Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul>
<li>The Hong Kong market trades about 30% below analysts' estimated 12 month target price.</li>
<li>Analysts are raising forecasts for<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> as it meets success with new phone rollouts and its EV business.  </li>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> had a positive profit alert and <a href="https://www.smartkarma.com/entities/minth-group-ltd" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group Ltd (425 HK)</a> is showing growth in its international business. Both are rated BUY from analysts.</li>
</ul>


The Hong Kong market trades about 30% below analysts' estimated 12 month target price.
Analysts are raising forecasts forXiaomi Corp (1810 HK) as it meets success with new phone rollouts and its EV business.  

Sunny Optical Technology Group (2382 HK) had a positive profit alert and Minth Group Ltd (425 HK) is showing growth in its international business. Both are rated BUY from analysts.


BUY/SELL/HOLD: Hong Kong Stock Updates (July 22)

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Xiaomi’s global market increased to 15% in 2Q24 compared with 13% in 2Q23.</li>
<li>GAC Aion began to be produced in Thailand to bypass the new tariff barriers from the US and the European Union.</li>
<li>Cotti Coffee plans to extend its “RMB9.90” sales to three years.</li>
</ul>


Xiaomi’s global market increased to 15% in 2Q24 compared with 13% in 2Q23.
GAC Aion began to be produced in Thailand to bypass the new tariff barriers from the US and the European Union.
Cotti Coffee plans to extend its “RMB9.90” sales to three years.


China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

<ul>
<li>Xiaomi (XM)’s shipments increased by 29% YoY in 2Q24, which is the most rapid growth among the global top five.</li>
<li>Xiaomi is the only clear gainer of market share among the global top five.</li>
<li>We believe the stock has an upside of 35% and the target price is HK$22.30 for the end of 2024.</li>
</ul>


Xiaomi (XM)’s shipments increased by 29% YoY in 2Q24, which is the most rapid growth among the global top five.
Xiaomi is the only clear gainer of market share among the global top five.
We believe the stock has an upside of 35% and the target price is HK$22.30 for the end of 2024.


Xiaomi (1810 HK): 2Q24 Shipments – High Growth and High Market Share

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>'s smartphone shipments to India surged in Q2 2024, reclaiming the top spot, while Samsung slipped to third.</li>
<li>Consumer discretionary sales, including smartphones, were weak during the quarter due to elections, subdued demand, and extreme weather.</li>
<li>The upcoming festive season is crucial for sales, with customers anticipating new launches and better bargains. 5G device upgrades continue to drive growth in 2024.</li>
</ul>



Xiaomi Corp (1810 HK)'s smartphone shipments to India surged in Q2 2024, reclaiming the top spot, while Samsung slipped to third.
Consumer discretionary sales, including smartphones, were weak during the quarter due to elections, subdued demand, and extreme weather.
The upcoming festive season is crucial for sales, with customers anticipating new launches and better bargains. 5G device upgrades continue to drive growth in 2024.


Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$19.2bn this week, on smallish two-way volumes. Tencent and ETFs stood out as large net buys.</li>
<li>I've thought national team was buying banks for months. This week, no banks showed in the top five net buys, and only 1 in the top ten.</li>
<li>It is somewhat perplexing that the flows just stopped. But that may be a sign of things to come. Confirmation may require a week or two.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$19.2bn this week, on smallish two-way volumes. Tencent and ETFs stood out as large net buys.
I've thought national team was buying banks for months. This week, no banks showed in the top five net buys, and only 1 in the top ten.
It is somewhat perplexing that the flows just stopped. But that may be a sign of things to come. Confirmation may require a week or two.


HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

BUY/SELL/HOLD: Hong Kong Stock Updates (July 22)

Xiaomi launches its new AI enabled phone and has success in EVs. Sunny Optical has seen its auto lens business grow and Minth is successfully...

David Mudd

China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Xiaomi’s global market share increased to 15% in 2Q24 from 13% in 2Q23. GAC Aion began to produce in Thailand. Cotti Coffee extended its sales to...

Ming Lu

Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

Xiaomi makes a strong comeback as the leading player in the Indian smartphone market after a 6-quarter hiatus due to regulatory and other...

Devi Subhakesan

HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

SOUTHBOUND saw significant net buying this past week but to no avail. HK stocks got crushed across the board. A-shares were up on the week, so it...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUY/SELL/HOLD: Hong Kong Stock Updates (July 22)

Xiaomi launches its new AI enabled phone and has success in EVs. Sunny Optical has seen its auto lens business grow and Minth is successfully...

David Mudd

China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Xiaomi’s global market share increased to 15% in 2Q24 from 13% in 2Q23. GAC Aion began to produce in Thailand. Cotti Coffee extended its sales to...

Ming Lu

Xiaomi (1810 HK): 2Q24 Shipments – High Growth and High Market Share

Xiaomi (XM)’s shipments increased by 29% YoY in 2Q24. Xiaomi is the only clear gainer of market share. We believe the stock has an upside 35% for...

Ming Lu

Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

Xiaomi makes a strong comeback as the leading player in the Indian smartphone market after a 6-quarter hiatus due to regulatory and other...

Devi Subhakesan

HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

SOUTHBOUND saw significant net buying this past week but to no avail. HK stocks got crushed across the board. A-shares were up on the week, so it...

Travis Lundy