Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

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In the past year, cocoa prices have spiked to elevated levels.
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The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.
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There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 
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In the past year, cocoa prices have spiked to elevated levels.


The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.


There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 



Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

Equity Bottom-Up

<ul><li>Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.</li><li>This has swiftly aligned markets more with Upslope’s portfolio and approach.</li><li>April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).</li></ul>

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.This has swiftly aligned markets more with Upslope’s portfolio and approach.April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).

Upslope's Quarterly Investor Letter: 2025-Q1

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The Hershey Company recently discussed its third-quarter 2024 earnings results, with executives addressing various topics spanning from market competition to cost pressures and strategic initiatives.</li><li>The conversation provides insights into both the positive aspects and challenges faced by the company.</li><li>On the positive side, Hershey reported continued resilience in the core chocolate category, maintaining steady growth trends and outpacing other snack categories.</li></ul>

The Hershey Company recently discussed its third-quarter 2024 earnings results, with executives addressing various topics spanning from market competition to cost pressures and strategic initiatives.The conversation provides insights into both the positive aspects and challenges faced by the company.On the positive side, Hershey reported continued resilience in the core chocolate category, maintaining steady growth trends and outpacing other snack categories.

The Hershey Company: Can Its Innovation & Product Portfolio Expansion Up Their Game? - Major Drivers

<ul><li>The Hershey Company's second quarter 2024 earnings report presents a mixed financial landscape, with several key takeaways for investors considering the confectionery giant's market positioning and future outlook.</li><li>Amidst an uncertain economic environment, Hershey has navigated challenges related to supply chain fluctuations, commodity price volatility, particularly in cocoa, and shifting consumer behavior toward value optimization.</li><li>Positively, Hershey's management appears confident about regaining momentum in the second half of the year, supported by strong seasonal order visibility, normalization in retail inventory levels, and promising engagement in marketing and promotional activities.</li></ul>

The Hershey Company's second quarter 2024 earnings report presents a mixed financial landscape, with several key takeaways for investors considering the confectionery giant's market positioning and future outlook.Amidst an uncertain economic environment, Hershey has navigated challenges related to supply chain fluctuations, commodity price volatility, particularly in cocoa, and shifting consumer behavior toward value optimization.Positively, Hershey's management appears confident about regaining momentum in the second half of the year, supported by strong seasonal order visibility, normalization in retail inventory levels, and promising engagement in marketing and promotional activities.

The Hershey Company: Expansion into New Product Categories and Markets & Major Drivers

<ul><li>The Hershey Company reported optimistic market share trends in their Q1 2024 earnings.</li><li>The firm has seen strong performances especially in seasonal sales and takeaway, with innovation being a significant growth driver.</li><li>Its Reese’s Caramel product was quite popular among customers, with it not only being well received, but also helping drive strong merchandising especially around the Super Bowl season.</li></ul>

The Hershey Company reported optimistic market share trends in their Q1 2024 earnings.The firm has seen strong performances especially in seasonal sales and takeaway, with innovation being a significant growth driver.Its Reese’s Caramel product was quite popular among customers, with it not only being well received, but also helping drive strong merchandising especially around the Super Bowl season.

The Hershey Company: How Are The Latest North America Confectionery Market Developments Impacting Them? - Major Drivers

United States

The Hershey Company manufactures chocolate and sugar confectionery products. The Company's principal products include chocolate and sugar confectionery products; gum and mint refreshment products; and pantry items, such as baking ingredients, toppings and beverages.

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Hershey Co/The (HSY US)

The cocoa question

In the past year, cocoa prices have spiked to elevated levels. The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.

Asian Century Stocks

Upslope's Quarterly Investor Letter: 2025-Q1

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.

Upslope Capital Management

The Hershey Company: Can Its Innovation & Product Portfolio Expansion Up Their Game? - Major Drivers

The Hershey Company recently discussed its third-quarter 2024 earnings results, with executives addressing various topics spanning from market...

Baptista Research

The Hershey Company: Expansion into New Product Categories and Markets & Major Drivers

The Hershey Company's second quarter 2024 earnings report presents a mixed financial landscape, with several key takeaways for investors...

Baptista Research

The Hershey Company: How Are The Latest North America Confectionery Market Developments Impacting Them? - Major Drivers

The Hershey Company reported optimistic market share trends in their Q1 2024 earnings. The firm has seen strong performances especially in...

Baptista Research

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