JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

Global Consumer Thinker#1: Korea Cosmetics

Dramatic Changes in Chinese Travel & Tourism Flows YTD 2017; What Are the Causes, Implications?

Investment Advisors, JL Warren Capital

Junheng Li

Thematic (Sector/Industry)

China Consumer services / Thematic (Sector/Industry)

<p>Domestic consumption of discretionary remains to be very robust, partially due to stable home prices and vibrant private sectors in services industry.  In December 2017, the number of mainland Chinese passengers flying overseas reached 1.9 mm, growing 12% year-over-year (yoy).  Macau (+ 36% yoy), Southeast Asia (+25%) and Hong Kong (+15%) remained the top 3 destinations in terms of growth of visitation (Exhibit 1).</p><p>On Jan 5th, a document issued by the Civil Aviation Administration of China (CAAC)…</p>

Domestic consumption of discretionary remains to be very robust, partially due to stable home prices and vibrant private sectors in services industry.  In December 2017, the number of mainland Chinese passengers flying overseas reached 1.9 mm, growing 12% year-over-year (yoy).  Macau (+ 36% yoy), Southeast Asia (+25%) and Hong Kong (+15%) remained the top 3 destinations in terms of growth of visitation (Exhibit 1).On Jan 5th, a document issued by the Civil Aviation Administration of China (CAAC)…

Chinese Outbound Air Passengers Up 12% YoY in December; Airline Pricing Liberalization