Lisa Liao

Lisa Liao is a Senior Associate at the Research Division of Jefferies Hong Kong Limited. Prior to joining Jefferies, she was a Research Associate at Deutsche Bank Hong Kong and ICBC International. She graduated with a Bachelor degree in Economics from Peking University, and an M.S. degree in Finance from the Chinese University of Hong Kong. She passed all three levels of the CFA Program and is a FRM charterholder.

What I am Known For

  • An approach to stock ratings focusing on FCF.
  • A focus on growth drivers, earnings quality, financial health and consumer behaviour changes.

How I am Different

  • DPC (1405 HK, Buy)
    Positive view on Domino’s Pizza expansion in China, especially in new T1 and T2 cities, with solid branding and local team, supported by growing penetration of pizza market and delivery channel.
  • Nongfu Spring (9633 HK, Hold)
    Despite NF’s clarifications after the social media attack in Mar, and market share recovery in Jul-Aug, the negative impacts may sustain for a while and water recovery would take time. In our model, tea drinks are a key driver for sales and earnings in 2024-25E.

Key Research Highlights

Upcoming Corporate & Strategic Access

  • Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
  • Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)

Boya Zhen

Boya Zhen joined Jefferies’ China/HK Consumer Team in September 2019. Prior to this, Boya had nearly two years’ equity research experience, primarily focused on the China Consumer discretionary and HK Retail sectors. Boya graduated from USC with a MSc in Financial Engineering. She passed all three levels of the CFA Program and is a FRM charterholder.

What I am Known For

  • A focus on growth drivers, earnings quality, FCF and ROIC.
  • Update investors with latest industry/market trends and key fundamental implications via channel checks and observations.

How I am Different

  • Proya (603605 CH, BUY)
    Proya 2Q results indicated a beat vs. market cons, which implied Proya continued to demonstrate its capabilities as a leading local brand amid a challenging macro. We reiterate Buy as we anticipate Proya’s rising brand share momentum to continue. Proya remains a top pick in China’s beauty sector
  • Roborock (688169 CH, BUY)
    2Q GPM expanded thanks to larger contribution from US online and EU Amazon, as well as cost control in raw materials and tech. China sales +SD%, EU +DD%, APAC sustained rapid growth and US +50%.

Key Research Highlights

Upcoming Corporate & Strategic Access

  • Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
  • Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)

Anne Ling

Anne Ling has over 25 years of experience in equity research, focusing on greater China consumer. In her previous role at Deutsche Bank she contributed to the team’s performance in StarMine and the Institutional Investor polls.

What I am Known For

  • An approach to stock ratings focusing on FCF and cashflow.
  • A focus on growth drivers, earnings quality, financial health and consumer behavior changes.
  • Long-term sector knowledge and historical modeling, forming views on companies’ through-the-cycle trading and valuation.

How I am Different

  • Miniso (MNSO US, Hold)
    Although we like Miniso’s original business, we lower our rating from Buy to Hold, as we believe the acquisition poses the risk of Miniso branching out to less favorable/premature investments.
  • Pop Mart (9992 HK, BUY)
    Bullish on Pop Mart’s IP operation ability and bullish for a stronger mid-term (2027-34) outlook with its global strategy
  • YUMC (9987 HK, BUY)
    Bullish for mgmt capability on cost control and efficiency gains amid a challenging macro environment, allowing the co to achieve network expansion as well as a steady earnings growth

Key Research Highlights

Upcoming Corporate & Strategic Access

  • Conferences: YUMC, Prada, CTF, Budweiser, Miniso at Jefferies Asia Forum (Mar 2024), CTF (May 2024), Samsonite (Jul 2024), CRB (Aug 2024) Hengan (Aug 2024), Miniso (Sept 2024),
  • Expert events: Post National GW expert call series on shopping mall, gold & jewelry, Macau gaming, restaurants etc. (Oct 2024), China Consumer Day: Updates before China Food and Drinks Fair (Oct 2024), Pop toy industry update call (Sept 2024)