFCO Suqian was in the business of chicken breeding…

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

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§  The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses in the Consumer Discretionary Sector tend to be more impacted by these cycles.
 
§  Globally, the MSCI World Consumer Staples Index has generated a 2.7% dividend inclusive YTD return while regionally, the MSCI AC Asia Pacific Consumer Staples Index generated a 5.7% dividend inclusive YTD return. This compared to a 1.3% decline and 0.8% gain for the…
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§  The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses in the Consumer Discretionary Sector tend to be more impacted by these cycles.
 
§  Globally, the MSCI World Consumer Staples Index has generated a 2.7% dividend inclusive YTD return while regionally, the MSCI AC Asia Pacific Consumer Staples Index generated a 5.7% dividend inclusive YTD return. This compared to a 1.3% decline and 0.8% gain for the…




Consumer Staples Offered Investor Returns Amid Lower Growth Outlooks

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Just three days after Hong Kong-listed pork producer <a href="https://www.smartkarma.com/entities/13200" target="_blank" data-smartkarma-citation="entities:13200:1">WH Group Ltd (288 HK)</a> reported its 1H16 results (link to <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0821/LTN20160821035.pdf" target="_blank">financial statement</a>, <a href="http://www.wh-group.com/en/ir/presentations/pre160821.pdf" target="_blank">presentation</a>) on August 21st, its pre-IPO shareholder CDH is placing US$900m shares this evening. In this insight, we will quickly recap on its results and score the deal in our Smartkarma ECM framework. Large deal size that is equivalent to 65 days ADV appears to be a concern, however, we do see there are reasons for a longer term investment than a short term trade.…

Just three days after Hong Kong-listed pork producer WH Group Ltd (288 HK) reported its 1H16 results (link to financial statement, presentation) on August 21st, its pre-IPO shareholder CDH is placing US$900m shares this evening. In this insight, we will quickly recap on its results and score the deal in our Smartkarma ECM framework. Large deal size that is equivalent to 65 days ADV appears to be a concern, however, we do see there are reasons for a longer term investment than a short term trade.…

WH Group Placement: Encouraging Results, and Finally the Opportunity for CDH

COFCO Meat Holdings (a unit of COFCO group) is benefiting from higher-than-usual pork prices. In this insight, I analyse the driver of the pork prices (demand and supply) from a domestic perspective. I also look to answer the following questions: <ul><li>Are its earnings sustainable when prices of pork within China falls?  </li><li>How strong are their consumer brands and margins compared to peers? </li><li>What are the key differences between the company and its peers?</li><li>At what valuations should the company trade?</li></ul>

COFCO Meat Holdings (a unit of COFCO group) is benefiting from higher-than-usual pork prices. In this insight, I analyse the driver of the pork prices (demand and supply) from a domestic perspective. I also look to answer the following questions: Are its earnings sustainable when prices of pork within China falls?  How strong are their consumer brands and margins compared to peers? What are the key differences between the company and its peers?At what valuations should the company trade?

Managing Partner at Fresco Capital, Fresco Capital

Tytus Michalski

Managing Partner at Fresco Capital

Fresco Capital

The acquisition of Dollar Shave Club by Unilever for $1B is an inflection point in the Fast Moving Consumer Goods (FMCG) industry. The old formula of relying on research and development, massive marketing spending and traditional distribution channels is being replaced by a new formula. While the disruption of the industry won't happen overnight, there are 3 things to watch out for when looking to identify which companies will be at risk.

The acquisition of Dollar Shave Club by Unilever for $1B is an inflection point in the Fast Moving Consumer Goods (FMCG) industry. The old formula of relying on research and development, massive marketing spending and traditional distribution channels is being replaced by a new formula. While the disruption of the industry won't happen overnight, there are 3 things to watch out for when looking to identify which companies will be at risk. 

Billion Dollar Shave Club & The New FMCG Formula

Hong Kong

WH Group Limited operates as a holdings company. The Company, through its subsidiaries, provides meat processing services, supplies chilled meat, meat products, and other related products.

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WH Group (288 HK)

COFCO Meat IPO: Revenge of the Pigs

Following my IPO preview piece on COFCO Meat, there were some enquiries on the history of COFCO Meat. Below are some pieces of history regarding...

Valerie Law, CFA

Consumer Staples Offered Investor Returns Amid Lower Growth Outlooks

§ The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses...

Singapore Exchange Ltd (SGX)

WH Group Placement: Encouraging Results, and Finally the Opportunity for CDH

Just three days after Hong Kong-listed pork producer WH Group Ltd (288 HK) reported its 1H16 results (link to financial statement, presentation) on...

Ke Yan, CFA, FRM

COFCO Meat IPO: Any Meat Left?

COFCO Meat Holdings (a unit of COFCO group) is benefiting from higher-than-usual pork prices. In this insight, I analyse the driver of the pork...

Valerie Law, CFA

Billion Dollar Shave Club & The New FMCG Formula

The acquisition of Dollar Shave Club by Unilever for $1B is an inflection point in the Fast Moving Consumer Goods (FMCG) industry. The old...

Tytus Michalski

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