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

Rikki Malik

Cross Asset Strategy

<ul>
<li>Representatives of all relevant major Ministries showed up and had their say</li>
<li>As is now usual from these events some positives as well as some disappointment</li>
<li>Further steps taken to put a floor under the property market</li>
</ul>


Representatives of all relevant major Ministries showed up and had their say
As is now usual from these events some positives as well as some disappointment
Further steps taken to put a floor under the property market


Ministry of Housing Press Conference – First Take

<ul>
<li>A correction was natural after the fast, strong move up</li>
<li>Any detailed fiscal stimulus plan will come from the State Council or the MoF</li>
<li>Capital market reforms moving in the right direction with continued focus on consumption.</li>
</ul>


A correction was natural after the fast, strong move up
Any detailed fiscal stimulus plan will come from the State Council or the MoF
Capital market reforms moving in the right direction with continued focus on consumption.


Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

<ul>
<li>Change in strategy by the Chinese authorities mean this is more than a trade</li>
<li>Sentiment, valuations and positioning are still supportive despite the rally</li>
<li>Overbought conditions in the very short-term and the technical picture is mixed </li>
</ul>


Change in strategy by the Chinese authorities mean this is more than a trade
Sentiment, valuations and positioning are still supportive despite the rally
Overbought conditions in the very short-term and the technical picture is mixed 


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>The conglomerate sector continues to show momentum in Hong Kong while the materials and energy sectors lag</li>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a><a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> was rated a BUY as valuations and potential catalysts from parent <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> could support a higher stock price.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-east-education-holdings" target="_blank" data-smartkarma-citation="entities:27843:1" rel="noopener">China East Education (667 HK)</a> was upgraded to BUY with higher higher price target due to profit increase. <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> was initiated with a BUY with strong upside.
</li>
</ul>


The conglomerate sector continues to show momentum in Hong Kong while the materials and energy sectors lag

Weibo (9898 HK)Weibo Corp (WB US) was rated a BUY as valuations and potential catalysts from parent Alibaba Group Holding (9988 HK) could support a higher stock price.


China East Education (667 HK) was upgraded to BUY with higher higher price target due to profit increase. Dongfang Electric (1072 HK) was initiated with a BUY with strong upside.



BUY/SELL/HOLD: Hong Kong Stock Updates (September 21)

<ul>
<li>Asian ETF flows have been subdued during September as markets start to react positively to Fed rate cuts.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> parent <a href="https://www.smartkarma.com/entities/las-vegas-sands-corp" target="_blank" data-smartkarma-citation="entities:807:1" rel="noopener">Las Vegas Sands (LVS US)</a> continued to increase its stake as Macau tourists rise.  <a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> is seeing increased China sales.
</li>
<li>
<a href="https://www.smartkarma.com/entities/metallurgical-corporation-of-china-ltd-a8048a44-3f03-4836-916c-1596deef9535" target="_blank" data-smartkarma-citation="entities:12762:1" rel="noopener">Metallurgical Corporation of China Ltd (1618 HK)</a> reported a decrease in new contracts for 1H24. <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> early investor sold most of its remaining stake in the company.
</li>
</ul>


Asian ETF flows have been subdued during September as markets start to react positively to Fed rate cuts.

Sands China (1928 HK) parent Las Vegas Sands (LVS US) continued to increase its stake as Macau tourists rise.  Shenzhou Intl Group Holdings (2313 HK) is seeing increased China sales.


Metallurgical Corporation of China Ltd (1618 HK) reported a decrease in new contracts for 1H24. Kuaishou Technology (1024 HK) early investor sold most of its remaining stake in the company.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 20)

China

China Railway Construction Corporation Ltd is a full service construction company.  The Company's services include construction operations, survey design and consulting. China Railway also has manufacturing operations, real estate operations, and logistics. The Company specializes in railway construction.

China Railway Construction Corp (1186 HK)

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China Railway Construction Corp (1186 HK)

Ministry of Housing Press Conference – First Take

The next step on more detailed measures on stabilising the property market in China. Some big positives but disappointment likely for some

Rikki Malik

Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

Correction in markets expected after rapid rise, detailed fiscal stimulus plans to come from State Council or MoF, capital market reforms...

Rikki Malik

Examining the Bear Case for China

Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...

Rikki Malik

BUY/SELL/HOLD: Hong Kong Stock Updates (September 21)

Conglomerate stocks in Hong Kong have outperformed this month. Weibo target price is upgraded and Dongfang Electric is intiated BUY. CEE saw a...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 20)

Sands China's parent increases its stake. Shenzhou is benefits from increased China sales from a health-conscious consumer. MCC new contracts...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ministry of Housing Press Conference – First Take

The next step on more detailed measures on stabilising the property market in China. Some big positives but disappointment likely for some

Rikki Malik

Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

​Correction in markets expected after rapid rise, detailed fiscal stimulus plans to come from State Council or MoF, capital market reforms...

Rikki Malik

Examining the Bear Case for China

​Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...

Rikki Malik

BUY/SELL/HOLD: Hong Kong Stock Updates (September 21)

Conglomerate stocks in Hong Kong have outperformed this month. Weibo target price is upgraded and Dongfang Electric is intiated BUY. CEE saw a...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 20)

Sands China's parent increases its stake. Shenzhou is benefits from increased China sales from a health-conscious consumer. MCC new contracts...

David Mudd

Correction in markets expected after rapid rise, detailed fiscal stimulus plans to come from State Council or MoF, capital market reforms...

Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...