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: Two stock remains, 12 stocks added into portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 200% versus the MSCI Asia ex Japan of 77%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Two stock remains, 12 stocks added into portfolio
Since its inception, it has generated a before-fee total return of 200% versus the MSCI Asia ex Japan of 77%


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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.</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 Pop Mart International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Pop Mart International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.


HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dream-international-ltd" target="_blank" data-smartkarma-citation="entities:15783:1" rel="noopener">Dream International (1126 HK)</a> posted strong results, with revenues up 2% and profits down 11% YoY, demonstrating effective cost control in a challenging competitive environment.</li>
<li>Net cash on the balance sheet ended at 1.52 bn HKD (vs 1.35 bn), representing 33% of market capitalization. The company rewarded shareholders with 60 cents of dividend (~8.9% yield). </li>
<li>Trading at 6x/3x PE/EV-EBITDA FY24, with an 8.9% dividend yield and an average 10-year ROCE of 20%, the stock is worth exploring from here. </li>
</ul>



Dream International (1126 HK) posted strong results, with revenues up 2% and profits down 11% YoY, demonstrating effective cost control in a challenging competitive environment.
Net cash on the balance sheet ended at 1.52 bn HKD (vs 1.35 bn), representing 33% of market capitalization. The company rewarded shareholders with 60 cents of dividend (~8.9% yield). 
Trading at 6x/3x PE/EV-EBITDA FY24, with an 8.9% dividend yield and an average 10-year ROCE of 20%, the stock is worth exploring from here. 


Dream International (1126 HK) FY24 Results and Concall Update: Margins Bounce Back

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> committed to expanding in the U.S. with plans in place to mitigate the impact of U.S. tariffs on Chinese goods via its diversified supply chain strategy.</li>
<li>Key investor concern: Slower store expansion in Mainland China in 2025 may temper near-term sales and profit growth. Capital intensive overseas expansion could dilute potential returns.</li>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">Miniso (MNSO US)</a>’s accelerating shift toward higher-margin IP co-branded lifestyle products—a strategy poised to sustain double-digit revenue growth, makes it an attractive investment play in the lifestyle retail space.</li>
</ul>



MINISO Group Holding (9896 HK) committed to expanding in the U.S. with plans in place to mitigate the impact of U.S. tariffs on Chinese goods via its diversified supply chain strategy.
Key investor concern: Slower store expansion in Mainland China in 2025 may temper near-term sales and profit growth. Capital intensive overseas expansion could dilute potential returns.

Miniso (MNSO US)’s accelerating shift toward higher-margin IP co-branded lifestyle products—a strategy poised to sustain double-digit revenue growth, makes it an attractive investment play in the lifestyle retail space.


Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China's structural economic issues?</li>
<li>China's EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;</li>
<li>MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.</li>
</ul>


The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China's structural economic issues?
China's EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;
MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.


[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

China

Pop Mart International Group Limited operates as a toys wholesales company. The Company provides trendy toys designing, production, marketing, and other services. Pop Mart International Group markets its products worldwide.

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Pop Mart (9992 HK)

The Stocks to Own in Asia – Vol. 48

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, it has generated a before-fee total...

A. Stotz Investment Research

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

Dream International (1126 HK) FY24 Results and Concall Update: Margins Bounce Back

Here’s a summary of Dream International (1126 HK) FY24 results and key insights from the post-results conference call. The stock trades at 6x PE...

Sameer Taneja

Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

Miniso presents compelling relative value versus Pop Mart (9992 HK) ’s premium valuation. Expect this valuation gap to narrow as investors gain...

Devi Subhakesan

[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Stocks to Own in Asia – Vol. 48

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, it has generated a before-fee total...

A. Stotz Investment Research

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

Dream International (1126 HK) FY24 Results and Concall Update: Margins Bounce Back

Here’s a summary of Dream International (1126 HK) FY24 results and key insights from the post-results conference call. The stock trades at 6x PE...

Sameer Taneja

Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

Miniso presents compelling relative value versus Pop Mart (9992 HK) ’s premium valuation. Expect this valuation gap to narrow as investors gain...

Devi Subhakesan

[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

​China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

Blue Lotus Research Institute

China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...