In today’s briefing:
- Mainland Connect NORTHBOUND Flows (To 26 Jan 2024): Decent Net Buying, Buying Banks and SOEs
- China Healthcare Weekly (Jan.26)- Stocks Best Buying Point, Tragic PD-L1, Tiantan Biological Product
- LVMH & Richemont Said Chinese Demand for Luxury Goods Is Strong; POSITIVE for China Tourism Group
Mainland Connect NORTHBOUND Flows (To 26 Jan 2024): Decent Net Buying, Buying Banks and SOEs
- The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
- Last week saw NORTHBOUND net BUY RMB 12.1bn of A-shares on very strong average activity. National Team continued to buy this week. Foreigners bought banks
- Renewables were again a net sell by NORTHBOUND. It is not clear what stops persistent net selling. Capacity huge/growing and Pricing is a disaster in solar modules, batteries, etc.
China Healthcare Weekly (Jan.26)- Stocks Best Buying Point, Tragic PD-L1, Tiantan Biological Product
- Even good enterprises could be neglected by the market, leading to low valuation. Many people wonder when is the best buying point for pharmaceutical companies. We shared our views.
- If PD-1 sold in China can still achieve a certain scale, the situation of PD-L1 is not the same. In fact, we’re pessimistic about all companies selling PD-L1 in China.
- Beijing Tiantan Biological Products (600161 CH) is a good defensive target in unfriendly external environment. The reasonable market value is RMB45-50 billion. We think Tiantan will maintain stable growth ahead.
LVMH & Richemont Said Chinese Demand for Luxury Goods Is Strong; POSITIVE for China Tourism Group
- European luxury goods maker enjoyed its best week in the past 52 weeks, spurred by better-than-expected results by LVMH, the industry leader and widely viewed as the bellwether
- China’s market was cited as resilient and very strong in certain categories, defying the general market perception that Chinese demand is soft
- The key European luxury goods share price has risen by an average of 8.2% YTD, China Tourism Group share price performance has lagged. Good buying opportunity
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