Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Kato Hong Kong Holdings / Equity Bottom-Up

<p>For our next Webinar, we are happy to welcome Insight Provider <a href="https://www.smartkarma.com/profiles/steven-chen" target="_blank" data-smartkarma-citation="accounts:10934" rel="noopener">Steven Chen</a> , who will break down his quality-focused, business-perspective investing strategy and then dig deeper into some under-appreciated multi-bag picks that his strategy brings forth in China/Hong Kong as well as across Asia-Pacific.</p>
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<h3>The webinar will be hosted on Wednesday, 7 July 2021, 17:00 SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87808685654" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Steven Chen is a quality-focused, business-perspective investor with bottom-up opportunistic approaches, an ex-hedge fund analyst on Wall Street, a serial entrepreneur, a strategic advisor, a computer scientist, a free-market capitalist, and a global citizen. He is the founder of Urbem Capital.</p>
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For our next Webinar, we are happy to welcome Insight Provider Steven Chen , who will break down his quality-focused, business-perspective investing strategy and then dig deeper into some under-appreciated multi-bag picks that his strategy brings forth in China/Hong Kong as well as across Asia-Pacific.


The webinar will be hosted on Wednesday, 7 July 2021, 17:00 SGT/HKT.





Register for the Webinar here


Steven Chen is a quality-focused, business-perspective investor with bottom-up opportunistic approaches, an ex-hedge fund analyst on Wall Street, a serial entrepreneur, a strategic advisor, a computer scientist, a free-market capitalist, and a global citizen. He is the founder of Urbem Capital.


Smartkarma Webinar | Top Picks in China / Hong Kong

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Perfect Medical Health / Equity Bottom-Up

<ul>
<li>Perfect Shape: founder consistently increased his stake; management appears confident in expansion initiatives;</li>
<li>Hermes International: APAC has been gaining greater significance, as expected;</li>
<li>A2 Milk: more than half of the company is functioning brilliantly for shareholders; I presume a short-term glitch for the remaining.</li>
</ul>


Perfect Shape: founder consistently increased his stake; management appears confident in expansion initiatives;
Hermes International: APAC has been gaining greater significance, as expected;
A2 Milk: more than half of the company is functioning brilliantly for shareholders; I presume a short-term glitch for the remaining.


Recent Updates: Perfect Shape, Hermes Int'l, A2 Milk

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

Beijing Tong Ren Tang Chinese Medicine / Equity Bottom-Up

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<li>We tend to avoid turnarounds as they seldom turn;</li>
<li>But Beijing Tong Ren Tang Chinese Medicine can be a rare case in our opinion;</li>
<li>We see the company as being a wide-moat compounding machine, highly hopeful of delivering superior returns on capital when its business condition normalizes (sooner or later);</li>
<li>Simultaneously, the valuation of the share makes sense for alpha-seeking investors with a double-digit hurdle rate.</li>
</ul>


We tend to avoid turnarounds as they seldom turn;
But Beijing Tong Ren Tang Chinese Medicine can be a rare case in our opinion;
We see the company as being a wide-moat compounding machine, highly hopeful of delivering superior returns on capital when its business condition normalizes (sooner or later);
Simultaneously, the valuation of the share makes sense for alpha-seeking investors with a double-digit hurdle rate.


Beijing Tong Ren Tang Chinese Medicine: A Turnaround Worth A Look

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<li>Perfect Shape's interim results are largely as expected;</li>
<li>The business still maintains a robust financial position throughout the pandemic;</li>
<li>While the recovery is hopeful but still uncertain, the management is looking to take advantage of any downturn to widen the competitive gap.</li>
</ul>


Perfect Shape's interim results are largely as expected;
The business still maintains a robust financial position throughout the pandemic;
While the recovery is hopeful but still uncertain, the management is looking to take advantage of any downturn to widen the competitive gap.


Perfect Shape: Our Takeaways From H1 Results

Hong Kong

The Cross-Harbour (Holdings) Limited, through its subsidiaries, operates a driver training center, tunnel, and electronic tolls. The Company also provides treasury services.

Hope Education Group Co, Ltd. offers educational services. The Company provides educational training, knowledge point sharing, activities arrangement, and other services. Hope Education Group offers its services throughout China.

Water Oasis Group Limited distributes exclusively ~H2O+ brand skin-care products in Hong Kong, Macau, Taiwan and China. The Company also operates spa centers under the Oasis Spa, Oasis Beauty, and Oasis Beauty Homme brand names.

Anxian Yuan China Holdings Limited is a holding company. The Company, through its subsidiaries, operates cemetary business.

Green International Holdings Limited manufactures and trades toys and recreational products. The Company's product categories include hard and electronic toys for children, educational and recreational, soft toys, and sports products.

SDM Group Holdings Limited, through its subsidiaries, operates dance institutions for children in Hong Kong. The Company's schools offer courses in jazz, ballet, hip-hop and latin dance.

Steve Leung Design Group Limited provides interior designing services. The Company offers apartments, restaurants, and hotels interior designing services . Steve Leung Design Group provides services worldwide.

Sun International Group Limited offers equine services. The Company provides horse breeding, horse trading, horse raising, and other services. Sun International Group also operates futures trading, enterprise placement, financial credit financing, asset management, and other businesses.

Regal Hotels International Holdings Limited owns and operates hotels.  The Company also manages and invests in real estate properties as well as invests in and trades financial instruments and marketable securities.  In addition, Regal hotel operates brewery, operates restaurants, and provides travel and florist and wedding services.

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

Carriage Services, Inc. operates funeral homes and cemeteries in the United States.  The Company provides a complete range of services relating to funerals, burials, and cremations.  Carriage also sells related products and merchandise such as caskets, burial vaults, garments, and memorials.

Shanghai Xin Nanyang Co., Ltd., through its subsidiaries, manufactures communication products and industrial equipment, develops cable TV network, security trading, and communication systems, provides network integration, education, and precision processing services.

China Kepei Education Group Limited provides educational services. The Company offers high-quality profession-oriented education services and other services. China Kepei Education Group provides services in China.

Chegg, Inc. provides online educational platform. The Company offers homework help, course selection, note taking, manuals, and textbook rentals services. Chegg serves customers throughout the United States.

American Public Education Inc. provides online postsecondary education directed at the needs of the military and public service communities.  The Company offers a wide range of degree programs and certificate programs including national security, military studies, intelligence, homeland security, criminal justice, technology, business administration and liberal arts.

PIA CORPORATION provides event ticketing services in Japan.  The Company sells tickets for concerts, sporting contests, and other events of entertainment value through telephone operators, mobile phone services, and a network of ticket stores.  Pia also operates in entertainment publishing and information distribution services.

Nagase Brothers Inc. operates cram schools mainly in Tokyo metropolitan area. The Company offers educational services for elementary, junior high, and high school students.  Nagase Brothers also offers educational services via satellite.

JP-HOLDINGS, INC. is a Japan-based company that provides child-care centers. The Company provides food catering services for child-care centers. JP-HOLDINGS also offers English language Classes and Gymnastics Classes

AcadeMedia AB provides educational services. The Company offers pre-school, elementary, secondary, vocational, adult education, comprehensive lesson plans, skills training, and professional rehabilitation services. AcadeMedia operates throughout Sweden.

Propel Funeral Partners Limited provides funeral services. The Company owns and operates funeral homes, cemeteries, crematoria, and related assets, as well as offers funeral, cremation, burial, and mortuary services. Propel Funeral Partners serves individuals and families in Australia and New Zealand.

Perfect Medical Health Management (previously Perfect Shape Medical Limited) offers slimming and beauty treatments. The Company provides fat softens and dissolves services, laser freckle services, and other services. Perfect Shape Medical offers services in China.

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Perfect Medical Health (1830 HK)

Smartkarma Webinar | Top Picks in China / Hong Kong

On 7 July, 5pm SGT, join us and Steven Chen, who will break down his quality-focused, business-perspective investing strategy and then dig deeper...

Smartkarma Research

Recent Updates: Perfect Shape, Hermes Int'l, A2 Milk

In this article, let's go through some recent updates from three high-quality businesses in my highly selective investable universe.

Steven Chen

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

Beijing Tong Ren Tang Chinese Medicine: A Turnaround Worth A Look

Beijing Tong Ren Tang Chinese Medicine can be a rare turnaround case in our opinion, thanks to its wide moat and compounding capability.

Steven Chen

Perfect Shape: Our Takeaways From H1 Results

While the recovery is hopeful but still uncertain, the management is looking to take advantage of any downturn to widen the competitive gap.

Steven Chen

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