Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

1. Industry viewpoints<ul>
<li>Although China's medical device market share is just a small piece on a global scale, in recent years, its YoY growth rate remains above 15%, and it still has large growth potential.</li>
<li>With favorable policies to encourage the prescription outflow, it is estimated that the out-of-hospital market of prescription drugs will reach nearly RMB250 billion in 2020.</li>
<li>The market size of minimally invasive interventional medical devices in China is expected to reach RMB142.13 billion yuan by 2023, with a large growth potential for import substitution.</li>
</ul>2. Company newsNews of <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a> , AffaMed Therapeutics and <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> on the progress of new drug, merger agreement and the co-development and exclusive license agreement.3. Market reviewLast week, stock price for healthcare sector rose 3.23%, while CSI 300 rose 2.36% over the same period of time.4. Risk DisclosurePolicy risk, R&amp;D risk, Company risk and COVID-19 risk

1. Industry viewpoints
Although China's medical device market share is just a small piece on a global scale, in recent years, its YoY growth rate remains above 15%, and it still has large growth potential.
With favorable policies to encourage the prescription outflow, it is estimated that the out-of-hospital market of prescription drugs will reach nearly RMB250 billion in 2020.
The market size of minimally invasive interventional medical devices in China is expected to reach RMB142.13 billion yuan by 2023, with a large growth potential for import substitution.
2. Company newsNews of Ascletis Pharma Inc (1672 HK) , AffaMed Therapeutics and Shanghai Henlius Biotech (2696 HK) on the progress of new drug, merger agreement and the co-development and exclusive license agreement.3. Market reviewLast week, stock price for healthcare sector rose 3.23%, while CSI 300 rose 2.36% over the same period of time.4. Risk DisclosurePolicy risk, R&amp;D risk, Company risk and COVID-19 risk

Transport Sector, China and Asia-focused Research

Charles De Trenck

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

Founder of Innovation Research & Advisory firm, Lightbulb Capital

Daniel Liebau

Founder of Innovation Research & Advisory firm

Lightbulb Capital

Companies across different industries are building Innovation centers&nbsp; in Singapore, Hong Kong and other cities across Asia and the rest of the world.&nbsp; Some examples include <a target="_blank" href="http://aia-accelerator.com/">AIA</a>, <a target="_blank" href="http://www.3m.com.hk/intl/hk/english/in_hongkong/innovation_center.html">3M</a>, <a target="_blank" href="http://www.mis-asia.com/tech/industries/metlife-announces-futurelab-in-singapore/">MetLife</a> and <a target="_blank" href="https://www.edb.gov.sg/content/edb/en/news-and-events/news/2014-news/p-and-g-opens-250-million-innovation-centre.html">P&amp;G</a> amongst others.&nbsp;While this is a good step in the right direction there are 4 specific points that are worth considering to gauge if the initiative has a chance to create some optionality for future long term growth. Therefore, from an investment perspective it makes sense to evaluate Innovation initiatives in target companies with those points in mind.

Companies across different industries are building Innovation centers&nbsp; in Singapore, Hong Kong and other cities across Asia and the rest of the world.&nbsp;  Some examples include AIA, 3M, MetLife and P&amp;G amongst others.&nbsp;While this is a good step in the right direction there are 4 specific points that are worth considering to gauge if the initiative has a chance to create some optionality for future long term growth. Therefore, from an investment perspective it makes sense to evaluate Innovation initiatives in target companies with those points in mind. 

Can Innovation labs be assessed to pick stocks for your portfolio?

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

The announced restructuring of Cheung Kong Limited and Hutchison Whampoa Limited has been well received on the HKEx. Hutchison shares have rallied and now trade at an EV/EBITDA multiple of 12x trailing EBITDA. Mr. Li hopes to list Watson’s, but will there be more value in a listing or a sale?&nbsp;

The announced restructuring of Cheung Kong Limited and Hutchison Whampoa Limited has been well received on the HKEx. Hutchison shares have rallied and now trade at an EV/EBITDA multiple of 12x trailing EBITDA. Mr. Li hopes to list Watson’s, but will there be more value in a listing or a sale?&nbsp;

Hutchison Whampoa Restructuring: Next Move for Watson's?

Hong Kong

Essex Bio-Technology Limited manufactures and sells biopharmaceutical products for the treatment and healing of surface wounds and organ wounds.

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Essex Bio-Technology (1061 HK)

Investing in HK Stocks

If you invest in Western markets this would be enough, but not in Asian markets where the trust factor is a lot lower, and where ownership is more...

Turtles all the way down

China Healthcare Weekly (Oct.16)

This article summarized major industry viewpoints, company news, and capital market review for China healthcare industry last week.

Xinyao (Criss) Wang

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

This is an invest-able idea at the private level with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over...

Charles De Trenck

Can Innovation labs be assessed to pick stocks for your portfolio?

Companies across different industries are building Innovation centers in Singapore, Hong Kong and other cities across Asia and the rest of the...

Daniel Liebau

Hutchison Whampoa Restructuring: Next Move for Watson's?

The announced restructuring of Cheung Kong Limited and Hutchison Whampoa Limited has been well received on the HKEx. Hutchison shares have rallied...

Kemp Dolliver, CFA

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