HONG KONG ALPHA PORTFOLIO (August 2025)
Hong Kong Alpha portfolio gained 11.34% in October outperforming its benchmark and HK indexes. The portfolio's Sharpe ratio increased to 2.91 and...
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Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......
Zhou Liu Fu has a healthy 1H25, but faces challenges with weak revenue growth and higher R&D costs. Expansion of offline stores may impact net...
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Sa Sa Intl (178 HK): Looking Better Forward
Sa Sa shows signs of business recovery in 1Q FY26 with 4.7% turnover growth, driven by better mainland tourist arrivals. Trading at 1.55x P/B,...
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Zhou Liu Fu (6168 HK): Are We or the Market Wrong?
Zhou Liu Fu's impressive debut is overshadowed by its expensive valuation of 4.33x PEG with a low EPS CAGR. Comparisons to Chow Tai Fook suggest...
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Zhou Liu Fu IPO Trading: Fundamentally Weak but Oversubscribed
Zhou Liu Fu is looking to raise up to $143m in its upcoming Hong Kong IPO. We have covered aspects of the deal in our previous note. In this note,...
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