Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

CSSC (Hong Kong) Shipping Co Ltd / Equity Bottom-Up

CSSC (Hong Kong) Shipping Company Limited operates as a ship leasing company. The Company offers loans, shipbroking, and leasing services. CSSC (Hong Kong) Shipping operates in Hong Kong.

CSSC (Hong Kong) Shipping Co Ltd (3877 HK)

<ul>
<li>Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.</li>
<li>
<a href="https://www.smartkarma.com/entities/cssc-hong-kong-shipping-co-l" target="_blank" data-smartkarma-citation="entities:28068:1" rel="noopener">CSSC (Hong Kong) Shipping Co Ltd (3877 HK)</a> was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.
</li>
<li><a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.</li>
</ul>


Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.

CSSC (Hong Kong) Shipping Co Ltd (3877 HK) was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.

Bosideng International Holdings (3998 HK) has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.


BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

Head of Content, Data & Research, Helixtap

Arusha Das

Head of Content, Data & Research

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

<ul><li>Widespread caution around Chinese buying sentiment </li><li>Weakness in Yuan can pose significant challenge</li><li>Trade data not very optimistic</li></ul>

Widespread caution around Chinese buying sentiment Weakness in Yuan can pose significant challengeTrade data not very optimistic

Helixtap China Report: 2025 A Challenging Year For China

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>China Macro: November retail sales disappoint, housing market data improve somewhat</li><li>Last week, Beijing once more confirmed it will step up stimulus in 2025</li><li>Supporting domestic demand key policy goal for 2025</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Macro: November retail sales disappoint, housing market data improve somewhatLast week, Beijing once more confirmed it will step up stimulus in 2025Supporting domestic demand key policy goal for 2025Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China: Retail Sales Slow in November, More Support Announced

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

<ul><li>Welcome back to our weekly editorial on everything commodity and energy-related!This week is all about China as the Politburo and PBoC have announced new (undefined) stimulus measures aimed at simultaneously countering tariffs from the Trump administration in 2025 and bolstering the economy, regaining confidence as China battles structural issues.</li><li>This naturally raises the question of how this will impact commodities.</li><li>As the world’s largest importer of commodities by a significant margin, China’s injection of capital into its economy could provide a substantial boost.</li></ul>

Welcome back to our weekly editorial on everything commodity and energy-related!This week is all about China as the Politburo and PBoC have announced new (undefined) stimulus measures aimed at simultaneously countering tariffs from the Trump administration in 2025 and bolstering the economy, regaining confidence as China battles structural issues.This naturally raises the question of how this will impact commodities.As the world’s largest importer of commodities by a significant margin, China’s injection of capital into its economy could provide a substantial boost.

The Drill – Will Chinese stimulus be a home run for commodities?

HK/China Equity Long-Short

Osbert Tang, CFA

China National Building Material / Equity Bottom-Up

China National Building Material Company Limited manufactures cement products. The Company produces silica cements, commodity concretes, cement clinkers, and other products. China National Building Material also produces glass fibers, composite materials, and other products.

China National Building Material (3323 HK)

<ul>
<li>We view <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s proposal to buy back 9.98% of H-shares as a good opportunity for the shareholders to cash out in their position.</li>
<li>Without further significant government stimulus, CNBM will find it difficult to return to the HK$4.03 offer price. Potential weak FY24 results also mean downside risks.</li>
<li>Other companies with high gearing and low P/B may follow CNBM's move. We single out the infrastructure construction companies as the likely candidates.</li>
</ul>


We view China National Building Material (3323 HK)'s proposal to buy back 9.98% of H-shares as a good opportunity for the shareholders to cash out in their position.
Without further significant government stimulus, CNBM will find it difficult to return to the HK$4.03 offer price. Potential weak FY24 results also mean downside risks.
Other companies with high gearing and low P/B may follow CNBM's move. We single out the infrastructure construction companies as the likely candidates.


China National Building Materials (3323 HK): Buying Back 9.98% of H-Shares

China Stimulus
Insights on China's Economic Stimulus

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

HK/China markets have outperformed other Asian markets since the beginning of 2024. In HK the consumer discretionary sector has lost momentum as...

David Mudd

Helixtap China Report: 2025 A Challenging Year For China

The Chinese rubber market is navigating a complex landscape characterized by significant volatility and challenges. Despite the government's...

Helixtap

China: Retail Sales Slow in November, More Support Announced

China Macro: November retail sales disappoint, housing market data improve somewhat. Last week, Beijing once more confirmed it will step up...

ABN AMRO

The Drill – Will Chinese stimulus be a home run for commodities?

Welcome back to our weekly editorial on everything commodity and energy-related!This week is all about China as the Politburo and PBoC have...

Steno Research

China National Building Materials (3323 HK): Buying Back 9.98% of H-Shares

CNBM's buyback proposal offers shareholders a chance to cash out, but without government stimulus, returning to the offer price is not easy. Other...

Osbert Tang, CFA

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

HK/China markets have outperformed other Asian markets since the beginning of 2024. In HK the consumer discretionary sector has lost momentum as...

David Mudd

Helixtap China Report: 2025 A Challenging Year For China

The Chinese rubber market is navigating a complex landscape characterized by significant volatility and challenges. Despite the government's...

Helixtap

China: Retail Sales Slow in November, More Support Announced

China Macro: November retail sales disappoint, housing market data improve somewhat. Last week, Beijing once more confirmed it will step up...

ABN AMRO

The Drill – Will Chinese stimulus be a home run for commodities?

Welcome back to our weekly editorial on everything commodity and energy-related!This week is all about China as the Politburo and PBoC have...

Steno Research

China National Building Materials (3323 HK): Buying Back 9.98% of H-Shares

​CNBM's buyback proposal offers shareholders a chance to cash out, but without government stimulus, returning to the offer price is not easy. Other...

Osbert Tang, CFA

CNBM's buyback proposal offers shareholders a chance to cash out, but without government stimulus, returning to the offer price is not easy. Other...