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<Research>CLSA: Hohhot's Childcare Subsidy Amt/ Coverage Period Beat; CHINA FEIHE Expected to Benefit Most
Hohhot in mainland China has announced the implementation details and service process for its childcare subsidy program. A one-time subsidy of RMB10,000 will be given for the birth...
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<Research>CLSA: Hohhot's Childcare Subsidy Amt/ Coverage Period Beat; CHINA FEIHE Expected to Benefit Most
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Hohhot in mainland China has announced the implementation details and service process for its childcare subsidy program. A one-time subsidy of RMB10,000 will be given for the birth of the first child, a subsidy of RMB50,000 for the second child, distributed at RMB10,000 per year until the child is five years old, and a subsidy of RMB100,000 for the third and subsequent child, distributed at RMB10,000 per year until the child is ten years old. Both the amount and coverage period of this subsidy program beat market expectations, CLSA wrote in its research report.

Although it is currently difficult to assess the ultimate impact of this subsidy program on birth rates, CLSA estimated that higher expectations will boost investment sentiment in baby-related stocks in the near term.

It the broker's anticipation, CHINA FEIHE (06186.HK)  +0.120 (+2.120%)    Short selling $1.51M; Ratio 3.786%   will benefit the most as a large portion of its sales comes from infant formula products for stages 1 to 3. The company's net profit is projected to reach RMB3.8 billion/ RMB4.1 billion in FY24/ FY25, compared to RMB3.4 billion in FY23.

CLSA set a target price of $7.27 for CHINA FEIHE and $10 for H&H INTL HLDG (01112.HK)  -0.120 (-1.026%)    Short selling $1.03M; Ratio 5.237%   , both rated as Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-26 12:25.)

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