Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The investment world has turned upside down where established norms have gone into reverse.</li>
<li>The new investing environment needs to be paid attention to.</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The investment world has turned upside down where established norms have gone into reverse.
The new investing environment needs to be paid attention to.


Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>Historical results as expected with a sales and profit decline</li>
<li>The first 2 months of the year show a positive trend</li>
<li>Market reaction to the results should highlight low investor expectations </li>
</ul>


Historical results as expected with a sales and profit decline
The first 2 months of the year show a positive trend
Market reaction to the results should highlight low investor expectations 


China Resources Beer Signals a Bottom in Consumption?

Thematic (Sector/Industry)

<ul>
<li>One key element was the linking of consumption to the wealth effect</li>
<li>Continuation of targeted support for certain vulnerable sections of society</li>
<li>Tactical changes as well as structural ones to support consumption longer-term</li>
</ul>


One key element was the linking of consumption to the wealth effect
Continuation of targeted support for certain vulnerable sections of society
Tactical changes as well as structural ones to support consumption longer-term


China Consumption Plan: How Special Is This “Special Plan”?

<ul>
<li>Few surprises from the Government Work Report, but investor fatigue has set in.</li>
<li>Groundwork continues to be laid for a boost in consumption as a share of GDP</li>
<li>HK/China bull market to broaden out from the technology sector?</li>
</ul>


Few surprises from the Government Work Report, but investor fatigue has set in.
Groundwork continues to be laid for a boost in consumption as a share of GDP
HK/China bull market to broaden out from the technology sector?


NPC- Consumption Put Top of the Agenda, but Another Case of The “Boy Who Cried Wolf?”

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<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)

China

Budweiser Brewing Company APAC Limited is a company principally engaged in the brewing and distribution of beer. The Company produces, imports, markets, distributes over 50 brands including Budweiser, Stella Artois, Corona, Hoegaarden, Cass, and Harbin. The principal markets include China, South Korea, India and Vietnam.

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Budweiser Brewing APAC (1876 HK)

Overview#20 - Welcome to Bizzaro World!

A review of recent events/data impacting our investment themes and outlook. The new investing landscape is a complete reversal of what has worked...

Rikki Malik

China Resources Beer Signals a Bottom in Consumption?

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

NPC- Consumption Put Top of the Agenda, but Another Case of The “Boy Who Cried Wolf?”

Investors feeling fatigued despite expected plans for boosting consumption in China, potential broadening of bull market beyond technology sector...

Rikki Malik

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview#20 - Welcome to Bizzaro World!

A review of recent events/data impacting our investment themes and outlook. The new investing landscape is a complete reversal of what has worked...

Rikki Malik

China Resources Beer Signals a Bottom in Consumption?

​Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Rikki Malik

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

NPC- Consumption Put Top of the Agenda, but Another Case of The “Boy Who Cried Wolf?”

​Investors feeling fatigued despite expected plans for boosting consumption in China, potential broadening of bull market beyond technology sector...

Rikki Malik

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

Company's historical sales and profit decline were expected, but the positive trend in the first 2 months of the year suggests improvement;...

Investors feeling fatigued despite expected plans for boosting consumption in China, potential broadening of bull market beyond technology sector...