In today’s briefing:
- Xiabuxiabu (520 HK): Strong CNY Bodes Well for the Year of 2023
- Looking Forward to Discussion on How to Improve the Quality of Corporate Governance Practices
Xiabuxiabu (520 HK): Strong CNY Bodes Well for the Year of 2023
- China catering players have seen strong recovery during the Chinese New Year starting from Jan 22th, amidst a broad-based revival of the service sector as a whole.
- For Xiabuxiabu, latest data points suggest significant progress in turnaround and higher visibility into 2023 performance.
- We see upside to our financial projection for 2023 and are more confident that Xiabuxiabu is the most attractively-priced to play re-opening in China catering sector. Expect 50% upside.
Looking Forward to Discussion on How to Improve the Quality of Corporate Governance Practices
- The fact that TSE, which has revised Corporate Governance Code several times, is now discussing improving the quality of corporate governance shows that the governance practices have become a formality.
- Regarding the expansion of English-language disclosure, there is need to eliminate the mismatch between the documents that companies translate into English and those that overseas investors demand to be translated.
- Asset owners should keep encouraging asset managers to follow Stewardship Code. Appropriate action by asset managers to deal with the BOJ owned ETFs will encourage changes in the companies.
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