17 June 2025 | 12:48AM HKT China Beverages: Addressing key debates: Solid product cycle and earnings visibility despite rising competition; Scenario analysis on Our covered names in China Beverages, our most preferred subsector in the staples space, have rallied 19% YTD, outperforming vs. MSCI China staples index up 8%. Into 2Q25, we continue to prefer this sub-sector with growth scarcity, positive product cycle and solid earnings visibility amid continued cost benefits; however, we note rising investor con ...

11 June 2025 | 12:11AM HKT China Consumer Staples: May Check In and Consumer Corp. Day Wrap: A bumpy road with policy swings, channel shift amid deflation We hosted multiple staple companies at our Consumer & Leisure Corporate Day and performed channel checks in the past weeks. We are seeing a bumpy road of demand recovery and still largely slow 2Q-to-date run-rates across staples sub-sectors, esp. for spirits, beer, and dairy. Recent policy tightening in alcohol consumption by government officers and civil ...