Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. </li>
<li>Top-Picks in China are <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> and <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea Group Holdings (1585 HK)</a>.</li>
<li>Our top picks in Japan are <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> and <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India-Auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> &amp;<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>
</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
Top-Picks in China are Haier Smart Home (6690 HK) , Midea Group (300 HK) and Yadea Group Holdings (1585 HK).
Our top picks in Japan are Suzuki Motor (7269 JP) and ROHM Co Ltd (6963 JP) and in India-Auto it is Mahindra &amp; Mahindra (MM IN) &amp;Ashok Leyland (AL IN)



Shortlist Of High Conviction Ideas Across China, Japan, India - November 2025

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> is less exposed to China's real estate market than one would have thought. Despite poor property industry, HSH still generated 12.9% earnings growth in 3Q23.</li>
<li>We are delighted to see further margin pick-up in 2Q23-3Q23, thanks to digitalisation and better efficiency. We believe such a trend can be sustained over the next 12-18 months. </li>
<li>More innovative products will drive market share, and better margin can support a 13% 3-year earnings CAGR. ROE is high at 17-8% despite net cash (8.8% of share price).   </li>
</ul>



Haier Smart Home (6690 HK) is less exposed to China's real estate market than one would have thought. Despite poor property industry, HSH still generated 12.9% earnings growth in 3Q23.
We are delighted to see further margin pick-up in 2Q23-3Q23, thanks to digitalisation and better efficiency. We believe such a trend can be sustained over the next 12-18 months. 
More innovative products will drive market share, and better margin can support a 13% 3-year earnings CAGR. ROE is high at 17-8% despite net cash (8.8% of share price).   


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

<ul>
<li>
Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.</li>
<li>
Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness</li>
<li>
Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.</li>
</ul>



Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.

Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness

Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.


Haier Smart Home (6690 HK) – Steady Execution to Win the Race

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

China

Haier Smart Home Co. Ltd. manufactures and distributes appliances. The Company produces air conditioners, refrigerators, freezers, small household electrical appliances, and other related products. Haier Smart Home markets its products domestically and internationally.

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Haier Smart Home (600690 CH)

Shortlist Of High Conviction Ideas Across China, Japan, India - November 2025

Mahindra and Mahindra continued with its strong sales momentum in November - 1)Within auto it achieved SUV sales of 56,336 units, a growth of...

Sreemant Dudhoria,CFA

Haier Smart Home (6690 HK): Stays Smart

Haier Smart Home is less exposed to real estate market than expected. Digitalisation and efficiency improvements are driving margin; and...

Osbert Tang, CFA

Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

Midea officially filed for an H-share listing yesterday. As per media reports the company is looking to raise up to US$3bn in Hong Kong.

Sumeet Singh

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...

Sreemant Dudhoria,CFA

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shortlist Of High Conviction Ideas Across China, Japan, India - November 2025

Mahindra and Mahindra continued with its strong sales momentum in November - 1)Within auto it achieved SUV sales of 56,336 units, a growth of...

Sreemant Dudhoria,CFA

Haier Smart Home (6690 HK): Stays Smart

​Haier Smart Home is less exposed to real estate market than expected. Digitalisation and efficiency improvements are driving margin; and...

Osbert Tang, CFA

Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

Midea officially filed for an H-share listing yesterday. As per media reports the company is looking to raise up to US$3bn in Hong Kong.

Sumeet Singh

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

​Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...

Sreemant Dudhoria,CFA

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

Haier Smart Home is less exposed to real estate market than expected. Digitalisation and efficiency improvements are driving margin; and...

Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...