Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

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

Macroeconomics

<ul>
<li>Real GDP grew 8.7% in 2025, after a surge to 12.7%YoY growth in Q4'25. Soaring AI- and cloud-computing demand for semiconductors caused the trade surplus to nearly double in 2025. </li>
<li>Inflation moderated to a 5-year low of 0.67%YoY in Jan'26; the US trade deal will keep inflation tame. We expect 12.5bp rate cuts at both June and September CBC meetings. </li>
<li>We expect 11% real GDP growth in H1'26 and 9% growth for 2026. Stay OVERWEIGHT Taiwan, particularly its world-leading technology sector. </li>
</ul>


Real GDP grew 8.7% in 2025, after a surge to 12.7%YoY growth in Q4'25. Soaring AI- and cloud-computing demand for semiconductors caused the trade surplus to nearly double in 2025. 
Inflation moderated to a 5-year low of 0.67%YoY in Jan'26; the US trade deal will keep inflation tame. We expect 12.5bp rate cuts at both June and September CBC meetings. 
We expect 11% real GDP growth in H1'26 and 9% growth for 2026. Stay OVERWEIGHT Taiwan, particularly its world-leading technology sector. 


Taiwan: Global Growth Leader Is the Genuine Goldilocks Economy

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha portfolio gained 16.26% in January resulting in a 6.2% outperformance to its benchmark.  The portfolio has outperformed HK indexes by 48% to 63% since inception on 10/1/24.</li>
<li>Hong Kong Alpha has generated 50% of its return from alpha and has a Sharpe ratio of 1.79 since inception.  The portfolio's annualized mean excess return is 28%.</li>
<li>At the end of January, we reduced positions in the materials, communications, and conglomerate sectors and added positions in the food, energy, and manufacturing sectors.</li>
</ul>


Hong Kong Alpha portfolio gained 16.26% in January resulting in a 6.2% outperformance to its benchmark.  The portfolio has outperformed HK indexes by 48% to 63% since inception on 10/1/24.
Hong Kong Alpha has generated 50% of its return from alpha and has a Sharpe ratio of 1.79 since inception.  The portfolio's annualized mean excess return is 28%.
At the end of January, we reduced positions in the materials, communications, and conglomerate sectors and added positions in the food, energy, and manufacturing sectors.


HONG KONG ALPHA PORTFOLIO: (January 2026)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

<ul>
<li>Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).</li>
<li>
<a href="https://www.smartkarma.com/entities/picc-property-casualty-h" target="_blank" data-smartkarma-citation="entities:350:1" rel="noopener">PICC Property &amp; Casualty H (2328 HK)</a> and <a href="https://www.smartkarma.com/entities/china-petroleum-chemical-h" target="_blank" data-smartkarma-citation="entities:369:1" rel="noopener">China Petroleum &amp; Chemical (386 HK)</a> broke to new highs relative to MSCI indices.  Sinopec may benefit from stronger RMB in 2H24.
</li>
<li><a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> had a short-term turnaround from its downtrend.  The company reported growth in sales and better margins in 2Q24.</li>
</ul>


Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).

PICC Property &amp; Casualty H (2328 HK) and China Petroleum &amp; Chemical (386 HK) broke to new highs relative to MSCI indices.  Sinopec may benefit from stronger RMB in 2H24.

Shenzhou Intl Group Holdings (2313 HK) had a short-term turnaround from its downtrend.  The company reported growth in sales and better margins in 2Q24.


Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

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>We met with <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a>, <a href="https://www.smartkarma.com/entities/lever-style-corporation" target="_blank" data-smartkarma-citation="entities:35760:1" rel="noopener">Lever Style (1346 HK)</a>, and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> in HK. Positive developments in the businesses make them all names to explore.</li>
<li>With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region, which is a positive read-through for <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> </li>
<li>The retail environment, though, is mixed with <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a>, seeing good sales momentum, while <a href="https://www.smartkarma.com/entities/lever-style-corporation" target="_blank" data-smartkarma-citation="entities:35760:1" rel="noopener">Lever Style (1346 HK)</a> remains flattish. </li>
</ul>


We met with JNBY Design Ltd (3306 HK), Lever Style (1346 HK), and Nameson Holdings (1982 HK) in HK. Positive developments in the businesses make them all names to explore.
With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region, which is a positive read-through for Nameson Holdings (1982 HK) 
The retail environment, though, is mixed with JNBY Design Ltd (3306 HK), seeing good sales momentum, while Lever Style (1346 HK) remains flattish. 


HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

Hong Kong

Yue Yuen Industrial is the world's largest original design manufacturer (ODM) and original equipment manufacturer (OEM) of branded athletic and casual footwear for international brands such as Nike, Adidas, and New Balance. The company also engages in the retail and distribution of sportswear and footwear products through its subsidiary, Pou Sheng International. It was founded in 1988 and is headquartered in Hong Kong.

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Yue Yuen Industrial (551 HK)

Taiwan: Global Growth Leader Is the Genuine Goldilocks Economy

RGDP growth surged 8.7% in 2025 as soaring chip demand enabled a near-doubling of the trade surplus. With RGDP growing 9%, inflation at 1% (with...

Prasenjit K. Basu

HONG KONG ALPHA PORTFOLIO: (January 2026)

At the end of January, we began to move out of materials and tech and into early cycle sectors. We continue with mid-month exposure adjustments: we...

David Mudd

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

Hong Kong market broke its downtrend however it met strong resistance just above 18k. PICC and Sinopec broke to new highs relative to MSCI...

David Mudd

HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

Summary of meetings with IR/management of JNBY, Nameson, and Leverstyle in Hong Kong and key investment opportunities in the listed HK textile...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan: Global Growth Leader Is the Genuine Goldilocks Economy

​RGDP growth surged 8.7% in 2025 as soaring chip demand enabled a near-doubling of the trade surplus. With RGDP growing 9%, inflation at 1% (with...

Prasenjit K. Basu

HONG KONG ALPHA PORTFOLIO: (January 2026)

At the end of January, we began to move out of materials and tech and into early cycle sectors. We continue with mid-month exposure adjustments: we...

David Mudd

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

Hong Kong market broke its downtrend however it met strong resistance just above 18k. PICC and Sinopec broke to new highs relative to MSCI...

David Mudd

HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

Summary of meetings with IR/management of JNBY, Nameson, and Leverstyle in Hong Kong and key investment opportunities in the listed HK textile...

Sameer Taneja

RGDP growth surged 8.7% in 2025 as soaring chip demand enabled a near-doubling of the trade surplus. With RGDP growing 9%, inflation at 1% (with...

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...