bullish

China Consumer Discretionary: Darkness Before Dawn

Osbert has highlighted this Insight as a Top Pick
302 Views30 Jun 2022 08:23
SUMMARY
  • 2Q22 is a tough quarter for China's consumer discretionary companies. Anta Sports Products (2020 HK) has experienced improvement in recovery in May and Jun, but we see FILA stay challenging.
  • In its FY22 result, Bosideng International Holdings (3998 HK) demonstrated its resilience in gross margin despite higher input costs. More positive developments are brewing in 2H of this year.
  • Haier Smart Home (600690 CH) has its business rebounding after the lockdown and healthy performance in overseas market should partly mitigate the lockdown-induced weakness in 2Q22.
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