In today’s briefing:
- Li Ka-Ching! Cheung Kong (1 HK) Offloads Panama Ports To Blackrock
- Sunevision (1686 HK): Data Center Rally Brings Passive Flows
- PC Partner: Strong Finish to FY24; Relisting on SGX in FY25
- Asian Dividend Gems: Crystal International
- SJM Holdings – Earnings Flash – FY 2024 Results – Lucror Analytics
- Asia Real Estate Tracker (05-Mar-2025): HK’s Far East Consortium sells UK hotel project for $57M.
- Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY
- Pre-IPO Foshan Haitian Flavouring & Food Company – The Challenges Ahead and the Outlook
Li Ka-Ching! Cheung Kong (1 HK) Offloads Panama Ports To Blackrock
- As part of a US$22.8bn transaction, BlackRock, Global Infrastructure Partners and Terminal Investment, have agreed to buy two contentious Panama ports from Li Ka-shing’s CK Hutchison (1 HK) (CKH).
- The transaction also includes an 80% stake in CKH’s ports subsidiaries, which operate 43 ports comprising 199 berths in 23 countries.
- CKH expects cash proceeds in excess of US$19bn. CKH’s current market cap was – at the time of deal – also ~US$19bn.
Sunevision (1686 HK): Data Center Rally Brings Passive Flows
- The huge rally in SUNeVision Holdings (1686 HK) will bring passive inflows to the stock after being added to a global sector index.
- Estimated passive buying is 19.4m shares (US$22m; 0.55x ADV) with implementation scheduled for the close of trading on 21 March.
- Shorts have risen sharply in the last couple of weeks and cumulative excess volume has jumped too. But we see a similar pattern in a close peer.
PC Partner: Strong Finish to FY24; Relisting on SGX in FY25
- PC Partner (1263 HK) reported FY24 results which showed a strong finish to the year
- Relisting on SGX on track to complete by 3Q25. If this completes it should allow the company to finally access NVDA’s AI chips.
- Better availability of RTX5090 and RTX5080 in 2Q25 and potential AI chips could turbocharge 2H25 results.
Asian Dividend Gems: Crystal International
- Crystal International ‘s business operations started to turn around in 2024 as most brand customers ended the destocking cycle and adjusted their inventory strategy.
- Crystal International is trading at attractive valuations of EV/EBITDA of 3.5x and P/E of 8.1x, based on 2025 consensus earnings estimates. Estimated dividend yield is at 6.5% in 2025.
- The company is one of the largest OEM apparel manufacturers in the world. It has a proven record of executing its business strategy successfully for more than five decades.
SJM Holdings – Earnings Flash – FY 2024 Results – Lucror Analytics
- SJM Holdings’ FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.
- In particular, GLP has managed to improve market share gradually over the course of the year.
- Still, SJM’s overall market share remained below the pre-pandemic FY 2019 level.
Asia Real Estate Tracker (05-Mar-2025): HK’s Far East Consortium sells UK hotel project for $57M.
- Far East Consortium sold a UK hotel to AMTD IDEA Group for $57M, expanding the latter’s presence in the hospitality industry.
- Qingjian and CCCC made a joint bid of $234M for a Singapore site, highlighting the competitive nature of real estate acquisitions in the region.
- C&W reports that the APAC data center market will require a substantial $116B in funding to support its growing pipeline of projects.
Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY
- On March 5 Chinese freight platform Full Truck Alliance posted another great set of results
- Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins
- We’ve upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target
Pre-IPO Foshan Haitian Flavouring & Food Company – The Challenges Ahead and the Outlook
- The entire condiments market in China is deeply mired in fierce competition with limited market increment space. The future performance growth of companies in the industry will further slow down.
- Haitian tries to find new growth points through diversification/internationalization. A big concern is whether China’s local brand will face “adaptation issue” overseas. The supply chain system is not yet perfect
- Due to the concerns on slowing performance growth in the future as well as the uncertainties on internationalization, we think reasonable valuation for Haitian is about 20-30x P/E.
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