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Research Reports
 
  • Mitchell Kim
    China Mobile - Staying the course (BUY, TP HKD 105.00, 941 HK, Telecommunications)
    We remain positive on the sector and China Mobile's attractive value proposition, although we don't see any catalyst in the near term. 3Q17 results reaffirmed our view that profitability is gradually improving: EBITDA growth of 7% YoY was an improvement from 3-6% in 1H17 (2% above MKE). We are constructive on CM’s improving profitability despite aggressive pricing by competitors, elimination of domestic long distance roaming (DLDR), and fixed-line market expansion. CT remains our top pick.
  • Jacqueline Ko
    Health & Happiness Int’l - Double Happiness; TP +42% (BUY, TP HKD57.10, 1112 HK, Consumer)
    Positive earnings shocks should prompt the Street to upgrade, catalyzing more price action despite doubling of share price since July. Both of H&H’s divisions are seeing cyclical and structural recovery, fueled by favorable demographics and regulatory environment. We affirm our 25-44% above-Street EPS forecast for FY17-19F, with twin engines firing. New TP implies 23x/18x FY18/19F P/E, or 15x FY18F EV/EBITDA. We previously bundled 12x blended FY17-18F EV/EBITDA.
  • Ning Ma
    China Life Insurance - 3Q17 Earnings Surprise (HOLD, TP HKD 26.50, 2628 HK, Financials)
    Maintain HOLD on fundamental concerns despite earnings surprise. China Life released a profit alert last Fri (20 Oct), indicating 9M17 net profit growth of 95% YoY to ~CNY26.4b, which already exceeds consensus/MKE 2017E forecast by 7%/2%. With 3Q earnings surprise and the recent rise in bond yields, we see short-term trading upside given China Life’s YTD laggard performance. However, concerns on sales sustainability and earnings quality should continue to cap its LT share performance.