Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li><strong>Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.</strong></li>
<li><strong>After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.</strong></li>
<li><strong>Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.</strong></li>
</ul>


Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.
After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.
Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.


Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

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

Rikki Malik

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


June Themes and Thematic Portfolio Review

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After falling 12% post-1H26 results, <strong><a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-limited" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a></strong> is inexpensive to its parent <strong><a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network A (600050 CH)</a></strong> - its hybrid domestic A-share twin - <em>and</em> to peers</li>
<li>Preceding my comments on Unicom, are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


After falling 12% post-1H26 results, China Unicom (762 HK) is inexpensive to its parent China United Network A (600050 CH) - its hybrid domestic A-share twin - and to peers
Preceding my comments on Unicom, are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


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.

Thematic (Sector/Industry)

<ul><li>Our view on China telecom sector is unchanged. We think this sector is a defensive play amid macro-economic pressure.</li><li>We expect China telcos to be the most favorable defensive picks with stable operations, strong FCF, high dividend yield and potential share repo opportunities.</li><li>China Mobile and China Telecom’s (941 HK/ 728 HK, not rated) share prices grew 25.5%/23.8% YTD.</li></ul><p><em>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.</em></p>

Our view on China telecom sector is unchanged. We think this sector is a defensive play amid macro-economic pressure.We expect China telcos to be the most favorable defensive picks with stable operations, strong FCF, high dividend yield and potential share repo opportunities.China Mobile and China Telecom’s (941 HK/ 728 HK, not rated) share prices grew 25.5%/23.8% YTD.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.

China 5G Sector – China telecom sector remains as a defensive play

<div><div><div><div><ul><li>We regard the domestic telecom sector as a defensive play amid macro- economic pressure, consumer weakness, rising uncertainties, etc.</li><li>We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.</li><li>China Mobile’s (600941 CH/941 HK) share price grew 12.5%/8.3% YTD. The investors’ appetite seems to confirm our previous prediction “Good compound returns (dividends, share repo) in an environment of uncertainty will become more valued by investors.” </li></ul></div></div></div></div><p><em>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.</em></p>

We regard the domestic telecom sector as a defensive play amid macro- economic pressure, consumer weakness, rising uncertainties, etc.We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.China Mobile’s (600941 CH/941 HK) share price grew 12.5%/8.3% YTD. The investors’ appetite seems to confirm our previous prediction “Good compound returns (dividends, share repo) in an environment of uncertainty will become more valued by investors.” 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.

China 5G Sector – Expect telecom names continue to show strength in broad market weakness

China

China Tower Corporation Limited is a state-owned telecommunication company that provides telecommunication tower infrastructure services, including construction, maintenance, and operation of base station ancillary facilities. The company also offers distributed antenna systems, smart tower services, and energy solutions like power backup and battery exchange. It was founded in July 2014 and is headquartered in Beijing, China.

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China Tower (788 HK)

Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

Share prices of Smoore International, China Communication Services and GDS had Bullish technical signals while Samsonite and Huatai Securities have...

David Mudd

June Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

StubWorld: Unicom's "Hs" Are Cheap

After falling 12% post-1H26 results, China Unicom (762 HK) is inexpensive to its parent China United Network A (600050 CH) - its hybrid domestic A...

David Blennerhassett

China 5G Sector – China telecom sector remains as a defensive play

We expect China telcos to be the most favorable defensive picks with stable operations, strong FCF, high dividend yield and potential share repo...

CMB International

China 5G Sector – Expect telecom names continue to show strength in broad market weakness

We expect China telcos to be the most favorable defensive picks with ample FCF, high dividend yield and potential share repo opportunities.

CMB International

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