V i e w p o i n t | 31 Oct 2024 18:05:59 ET │ 23 pages China Internet 2024 Singles Day Preview & Preliminary 1st Stage Performance Metrics CITI'S TAKE Entering the 16th anniversary of the Singles Day festival, consumers, investors and industry players appear muted to the promotional activities especially with the sales period kicking off earlier than previous years. While ecommerce platforms continue to offer various types of subsidies and red packets to attract consumers, cautious and rational spending beh ...

2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------| | | | | | China Merchants Prop Operation (001914.SZ) 3Q in line; scale growth solid and OCF improved but GPM deteriorated; Neutral | CMPO's 3Q topline/NI increased by 11%/5% yoy (a similar growth trend as in 1H), and 9M came at +12%/+4% yoy (broadly inline with GSe and slightly below the Wind consensus). GPM notably deteriorated i ...

QUICK TAKE 31 October 2024 Japan Semiconductors Screen Holdings Co Ltd Rating Market-Perform Price Target 7735.JP 9,700.00 JPY David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Xuan Ji +852 2918 5342 xuan.ji@bernsteinsg.com Screen 2Q25/3: Raising near term China outlook Screen 2Q results were inline. 2Q FY25/3 revenue came in at ¥143.2bn, up 23% yoy, below consensus by 2%. Gross margin and operating margins are better than consensus, at 38% and 21.3 ...

Flash | 28 Oct 2024 00:36:46 ET │ 12 pages China Steel Supply Side Reform 3.0? CITI'S TAKE Per Cailian(25-Oct), China Iron and Steel Association (CISA) is discussing a basket proposal in terms of supply discipline in the steel space, including phasing-out inefficient capacity and encouraging M&A to consolidate the market and improve economies of scale. Although the market has rallied since, we don't see upside risk to fundamental improvement, as (1) it is not new news for the gov to promote consolidation in ...

V i e w p o i n t | 27 Oct 2024 22:26:14 ET │ 10 pages China Technology & Communication Global Marketing Feedback CITI'S TAKE We met with over 40 institutional investors in past two weeks in EU/US. We see increasing interest in China tech vs. Asia marketing in September prior to Politburo meeting, especially enquiries on ITS & Software. Key investor questions included impact from stimulus/policies, impact from potential sanction/trade tariff escalation, China SPE outlook post ASML order drop, iPhone chain u ...

V i e w p o i n t | 28 Oct 2024 12:00:28 ET │ 16 pages China Diversified Utilities High Power Demand in Sept; We like Pinggao, Sieyuan & Goldwind CITI'S TAKE PRC power demand rose 8.5% yoy to 847.5M MWh in September, accelerating from +7.9% yoy in 8M24, with high increments from residential sector (+27.8% yoy) and servicing industries (+12.7% yoy). Since 2021, PRC power demand growth has been high at 1.4-1.6x of PRC GDP growth (except in 2022 due to COVID) with greater demand from AI, data centers, electric ...

28 October 2024 | 8:42AM HKT _ China Spirits Tracker: Sentiment holds up post peak season; Full Oct shipment led to Feitian Moutai's wholesale price volatility The 111th China Food & Drinks Fair is being hosted in Shenzhen on Oct 29-31, and we are seeing spirits consumption largely hold up or slightly sequentially improve post policy stimulus, evidenced by retail terminals/distributors not seeing significant weaker demand post the recent peak season, unlike the same period in 2023. Nevertheless, in line wit ...

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CSC Research Daily Highlights August 13, 2024 Research Department China Securities Co., Ltd This compilation is an abndged translation of the corresponding Chinese reports Please refer to the important statement on the last page Daily Highlights * This complation is distributed by China Securities Co., Ltd. in the People's Republic of China (for the purposes of this Report only, excluding Hong Kong, Macao and Taiwan), and subject to applicable laws and regulations, this compliation may be distributed by Chi ...

Daily Highlights 1 Please refer to the statement on the last page CSC Research Daily Highlights August 12, 2024 Research Department China Securities Co., Ltd This compilation is an abridged translation of the corresponding Chinese reports Please refer to the important statement on the last page Daily Highlights * This compilation is distributed by China Securities Co., Ltd. in the People's Republic of China (for the purposes of this Report only, excluding Hong Kong, Macao and Taiwan), and subject to applica ...