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BEKE US EOUITY: Beike F4Q23 | Neutral
Company Insights
Pre Earning View

In Oct-23, Sandalwood captured existing-home GTV (RMB) and sales volume grew at +12% y/y and +28% y/y respectively, remaining resilient compared to last quarter’s +11% y/y and +14% y/y respectively; we estimated the GTV and total number of second-hand properties closed would further improve to +23% y/y and +39% y/y in Nov from Oct’s +12% y/y and +28% y/y.Existing home visit numbers remained healthy in Nov-23 at +59% y/y; Shenzhen weekly visits witnessed an uptick in the last week of Nov thanks to the lowered down payment to 40% for the second-purchased home starting from Nov 23rd 

2024-02-12
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Japanese Companies in China - Aug 2023
Key Takeaways
Positive trend: 1、Sportswear: Mizuno, Snowpeak; 2、Toys & Accessories: Sanrio

Negative trend: 1、Sportswear: Yonex; 2、Cosmetics & Personal Care: P&G (SK II), Kose, KAO, Unicharm, MTG, Pigeo

2023-10-12
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China Reopening Activity Tracker - Aug 2023

Positive: Travel sector, Japan tourism, Isetan, H2O Retailing, J Front RetailingCtripTongcheng ElongMoncler

1. On y/y basis, Retail/Restaurant remain largely seasonal in Aug MTD vs. Jul, while Auto becomes less negative, although still ample room for recovery. Housing (new home sales) continues to be the most negative, but likely close to the bottom as more support measures roll out in early Sep. 

2. Chinese luxury spending continues to be healthy based on daily trend, mainly supported by Hong Kong, Macau, Japan, and other regions in APAC. Moncler outperforms the most.

 

2023-09-05
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NKE US EQUITY: Nike F3Q23 | Neutral
Company Insights
Pre Earning View

Sandalwood estimates Nike Brand Greater China Revenue Y/Y (USD) to accelerate in F4Q23 (ending May-23), driven by 1) strong online sales performance during the 6.18 promotion pre-sales period, 2) increased outdoor activities, and 3) easy comps from the lockdown last year.

2023-06-21
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China Fresh Made Beverage Sector Competition Analysis July 2023

Fresh Made Beverage sector is expected to continue its growth trends in the next 5 years; the chain rate is expected to further increase. Chain brands are willing to expand in lower city tiers.

In Jun-23, most coffee names' sales value y/y slightly slowed down on normalizing comps; looking at y/2y, Starbucks become slightly less negative yet still remained stagnant.

Luckin Coffee y/y slightly slowed down in Jun-23 mainly due to the lowered ticket size as Luckin started another round of coupon give-away to celebrate the opening of 10,000th stores (source); volume y/y accelerated to +62% y/y from May-23's +54% y/y.

2023-06-07
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BEKE US EQUITY: Beike F2Q23 | Negative
Company Insights
Pre Earning View

Though the y/y strength of new home sales in 1Q23 is partly attributable to the one-time release of the pent-up demand accumulated during the pandemic, we do notice Beike new home sales outperformed the overall market’s growth rate of ~20% y/y. It might indicate that Beike will be taking more shares in 1Q23. Therefore, we have a positive view on Beike.

2023-05-17
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LKNCY US EQUITY: Luckin Coffee F2Q23 | Neutral
Company Insights
Pre Earning View

Sandalwood projects Luckin Coffee reporting net product revenue (in RMB) to grow at +65-70% y/y in 1Q23, recovering from last quarter’s +44% y/y. No consensus to compare with.

2023-04-17
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002847 CH EQUITY: Yanker Shop-Apr 2023| Positive
Thematic Reports

Yanker Shop is the major market share gainer in Deli food (Subsector under Snacks) in 1Q23. The brand also continuously outperformed its sector since Jan 2022.

2023-04-13
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Windows to China Feb 2023
Thematic Reports
1、Hainan DFS and Ctrip (TCOM) recover strongly from late Dec through Jan, driven by revenge travel
2、Lululemon continues to outperform sportswear peers both online and offline
2023-02-10
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China Car Sector Analysis 2022
Thematic Reports

In 2022, the deliveries of the overall car sector grew -3% y/yfacing challenges from Covid restrictions, despite benefiting greatly from stimulus policies in 2H, especially the halved purchase tax for small-engine cars.

2023-01-30
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AAPL US EQUITY: Apple F3Q22 | Neutral
Company Insights
Pre Earning View

Compared to the previous generation after 3 weeks since launch, iPhone 14 standard model underperforms, iPhone 14 Pro/Pro Max perform decently, while Apple Watch 8 outperforms.

2022-10-18
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KER FP EQUITY: Kering F2Q22 | Negative
Company Insights
Pre Earning View

Our data suggest Gucci continues to underperform peers, likely due to 1) several negative social media coverages earlier this year, 2) brand positioning as “trendy pieces” vs. peers’ “timeless pieces”

2022-10-13
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Windows to China Aug 2022
Thematic Reports

1、Hermes continues to outgrow peers; Domestic jewelers, especially Chow Tai Fook, further accelerate in Jul

2、Express shipment remains healthy led by J&T/STO/JDL in Jul

3、Lululemon soars on JD store opening and resilient Tmall; Xtep outperforms; Nike retains recovered-level in Jul

2022-08-09
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