CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, and nine new join the fray</li>
<li>Since its inception, the portfolio has gained 75% versus MSCI Asia ex Japan's 64%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, and nine new join the fray
Since its inception, the portfolio has gained 75% versus MSCI Asia ex Japan's 64%


We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

In this note, we analyze the latest domestic consumption data including the top 50 retailers, auto sales, and P2P transactions.  Domestic consumption has decelerated meaningfully since Q2.  Rising household debt and the crackdown in shadow banking activities are hurting consumer sentiment in ways that should not be ignored by investors.

In this note, we analyze the latest domestic consumption data including the top 50 retailers, auto sales, and P2P transactions.  Domestic consumption has decelerated meaningfully since Q2.  Rising household debt and the crackdown in shadow banking activities are hurting consumer sentiment in ways that should not be ignored by investors.    

China's Consumer Credit Crunch, Slowing Consumption, & Stock Implications

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.

Equity Bottom-Up

China Yongda Automobiles Services / Equity Bottom-Up

China Yongda Automobiles Services (3669 HK)

<ul><li>Maintain BUY. We believe that Yongda’s impairment in 1H25 could reduce its future financial burden.</li><li>Although dealers’ profit recovery may take some time, Yongda’s brand portfolio could be more resilient than most peers’ and thus the company should survive longer, especially with its improving cash flow and shareholder return.</li><li>One-off impairment could reduce future D&amp;A burden. Yongda’s 1H25 net profit excluding impairment losses fell 43% YoY to RMB63mn, largely in line with its profit alert.</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.

Maintain BUY. We believe that Yongda’s impairment in 1H25 could reduce its future financial burden.Although dealers’ profit recovery may take some time, Yongda’s brand portfolio could be more resilient than most peers’ and thus the company should survive longer, especially with its improving cash flow and shareholder return.One-off impairment could reduce future D&amp;A burden. Yongda’s 1H25 net profit excluding impairment losses fell 43% YoY to RMB63mn, largely in line with its profit alert.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.

Yongda Automobiles (3669 HK) - Brand Portfolio, Cash Flow as Keys to Survival

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.


HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

China

China Yongda Automobiles Services is a large-scale conglomerate focused on dealership services for international luxury automobile brands and new energy vehicle brands. The company provides new vehicle sales, after-sales services, automobile finance and insurance, pre-owned vehicle replacement and sales, and auto spare parts and maintenance. It was established in 1992 and is headquartered in Shanghai, China.

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China Yongda Automobiles Services (3669 HK)

The Stocks to Own in Asia – Vol. 36

We highlight 14 stocks in Asia that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stock remains, and nine new join...

A. Stotz Investment Research

The Stocks to Own in Asia – Vol. 34

Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

China's Consumer Credit Crunch, Slowing Consumption, & Stock Implications

In this note, we analyze the latest domestic consumption data including the top 50 retailers, auto sales, and P2P transactions. Domestic...

JL Warren Capital

Yongda Automobiles (3669 HK) - Brand Portfolio, Cash Flow as Keys to Survival

We do not expect further huge impairment in the next few years, given the remaining such assets related to previous M&As are only RMB600-700mn,...

CMB International

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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