Greater China Equity Long/Short Analyst

Eric Chen

With a blend of sell-side and buy-side perspectives, Eric has covered and researched hundreds of Greater China equities in TMT and consumer spaces - two sectors woven together by the overarching thesis of technology empowering consumption. 

Eric is highly experienced in fundamental equity long short strategy. He seeks to produce differentiated and original research that combines holistic qualitative framework, unique angles and robust modelling. The process helps gain deep insights into critical value drivers misunderstood by the market, which results in mis-priced stocks and hence long/short opportunities.

Meilan Airport (357 HK): Mixed Takeaways from Conversations with the Company

Hainan Meilan's (357 HK)'s Arbitration Case Is Not Without Merit

Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value

Equity Bottom-Up

Hainan Meilan International Airport / Equity Bottom-Up

Hainan Meilan International Airport (357 HK)

<ul>
<li>1H23 results missed our expectation because stronger-than-expected revenue was outweighed by surge in operating costs as company took from its parent the overall operation of Phase I and II.</li>
<li>We expect slow recovery in duty-free sales and elevated cost base will continue pressuring its bottom line in 2H23 and see possibility to return to profitability by 1H24.</li>
<li>While recent share price correction has priced in the weak outlook somehow, we can’t rule out further volatility post results. We are now neutral on the stock.</li>
</ul>


1H23 results missed our expectation because stronger-than-expected revenue was outweighed by surge in operating costs as company took from its parent the overall operation of Phase I and II.
We expect slow recovery in duty-free sales and elevated cost base will continue pressuring its bottom line in 2H23 and see possibility to return to profitability by 1H24.
While recent share price correction has priced in the weak outlook somehow, we can’t rule out further volatility post results. We are now neutral on the stock.


China Tourism Group Duty Free Corp Ltd (601888 CH)

Meilan Airport (357 HK): Not Out of the Woods Yet