Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>We look at the global macro themes that are impacting the equity market including the US election, the Fed and China's latest rate cut</li>
<li>We also look at the latest condition in Hong Kong, including the rates, the economy and the physical RE market</li>
<li>HK RE stocks continue to trade at compelling valuation, but fund flows are needed if we want a re-rating</li>
</ul>


We look at the global macro themes that are impacting the equity market including the US election, the Fed and China's latest rate cut
We also look at the latest condition in Hong Kong, including the rates, the economy and the physical RE market
HK RE stocks continue to trade at compelling valuation, but fund flows are needed if we want a re-rating


HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International Limited is an owner and operator of luxury hotels, resorts, and residences. The Group now operates, or has under development, hotels in the Americas, Europe, Middle East, and North Africa. Mandarin Oriental International also operates, or has under development, residences at Mandarin Oriental.

Mandarin Oriental International (MAND SP)

<ul>
<li>This is the final installment in our series on the APAC Luxury Industry, where we highlighted that luxury travel might offer more appealing opportunities than traditional luxury goods.</li>
<li>While travel has surpassed pre-pandemic levels, traditional luxury goods have shown very low demand in recent months.</li>
<li>Below, we analyze recent trends in luxury travel for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>, <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a>, and <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a>.</li>
</ul>


This is the final installment in our series on the APAC Luxury Industry, where we highlighted that luxury travel might offer more appealing opportunities than traditional luxury goods.
While travel has surpassed pre-pandemic levels, traditional luxury goods have shown very low demand in recent months.
Below, we analyze recent trends in luxury travel for Mandarin Oriental International (MAND SP), Minor International (MINT TB), and Shiseido Company (4911 JP).


APAC Luxury Industry Series Update: Travel Rebounds While Goods Decline

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>While we were expecting slow but steady growth for China online marketplaces early in 2023, we did underestimate the enduring impact of China property slump on their recovery.</li>
<li>Sluggish macro environment has come above other factors in driving share performance of China e-commerce stocks, but we see the worst behind us, setting stage for the sector’s up cycle.</li>
<li>We believe sector valuation will gradually normalize going into 2H24/1H25 due to a combination of continuous improvements in fundamental and risk appetites for China assets.</li>
</ul>


While we were expecting slow but steady growth for China online marketplaces early in 2023, we did underestimate the enduring impact of China property slump on their recovery.
Sluggish macro environment has come above other factors in driving share performance of China e-commerce stocks, but we see the worst behind us, setting stage for the sector’s up cycle.
We believe sector valuation will gradually normalize going into 2H24/1H25 due to a combination of continuous improvements in fundamental and risk appetites for China assets.


China Online Marketplaces: It Was a Bumpy Journey but the Worst Is Behind Us

Shifara Samsudeen, ACMA, CGMA

Energy Absolute Public Company Limited engages in the research, development, and production of biodiesel products in Thailand.

<ul>
<li>Countries across the ASEAN region continue to invest on developing their respective EV markets with governments introducing new initiatives and offering further incentives.</li>
<li>The price war among Chinese EV players has escalated in recent month, causing pressure on non-Chinese players. European and Japanese EV makers are increasingly looking at ASEAN for cost advantage.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


Countries across the ASEAN region continue to invest on developing their respective EV markets with governments introducing new initiatives and offering further incentives.
The price war among Chinese EV players has escalated in recent month, causing pressure on non-Chinese players. European and Japanese EV makers are increasingly looking at ASEAN for cost advantage.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Entering 2024, more provinces/regions have included assisted reproductive medical service projects into medical insurance reimbursement scope. It is expected that the government will accelerate the introduction of supporting measures ahead.</li>
<li>Livzon’s performance in 2023 was disappointing.For BGI, even if the BIOSECURE Act passes and BGI is sanctioned by the US, the overall impact on the company is limited and controllable.</li>
<li>Jinxin has gradually recovered from the negative impact of COVID-19.With the recovery of international flights and the increase in the number of patients, the Company would be back on track. </li>
</ul>


Entering 2024, more provinces/regions have included assisted reproductive medical service projects into medical insurance reimbursement scope. It is expected that the government will accelerate the introduction of supporting measures ahead.
Livzon’s performance in 2023 was disappointing.For BGI, even if the BIOSECURE Act passes and BGI is sanctioned by the US, the overall impact on the company is limited and controllable.
Jinxin has gradually recovered from the negative impact of COVID-19.With the recovery of international flights and the increase in the number of patients, the Company would be back on track. 


China Population Policies Impact on Healthcare Companies Series – Part 4

Smartkarma Originals
Exclusive research engaged by Smartkarma

HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

In this update, we explored the macro themes, including US presidential election, the Fed and China's rate cut and their impact on HK RE stocks. We...

Jacob Cheng

APAC Luxury Industry Series Update: Travel Rebounds While Goods Decline

Luxury travel has exceeded pre-pandemic levels, demand for traditional luxury goods has remained very low in recent months.

Oshadhi Kumarasiri

China Online Marketplaces: It Was a Bumpy Journey but the Worst Is Behind Us

While China's unprecedented property slump weighed on performances of major online marketplaces, we believe the worst is behind us. The sector is...

Eric Chen

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

ASEAN countries continue to invest on developing the EV markets. The price war among Chinese EV players has escalated, and European and Japanese...

Shifara Samsudeen, ACMA, CGMA

China Population Policies Impact on Healthcare Companies Series – Part 4

Different provinces expand coverage for assisted reproductive services in medical insurance. Livzon missed expectation in 2023.US sanction on BGI...

Xinyao (Criss) Wang

HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

In this update, we explored the macro themes, including US presidential election, the Fed and China's rate cut and their impact on HK RE stocks. We...

Jacob Cheng

APAC Luxury Industry Series Update: Travel Rebounds While Goods Decline

​Luxury travel has exceeded pre-pandemic levels, demand for traditional luxury goods has remained very low in recent months.

Oshadhi Kumarasiri

China Online Marketplaces: It Was a Bumpy Journey but the Worst Is Behind Us

While China's unprecedented property slump weighed on performances of major online marketplaces, we believe the worst is behind us. The sector is...

Eric Chen

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

​ASEAN countries continue to invest on developing the EV markets. The price war among Chinese EV players has escalated, and European and Japanese...

Shifara Samsudeen, ACMA, CGMA

China Population Policies Impact on Healthcare Companies Series – Part 4

​Different provinces expand coverage for assisted reproductive services in medical insurance. Livzon missed expectation in 2023.US sanction on BGI...

Xinyao (Criss) Wang

Luxury travel has exceeded pre-pandemic levels, demand for traditional luxury goods has remained very low in recent months.

ASEAN countries continue to invest on developing the EV markets. The price war among Chinese EV players has escalated, and European and Japanese...

Different provinces expand coverage for assisted reproductive services in medical insurance. Livzon missed expectation in 2023.US sanction on BGI...