Dim Sum Express
Investment Strategy: Investment ideas from China’s push for better quality of life Dur...
Investment Strategy: Investment ideas from China’s push for better quality of life During the 19th CPC National Congress, President Xi stated that China’s new era will becharacterized by the competing forces of a push towards providing a better quality of life andcombating unbalanced and inadequate development. As China moves towards its aim of building awell-off society by 2020, we believe the push to provide a better quality of life will mean demandupgrades and improvements, at first particularly in environmental protection, healthcare, educationand telecommunication. We see supply-side constraint improvements and demand upgrades as thetwo key themes and Wisdom Education, BJE Water, Truly, CSPC Pharma, and Tencent as likelybeneficiaries. I.T (999HK, Buy): 1HFY18net profit growth on track 1HFY18net profit rose 55% YoY, meaning earnings growth is on track towards our estimate of 34%in FY18(1H is the typical low season as it usually represents just 10-15% of FY net profit). Thelosses in HK & Macau were contained, and its Japan & US market saw revenue rise 31% YoY. Theproportion of revenue from China rose from 45% in FY17to 46% in 1HFY18, while HK & Macau’sproportion decreased from 44% to 40%. We remain positive on 2HFY18as SSS in HK & Macau andChina turned positive in Sept, according to our channel checks, and 4QFY17will benefit from a lowbase due to the early CNY and warmer climate. Goodbaby (1086HK, Buy): Acquisition of non-durable juvenile branded business and salesplatforms completed Goodbaby announced that its acquisition of a non-durable juvenile branded business and online andoffline sales platforms from Goodbaby China was completed on Oct 23, 2017. We expect streetestimates to be updated to account for the contribution from the acquired business. Our FY18EPSestimate is 14% above Bloomberg consensus. We also expect the stock to be included in SZ-HKstock connect list at the next review. The company is a major beneficiary of China’s two-child policy.We maintain our Buy rating and target price of HK$6.90, based on 21x FY18P/E.
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