Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Wuliangye, China Life, SHANGHAI PUDONG DEVELOPMENT BANK, BYD, PING AN INSURANCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, CHINA EASTERN AIRLINES, GUANGZHOU AUTOMOBILE, Ping An Insurance.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Wuliangye, China Life, SHANGHAI PUDONG DEVELOPMENT BANK, BYD, PING AN INSURANCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, CHINA EASTERN AIRLINES, GUANGZHOU AUTOMOBILE, Ping An Insurance.


CSI 300 Index Earning Revision (Oct): Wuliangye, China Life, SPDB, BYD

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.</li>
<li>Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.</li>
<li>Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.</li>
</ul>


MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.
Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.
Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.


Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Asia High Yield Bond Index / Debt Capital Markets

<ul>
<li>Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.</li>
<li>We believe fixed rate bonds should be the instrument of choice toward the end of this year. </li>
<li>Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.</li>
</ul>


Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.


Asian Bond Monitor: Asian Bonds for the Upcoming Recession

<ul>
<li>With a "fully self-breeding, fully chain, intelligent" business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers. </li>
<li>Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.</li>
<li>MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.</li>
</ul>


With a "fully self-breeding, fully chain, intelligent" business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers. 
Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.
MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.


Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

iShares 3-7 Year Treasury Bond / Debt Capital Markets

<ul>
<li>We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.</li>
<li>Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term</li>
<li>We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.</li>
</ul>


We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.


Bond Market Monitor: TRUMPoline Projectile

China

Wens Foodstuff Group Co., Ltd. produces meat products. The Company produces, processes, and sells chicken, duck, pork, and other related products. Guangdong Wens Foodstuffs Group also manufactures and markets cooked meat and frozen meat.

Wens Foodstuff Group Co., Ltd. (300498 CH)

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

Wens Foodstuff Group Co., Ltd. (300498 CH)

CSI 300 Index Earning Revision (Oct): Wuliangye, China Life, SPDB, BYD

We analyzed CSI 300's consensus for Oct 2025 and highlighted changes of EPS in Wuliangye (000858 CH), China Life (601628 CH), SHANGHAI PUDONG...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Xinyao (Criss) Wang

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Xinyao (Criss) Wang

Bond Market Monitor: TRUMPoline Projectile

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 Index Earning Revision (Oct): Wuliangye, China Life, SPDB, BYD

We analyzed CSI 300's consensus for Oct 2025 and highlighted changes of EPS in Wuliangye (000858 CH), China Life (601628 CH), SHANGHAI PUDONG...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

​MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Xinyao (Criss) Wang

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

​Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

​MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Xinyao (Criss) Wang

Bond Market Monitor: TRUMPoline Projectile

​Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...