CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Six stock remains, and eight stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 93% versus the MSCI Asia ex Japan of 55%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Six stock remains, and eight stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 93% versus the MSCI Asia ex Japan of 55%


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>1H ended with 3 beats, 3 misses and 5 in-lines. The wrap-up of 1H/ 2Q earnings season has largely reset market expectation with latest earnings forecasts, management guidance and hence a refreshed 2H outlook.</li><li>In the near term, in our view, when the PPI-CPI scissor gap continues to narrow, market likely refocuses on the legitimation of any GPM expansion for staple players.</li><li>Meanwhile, lockdown risks prompt us to reside with plays that enjoy high online sales mix, and more importantly, relevant to the upcoming Double 11 campaign.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H ended with 3 beats, 3 misses and 5 in-lines. The wrap-up of 1H/ 2Q earnings season has largely reset market expectation with latest earnings forecasts, management guidance and hence a refreshed 2H outlook.In the near term, in our view, when the PPI-CPI scissor gap continues to narrow, market likely refocuses on the legitimation of any GPM expansion for staple players.Meanwhile, lockdown risks prompt us to reside with plays that enjoy high online sales mix, and more importantly, relevant to the upcoming Double 11 campaign.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer Staples – A diverging 1H; mix upgrade and cost savings were keys to stay relevant

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net outflow over the past week was ~US$0.1bn, split (-US$0.4bn) for Shanghai and (+US$0.3bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> and <a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group (1171 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net outflow over the past week was ~US$0.1bn, split (-US$0.4bn) for Shanghai and (+US$0.3bn) for Shenzhen.
The largest inflows were into CNOOC Ltd (883 HK) and Yankuang Energy Group (1171 HK). The largest outflows were in Meituan (3690 HK) and Kuaishou Technology (1024 HK).


Shanghai/​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (2 September 2022)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

China Tourism Group Duty Free / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we talk about the deal pricing and the trading dynamics.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we talk about the deal pricing and the trading dynamics.


China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn) for Shanghai and (+US$0.3bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/china-international-marine-cntnrs-gp-ltd" target="_blank" data-smartkarma-citation="entities:11752:1" rel="noopener">China International Marine (2039 HK)</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>and <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn) for Shanghai and (+US$0.3bn) for Shenzhen.
The largest inflows were into China International Marine (2039 HK) and Li Ning (2331 HK). The largest outflows were in Meituan (3690 HK)and Kuaishou Technology (1024 HK).


Shanghai/​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (22 August 2022)

Hong Kong

China Resources Beer (Holdings) Company Limited is an alcoholic beverage retailer.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Resources Beer Holdings (291 HK)

The Stocks to Own in Asia – Vol. 38

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Six stock remains, and eight new join...

A. Stotz Investment Research

China Consumer Staples – A diverging 1H; mix upgrade and cost savings were keys to stay relevant

In the near term, in our view, when the PPI-CPI scissor gap continues to narrow, market likely refocuses on the legitimation of any GPM expansion...

CMB International

Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$0.1bn, split (-US$0.4bn) for...

David Blennerhassett

China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158...

Sumeet Singh

Shanghai/Shenzhen Southbound Connect: Weekly Moves (22 August 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn)...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Stocks to Own in Asia – Vol. 38

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Six stock remains, and eight new join...

A. Stotz Investment Research

China Consumer Staples – A diverging 1H; mix upgrade and cost savings were keys to stay relevant

In the near term, in our view, when the PPI-CPI scissor gap continues to narrow, market likely refocuses on the legitimation of any GPM expansion...

CMB International

Shanghai/​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (2 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$0.1bn, split (-US$0.4bn) for...

David Blennerhassett

China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158...

Sumeet Singh

Shanghai/​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (22 August 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn)...

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 September 2022)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (22 August 2022)