Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H) (753 HK)</a> H1 results (out late in the day on August 30th) showed continued success in cost-cutting, specifically efforts to reduce Sales &amp; Marketing expenses, which fell 20% Y/Y despite a 9% increase in overall traffic. Lower Sales &amp; Marketing expenses and lower jet fuel prices, combined with just a 4% increase in Revenue, led to an impressive +20.5% Y/Y increase in Operating Profit.The result is equivalent to over 48% of our 2016e OP target. Overall, despite some negative (but…

Air China Ltd (H) (753 HK) H1 results (out late in the day on August 30th) showed continued success in cost-cutting, specifically efforts to reduce Sales &amp; Marketing expenses, which fell 20% Y/Y despite a 9% increase in overall traffic. Lower Sales &amp; Marketing expenses and lower jet fuel prices, combined with just a 4% increase in Revenue, led to an impressive +20.5% Y/Y increase in Operating Profit.The result is equivalent to over 48% of our 2016e OP target. Overall, despite some negative (but…

Air China H1 Result Shows Progress on Cost-Cutting, OP up 20% Y/Y; Negative Read-Through for Ctrip

To date, neither Ctrip.com International (ADR) (CTRP US) nor its 45%-owned affiliate Qunar Cayman Islands Ltd (QUNR US) have announced dates for the release of their Q2 (June) financial results, but we believe both companies will likely report on the same day in the last week of August. In this brief note we lay out what to expect when both companies report, and what holders (or potential buyers) of these shares should worry about.Expect pressure on air ticketing and hotel commissions to remain…

To date, neither Ctrip.com International (ADR) (CTRP US) nor its 45%-owned affiliate Qunar Cayman Islands Ltd (QUNR US) have announced dates for the release of their Q2 (June) financial results, but we believe both companies will likely report on the same day in the last week of August. In this brief note we lay out what to expect when both companies report, and what holders (or potential buyers) of these shares should worry about.Expect pressure on air ticketing and hotel commissions to remain…

Ctrip.com Q2 Earnings Preview: What to Expect, What to Fear

China Macroeconomics & Academia

Christopher Balding

Thematic (Sector/Industry)

The sluggish growth of Chinese economy in the past couple of months ignited concerns regarding the future of the economy. The slow growth in exports posed various threats to the highly leveraged economy which depends upon state owned enterprises and the debts owed by them. However, some sectors such as real estate have started to show signs of improvement which surely will help the economy.While the slow economic growth left Beijing concerned, the recent official data released by presents a…

The sluggish growth of Chinese economy in the past couple of months ignited concerns regarding the future of the economy. The slow growth in exports posed various threats to the highly leveraged economy which depends upon state owned enterprises and the debts owed by them. However, some sectors such as real estate have started to show signs of improvement which surely will help the economy.While the slow economic growth left Beijing concerned, the recent official data released by presents a…

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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In June the MNI China Consumer Sentiment Indicator (CSI) increased to a level of 115.9, just below the threshold level of 116 indicating consumers are in a state of panic. We continue to highlight our view that China’s economy is much stronger than depressed levels of Consumer Sentiment would suggest. We believe the Chinese government is aware of its recent confidence destabilizing policy moves and is focused on avoiding such moves in the near future, allowing consumers to pull out of a prolonged period of panic. Data collection for the MNI China Consumer Sentiment Survey ended by the June 23rd Brexit referendum. While it is not yet clear what impact the Brexit will have on the CSI it has the potential to adversely change the global economic outlook and the outlook for China. Over the next few weeks we will be monitoring the spillover effects of the Brexit carefully.

In June the MNI China Consumer Sentiment Indicator (CSI) increased to a level of 115.9, just below the threshold level of 116 indicating consumers are in a state of panic.  We continue to highlight our view that China’s economy is much stronger than depressed levels of Consumer Sentiment would suggest. We believe the Chinese government is aware of its recent confidence destabilizing policy moves and is focused on avoiding such moves in the near future, allowing consumers to pull out of a prolonged period of panic.  Data collection for the MNI China Consumer Sentiment Survey ended by the June 23rd Brexit referendum. While it is not yet clear what impact the Brexit will have on the CSI it has the potential to adversely change the global economic outlook and the outlook for China.  Over the next few weeks we will be monitoring the spillover effects of the Brexit carefully.

China Consumer Sentiment Rises in June as Panic Surrounding Slowing Economy Continues to Dissipate

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Coupang has been quite secretive regarding its China expansion plans. In the past several years, Coupang has shattered many records to become one of the fastest growing E-commerce company not just in Korea, but in the world. Coupang is the largest "start-up" in Korea in history. Ever since Softbank invested US$1 billion in Coupang in 2015, some of the key questions that have been raised include "Will Coupang focus its business in Korea only and what is its expansion plans in China?" Coupang has…

Coupang has been quite secretive regarding its China expansion plans. In the past several years, Coupang has shattered many records to become one of the fastest growing E-commerce company not just in Korea, but in the world. Coupang is the largest "start-up" in Korea in history. Ever since Softbank invested US$1 billion in Coupang in 2015, some of the key questions that have been raised include "Will Coupang focus its business in Korea only and what is its expansion plans in China?" Coupang has…

China

Qunar Cayman Islands Limited operates a search-based commerce platform. The Company provides travel product information from thousands of travel services providers in one location. Qunar Cayman Islands offers its services in China.

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Qunar Cayman Islands (QUNR US)

Air China H1 Result Shows Progress on Cost-Cutting, OP up 20% Y/Y; Negative Read-Through for Ctrip

Air China Ltd (H) (753 HK) H1 results (out late in the day on August 30th) showed continued success in cost-cutting, specifically efforts to reduce...

Daniel Hellberg

Ctrip.com Q2 Earnings Preview: What to Expect, What to Fear

To date, neither Ctrip.com International (ADR) (CTRP US) nor its 45%-owned affiliate Qunar Cayman Islands Ltd (QUNR US) have announced dates for...

Daniel Hellberg

Inside the Chinese Retail Sector

The sluggish growth of Chinese economy in the past couple of months ignited concerns regarding the future of the economy. The slow growth in...

Christopher Balding

China Consumer Sentiment Rises in June as Panic Surrounding Slowing Economy Continues to Dissipate

In June the MNI China Consumer Sentiment Indicator (CSI) increased to a level of 115.9, just below the threshold level of 116 indicating consumers...

David Riedel

Is Coupang Ready to Expand in China?

Coupang has been quite secretive regarding its China expansion plans. In the past several years, Coupang has shattered many records to become one...

Douglas Kim

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