Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul><li>Haier is the world’s largest home appliances company, with particular strength in refrigerators and washing machines. It’s got multiple world-renowned brands, including Haier, GE Appliance, Fisher &amp; Paykel, Candy and more.</li><li>The company was largely built by visionary entrepreneur Zhang Ruimin, who created a corporate culture unique in China and beyond. He spearheaded Haier’s international expansion, acquiring companies such as America’s GE Appliances and Italy’s Candy, giving it local distribution networks for its lower-priced Haier offering.</li><li>In late 2020, Haier Smart Home merged with its separately-listed distribution subsidiary Haier Electronics. Following this complex transaction, Haier was left with three separate share classes: A-shares listed in Shanghai, H-shares listed in Hong Kong and D-shares listed in Frankfurt.</li></ul>

Haier is the world’s largest home appliances company, with particular strength in refrigerators and washing machines. It’s got multiple world-renowned brands, including Haier, GE Appliance, Fisher &amp; Paykel, Candy and more.The company was largely built by visionary entrepreneur Zhang Ruimin, who created a corporate culture unique in China and beyond. He spearheaded Haier’s international expansion, acquiring companies such as America’s GE Appliances and Italy’s Candy, giving it local distribution networks for its lower-priced Haier offering.In late 2020, Haier Smart Home merged with its separately-listed distribution subsidiary Haier Electronics. Following this complex transaction, Haier was left with three separate share classes: A-shares listed in Shanghai, H-shares listed in Hong Kong and D-shares listed in Frankfurt.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Haier Smart Home Co., Ltd. recently released its third-quarter financial results, providing insights into its performance and strategic developments.</li>
<li>During the initial three quarters, the company reported sales revenue of RMB 148.9 billion, representing a 7.7% growth.</li>
<li>The net profit was RMB 717 million, which marks a 26.2% increase year over year.</li>
</ul>


Haier Smart Home Co., Ltd. recently released its third-quarter financial results, providing insights into its performance and strategic developments.
During the initial three quarters, the company reported sales revenue of RMB 148.9 billion, representing a 7.7% growth.
The net profit was RMB 717 million, which marks a 26.2% increase year over year.


Haier Smart Home: Is Casarte’s 42% Boom Just the Beginning of a Product Power Play?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the deal background in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Midea Group Co Ltd A (000333 CH) raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the deal background in our previous notes. In this note, we talk about the trading dynamics.


Midea A/H Listing - Strong Demand for Quality Asset, Index Flows Could Help in the near Term

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.</li>
</ul>



Midea Group Co Ltd A (000333 CH) one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.


Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s management is confident about the FY24 outlook, with net profit growth of 12-13% can be sustained.  </li>
<li>Casarte will continue to lead with 10-15% revenue increase. There is room for further margin expansion led by overseas markets and process optimisation in the domestic market.</li>
<li>The plunge in real estate market does not have a material impact on sales and HSH is positive on replacement/upgrade demand. Its FY24F PER of 10.1x is undemanding.</li>
</ul>



Haier Smart Home (6690 HK)'s management is confident about the FY24 outlook, with net profit growth of 12-13% can be sustained.  
Casarte will continue to lead with 10-15% revenue increase. There is room for further margin expansion led by overseas markets and process optimisation in the domestic market.
The plunge in real estate market does not have a material impact on sales and HSH is positive on replacement/upgrade demand. Its FY24F PER of 10.1x is undemanding.


Haier Smart Home (6690 HK): Update Suggests Resilience to Sustain

China

Haier Smart Home Co. Ltd. manufactures and distributes appliances. The Company produces air conditioners, refrigerators, freezers, small household electrical appliances, and other related products. Haier Smart Home markets its products domestically and internationally.

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Haier Smart Home (690D GR)

Haier Smart Home: Is Casarte’s 42% Boom Just the Beginning of a Product Power Play?

Haier Smart Home Co., Ltd. recently released its third-quarter financial results, providing insights into its performance and strategic developments.

Baptista Research

Midea A/H Listing - Strong Demand for Quality Asset, Index Flows Could Help in the near Term

Midea Group Co Ltd A (000333 CH) raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized. In this...

Sumeet Singh

Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

The company has now filed its PHIP and is said to be looking to pre-market its IPO over the coming week, with an aim for launching the IPO later in...

Sumeet Singh

Haier Smart Home (6690 HK): Update Suggests Resilience to Sustain

Haier Smart Home is confident in sustaining 12-13% net profit growth in FY24, with Casarte leading revenue increase and potential for margin...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Haier D-Share (690D GR) — 2025 Update

World-leading home appliances business at 7x P/E. Haier is the world’s largest home appliances company, with particular strength in refrigerators...

Asian Century Stocks

Haier Smart Home: Is Casarte’s 42% Boom Just the Beginning of a Product Power Play?

Haier Smart Home Co., Ltd. recently released its third-quarter financial results, providing insights into its performance and strategic developments.

Baptista Research

Midea A/H Listing - Strong Demand for Quality Asset, Index Flows Could Help in the near Term

Midea Group Co Ltd A (000333 CH) raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized. In this...

Sumeet Singh

Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

The company has now filed its PHIP and is said to be looking to pre-market its IPO over the coming week, with an aim for launching the IPO later in...

Sumeet Singh

Haier Smart Home (6690 HK): Update Suggests Resilience to Sustain

​Haier Smart Home is confident in sustaining 12-13% net profit growth in FY24, with Casarte leading revenue increase and potential for margin...

Osbert Tang, CFA

Haier Smart Home is confident in sustaining 12-13% net profit growth in FY24, with Casarte leading revenue increase and potential for margin...