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24 January 2019
THIS CONTENT MAY NOT BE DISTRIBUTED TO THE PEOPLE'S REPUBLIC OF CHINA (THE "PRC")
(EXCLUDING SPECIAL ADMINISTRATIVE REGIONS OF HONG KONG AND MACAO)
EQUITIES
China White Goods DURABLE GOODS
Don’t pin too much hope on subsidies China
The government has hinted at the possibility of new subsidies Lina Yan*
on appliances, aimed at boosting consumption Consumer Analyst, Hong Kong and China
The Hongkong and Shanghai Banking Corporation Limited
If that should happen, the benefits would not be as great as in linayjyan@.hk
+852 2822 4344
earlier similar programmes; air conditioners should do best Karen Choi*
Head of Consumer and Retail Research, Asia Pacific
Prefer Buy-rated Gree (TP RMB48.80), Midea (TP to RMB46.10 The Hongkong and Shanghai Banking Corporation
Limited, Seoul Securities Branch
from RMB49.60), QD Haier (TP to RMB18.50 from RMB 17.50) karen.cho
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