|Bid||957.02 x 0|
|Ask||957.12 x 0|
|Day's Range||950.25 - 964.00|
|52 Week Range||509.02 - 1,035.60|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 5, 2019 - Aug 9, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||748.77|
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.After years betting solely on Kweichow Moutai Co., Dong Baozhen is diversifying.The money manager’s flagship fund has returned 785% since its inception in 2010. He trounced the Shanghai Composite Index’s 14% gain by owning just the one stock, sticking with Moutai as it became the world’s most valuable distiller. But Dong, a partner at Beijing Lingtongshengtai Asset Management, sees any price above 700 yuan ($102) as excessive. Moutai slipped 0.5% to 963.50 yuan at the close Wednesday in Shanghai.Dong, who recognizes Moutai was a “once in a millennium” trade for him, started swapping some of those shares for Chinese commercial lenders in 2018, and has recently added leverage. His fund has posted a 54% gain this year, according to data from Shenzhen PaiPaiWang Investment & Management Co., which tracks private funds such as Dong’s.“This is a historic opportunity,” said Dong, referring to banks’ low valuations. He declined to disclose the exact size of his fund. “Money is up for grabs, but the market has not yet responded as it should to a substantial recovery in banks’ financials in the first quarter.”Dong said he prefers commercial banks because he sees signs bad loan ratios are starting to drop. He also cited the sector’s improving profitability, as well as double-digit growth in revenue from lenders’ core business as reasons for optimism. The eight listed joint stock commercial banks trade at an average of about 6.6 times projected earnings for this year, according to data compiled by Bloomberg.Dong said he’s avoiding the big four state-owned lenders because they’re not volatile, and dislikes smaller banks because they lack the resources to withstand risks in the financial system. Investors got a shock in May when the government seized local lender Baoshang Bank Co., a decision that drove up financing costs across the country’s capital markets.As for Moutai, Dong says it’s time to move on. The distiller is trading at 28 times this year’s earnings, which is near the highest since January 2018 and a valuation some investors may see as signaling it’s getting expensive.One risk for commercial lenders is if non-performing loans rise due to a slowing economy. And any rate cuts to spur growth also make it less profitable to lend, squeezing margins.“China’s large commercial banks are in a position very similar to distillers six or seven years ago,” he said. “You may say I’m crazy but people said the same when I was bullish on Moutai.”(Updates with Moutai trading in second paragraph.)\--With assistance from Jun Luo.To contact Bloomberg News staff for this story: April Ma in Beijing at email@example.com;Mengchen Lu in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Sofia Horta e Costa at email@example.com, Philip GlamannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Matthews Pacific Tiger Fund (Trades, Portfolio), part of Matthews International Capital Management, disclosed that it established one new position and divested of two others in its first-quarter portfolio, which was released last week. Warning! GuruFocus has detected 3 Warning Sign with SHSE:600519. Managed by Sharat Shroff, Rahul Gupta and Raymond Deng, the San Francisco-based fund invests mostly in Asian companies, excluding Japan, in order to achieve long-term capital appreciation.
* PREVIOUS TRADING SESSION MOVES: * SSEC +0.1 pct, CSI300 +0.3 pct, HSI -0.5 pct * HK- Shanghai Connect daily quota used -3.7 pct, Shanghai- HK daily quota used 1.0 pct * HK- Shenzhen Connect ...
April 24 (Reuters) - Kweichow Moutai Co Ltd: * SAYS Q1 NET PROFIT UP 31.9 PERCENT Y/Y Source text in Chinese: https://bit.ly/2Zscwwh Further company coverage: (Reporting by Hong Kong newsroom)
* PREVIOUS TRADING SESSION MOVES: * SSEC +0.9 pct, CSI300 +1.0 pct, HSI -0.2 pct * HK- Shanghai Connect daily quota used 0.5 pct, Shanghai- HK daily quota used 2.6 pct * HK- Shenzhen Connect daily ...
April 4 (Reuters) - Kweichow Moutai Co Ltd: * SAYS IT SEES Q1 NET PROFIT TO RISE ABOUT 30 PERCENT Y/Y * SAYS IT SEES Q1 OPERATING INCOME TO RISE ABOUT 20 PERCENT Y/Y Source text in Chinese: https://bit.ly/2HY4TIi ...
March 28 (Reuters) - Kweichow Moutai Co Ltd: * SAYS 2018 NET PROFIT AT 35.2 BILLION YUAN * SAYS 2018 NET PROFIT UP 30.0 PERCENT Y/Y Source text in Chinese: https://bit.ly/2Wx9LaL Further company coverage: ...
March 25 (Reuters) - China Railway Construction Corp Ltd : * SAYS ITS UNIT'S CONSORTIUM WINS RAILWAY PPP PROJECT WITH TOTAL INVESTMENT OF ABOUT 23.6 BILLION YUAN ($3.52 billion) * SAYS UNIT'S CONSORTIUM ...
Two weeks before the Lunar New Year, consumers are emptying out Kweichow Moutai Co.’s inventory again. Investors are clearly undaunted by China’s economic slowdown, preferring Moutai to its younger and cheaper siblings such as Wuliangye Yibin Co. Shares of overseas luxury brands from LVMH Moet Hennessy Louis Vuitton SE to Pernod Ricard SA have sold off on concern Chinese demand is weakening. So why should Moutai be immune, considering one bottle costs a month’s salary for a minimum-wage Beijing worker?
* PREVIOUS TRADING SESSION MOVES: * SSEC +0.4 pct, CSI300 +0.7 pct, HSI +1.3 pct * CNY official close 6.873 per dollar * FTSE China A50 +0.9 pct, BNY Mellon ADR China Select Index -0.4 pct SHANGHAI, Jan ...
Jan 1 (Reuters) - Kweichow Moutai Co Ltd: * SAYS IT SEES 2018 NET PROFIT AT ABOUT 34.0 BILLION YUAN ($4.95 billion), UP ABOUT 25 PERCENT Y/Y * SAYS IT SEES 2018 REVENUE UP ABOUT 23 PERCENT Y/Y AT ABOUT ...
Jul.18 -- Chinese distiller Kweichow Moutai’s first half net income grew 26.6% from last year. That’s the kind of growth that most consumer brands would celebrate, but revenue growth is playing party pooper, coming about 17% which is the slowest in 10 years. Bloomberg’s Oanh Ha reports on “Bloomberg Markets: Asia.”
Jul.17 -- Sunny Bangia, deputy portfolio manager at Antipodes Partners, talks about Chinese consumer stocks including Kweichow Moutai Co., the world’s most profitable distillery which reported a 26.6% increase in net profit. He speaks on n"Bloomberg Daybreak: Asia."