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

• 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
• 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

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)