Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>The H share market continues to be the top performing market in Asia in 2024.  The HSCEI has outperformed all Asian markets on a USD basis.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> was rated a BUY at JP Morgan with the company hosting a roadshow to discuss its future growth strategy. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> was initiated as a BUY at CMB International as the company rapidly expands into the ready-to-drink category with teas and sports drinks.
</li>
</ul>


The H share market continues to be the top performing market in Asia in 2024.  The HSCEI has outperformed all Asian markets on a USD basis.


China Longyuan Power (916 HK) was rated a BUY at JP Morgan with the company hosting a roadshow to discuss its future growth strategy. 


China Resources Beverage (2460 HK) was initiated as a BUY at CMB International as the company rapidly expands into the ready-to-drink category with teas and sports drinks.



BUY/SELL/HOLD: Hong Kong Stock Updates (December 13)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Evergrande, Spark Infra, Naspers/Prosus, Boral, China Conch Ventures

Analyst

Alasdair Moody

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

Tibet Water Resources Ltd. / Forensic Accounting

Tibet Water is normally too small to attract our interest, however,<a href="https://iceberg-research.com/2017/10/04/tibet-water-1115-hk-where-is-the-beer/" target="_blank"> Iceberg's report </a>seems to be so damning that we thought to take a look.  We have no comment on many of the claims made in the report but, a quick review of the annual report reveals some points of interest and questions worth asking.  1. Cash generated from operations RMB260m, down dramatically since last year, despite rising revenues <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0425/LTN20170425257.pdf" target="_blank">(Page 94 of the 2016 annual report)</a>. Nonetheless, this is dwarfed by loans and payments to…

Tibet Water is normally too small to attract our interest, however, Iceberg's report seems to be so damning that we thought to take a look.  We have no comment on many of the claims made in the report but, a quick review of the annual report reveals some points of interest and questions worth asking.  1. Cash generated from operations RMB260m, down dramatically since last year, despite rising revenues (Page 94 of the 2016 annual report). Nonetheless, this is dwarfed by loans and payments to…

Tibet Water Resources: Some Questions to Be Asked

Hong Kong

Tibet Water Resources Ltd. produces branded premium bottled mineral water. The Company is focused on institutional sales such as rail transport operators, commercial banks, airlines, government organizations, and other major corporations in China.

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Tibet Water Resources Ltd. (1115 HK)

BUY/SELL/HOLD: Hong Kong Stock Updates (December 13)

H shares have outperformed all Asian markets this year on a USD basis. Longyuan Power continues to expand its offshore capacity & overseas...

David Mudd

Last Week in Event SPACE: Evergrande, Spark Infra, Naspers/Prosus, Boral, China Conch Ventures

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Tibet Water Resources: Some Questions to Be Asked

Tibet Water is normally too small to attract our interest, however, Iceberg's report seems to be so damning that we thought to take a look. We...

Bucephalus Research Partnership

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