On Tencent, China Aviation Oil and Samsonite

Tencent drop 3.3% in US, after it announced 2Q 2024 results -- y-o-y growth of 8% in revenue, 27% in operating profit and 53% in net profit. 

China Aviation Oil reported its 1H 2024 results -- 20% growth in revenue and >100% growth in net profit. But its share price dropped by 1.5cents to $0.865.

Seems that sentiment for China stocks is quite bad. Good results, yet stock price falls.

Anyway, I increase my position in China Aviation Oil, in view that there will be more people flying in and out of China and hence growth in its trading revenue. 

Samsonite reported flat sales growth. In its earnings transript, it guided negative sales growth in Q3 and 1-2% growth for full year. Share price dropped > 12% today; PE ratio is at 8.2. 

In its earning transcript, it noted that 
- China is trending down less premium brand i.e. Samsonite and American Tourister; 

- China retail space had freed up. It is trying to get good locations to set up shops for its premium Tumi brand
- In India, American Tourister is its main product. Its sales had dropped due to competition. In medium run, it will try to steer customers to its upscale Samsonite brand.  

I have a position in Samsonite and will continue to hold the position, given the current PE ratio. Its sales while not great should stabilise in long run. I put in a bid at lower price of $17.90 but may not be filled.