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

Ctrip - Update on Cross-Selling Impact and 4Q17 Outlook

China Internet:  Ctrip Deep Dive - Part I

Investment Advisors, JL Warren Capital

Junheng Li

Thematic (Sector/Industry)

China Consumer durables and apparel / Thematic (Sector/Industry)

<p>In October, the number of mainland Chinese flight passengers traveling overseas reached 2.14 mm, representing a 9% growth year-over-year.  Macau, Southeast Asia and Australia were the top 3 destinations by growth of visitations (Exhibit 1). Tourists to South Korea (SK) moderated their decline of 29% yoy in October (from the trough of -51% in April).  This was against the low base of Q4 2016 (Exhibit 2).  More significantly, according to our air ticket bookings data for the next 6-months, the…</p>

In October, the number of mainland Chinese flight passengers traveling overseas reached 2.14 mm, representing a 9% growth year-over-year.  Macau, Southeast Asia and Australia were the top 3 destinations by growth of visitations (Exhibit 1). Tourists to South Korea (SK) moderated their decline of 29% yoy in October (from the trough of -51% in April).  This was against the low base of Q4 2016 (Exhibit 2).  More significantly, according to our air ticket bookings data for the next 6-months, the…

Chinese Outbound Tourism in Oct: Improving China - South Korea Relationship