Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li>Trip.com / In Depth: Trip.com eyes post-pandemic tourism boom as rivals circle</li><li>Bonds / Sunac China seeks two-year extension on $627.85 million bond</li><li>Manufacturing / Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels</li></ul>

Trip.com / In Depth: Trip.com eyes post-pandemic tourism boom as rivals circleBonds / Sunac China seeks two-year extension on $627.85 million bondManufacturing / Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The sharp surge in Omicron-driven local cases has driven more stringent measures by local governments. On ground in Shanghai, we see more tightened measures being implemented over the weekend. </li>
<li>The measures will reduce a lot of foot traffic and lower discretionary spending appetite in Mar, and this will negatively weigh on many 1Q22 results to be announced in late-Apr. </li>
<li>We advocate a long staples, short discretionary strategy in the near term. Also, travel sector will be hit, and on net-net basis, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> looks to be a loser.</li>
</ul>


The sharp surge in Omicron-driven local cases has driven more stringent measures by local governments. On ground in Shanghai, we see more tightened measures being implemented over the weekend. 
The measures will reduce a lot of foot traffic and lower discretionary spending appetite in Mar, and this will negatively weigh on many 1Q22 results to be announced in late-Apr. 
We advocate a long staples, short discretionary strategy in the near term. Also, travel sector will be hit, and on net-net basis, Meituan (3690 HK) looks to be a loser.


China on the Ground: Escalating Measures to Combat Omicron and What Stocks Are Impacted?

Equity Bottom-Up

<ul>
<li>Given significant presence in China, <a href="https://www.smartkarma.com/entities/shangri-la-asia-ltd" target="_blank" data-smartkarma-citation="entities:19690:1" rel="noopener">Shangri-La Asia (69 HK)</a> is geared towards China's more accommodative COVID policy. The good thing is that the share price has not yet reflected this. </li>
<li>Over the next 12-18 months, SLA will first benefit from tourism recovery outside of China, and then followed by powerful rebound in China's inbound travelers, particularly the high-end business visitors.</li>
<li>The resurgence in long-absented business visitors should bring in higher room yield and F&amp;B revenue. It has minimal refinancing and liquidity risks and these make its near-trough 0/48x P/B unjustified. </li>
</ul>


Given significant presence in China, Shangri-La Asia (69 HK) is geared towards China's more accommodative COVID policy. The good thing is that the share price has not yet reflected this. 
Over the next 12-18 months, SLA will first benefit from tourism recovery outside of China, and then followed by powerful rebound in China's inbound travelers, particularly the high-end business visitors.
The resurgence in long-absented business visitors should bring in higher room yield and F&amp;B revenue. It has minimal refinancing and liquidity risks and these make its near-trough 0/48x P/B unjustified. 


Shangri-La Asia (69 HK): Let's Go, What Are You Waiting For?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 3 March, the South Korean romance drama "Something in the Rain" was streamed on a Chinese online platform iQiyi. </li>
<li>This was the first time in five years that a Korean TV show has been approved by the Chinese government to be formally allowed to be shown in China.</li>
<li>In addition, there has been numerous media news flow in the past week regarding China pivoting away from its zero-COVID policy.</li>
</ul>


On 3 March, the South Korean romance drama "Something in the Rain" was streamed on a Chinese online platform iQiyi. 
This was the first time in five years that a Korean TV show has been approved by the Chinese government to be formally allowed to be shown in China.
In addition, there has been numerous media news flow in the past week regarding China pivoting away from its zero-COVID policy.


China Pivots from Zero-COVID Policy & End of China's Ban on Korean Culture?

<ul>
<li>
In Depth: Will subsidized housing stabilize the real estate industry?
</li>
<li>
Trending in China: Outpouring of affection for Japanese figure skating star
</li>
<li>
Zhong Ou health-care fund falls out of Alipay top 10 after ranking No. 1
</li>
</ul>



In Depth: Will subsidized housing stabilize the real estate industry?


Trending in China: Outpouring of affection for Japanese figure skating star


Zhong Ou health-care fund falls out of Alipay top 10 after ranking No. 1



CX Daily: Will Subsidized Housing Stabilize The Real Estate Industry?

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels; Sunac China seeks two-year extension on...

Caixin Global

China on the Ground: Escalating Measures to Combat Omicron and What Stocks Are Impacted?

Omicron combating measures have been stepped up over the weekend and this will make a dent on the Mar operations of many companies. This will be...

Osbert Tang, CFA

Shangri-La Asia (69 HK): Let's Go, What Are You Waiting For?

Shangri-La Asia has benefited from China's domestic tourism recovery, and we expect this will be followed by better tourist flow outside of China...

Osbert Tang, CFA

China Pivots from Zero-COVID Policy & End of China's Ban on Korean Culture?

On 3 March, the South Korean romance drama "Something in the Rain" was streamed on a Chinese online platform iQiyi. In addition, China appears to...

Douglas Kim

CX Daily: Will Subsidized Housing Stabilize The Real Estate Industry?

In Depth: Will subsidized housing stabilize the real estate industry? Trending in China: Outpouring of affection for Japanese figure skating star

Caixin Global

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