In today’s briefing:
- Weekly Deals Digest (08 Sep) – Midea, Fuji Soft, Pasco, Seven & I, Xingda, CPMC, PSC, Rex, Latin Res
- China Healthcare Weekly (Sep.8) – Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria
- [Miniso Group (MNSO US, BUY, TP US$24) TP Change]: Management Might Have Been Overly Optimistic
- Chinese Inbound Foreign Tourist Arrivals Up 153% Y/Y in H124?! Much Ado About (Almost) Nothing
Weekly Deals Digest (08 Sep) – Midea, Fuji Soft, Pasco, Seven & I, Xingda, CPMC, PSC, Rex, Latin Res
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Midea Group Co Ltd A (000333 CH) premarketing its H Share listing, Terumo Corp (4543 JP) placement and 99 Speed Mart Retail Holdings (99SPD MK) IPO.
- Event-Driven developments: Fuji Soft Inc (9749 JP), Pasco Corp (9232 JP), Seven & I Holdings (3382 JP), Xingda International (1899 HK), CPMC Holdings (906 HK), Psc Insurance (PSI AU).
China Healthcare Weekly (Sep.8) – Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria
- The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.
- Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.
- Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.
[Miniso Group (MNSO US, BUY, TP US$24) TP Change]: Management Might Have Been Overly Optimistic
- Miniso (MNSO) reported C2Q24 revenue (3.2%)/1.9% vs. our estimate/consensus. Non-GAAP NI (5.6%)/(2.7%) vs. our estimate/consensus.
- Recent weak economic data in both China and U.S.,along with MNSO’s deceleration in overseas average store sales;
- We cut TP from US$34 to US$24 and maintain BUY.
Chinese Inbound Foreign Tourist Arrivals Up 153% Y/Y in H124?! Much Ado About (Almost) Nothing
- Media rife with narrative of booming inbound foreign tourism to China
- But the numbers are well below historical highs, and climbing up from low base
- Chinese tourists, not foreign, determine strength of Chinese tourism recovery
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