Daily Brief Consumer: ASICS Corp, China Tourism Group Duty Free Corp Ltd and more

In today’s briefing:

Asics (7936) | Strong Performance Meets Reasonable Valuation
ECM Weekly (14th Aug 2022) – China Tourism, A/H Listing, Hongjiu Fruit, Socar, Betagro, ThaiBev, GQG
Weekly Deals Digest (14 Aug) – CTG Duty Free, OZ Minerals, Lifestyle Intl., EVOC, MACA, MyDeal

Asics (7936) | Strong Performance Meets Reasonable Valuation

The stock price has rallied 40% since our last note. We are happy to take profit here, hence we label this insight as Bearish
The results and full year guidance hike were positive but largely currency assisted
We expect that a focus on China and Direct will drive margin expansion in the medium term

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, China Tourism launched its US$2.5bn IPO.
There were no major placements this week and it likely to remain that way in the near future owing to it being earnings season.

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – China Tourism Group Duty Free Corp Ltd (601888 CH) has launched an H Share listing to raise US$1.9-2.2 billion.
Event-Driven developments at EVOC Intelligent Technology Company Limited H (2308 HK), Lifestyle International Holdings (1212 HK), OZ Minerals Ltd (OZL AU), MACA Ltd (MLD AU), Excelpoint Technology (EXLP SP), MyDeal.

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