Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Capital market veteran with 22 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Tuhu Car (9690 HK | BUY | TP:HKD24): Poised to Capture China's Auto Aftersales Service Market

Equity Bottom-Up

<ul>
<li>Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.</li>
<li>We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. </li>
<li>Fair value of HKD23 implies 22x FY26 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.</li>
</ul>


Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.
We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. 
Fair value of HKD23 implies 22x FY26 PE - average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.


Tuhu Car (9690 HK | BUY | TP:HKD23): Tuhu Goes International, the Next Engine of Growth