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<Research>CLSA: CN Overall Spending During CNY Holiday Positive, Benefiting Top Picks SAMSONITE/ ANTA SPORTS
Recommend 16 Positive 26 Negative 17 |
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While China's cultural and tourism bureau still hasn't released data for the Chinese New Year (CNY) holiday, available data as of yesterday (23rd) shows that the overall spending in China remained positive, while tourism and travel intensity held up well, CLSA wrote in its research report. Specifically, Hainan duty-free spending indicated resilience amid stronger promotions and policy-driven incremental demand, though it had already been largely factored in CTG DUTY-FREE (01880.HK) (601888.SH)'s share price. In CLSA's opinion, the CNY data pointed to robust travel and tourism intensity, while high-end spending was in good shape, tailwinds that will support the broker's top picks, including SAMSONITE (01910.HK) and domestic-demand-exposed ANTA SPORTS (02020.HK). Stock | Rating | Target price (HKD) ANTA SPORTS (02020.HK) | Outperform | 110 SAMSONITE (01910.HK) | High-Conviction Outperform | 22 CHOW TAI FOOK (01929.HK) | Hold | 14.2 POP MART (09992.HK) | Outperform | 303 AAStocks Financial News |
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