China: Taste Gourmet Group, Jinxin Fertility Co Ltd, ASM Pacific Technology, China Construction Bank H, Agile Property Holdings, Zhenro Properties, American Electric Power and more

• HK F&B is set to have a reprieve as dine-in services at catering businesses can now remain open from 6 pm-10 pm ( max seating up to 4 people).
• We provide a list of 34 names that will benefit from the removal of restrictions ( some with further catalysts down the road as they are exposed to China)
• Our favorite pick remains Taste Gourmet Group (8371 HK) which we have written about in our insight Taste Gourmet: Multibagger Reopening Play.

• Jinxin announced in recent days that it further increases stake in Shenzhen Hospital, Jiuzhou Hospital and Hewanjia Hospital.
• In this note, we analyze the impact on the company. We think the acquisition is sensible when the market sentiment is weak. 
• We also summarize recent industry development and the company’s FY2021 results. We are turning relatively more bearish.

• Revenue of HK$5.27 billion (US$674.8 million), +21.5% YoY and -15.1% QoQ, was at the high end of revenue guidance issued in 1Q22.
• Revenue guidance was US$670 million to US$740 million, which was +5.8% YoY and +4.5% QoQ at mid-point in Q2 2022.
• Usually, the 1st quarter is the weakest of the year. The booking magnitude might be showing how is the industry customers’ confidence now. 

• CCB is our preferred pick, given its attractive valuations, strong capital adequacy, healthy ROE and sound credit quality; CCB’s real estate exposure is limited and it sector delinquency is low
• We also pick PSBC for its good value, its attractive PEG ratio and healthy credit quality and coverage; its real estate exposure, and its related delinquency, are both very low
• We are negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage, its high exposures to real estate relative to its peers and fast rising delinquency

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. China Jinmao Holdings
2. Guangzhou R&F Properties
3. Sunac China Holdings
4. Greenland Hong Kong Holdings
5. Evergrande

and more…

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. China Jinmao Holdings
2. Guangzhou R&F Properties
3. Sunac China Holdings
4. Greenland Hong Kong Holdings
5. Evergrande

and more…

• ClearBridge is a leading global asset manager committed to active management.
• The market now has a clear call to action to solve the dual challenges of energy security and energy transition, requiring serious capital spending and innovation.
• We added to defensive sectors including utilities and health care, looking for true diversification with low price correlations and lower price volatility.