Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an app, Uber is new and great, but as a business model (matching people with cabs and car-pooling), this is an outdated concept in China. Hence, I’m not entirely surprised that the US company has failed to gain a foothold there.Here, I introduce a new mini-series about businesses, accounting, and investing practices within China experienced from the…

My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an app, Uber is new and great, but as a business model (matching people with cabs and car-pooling), this is an outdated concept in China. Hence, I’m not entirely surprised that the US company has failed to gain a foothold there.Here, I introduce a new mini-series about businesses, accounting, and investing practices within China experienced from the…

China Business Observations: Why Uber "Failed" And Humans Are a Commodity (Episode 1)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Equity Bottom-Up

Tsingtao Brewery Co Ltd H / Equity Bottom-Up

As sector is maturing, industry players are scrapping for market share, as well as trying to fend off competition from other products including Baijiu and red wine. CRB (291.HK) increased its market share in China by joining hands with AB Inbev and raised money through rights offering to finance this. Tsingtao (168.HK) did not manage to clinch similar deal. So who is the winner? Expect more divergence...

As sector is maturing, industry players are scrapping for market share, as well as trying to fend off competition from other products including Baijiu and red wine. CRB (291.HK) increased its market share in China by joining hands with AB Inbev and raised money through rights offering to finance this. Tsingtao (168.HK) did not manage to clinch similar deal. So who is the winner? Expect more divergence...

Capitalizing on the Shift of Consumers' Drinking Taste in China

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

China Resources Beer Holdings / Equity Bottom-Up

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit (excluding the impairment loss of HKD 178 million), to HKD 1 billion, or HKD 0.42 per share.It is worth highlighting CR Snow further expanded its market share by 1% to 25%, and increased its average selling prices by about 6% in 2015, despite the weak demand and intensified competition in China's brewing industry.Analysts: Jennifer Song &amp; Philip Zhong

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit (excluding the impairment loss of HKD 178 million), to HKD 1 billion, or HKD 0.42 per share.It is worth highlighting CR Snow further expanded its market share by 1% to 25%, and increased its average selling prices by about 6% in 2015, despite the weak demand and intensified competition in China's brewing industry.Analysts: Jennifer Song &amp; Philip Zhong

CRB's Strong 2015 Result In Line; The Acquisition of 49% CR Snow Drives FVE to HKD 15.

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

The ACCC could slow the $110 billion merger of beer giant AB InBev with peer SABMiller, an analyst tells CTFN, while conditions or a divestiture are likely needed to clear antitrust concerns in China, an antitrust source says.

The ACCC could slow the $110 billion merger of beer giant AB InBev with peer SABMiller, an analyst tells CTFN, while conditions or a divestiture are likely needed to clear antitrust concerns in China, an antitrust source says.

AB InBev-SABMiller Face Scrutiny in Australia and China

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

China Resources Beer Holdings / Event-Driven

In the past week and a few days, The&nbsp;proposed&nbsp;AB InBev transaction for SABMiller ("MegaBrew") has sent CRE NEWBREWCO from&nbsp;the equivalent of HK$12.25 pre-div (which was just below the Partial Offer price of $12.70), to $14.30 as of Friday's close ex-div - up 16.7%.Investors have decided CRE NEWBREWCO could potentially be "in play" in some way shape or form because SABMiller owns the 49% minority interest of CR Snow Breweries -&nbsp;the complement to CRE NEWBREWCO (291 HK)'s 51% stake. &nbsp;The possibilities are:<ul><li>No MegaBrew deal,</li><li>Megabrew causes a sale of the 49% stake to someone else,</li><li>MegaBrew causes a sale of the stake to CRE, and/or,</li><li>CRH walks away from CRE.&nbsp;</li></ul>Investors should think about what they are expecting... (or hoping&nbsp;for)More below the fold.

In the past week and a few days, The&nbsp;proposed&nbsp;AB InBev transaction for SABMiller ("MegaBrew") has sent CRE NEWBREWCO from&nbsp;the equivalent of HK$12.25 pre-div (which was just below the Partial Offer price of $12.70), to $14.30 as of Friday's close ex-div - up 16.7%.Investors have decided CRE NEWBREWCO could potentially be "in play" in some way shape or form because SABMiller owns the 49% minority interest of CR Snow Breweries -&nbsp;the complement to CRE NEWBREWCO (291 HK)'s 51% stake. &nbsp;The possibilities are:No MegaBrew deal,Megabrew causes a sale of the 49% stake to someone else,MegaBrew causes a sale of the stake to CRE, and/or,CRH walks away from CRE.&nbsp;Investors should think about what they are expecting... (or hoping&nbsp;for)More below the fold.

CRE NewBrewCo Outperforming on MegaBrew?   Sounds Thingish. Take a Page from Pooh

Hong Kong

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

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China Resources Beer Holdings (291 HK)

China Business Observations: Why Uber "Failed" And Humans Are a Commodity (Episode 1)

My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an...

Valerie Law, CFA

Capitalizing on the Shift of Consumers' Drinking Taste in China

As sector is maturing, industry players are scrapping for market share, as well as trying to fend off competition from other products including...

Henry Soediarko

CRB's Strong 2015 Result In Line; The Acquisition of 49% CR Snow Drives FVE to HKD 15.

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit...

Morningstar, Inc.

AB InBev-SABMiller Face Scrutiny in Australia and China

The ACCC could slow the $110 billion merger of beer giant AB InBev with peer SABMiller, an analyst tells CTFN, while conditions or a divestiture...

CTFN

CRE NewBrewCo Outperforming on MegaBrew? Sounds Thingish. Take a Page from Pooh

In the past week and a few days, The proposed AB InBev transaction for SABMiller ("MegaBrew") has sent CRE NEWBREWCO from the equivalent of...

Travis Lundy

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