In today’s briefing:
- IRC Limited (1029 HK): A Wide Spread as the Conditional Offer Opens
- Tencent/Netease: Netease Tops ’23 League Table with Most Games Approved
- 23 Dividend Yielding Mid Caps – Report Card For 2023
- Monthly Chinese Tourism Tracker | No “Pent-Up Demand”! | Weak YTD Returns, Too | (December 2023)
- China Healthcare Weekly (Dec.25) – Stock Picking Strategy, Logic Flaws Behind a Good Story, Tigermed
IRC Limited (1029 HK): A Wide Spread as the Conditional Offer Opens
- The Irc Ltd (1029 HK) IFA opines that a mandatory conditional offer from Nikolai Levitskii (Chairman and 30.61% shareholder) at HK$0.118 per share is fair and reasonable.
- The offer is open, with the first closing date of 12 January 2024. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
- While the offer is light, satisfying the minimum acceptance condition is possible. The risk/reward profile is favourable as the upside (25.5% spread) outweighs the downside (5.3% to the undistributed price).
Tencent/Netease: Netease Tops ’23 League Table with Most Games Approved
- China announced game approval for the December batch. The number of games approved has increased compared to recent months.
- The pace of China game approval appears to be accelerating, to the same level as pre-tightening.
- Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.
23 Dividend Yielding Mid Caps – Report Card For 2023
- We compile a report card for dividend-yielding mid-caps that filter out on favorable characteristics of having net cash, decent ROEs, growth, etc.
- It’s been a disappointing year in share price performance owing to the negativity surrounding China and soft business performance in some cases, but there have been some bright spots.
- We help provide a comprehensive list of our updates on some names and an outlook for 2024. It’s our last insight for 2023, so happy new year everyone!
Monthly Chinese Tourism Tracker | No “Pent-Up Demand”! | Weak YTD Returns, Too | (December 2023)
- “Pent-Up demand”? No signs of it anywhere in outbound or domestic metrics
- Sluggish outbound demand, capacity trajectories continued to lag in November
- YTD share performance weak, mirrors disappointing recovery in travel activity
China Healthcare Weekly (Dec.25) – Stock Picking Strategy, Logic Flaws Behind a Good Story, Tigermed
- In the Chinese pharmaceutical industry, stock selection strategies can be divided into “defensive” and “offensive”. We need to combine the judgment of the cycle to choose a stock picking strategy.
- Domestic innovative pharmaceutical companies have the opportunity to create a high gross-margin incremental market of over RMB1 trillion through successful internationalization, but we pointed out the logical flaw behind.
- We analyzed the key points of Hangzhou Tigermed Consulting (3347 HK). It seems insiders don’t have firm confidence in the prospects, so why should investors rush to buy the bottom?
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