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



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. 



Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.</li><li>Jefferies starts coverage on Singapore banks, targets DBS at $91.</li><li>KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.</li></ul>

uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.Jefferies starts coverage on Singapore banks, targets DBS at $91.KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Nestlé’s CHF 1bn ice cream disposal is financially small but strategically significant, marking the first visible step in a broader portfolio simplification cycle under new leadership.</li>
<li>We believe asset sales (ice cream, water, VMS) combined with debt reduction can support modest multiple expansion, as lower-synergy assets exit and capital intensity improves across core pillars.</li>
<li>Our 12-month target price of CHF 95 implies ~13% upside, driven by ~CHF 7bn cumulative net proceeds and ~+2 turns uplift on core EBIT multiples, without assuming aggressive growth acceleration.</li>
</ul>


Nestlé’s CHF 1bn ice cream disposal is financially small but strategically significant, marking the first visible step in a broader portfolio simplification cycle under new leadership.
We believe asset sales (ice cream, water, VMS) combined with debt reduction can support modest multiple expansion, as lower-synergy assets exit and capital intensity improves across core pillars.
Our 12-month target price of CHF 95 implies ~13% upside, driven by ~CHF 7bn cumulative net proceeds and ~+2 turns uplift on core EBIT multiples, without assuming aggressive growth acceleration.


Nestlé: Small Ice Cream Sale, Larger Simplification Catalyst

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

Equity Bottom-Up

<ul><li>Nestle is a massive global food and beverage company facing a meltdown and turmoil, with recent scandals and leadership changes</li><li>The consumer goods sector, including companies like Nestle, is struggling due to consumer behavior changes post-Covid and cost of living crisis</li><li>Multinational conglomerates in the industry are facing investor pressure to reevaluate their diversified business models and focus on their core profitable brands</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Nestle is a massive global food and beverage company facing a meltdown and turmoil, with recent scandals and leadership changesThe consumer goods sector, including companies like Nestle, is struggling due to consumer behavior changes post-Covid and cost of living crisisMultinational conglomerates in the industry are facing investor pressure to reevaluate their diversified business models and focus on their core profitable brandsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

United States

Nestle S.A. is a multinational packaged food company, that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

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Nestle (NESN SW)

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

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

uSmart rates Azeus Systems 'hold' with a target of $9.45. Jefferies targets DBS at $91, while KGI rates Q&M Dental 'outperform' for its growth.

Singapore Market Roundup

Nestlé: Small Ice Cream Sale, Larger Simplification Catalyst

A modest ice cream disposal may mark the start of a broader portfolio reset at Nestlé, with asset sales and debt reduction supporting improved...

Jesus Rodriguez Aguilar

The meltdown at Nestlé

Despite facing challenges and scandals, Nestle, a well-known brand in the food and beverage industry, is resisting the trend of selling off lower...

Behind the Money

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

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