Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.</li>
<li>About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.</li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> , <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> , <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> , and trimmed <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> .</li>
</ul>


HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.
About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.
At month-end we sold AAC Technologies Holdings (2018 HK) , Trip.com Group (9961 HK) , MINISO Group Holding (9896 HK) , and trimmed Xiaomi Corp (1810 HK) .


HONG KONG ALPHA PORTFOLIO (February 2025)

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. </li><li>DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. </li><li>CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.</li></ul>

Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k, during its “Vehicle Intelligent Strategy” event in Shenzhen on 10 Feb.</li><li>Initial rollout includes 21 models, all equipped with industry-leading specs with endto-end LLM, 5 mm-wave radars, 12 cameras and 12 ultrasonic radars.</li><li>We believe BYD’s acceleration of intelligent driving with strong new model pipeline will boost adoption of intelligent driving in China, and key beneficiaries include BYDE (ADAS/domain controller), Sunny Optical/Q-tech/Cowell (1415 HK, NR)/AAC (camera/LiDAR/radar), BOEVx (display), AAC Tech (acoustics) and Luxshare/FIT (connector).</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.

BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k, during its “Vehicle Intelligent Strategy” event in Shenzhen on 10 Feb.Initial rollout includes 21 models, all equipped with industry-leading specs with endto-end LLM, 5 mm-wave radars, 12 cameras and 12 ultrasonic radars.We believe BYD’s acceleration of intelligent driving with strong new model pipeline will boost adoption of intelligent driving in China, and key beneficiaries include BYDE (ADAS/domain controller), Sunny Optical/Q-tech/Cowell (1415 HK, NR)/AAC (camera/LiDAR/radar), BOEVx (display), AAC Tech (acoustics) and Luxshare/FIT (connector).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.

Technology - Intelligence Driving: Implications of BYD’s “vehicle Intelligence Strategy” Event

<ul><li>Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).</li><li>For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.</li><li>With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment in 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.

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment in 2025.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.

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul>
<li>HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  </li>
<li> About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials. </li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/china-cinda-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:372:1" rel="noopener">China Cinda Asset Management (1359 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> , <a href="https://www.smartkarma.com/entities/china-galaxy-securities-co-h" target="_blank" data-smartkarma-citation="entities:165:1" rel="noopener">China Galaxy Securities (H) (6881 HK)</a> and <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> .  </li>
</ul>


HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  
 About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials.  
At month-end we sold China Cinda Asset Management (1359 HK) , Citic Ltd (267 HK) , China Galaxy Securities (H) (6881 HK) and GDS Holdings (9698 HK) .  


China

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

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AAC Technologies Holdings (2018 HK)

HONG KONG ALPHA PORTFOLIO (February 2025)

HK Alpha portfolio returned 13.6% in February outperforming its benchmark and all HK indexes. Since inception HK Alpha has returned 13.1% with...

David Mudd

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

FEHT is favored by analysts for strong hotel RevPAR, DBS is skeptical of China's AI breakthrough, and CGSI upgrades ISDN on industrial automation...

Singapore Market Roundup

Technology - Intelligence Driving: Implications of BYD’s “vehicle Intelligence Strategy” Event

BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k

CMB International

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better...

CMB International

HONG KONG ALPHA PORTFOLIO (January 2025)

Hong Kong Alpha portfolio lost 1.29% in January and outperformed its benchmark. We sold GDS, Citic, Cinda and China Galaxy Securities. We added...

David Mudd

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