Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Priced at RM10.11/share, <a href="https://www.smartkarma.com/entities/china-resources-new-energy-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:50306:1" rel="noopener">China Resources New Energy (001248 CH)</a> (CRNE) appeared fairly priced on a trailing P/B; to possibly "cheap" on a trailing PER metric, depending on your forecast viewpoint. </li>
<li>However, at ~700x oversubscribed, and given CRNE is part of the vast SOE China Resources Holdings, a pop on debut was a safe bet. CRNE is now up 109%.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s 81.8% stake in CRNE accounts for 307% of its market cap. And places the discount to NAV at ~74%,  That's not sustainable. </li>
</ul>


Priced at RM10.11/share, China Resources New Energy (001248 CH) (CRNE) appeared fairly priced on a trailing P/B; to possibly "cheap" on a trailing PER metric, depending on your forecast viewpoint. 
However, at ~700x oversubscribed, and given CRNE is part of the vast SOE China Resources Holdings, a pop on debut was a safe bet. CRNE is now up 109%.

China Resources Power (836 HK)'s 81.8% stake in CRNE accounts for 307% of its market cap. And places the discount to NAV at ~74%,  That's not sustainable. 


Buy CR Power (836 HK) As CRNE (More Than) Doubles On Debut

<ul>
<li>Back on the 15th May 2026, the CSRC approved SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).</li>
<li>CRNE's prospectus was lodged on the 10th June, with a tentative listing early July. CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E. </li>
<li>
CRNE has been priced at RM10.11/share, raising US$3.8bn, with a post-money market cap of US$20.8bn. CRNE's peer basket is down 21% in the past month. CRP is down 10%.</li>
</ul>


Back on the 15th May 2026, the CSRC approved SOE-backed power play China Resources Power (836 HK)'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).
CRNE's prospectus was lodged on the 10th June, with a tentative listing early July. CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E. 

CRNE has been priced at RM10.11/share, raising US$3.8bn, with a post-money market cap of US$20.8bn. CRNE's peer basket is down 21% in the past month. CRP is down 10%.


Update On CR Power (836 HK)'s Clean Energy Spin-Off

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

The recent lockdown in Hong Kong proves that unless everyone is vaccinated, the risk of a lockdown remains. Although it is over within 48 hours, the HK SAR government does not rule out the possibility of similar actions taking place in the future. 
<div class="content-highlight">
For Long Only Investor - Going long <a href="https://www.smartkarma.com/entities/nissin-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:26062:1" rel="noopener">Nissin Foods (1475 HK)</a> may not a superior return especially when Hong Kong is in the second outbreak but it will serve as a hedge when another lockdown is proposed.
For Long Short Investor - <a href="https://www.smartkarma.com/entities/cafe-de-coral-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2568:1" rel="noopener">Cafe De Coral Holdings (341 HK)</a> is well known to be the go-to tea house for Hong Kong residents thus a lockdown in a few places will affect their business which means slower recovery and their home delivery service is not exactly performing well either. 
</div>

The recent lockdown in Hong Kong proves that unless everyone is vaccinated, the risk of a lockdown remains. Although it is over within 48 hours, the HK SAR government does not rule out the possibility of similar actions taking place in the future. 

For Long Only Investor - Going long Nissin Foods (1475 HK) may not a superior return especially when Hong Kong is in the second outbreak but it will serve as a hedge when another lockdown is proposed.
For Long Short Investor - Cafe De Coral Holdings (341 HK) is well known to be the go-to tea house for Hong Kong residents thus a lockdown in a few places will affect their business which means slower recovery and their home delivery service is not exactly performing well either. 


HK Lockdown Ideas: Long Nissin Food and Short Cafe De Coral

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Consumer Staples are a good inflation hedge, but only if they can pass on the increase in raw material costs to end consumers. In a scenario of high unemployment and collapsing demand this may not always be possible.We have taken a look at the change in short interest on Asian consumer staples names across Hong Kong, Korea, Taiwan and Japan to identify stocks that the market is betting on and against.There is a fair bit of variability among the HK and Taiwan stocks, short interest has been broadly lower in Korea and has been plummeting in Japan. Investors can use the data as one of the inputs in identifying stocks that could benefit from an increase in inflation in the near/medium term.

Consumer Staples are a good inflation hedge, but only if they can pass on the increase in raw material costs to end consumers. In a scenario of high unemployment and collapsing demand this may not always be possible.We have taken a look at the change in short interest on Asian consumer staples names across Hong Kong, Korea, Taiwan and Japan to identify stocks that the market is betting on and against.There is a fair bit of variability among the HK and Taiwan stocks, short interest has been broadly lower in Korea and has been plummeting in Japan. Investors can use the data as one of the inputs in identifying stocks that could benefit from an increase in inflation in the near/medium term.

Asian Consumer Staples - Inflation Hedge?

<ul>
<li>On the 15th May 2026, the CSRC approved SOE-backed power play <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).</li>
<li>CRNE's prospectus has now been lodged, with a tentative listing late June/early July. </li>
<li>CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E.  CRNE's peer basket is down 21% in the past month. CRP is down 6%.</li>
</ul>


On the 15th May 2026, the CSRC approved SOE-backed power play China Resources Power (836 HK)'s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).
CRNE's prospectus has now been lodged, with a tentative listing late June/early July. 
CRNE's 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E.  CRNE's peer basket is down 21% in the past month. CRP is down 6%.


CR Power (836 HK): Profit And Sector Dip Clouds Clean Energy Spin-Off

Hong Kong

WH Group is the world's largest pork company, operating across China, the US, and Europe. It integrates hog production, slaughtering, and the processing and distribution of packaged meats and fresh pork. The company's core business includes a wide range of packaged meat products and fresh pork. Headquartered in Hong Kong, the company traces its origins back to 1958.

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WH Group (288 HK)

Buy CR Power (836 HK) As CRNE (More Than) Doubles On Debut

CRP has barely registered CRNE's bigly price gain on debut. The question is whether it will. CRP is totally misproced versus its holding in CRNE....

David Blennerhassett

Update On CR Power (836 HK)'s Clean Energy Spin-Off

CR Power is a BUY after 81.81%-held (after over-allotment) China Resources New Energy Group (001248 CH) opened at RMB21.60 versus an IPO price of...

David Blennerhassett

HK Lockdown Ideas: Long Nissin Food and Short Cafe De Coral

The recent lockdown in HK proves that unless everyone is vaccinated, the risk remains. The HK SAR government does not rule out the possibility of...

Henry Soediarko

Asian Consumer Staples - Inflation Hedge?

Consumer Staples are a good inflation hedge, but only if they can pass on the increase in raw material costs to end consumers. In a scenario of...

Brian Freitas

CR Power (836 HK): Profit And Sector Dip Clouds Clean Energy Spin-Off

Forward guidance for CRNE is not optimum. There's still material upside here; however, what holding company discount is applicable?

David Blennerhassett

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