Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market continues to underperform as investors focus on semiconductor investments in North Asian markets.  The market continues to trade at a significant valuation discount to other markets.</li>
<li>Dividend yield and value factors have outperformed YTD, while growth stocks have declined the most.  The industrials sector is the best-performing YTD, while tech, healthcare, and consumer sectors decline.</li>
<li>
<a href="https://www.smartkarma.com/entities/dongyue-group-limited" target="_blank" data-smartkarma-citation="entities:20429:1" rel="noopener">Dongyue (189 HK)</a> share price relative to the MSCI All Asia index has broken new highs.  The surge in shares is attributed to President Trump's easing of hydrofluorocarbon (HFC) regulations.
</li>
</ul>


The Hong Kong market continues to underperform as investors focus on semiconductor investments in North Asian markets.  The market continues to trade at a significant valuation discount to other markets.
Dividend yield and value factors have outperformed YTD, while growth stocks have declined the most.  The industrials sector is the best-performing YTD, while tech, healthcare, and consumer sectors decline.

Dongyue (189 HK) share price relative to the MSCI All Asia index has broken new highs.  The surge in shares is attributed to President Trump's easing of hydrofluorocarbon (HFC) regulations.



Technically Speaking Breakouts & Breakdowns - HONG KONG (June 2026)

<ul>
<li>The Hong Kong market has retreated below its support/resistance level of 27100 as investors adopt a risk-off sentiment since the war started 3 weeks ago.</li>
<li>Value and dividend yield have been the best performing investment factors in 2026 YTD.  The energy sector is now up 31% this year.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-risun-group-ltd" target="_blank" data-smartkarma-citation="entities:27956:1" rel="noopener">China Risun Group (1907 HK)</a> , the world's largest independent coking coal producer, saw a breakout for its share price as its hydrogen and chemical businesses benefit from higher prices.
</li>
</ul>


The Hong Kong market has retreated below its support/resistance level of 27100 as investors adopt a risk-off sentiment since the war started 3 weeks ago.
Value and dividend yield have been the best performing investment factors in 2026 YTD.  The energy sector is now up 31% this year.

China Risun Group (1907 HK) , the world's largest independent coking coal producer, saw a breakout for its share price as its hydrogen and chemical businesses benefit from higher prices.



Technically Speaking Breakouts & Breakdowns - HONG KONG (March 20)

<ul>
<li>After breaking resistance in January, the Hong Kong market is rangebound as sector rotation into energy, industrials and financials occurs before the next leg up in its Secular Bull Market.</li>
<li>As the tech and healthcare sectors lose momentum, the value factor has emerged as an outperformer so far in 2026.  </li>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a> broke out to new highs with technical momentum and strength indicators support the move.  
</li>
</ul>


After breaking resistance in January, the Hong Kong market is rangebound as sector rotation into energy, industrials and financials occurs before the next leg up in its Secular Bull Market.
As the tech and healthcare sectors lose momentum, the value factor has emerged as an outperformer so far in 2026.  

Kingboard Holdings (148 HK) broke out to new highs with technical momentum and strength indicators support the move.  



Technically Speaking Breakouts & Breakdowns - HONG KONG (February 13)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Nanofilm Technologies International / Equity Bottom-Up

Nanofilm Technologies International (NANO SP)

Founded in 1999 as a high-tech spin-off from the Nanyang Technological University Singapore (ranked #13th in QS Global World University Rankings 2021 – 6th year in a row) by Dr. Shi Xu, NanoFilm Technologies International Pte Ltd (NTI) offers coating solutions that provide functional and/or aesthetic improvements to its customers’ end-products.Its share price has a nice rally post IPO and left investors to wonder whether there will be anything left. There are many reasons why investors should be excited about <a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm (NANO SP)</a> namely 1) blue-chip customers' stickiness in the tech sector including Microsoft as well as 2) the expanding Total Addressable Market for its coating business that will include EV sectors and 3) this could be an ESG stock from Environmental angle due to its exposure in EV that will mean less CO2 emission. I am still bullish on this.

Founded in 1999 as a high-tech spin-off from the Nanyang Technological University Singapore (ranked #13th in QS Global World University Rankings 2021 – 6th year in a row) by Dr. Shi Xu, NanoFilm Technologies International Pte Ltd (NTI) offers coating solutions that provide functional and/or aesthetic improvements to its customers’ end-products.Its share price has a nice rally post IPO and left investors to wonder whether there will be anything left. There are many reasons why investors should be excited about Nanofilm (NANO SP) namely 1) blue-chip customers' stickiness in the tech sector including Microsoft as well as 2) the expanding Total Addressable Market for its coating business that will include EV sectors and 3) this could be an ESG stock from Environmental angle due to its exposure in EV that will mean less CO2 emission. I am still bullish on this. 

Nanofilm (NANO): Don't Sell Yet, More to Come

China

China Sanjiang Fine Chemicals manufactures and supplies a range of petrochemical products, including ethylene oxide, ethylene glycol, propylene, polypropylene, methyl tert-butyl ether, and various surfactants. The company also produces industrial gases such as oxygen, nitrogen, and argon, and provides processing services for certain chemicals. It was incorporated in 2009 and is headquartered in Jiaxing, Zhejiang Province, China.

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China Sanjiang Fine Chemicals (2198 HK)

Technically Speaking Breakouts & Breakdowns - HONG KONG (June 2026)

Dongyue (189 HK) share price relative to the MSCI All Asia index has broken new highs. The surge in shares is attributed to President Trump's...

David Mudd

Technically Speaking Breakouts & Breakdowns - HONG KONG (March 20)

The Hong Kong market has retreated below its support/resistance level of 27100 as investors adopt a risk-off sentiment since the war started 3...

David Mudd

Technically Speaking Breakouts & Breakdowns - HONG KONG (February 13)

After breaking resistance in January, the Hong Kong market is rangebound as sector rotation into energy, industrials and financials occurs before...

David Mudd

Nanofilm (NANO): Don't Sell Yet, More to Come

Many reasons investors should be excited about Nanofilm: customers' stickiness in the tech sector as well as expanding Total Addressable Market for...

Henry Soediarko

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