6 January 2025 China’s Caixin/S&P Global services PMI rose to 52.2 in Dec, up from 51.5 in Nov.
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 72)
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 71)
9 December 2024 China’s consumer inflation falls short and hits 5 months low
CROSBY Research – Wasion Holdings (3393 HK/ BUY): 3rd tender win indicated strong demand for smart meters
3 December 2024 Wasion announced that the company has won contracts from State Grid’s third centralized tender procurement on metering equipment that worth a total of Rmb261.1m. From this contract, the company has won 662k units of smart meters with
CROSBY Research – Man Wah Holdings (1999 HK/NR): 1HFY25 NP increased by 0.3% YoY on higher GPM and lower SG&A ratio
27 Nov 2024 Man Wah reported its Sept-ended 1HFY25 results with top line decreased by 7.1% YoY to HK$8.31bn. GPM slightly increased by 0.4ppt YoY to 39.5%. NP increased by 0.3% YoY to HK$1.14bn with NPM improved by 1.0ppt YoY
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 70)
25 Nov 2024
CROSBY Research – SunArt Retail (6808 HK/NR): Bottom line turnaround in 1HFY25
19 Nov 2024 SunArt’s 1HFY25 (Sep-end) revenue was down by 3% YoY to Rmb34.7bn, mainly due to i) the contraction of supply chain business, which includes Taocaicai and Tmall Shared Inventory biz, contributed 2.5% impact; and ii) closure of long-term
CROSBY Research – Precision Tsugami (China) (1651 HK/ BUY): A solid set of 1H25 results
14 November 2024 Precision Tsugami (China) (PTC) announced its 1H25 (Yr ended Mar) results with NP increased by 53.7% YoY to Rmb340.0m on the back of 32.4% YoY growth in turnover to Rmb2.0bn. GPM expanded by 4.4ppt to 32.1% in
CROSBY Research – Pentamaster International (1665 HK/ BUY): Medical devices’ growth momentum remained strong in 9M24
8 November 2024 Amid the escalating geopolitical issues coupled with the uncertainty in global trades cause a noticeable impact on Pentamaster’s 3Q24 performance. As a result, the company experienced slower than expected growth in certain downstream customers and reported a
CROSBY Research – Sany Heavy Equipment (631 HK/ NR): GPM erosion dented NP growth in 9M24
4 November 2024 Sany Heavy announced its 3Q24 business update with revenue increased 0.5% YoY to Rmb15.9bn in 9M24. Gross profit was down by 9.1% YoY to Rmb3.9bn in 9M24. GPM was contracted by 2.6ppt to 24.6% in 9M24. Net
CROSBY Research – Suntien (956 HK/BUY): 3Q24 revenue up 18.7% YoY
04 Nov 2024 Suntien reported its 3Q24 P/L and operating data, with 3Q24 revenue up by 18.7% YoY to Rmb3.65bn and adjusted NP (after deducting non-recurring items) was at Rmb62.4m, up 8.0% YoY. 9M24 revenue was up by 20.3% YoY