In today’s briefing:
- Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation
- Swire Pac (19 HK): Thai Beverage Spin-Off
- East Buy Holdings (1797 HK): Potential KWEB Deletion in June
- SMIC (981.HK): 2Q25 Guidance Shows A -5% in Revenue. Could This Reflect the Impact of US Tariffs?
- Lucror Analytics – Morning Views Asia
- Asia Real Estate Tracker (08-May-2025): Creating a Win-Win for Investors and Occupiers
Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation
- Laopu Gold (6181 HK) targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.
- Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.
- Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.
Swire Pac (19 HK): Thai Beverage Spin-Off
- Swire Pacific (A) (19 HK) is proposing the spin-off and separate listing on the SET of non-wholly-owned ThaiNamthip Corporation Limited, a Coca-Cola franchise operator in Thailand, Cambodia and Laos.
- On the 30th September, Swire completed the 55.7% acquisition for THB42,615.7mn (HK$9,470.1mn). ThaiNamthip concurrently sought to acquire a 30% stake in Swire Coca-Cola’s operations in Vietnam and Cambodia for HK$2,114.6mn.
- At the time of the acquisition, ThaiNamthip had an extrapolative price tag of ~HK$17bn. Should the proposed spin-off complete, ThaiNamthip will remain a non-wholly owned subsidiary of Swire.
East Buy Holdings (1797 HK): Potential KWEB Deletion in June
- East Buy Holding (1797 HK) was deleted from the Hang Seng TECH Index in March and could be deleted from the KraneShares CSI China Internet ETF (KWEB US) in June.
- There are other ETFs that track the same index (and similar indices), and those trackers will be selling East Buy Holding (1797 HK) too.
- There has been some short covering in the stock recently, but short interest is pretty high as a percentage of float. Watch out for short covering that offsets passive selling.
SMIC (981.HK): 2Q25 Guidance Shows A -5% in Revenue. Could This Reflect the Impact of US Tariffs?
- Semiconductor Manufacturing International Corp (SMIC) (981 HK)‘s 1Q25 results were in line, while the 2Q25 guidance appears somewhat cautious.
- The Americas continued to contribute a low-teens percentage to revenue, accounting for 12.6%, while China and Eurasia made up the remaining majority.
- Semiconductor Manufacturing International Corp (SMIC) (981 HK)’s top priority remains its strategic focus on core business and near-term execution.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau
- In the US, the FOMC has unanimously voted to maintain the Fed funds target rate at 4.25-4.50%, in line with market expectations. In its statement, the FOMC noted that “uncertainty about the economic outlook has increased further”, adding that “risks of higher unemployment and higher inflation have risen”.
- Still, officials noted that although swings in net exports have affected the data, recent indicators suggest that economic activity has continued expanding at a solid pace and labour market conditions have remained strong. Meanwhile, inflation is “somewhat elevated”.
Asia Real Estate Tracker (08-May-2025): Creating a Win-Win for Investors and Occupiers
- Strategic planning and collaboration can create a win-win situation for both investors and occupants in real estate ventures.
- Scape has secured a significant commitment of $3.8 billion from CBRE IM for their student housing fund.
- Companies like Greystar, Warburg, Local, and Kio are sharing Australian living insights at a forum in Singapore.
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