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Investment Rating - The investment rating for CSPC Pharma is "Buy" with a 12-month price target of HK$10.03, representing an upside of 40.9% from the current price of HK$7.12 [5][6][11]. Core Insights - CSPC Pharma has entered into its first overseas business development deal by licensing a pre-clinical metabolism drug, YS2302018, to AstraZeneca for an upfront payment of US$100 million, potential development milestone payments of up to US$370 million, sales milestone payments of up to US$1,550 million, and tiered royalties based on net sales [1][2]. - This collaboration is seen as a significant step for CSPC's global expansion and validates its early-stage innovative pipeline, which is not yet reflected in its current valuation [1][2]. - CSPC aims to close 1-2 more business development deals by the end of 2024, indicating a proactive approach to enhancing its pipeline under new R&D leadership [1]. Summary by Sections Licensing Deal - CSPC has licensed out YS2302018, a small molecule inhibitor targeting lipoprotein(a), to AstraZeneca, marking a strategic collaboration that could enhance CSPC's global presence [1][2]. - The deal includes an upfront payment of US$100 million, which is significant for a pre-clinical asset, along with potential milestone payments totaling up to US$2.42 billion [1]. Product Potential - YS2302018 is positioned as a differentiated oral TKI targeting lipoprotein(a), which is linked to cardiovascular diseases, with a high prevalence in older populations [2]. - The drug's oral administration is a competitive advantage over existing therapies that require injections, making it more suitable for chronic disease management [2]. Financial Projections - CSPC's revenue projections for the upcoming years are Rmb 31,450.1 million for 2024, increasing to Rmb 38,080.8 million by 2026, with corresponding EBITDA growth [5]. - The company is expected to maintain a P/E ratio that decreases from 13.0 in 2024 to 10.1 by 2026, indicating improving profitability [5].

Investment Rating - The report assigns an "Overweight" (OW) rating to Yuexiu Property Co Ltd, indicating a favorable outlook compared to peers [1][3][5]. Core Insights - Yuexiu Property is expected to outperform its peers in sales, profitability, and dividend prospects due to its high-quality sellable resources and superior land reserve channels [1][5]. - The company has a strong financial position and low liquidity risk, supported by its state-owned enterprise (SOE) background [1][6]. - The report anticipates a target price of HKD 5.48, representing a potential upside of approximately 20% from the current price [5][6]. Summary by Sections Sales Growth and Land Reserves - Yuexiu Property has approximately RMB 330 billion in unsold sellable resources, with over 65% located in first-tier cities and more than 30% in second-tier cities [5][6]. - The company has maintained a land acquisition strategy that allows it to purchase land at lower costs, with 60% of its unsold resources acquired during a period of significant price adjustments in 2022 [5][6]. Financing and Liquidity - The company has maintained a net debt ratio of 60% and a cash coverage ratio of 1.5 times for short-term debt, indicating strong liquidity [1][6]. - Yuexiu Property benefits from a diversified financing capability, with an average financing cost of 3.57%, one of the lowest among its peers [6]. Management Incentives and Dividend Yield - The management has implemented equity incentive plans to align interests with shareholders, aiming for a stable dividend payout ratio of 40% [2][5]. - The expected dividend yield for 2024-2026 is projected to be between 7-9%, which is among the highest in the industry [2][5]. Valuation and Market Position - The report highlights that Yuexiu Property's current valuation appears attractive at 5.0 times the 2025 price-to-earnings ratio, compared to 5.1 times for its H-share SOE peers [5][6]. - The company is expected to increase its market share to 1.3% in 2024, up from 1.2% in 2023, positioning it among China's top ten developers [5][6].

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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 21 June 2024 | 7:17AM HKT The 720: China Internet - 618 Shopping Festival, Sanhua, Japan Retail, Global Smartphone, Hon Hai, Hua Hong, China Macro In Focus | China Internet - 618 Shopping Festival Michael Snaith +852-2978-0455 | michael.snaith@gs.com China Internet - 618 Shopping Festival 5 key highlights - Buy BABA, PDD, Kuaishou Goldman Sachs (Asia) L.L.C. Caleb Chan (on CL). With China’s 618 Shopping Festival (the longest yet) now concluded (on +852-2978-0790 | caleb.chan@gs. ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 7 June 2024 | 9:51PM HKT Miniso (MNSO): Consumer & Leisure Corporate Day: Recent trends continue to be solid in both China/overseas; Buy Bottom line: We hosted Miniso management at our Consumer & Leisure Corporate Michelle Cheng +852-2978-6631 | Day on Jun 7. Investors were mostly focused on: 1) recent trends: In China, Miniso’s michelle.cheng@gs.com Goldman Sachs (Asia) L.L.C. SSS performance was healthy, fluctuating around 100% of 2023 level YTD despite Xinyu Ruan overall soft ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Goldman Equity Sachs Research 28 May 2024 | 7:29AM HKT CSPC Pharma (1093.HK) NBP VBP cliff vs. new product cycle - risks reflected; earnings recovery fol potential re-rating: Reiterate Buy 12m Price Target: HK$10.26 1093.HK Price: HK$6.89 Upside: 48.9% Ziyi Chen +852-2978-0526zivi Goldman Sachs (Asia (from HK$9.73). NBP risk manageable: We see low chance for a VBP cliff for NBP in '24-26e, and believe the worst case scenario beyond '26 (i.e. VBP in '27, sales cut by Rmb5-6bn) has ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" with a 12-month price target of HK$466, indicating an upside potential of 21.5% from the current price of HK$383.60 [10][91]. Core Insights - Tencent is viewed as one of the most visible and sustainable profit growth setups among China's internet mega caps, driven by game growth acceleration, advertising share gains, and margin expansion at a favorable 15x 2024-25E P/E [40][41]. - The launch of the mobile game "Mobile Dungeon and Fighter" (mDnF) has been particularly successful, ranking No.1 on the China iOS grossing chart on its first day, with an estimated contribution of Rmb7.9 billion in grossing for the first year [58][64]. - Key drivers for Tencent's growth include revenue growth acceleration in the second half of 2024, margin improvement due to quality revenue streams, and increasing recognition of the value of its investment portfolio [41][64]. Summary by Sections Investment Ratings and Relationships - As of April 1, 2024, Goldman Sachs had investment ratings on 2,885 equity securities, with Tencent Holdings included in the "Buy" category [5][10]. Financial Projections - Revenue projections for Tencent are Rmb609,015 million for 2023, increasing to Rmb765,139.7 million by 2026 [91]. - The estimated EBIT contribution from mDnF is projected to be between Rmb2.3 billion and Rmb2.7 billion for the full year, translating to approximately Rmb1.8 billion EBIT in 2024 [64]. Market Position and Competitive Landscape - Tencent's mDnF game is expected to have limited cannibalization between its PC and mobile versions, similar to past successful titles [64]. - The game has embraced a front-loaded monetization approach, targeting its IP fans, which has resulted in strong initial monetization [47][64].