Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity dropped sharply again to the lowest in a few months but net SOUTHBOUND buying remains very strong, with big flows on tech.</li>
<li>Most of the top names were tech names - both in gross and net buys. Only 1 tech name in top five net sells.</li>
<li>Last week I said I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. Continue.</li>
</ul>


SOUTHBOUND gross trading activity dropped sharply again to the lowest in a few months but net SOUTHBOUND buying remains very strong, with big flows on tech.
Most of the top names were tech names - both in gross and net buys. Only 1 tech name in top five net sells.
Last week I said I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. Continue.


HK Connect SOUTHBOUND Flows (To 29 Nov 2024); SB Trading Volumes Lower, Still Strong Net Buying Tech

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Travel International Investment Hong Kong / Equity Bottom-Up

China Travel International Investment Hong Kong

<p>We think <a href="https://www.smartkarma.com/entities/china-travel-intl-inv-hk" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel Intl Inv Hk (308 HK)</a> (CTII) is an interesting name misunderstood, overlooked and under-researched by the market. As such, this will potentially provide promising upside return given its undemanding valuation relative to the travel agency and package tour peers. </p><p>CTII is not a travel agency and instead it is a major operator of tourist attractions in China that is well positioned to benefit from the recovery of the domestic travel market. Trading at just 0.4x P/B and with net cash equals to 36% of current share price, CTII is also a potential candidate for privatisation by its ultimate parent China Tourism Group.   </p>

We think China Travel Intl Inv Hk (308 HK) (CTII) is an interesting name misunderstood, overlooked and under-researched by the market. As such, this will potentially provide promising upside return given its undemanding valuation relative to the travel agency and package tour peers. CTII is not a travel agency and instead it is a major operator of tourist attractions in China that is well positioned to benefit from the recovery of the domestic travel market. Trading at just 0.4x P/B and with net cash equals to 36% of current share price, CTII is also a potential candidate for privatisation by its ultimate parent China Tourism Group.   

China Travel Intl Inv (308 HK): Recovery Play Overlooked by the Market + Privatisation Possibility

Hong Kong

EGL Holdings Company Limited operates as a travel company. The Company provides travel and tour packages for Japan and Hong Kong.

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Egl Holdings (6882 HK)

HK Connect SOUTHBOUND Flows (To 29 Nov 2024); SB Trading Volumes Lower, Still Strong Net Buying Tech

SOUTHBOUND volumes fell again this week to the lowest in months but net flows continue to be strong. This week was all about tech.

Travis Lundy

China Travel Intl Inv (308 HK): Recovery Play Overlooked by the Market + Privatisation Possibility

China Travel Intl Inv is an interesting recovery play yet to be full appreciated by the market. Its depressed valuation and exposure to the...

Osbert Tang, CFA

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