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].

Investment Rating - The report upgrades Haidilao International Holding to Neutral from Sell, with a new 12-month price target of HK$15.7, reflecting an 11.3% upside potential [2][22]. Core Insights - The share price correction of 23% since May 17 has accounted for less than expected margin expansion and slower store expansion, alongside increased competition in the restaurant sector [2][14]. - Haidilao has shown strong table turn growth year-to-date, outperforming other players in the restaurant industry, with over 20% growth each month [14][19]. - The company has committed to a high dividend payout ratio of 90% in 2023, which is expected to support the share price amid a more stable growth outlook [3][20]. Summary by Sections Financial Performance - Revenue estimates for 2024-2026 have been revised down by 2%-7% due to a slower expansion pace, with total revenue projected at RMB 41,453.3 million for 2023 and increasing to RMB 53,582.8 million by 2026 [5][11]. - The EBITDA for 2023 is estimated at RMB 7,915.8 million, with a growth trajectory leading to RMB 9,731.2 million by 2026 [5][11]. - The earnings per share (EPS) is projected to grow from RMB 0.83 in 2023 to RMB 1.09 by 2026 [5][11]. Market Position and Strategy - Haidilao's management has emphasized quality over quantity in store expansion, with only 8 new stores opened by the end of May 2024, compared to a target of 10% growth [2][14]. - The company has implemented effective turnaround initiatives, such as the "Hard Bone" and "Woodpecker" projects, which have improved operational efficiency and brand momentum [14][18]. Management Changes - A change in leadership was announced on June 21, with Mr. Gou Yiqun appointed as the new CEO, succeeding Ms. Yang Lijuan, who will lead the overseas operations [17][18]. - The new CEO's extensive experience in supply chain and digitalization is expected to support sustainable growth and operational precision in a competitive market [18].

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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].