Analyst

Steve

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.</li>
<li>The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.</li>
<li>Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  </li>
</ul>



China Resources Beer Holdings (291 HK) is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.
The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.
Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  


China Resources Beer (291 HK):  High Visibility; Steady Growth; Reasonable Valuation

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Historical results as expected with a sales and profit decline</li>
<li>The first 2 months of the year show a positive trend</li>
<li>Market reaction to the results should highlight low investor expectations </li>
</ul>


Historical results as expected with a sales and profit decline
The first 2 months of the year show a positive trend
Market reaction to the results should highlight low investor expectations 


China Resources Beer Signals a Bottom in Consumption?

Cross Asset Strategy

<ul>
<li>Are the recent announcements blocking Chinese investment a sea change in US/China relations?</li>
<li>Are we wrong about Trump’s willingness to do a deal with China?</li>
<li>Is it wrong to maintain a bullish stance on HK-listed China stocks?</li>
</ul>


Are the recent announcements blocking Chinese investment a sea change in US/China relations?
Are we wrong about Trump’s willingness to do a deal with China?
Is it wrong to maintain a bullish stance on HK-listed China stocks?


Will Recent US Announcements Derail the HK/China Bull Market?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.</li>
<li>Stock's upside potential from current price levels seem to outweigh downside risk.</li>
<li>With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.</li>
</ul>



Budweiser Brewing APAC (1876 HK)'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.
Stock's upside potential from current price levels seem to outweigh downside risk.
With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.


Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

<ul>
<li>In the short-term, meaningful policy reforms needed out of the Third Plenum</li>
<li>Chinese data continues to be lacklustre as expected while markets tread water</li>
<li>What can we expect from the Third Plenum to galvanise the next stage</li>
</ul>


In the short-term, meaningful policy reforms needed out of the Third Plenum
Chinese data continues to be lacklustre as expected while markets tread water
What can we expect from the Third Plenum to galvanise the next stage


The Hang Seng Index Is at a Critical Juncture

Hong Kong

China Resources Beer (Holdings) Company Limited is an alcoholic beverage retailer.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Resources Beer Holdings (291 HK)

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve

China Resources Beer Signals a Bottom in Consumption?

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

Will Recent US Announcements Derail the HK/China Bull Market?

Reevaluating the bullish stance on HK-listed China stocks amid potential shifts in US/China relations and uncertainty about Trump's willingness to...

Rikki Malik

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

The Hang Seng Index Is at a Critical Juncture

Third Plenum must deliver meaningful policy reforms to boost the Chinese consumer and market performance in the short-term.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve

China Resources Beer Signals a Bottom in Consumption?

​Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

Will Recent US Announcements Derail the HK/China Bull Market?

​Reevaluating the bullish stance on HK-listed China stocks amid potential shifts in US/China relations and uncertainty about Trump's willingness to...

Rikki Malik

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

The Hang Seng Index Is at a Critical Juncture

​Third Plenum must deliver meaningful policy reforms to boost the Chinese consumer and market performance in the short-term.

Rikki Malik

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Reevaluating the bullish stance on HK-listed China stocks amid potential shifts in US/China relations and uncertainty about Trump's willingness to...

Third Plenum must deliver meaningful policy reforms to boost the Chinese consumer and market performance in the short-term.