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    RESEARCH

    CROSBY Research – China Lesso (2128 HK/BUY): A resilient set of 1H23 results

    CROSBY Research – China Lesso (2128 HK/BUY): A resilient set of 1H23 results

    29 Aug 2023 Despite the market uncertainties coupled with gloomy property sector in China in 1H23, China Lesso still managed to demonstrate strong resilience by registered a 2.7% YoY marginal increase in turnover to Rmb15.3bn. On the back of YoY

    Crosby_research August 29, 2023August 29, 2023 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/BUY): A solid set of 1H23 results, indicating a good FY23

    CROSBY Research – Wasion Holdings (3393 HK/BUY): A solid set of 1H23 results, indicating a good FY23

    28 Aug 2023 Wasion’s 1H23 turnover increased by 26.4% YoY to Rmb3.2 bn while NP increased by 49.2% YoY to Rmb213.8m. In 1H23, sales of Wasion’s power AMI/ communication and fluid (C&F) AMI/ ADO, all recorded an encouraging growth of

    Crosby_research August 28, 2023 RESEARCH Read more

    CROSBY Research – Sunny Optical (2382 HK/BUY): HLS/HCM shipment bottom out and sequential GPM improvement in 2H23

    CROSBY Research – Sunny Optical (2382 HK/BUY): HLS/HCM shipment bottom out and sequential GPM improvement in 2H23

    28 Aug 2023 Sunny reported 1H23 revenue decreased by 15.9% YoY to Rmb14,279m, dragged by 1) declined HLS/HCM shipment due to weak smartphone market demand; and 2) weak VR products sales on market softness. GPM in 1H23 shrunk significantly by

    Crosby_research August 28, 2023August 28, 2023 RESEARCH Read more

    CROSBY Research – Anta (2020 HK/BUY): Solid 1H23 results with expanding OPM

    CROSBY Research – Anta (2020 HK/BUY): Solid 1H23 results with expanding OPM

    25 Aug 2023 Anta’s 1H23 revenue was up by 14.2% YoY to Rmb29.65bn, mainly driven by i) 6.1% YoY growth from core brand sales to Rmb14.2bn as a result of retail market recovery post pandemic and the ongoing DTC model

    Crosby_research August 25, 2023August 25, 2023 RESEARCH Read more

    CROSBY Research – Canvest (1381 HK/BUY): Higher revenue contribution from operation segment

    CROSBY Research – Canvest (1381 HK/BUY): Higher revenue contribution from operation segment

    25 Aug 2023 1H23 revenue down by 28% YoY to HK$2.98bn, mainly due to i) 53.8% decline in construction revenue to HK$997.2m on fewer projects in the pipeline; while ii) revenue from power sales and waste treatment was down by

    Crosby_research August 25, 2023August 25, 2023 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/BUY): Solid 1H23 revenue growth, full year sales growth target 15-20% YoY

    CROSBY Research – Xtep (1368 HK/BUY): Solid 1H23 revenue growth, full year sales growth target 15-20% YoY

    24 Aug 2023 Xtep’s 1H23 revenue was up by 14.8% YoY to Rmb6,522m, mainly driven by i) 10.9% YoY growth from core brand sales to Rmb5,430m as a result of the strong orders from distributors for its signature brands and

    Crosby_research August 24, 2023 RESEARCH Read more

    CROSBY Research – Vincent Medical (1612 HK/BUY): Staging a turnaround in 1H23

    CROSBY Research – Vincent Medical (1612 HK/BUY): Staging a turnaround in 1H23

    24 Aug 2023 In 1H23, Vincent Medical’s (VM) sales increased by 28.7% YoY to HK$361.2m. GPM jumped from 13.1% to 32.9% in 1H23, representing an impressive YoY improvement of 19.8ppt. This was mainly due to the decrease in allowance for

    Crosby_research August 24, 2023 RESEARCH Read more

    CROSBY Research – Pagoda (2411 HK): Widening NPM on operational efficiency and cost savings

    CROSBY Research – Pagoda (2411 HK): Widening NPM on operational efficiency and cost savings

    22 Aug 2023 The company reported a 6.4% YoY increase in topline to Rmb6,294m in 1H23, with sales of fruits and food products up by 6.7% YoY to Rmb6,117m. The sales increase was driven by i) a 9.3% YoY increase

    Crosby_research August 22, 2023 RESEARCH Read more

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 41)

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 41)

    21 Aug 2023 Hong Kong’s population has grown 2.1% on the year to almost 7.5 million people, as arrivals from mainland China and elsewhere after the pandemic helped reverse a decline that started in 2020, as reported by Nikkei. HK

    Crosby_research August 21, 2023August 21, 2023 RESEARCH Read more

    CROSBY Research – China Lilang (1234 HK): Single digit growth in 1H23

    CROSBY Research – China Lilang (1234 HK): Single digit growth in 1H23

    18 Aug 2023 The company reported a 6.7% YoY increase in topline to Rmb1,491m in 1H23, with i) core collection slightly increased by 3.2% YoY amid higher sales throughout rate and ASP hike in 2H22, partially offset by orders reduction

    Crosby_research August 18, 2023August 18, 2023 RESEARCH Read more
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