Search Follow us

china

1 - 12 of 258
Sort by: popularity | newest
Page  2 3 4 5 6 7 8 9 10  11>>  of 22 | Next
APQ Global

Executive interview - APQ Global

Edison TV: | Financials | 16 Jul 2018

APQ is an international emerging markets company, which aims to deliver a stable and growing dividend and capital growth for its shareholders by focusing on income-generating business opportunities, with good value and long-term growth potential. In this interview, CEO Bart Turtelboom gives his views on a range of topics and the potential opportunities for APQ that these represent, including the recent volatility in emerging markets, the Turkish elections, Argentina, China-US relations, and local currency emerging market debt.

China Water Affairs Group

FY18 exceeds forecasts

Update | General Industrials | 04 Jul 2018

Better-than-expected growth in profitability in FY18, a higher than forecast DPS and a favourable market outlook are clearly positive for China Water Affairs (CWA). We forecast continuing growth over the next few years and have raised our valuation to HK$10 per share. At that price, CWA would trade on a forward-looking P/E multiple of 13.1x, a c 15% discount to our group of selected peers.

Liquefied Natural Gas

Strategic investor enhances credibility in China

Update | Oil & Gas | 19 Jun 2018

On 4 June 2018, Liquefied Natural Gas Ltd (LNGL) announced a strategic investment by IDG Energy Investment Group (IDG Energy), a Hong Kong-listed investment holding company affiliated to IDG Capital with assets under management of c $20bn. The share placement raised gross proceeds of A$28.2m at a price of A$0.5/share (a 14.1% premium to 30-day volume weighted average price to 1 June 2018). We believe the share placement will cover Magnolia pre-FID costs and cash burn through to mid-2020. In addition, the presence of IDG Energy as a major shareholder (9.9% of share capital) will enhance credibility in China, a principal growth market for liquefied natural gas (LNG) imports. Our valuation, which we have updated to reflect funds raised and fx, rises 1% from A$1.00/share (US$3.23/ADR) to A$1.01/share (US$3.18/ADR).

Fidelity China Special Situations

Focused on China’s domestic opportunity

Review | Investment Companies | 15 Jun 2018

Fidelity China Special Situations (FCSS) provides exposure to a diversified, actively managed portfolio of Chinese equities. The manager takes a bottom-up approach to stock selection, focusing on the faster-growing consumer-orientated sectors of China’s economy. FCSS’s NAV returns have been strong over the last two years, although modestly lagging its MSCI China index benchmark. This is attributed to FCSS’s tilt to small- and mid-cap stocks, which underperformed large-caps, partly due to passive capital flows into index funds. Over five years, FCSS has significantly outperformed the benchmark, as well as its open- and closed-ended peers. A new variable management fee structure, with a lower base level and no performance fee, will take effect from July 2018.

Aladdin Blockchain Technologies

A whole new world

Initiation | Technology | 15 Jun 2018

Aladdin Blockchain Technologies (Aladdin) is an early-stage software company seeking to use big data, blockchain, artificial intelligence (AI) and machine-learning technologies to improve preventative medicine and the efficiency of delivering healthcare. Although the long-term goal is to be a big data analytics play, the shorter-term focus is on developing applications to build a healthcare ecosystem in order to gain access to patient data. Aladdin’s first operations are in China, it has just announced entry into the Indian healthcare market and it plans to expand into other Asian markets.

QEX Logistics

Fuelling further business expansion

Update | Industrial Support Services | 07 Jun 2018

QEX continues to expand its business across New Zealand, Australia and China, with group sales up c 42% y-o-y in FY18 and the FY19 key operating milestone (KOM) target set at NZ$41m, implying c 30% y-o-y growth. The scope of future earnings improvement will depend on QEX's ability to address pricing pressures (FY18 gross margin down to 16.1% from 17.3% in FY17) and to manage working capital and cash flow effectively as the business grows. Shares currently trade at a FY18 (year ended March-2018) EV/EBITDA ratio of 14.7x.

Hutchison China MediTech

Jewels in the crown

ADR Outlook | Pharmaceutical & healthcare | 01 Jun 2018

Key near-term value drivers include newsflow from partnered assets savolitinib (AZN globally) and fruquintinib (LLY in China). By year end, we anticipate the China FDA to approve fruquintinib (3L CRC). The molecular epidemiology study (MES) data on savolitinib in PRCC could support a US NDA submission (possible breakthrough therapy designation, BTD). Both products have blockbuster potential; as combination therapies in cancer drive overall uptake of targeted therapies. Beyond this we expect progression in Hutchison China MediTech's (HCM) wholly owned late stage oncology assets to reach value inflection points over the next few years. We have extensively reviewed our financial forecasts and increase our valuation to $47.9/ADS or $6.4bn.

Hutchison China MediTech

Jewels in the crown

Outlook | Pharmaceutical & healthcare | 31 May 2018

Key near-term value drivers include newsflow from partnered assets savolitinib (AZN globally) and fruquintinib (LLY in China). By year end, we anticipate the China FDA to approve fruquintinib (3L CRC). The molecular epidemiology study (MES) data on savolitinib in PRCC could support a US NDA submission (possible breakthrough therapy designation, BTD). Both products have blockbuster potential; as combination therapies in cancer drive overall uptake of targeted therapies. Beyond this we expect progression in Hutchison China MediTech’s (HCM) wholly owned late stage oncology assets to reach value inflection points over the next few years. We have extensively reviewed our financial forecasts and increase our valuation to GBP 71.0/share or $6.4bn.

Bankers Investment Trust (The)

Outperforming benchmarks old and new

Review | Investment Companies | 29 May 2018

The Bankers Investment Trust (BNKR) is celebrating its 130th anniversary with a 51st consecutive year of annual dividend growth, and a new FTSE World index benchmark that better reflects its investment approach. Recent performance has been strong, buoyed by good returns from the US portfolio and eye-catching outperformance in China, while dividends grew ahead of forecasts in FY17. Manager Alex Crooke cautions that recent sterling strength could be a headwind for overseas dividend income in the current period, although the trust’s large revenue reserve (1.8x the FY17 dividend) and focus on stocks with attractive dividend growth should help to ensure that BNKR’s long record of year-on-year growth is maintained. Crooke has recently been appointed co-head of equities at Janus Henderson Investors, but remains committed to overseeing BNKR.

Mondo TV

Exploring new horizons

Update | Media | 17 May 2018

The 50% increase in net profit in FY17 was delivered to budget and forecasts. We maintain our forecast for a further 45% increase in EBITDA in FY18, underpinned by existing relationships and returning brands. As Mondo scales up, new opportunities are presenting themselves: a potential minority investment in a new theme park in China provides evidence of the group's widening ambitions as its licensing business grows. The weakness in the share price this year leaves the company at a 40-50% discount to slower growing peers.

Marlborough Wine Estates Group

Q3 update and reset of full-year targets

Update | Food & Drink | 03 May 2018

Marlborough Wine Estates Group (MWE) is targeting development of premium New Zealand (NZ) wine brands in China and, increasingly, internationally. The global market is strong and the popularity of quality NZ wine is growing. In the face of slowdown in the Chinese market, MWE continues to explore US, Japanese, Australian, UK and Canadian markets. In this context, early inroads into the US and Japan are encouraging.

Allium Medical Solutions

Wirion approved by FDA; new stents in Europe

Update | Pharmaceutical & healthcare | 26 Apr 2018

Allium has announced FDA approval of its subsidiary Gardia’s Wirion, which has become the only embolic protection system approved for all atherectomy procedures. Allium has reported FY17 results, with revenues up 5% y-o-y to NIS7.7m, and announced its first order in Mexico for NIS300k and approval of some of its stents in Russia. However, registration of the remaining stents and IBI Medical (EndoFast soft tissue fixation) in Mexico and Russia and stents in China has been delayed; we believe approval is possible in 2018. Mexico, Russia and China are the bulk of the distribution deals (NIS132m) and delays are the major reason for the slight decline in our valuation to NIS1.64/share (NIS1.68/share previously).