In today’s briefing:
- HK CEO & Director Dealings (29 May 2024): J&T Global, Melco, Techtronic, Gushengtang, United Energy
- Monthly Chinese Tourism Tracker | Outbound Grinds Forward | Domestic Weakness Not New | (May 2024)
- Cisarua Mountain Dairy (CMRY IJ) – Stick Yoghurt Going Viral
- Tong Yang Industry – Record Profit With Improving Financial Position
- Pre-IPO Mokingran Jewellery Group – Disappointing Profit Margin and Potential Risk in Business Model
- SDOT: Sadot Group reports 1st quarter 2024 financial and operating results and updates investor community on the Sadot Agri-Foods business outlook.
- LE: 1Q Preview; Margin Driven Model Upside On Track; Reiterate Buy, $14 PT
HK CEO & Director Dealings (29 May 2024): J&T Global, Melco, Techtronic, Gushengtang, United Energy
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
- The key stocks mentioned in this regular insight include: J&T Global Express (1519 HK), Melco International Development (200 HK), Techtronic Industries (669 HK), Gushengtang (2273 HK), and United Energy (467 HK).
Monthly Chinese Tourism Tracker | Outbound Grinds Forward | Domestic Weakness Not New | (May 2024)
- Chinese outbound travel demand continued its gradual recovery in April
- Moderating domestic demand? It’s not new, and outbound matters more
- On a pullback to below US$50, we would again BUY Trip.com’s ADRs
Cisarua Mountain Dairy (CMRY IJ) – Stick Yoghurt Going Viral
- Cisarua Mountain Dairy booked a strong set of 1Q2024 results, with sequential quarterly growth in revenues and more so profits as margins recovered driven by both dairy and consumer foods.
- The company ramped up its advertising, promotion, and marketing spending as it launched new products in the more affordable segments including new flavours for stick yoghurts and affordable consumer foods.
- Cimory remains optimistic for 2024 for a more pronounced recovery in dairy as it pushes out products into general trade and takes more shelf space in modern trade driving growth.
Tong Yang Industry – Record Profit With Improving Financial Position
- Tong Yang Industry is now seeing record profit in FY23 and this appears to be in place to continue during FY24
- The automobile and motorcycle parts manufacturing company is seeing strong growth in the US market
- Electric vehicle parts R&D is well underway and this should support continued growth in coming years
Pre-IPO Mokingran Jewellery Group – Disappointing Profit Margin and Potential Risk in Business Model
- MOKINGRAN’s revenue fluctuated in the past three years. Profit margin was much lower than that of peers/industry average, which may not necessarily have big improvement even with upward gold price.
- MOKINGRAN once applied for IPO in A-share but failed. The concerns of SZSE included “unusual” gold trade-in business, large inventory balance and the risk of “false increase” in profits/revenues.
- The gold boom should not mask the risks of MOKINGRAN. Even if MOKINGRAN successfully goes public, it still faces many challenges. Valuation of MOKINGRAN should be lower than peers.
SDOT: Sadot Group reports 1st quarter 2024 financial and operating results and updates investor community on the Sadot Agri-Foods business outlook.
- In late 2022, the company began its evolution from a consumer-focused, U.S. restaurant business into a global, food-focused organization with two distinct business units.
- The company’s largest operating unit is Sadot Agri-Foods, which is a vertically integrated international food supply chain company engaged in trading and shipping sustainable food and commodities such as soybeans, wheat and corn.
- Sadot’s legacy restaurant business is currently in the process of being divested.
LE: 1Q Preview; Margin Driven Model Upside On Track; Reiterate Buy, $14 PT
- We are reiterating our Buy rating, projections and price target for Lands’ End with the company announcing 1QFY24 (April) results before the open on Wednesday.
- We believe 1Q was another key step forward in terms of driving newness, reducing discounting and shifting the model to a focus on higher overall returns, with key categories (footwear) beginning to shift to the licensed model and international continuing to slowly turn.
- That said, with 1Q anniversarying the closing of the Delta contract, comparisons will be skewed.
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