Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Tencent Music Entertainment Group / Equity Bottom-Up

<ul>
<li>Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.</li>
<li>
<a href="https://www.smartkarma.com/entities/crrc-corp-ltd-461535b2-37ac-4589-b4d9-8b71c06c43b8" target="_blank" data-smartkarma-citation="entities:124:1" rel="noopener">CRRC Corp Ltd H (1766 HK)</a> gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> reported solid results as it shifts to a pay-to-stream subscription model. <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> had a blowout quarter with EV sales surging.
</li>
</ul>


Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.

CRRC Corp Ltd H (1766 HK) gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.


Tencent Music Entertainment Group (1698 HK) reported solid results as it shifts to a pay-to-stream subscription model. Xiaomi Corp (1810 HK) had a blowout quarter with EV sales surging.



BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

Thematic (Sector/Industry)

<ul>
<li>JD US/3690 HK:JD.com to Launch Self-operated On-Demand Delivery Service. (+/-)</li>
<li>JD US/BABA US/1810 HK:Shanghai expands the products eligible for home appliance subsidies (+/+/+)</li>
<li>BABA US / 700 HK: Alipay suffers brief outage. (-/+)</li>
</ul>


JD US/3690 HK:JD.com to Launch Self-operated On-Demand Delivery Service. (+/-)
JD US/BABA US/1810 HK:Shanghai expands the products eligible for home appliance subsidies (+/+/+)
BABA US / 700 HK: Alipay suffers brief outage. (-/+)


[Blue Lotus Daily-TMT Update]:JD/3690 HK/BABA/1810 HK/700 HK/BILI/1024 HK/BIDU/20 HK/NTES/SE/GRAB

<ul>
<li>JD US/3690 HK/BABA US:JD.com’s 7FRESH Supermarket lowers prices to gain traffic, challenging Meituan and Freshippo (+/+/+)</li>
<li>1024 HK:Kuaishou's Overseas Short-video Platform Kwai Officially Launches E-commerce in Brazil (+)</li>
<li>1024 HK:Kuaishou Game &lt;Endless Dream&gt; Surpasses 10 Million Pre-Registered Players, Announces Collaboration with &lt;Soul Knight&gt; (+)</li>
</ul>


JD US/3690 HK/BABA US:JD.com’s 7FRESH Supermarket lowers prices to gain traffic, challenging Meituan and Freshippo (+/+/+)
1024 HK:Kuaishou's Overseas Short-video Platform Kwai Officially Launches E-commerce in Brazil (+)
1024 HK:Kuaishou Game &lt;Endless Dream&gt; Surpasses 10 Million Pre-Registered Players, Announces Collaboration with &lt;Soul Knight&gt; (+)


[Blue Lotus Daily-TMT Update]:JD/3690HK/BABA/1024HK/700HK/BIDU/3092JP/4385JP/PDD/1810HK/NTES /MSFT

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

Hong Kong has seen its Consumer Discretionary and Healthcare sectors perform well since the stimulus in September. CRCC has had several buy...

David Mudd

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

[Blue Lotus Daily-TMT Update]:JD/3690 HK/BABA/1810 HK/700 HK/BILI/1024 HK/BIDU/20 HK/NTES/SE/GRAB

JD.com is launching a self-operated on-demand delivery service, Shanghai expands home appliance subsidies, and Alipay experiences a brief outage.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD/3690HK/BABA/1024HK/700HK/BIDU/3092JP/4385JP/PDD/1810HK/NTES /MSFT

JD.com's 7FRESH Supermarket lowers prices to compete with Meituan and Freshippo, Kuaishou launches e-commerce in Brazil and announces...

Blue Lotus Research Institute

Screening for GEMs: November 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

Hong Kong has seen its Consumer Discretionary and Healthcare sectors perform well since the stimulus in September. CRCC has had several buy...

David Mudd

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

[Blue Lotus Daily-TMT Update]:JD/3690 HK/BABA/1810 HK/700 HK/BILI/1024 HK/BIDU/20 HK/NTES/SE/GRAB

​JD.com is launching a self-operated on-demand delivery service, Shanghai expands home appliance subsidies, and Alipay experiences a brief outage.

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD/3690HK/BABA/1024HK/700HK/BIDU/3092JP/4385JP/PDD/1810HK/NTES /MSFT

​JD.com's 7FRESH Supermarket lowers prices to compete with Meituan and Freshippo, Kuaishou launches e-commerce in Brazil and announces...

Blue Lotus Research Institute

Screening for GEMs: November 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

JD.com is launching a self-operated on-demand delivery service, Shanghai expands home appliance subsidies, and Alipay experiences a brief outage.

JD.com's 7FRESH Supermarket lowers prices to compete with Meituan and Freshippo, Kuaishou launches e-commerce in Brazil and announces...