In today’s briefing:
- China’s Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower
- CIMC Enric (3899 HK): One More Spin-Off Progressing
- Company Update – BAE SYSTEMS PLC
- [Week 15] Namaste India 🙏 | 2023 Bloopers Edition
- China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD
China’s Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower
- China’s outbound tourism recovery started much later than others in the region
- In particular, Taiwan & Korea began ramping outbound travel earlier (in Q222)
- As destinations, Thailand & Vietnam recovered early, but now lag HK’s growth
CIMC Enric (3899 HK): One More Spin-Off Progressing
- CIMC Enric Holdings (3899 HK) has applied for its liquid food segment, under CLTP, to be quoted on the NEEQ. Subsequently, it plans to be listed on the BSE.
- The move will not only provide an additional funding channel for this business but also enhance the valuations of CIMC Enric. BSE’s IPOs have historically performed very well.
- Upon successful listing, the attributable market cap of its two listed subsidiaries will be greater than its current market cap. This means its clean energy business is free.
Company Update – BAE SYSTEMS PLC
- Our estimations for FY 2023 annual revenue range at around £24,234 million and for 2024 at around £26,415 million.
- The company’s annual revenue reached £21,258 million in 2022 compared to £19,521 million in 2021, posting an increase by 8.9%. BAE Systems operating profit for FY 2022 was £1,989 million, increased by 11.87% compared to £1,778 million for the corresponding period of 2021.
- In addition, EBITDA amounted to £3,151 million in 2022, while EBT and EATAM amounted to £1,989 million and £1,591 million respectively.
[Week 15] Namaste India 🙏 | 2023 Bloopers Edition
- For this edition, we focus on our 2023 Bloopers, to improvise rather than get embarrassed. We also share some thoughts on potential enhancements that can be anticipated going forward.
- On the NIFTY Index (NIFTY INDEX), we are still not bearish but do not find the markets to be very attractive either.
- Bloopers in focus include Zomato (ZOMATO IN); CarTrade (CARTRADE IN) ; Hero Motocorp (HMCL IN) and Aavas Financiers Ltd (AAVAS IN).
China Consumption Weekly (1 Jan 2024): Tencent, NetEase, Alibaba, JD.com, PDD
- The authorities granted licenses to 105 new domestic games and promised to review the game law draft.
- Alibaba is restructuring its main business unit, Taobao-Tmall, to reach flexibility.
- Both Alibaba and JD.com changed their refund policies to follow PDD.
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