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>Portfolio changes: Five stock remains, nine stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, nine stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Chinese outbound travel demand continued to recover nicely in February</li>
<li>Major airlines' decision to slow capacity rebuild now looks very prudent</li>
<li>But the airlines have underperformed, surprisingly; Buy Trip.com below US$43</li>
</ul>


Chinese outbound travel demand continued to recover nicely in February
Major airlines' decision to slow capacity rebuild now looks very prudent
But the airlines have underperformed, surprisingly; Buy Trip.com below US$43


Monthly Chinese Tourism Tracker | Decision to Slow Capacity Rebuild in Mid-2023 Now Looks Prudent

HK/China Equity Long-Short

Osbert Tang, CFA

China Travel International Investment Hong Kong / Equity Bottom-Up

China Travel International Investment Hong Kong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel International Investment Hong Kong (308 HK)</a> has an impressive 2024 CNY with the volume and revenue of its tourist attractions increased by 46% to 123% YoY.</li>
<li>Relative to 2019 CNY, most businesses have fully recovered. 1H23 earnings is the highest since 1H20 and the market may have underestimated 2H23, providing upside surprise potential. </li>
<li>The share price is still some 30% below the peak in late-2021 when earnings have yet to recover. Also, its net cash now equals 19% of the share price. </li>
</ul>



China Travel International Investment Hong Kong (308 HK) has an impressive 2024 CNY with the volume and revenue of its tourist attractions increased by 46% to 123% YoY.
Relative to 2019 CNY, most businesses have fully recovered. 1H23 earnings is the highest since 1H20 and the market may have underestimated 2H23, providing upside surprise potential. 
The share price is still some 30% below the peak in late-2021 when earnings have yet to recover. Also, its net cash now equals 19% of the share price. 


China Travel Intl Inv (308 HK): A Laggard that Sets to Catch Up

<ul>
<li>Adjusting for impact of LNY timing, January numbers still seem firm</li>
<li>Headline February / LNY 2024 traffic growth also appears solid</li>
<li>Our thesis remains that tourism recovery takes longer, strongest in H124</li>
</ul>


Adjusting for impact of LNY timing, January numbers still seem firm
Headline February / LNY 2024 traffic growth also appears solid
Our thesis remains that tourism recovery takes longer, strongest in H124


Monthly Chinese Tourism Tracker | January & Initial Read On February Both Indicate Solid Growth

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

China

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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

Tongcheng Travel Holdings (780 HK)

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

Monthly Chinese Tourism Tracker | Decision to Slow Capacity Rebuild in Mid-2023 Now Looks Prudent

February outbound travel demand continued to recovery nicely, and the major airlines' decision to slow their capacity rebuild in H223 now appears...

Tracking Traffic

China Travel Intl Inv (308 HK): A Laggard that Sets to Catch Up

CTII shows tourist attractions volume and revenue growth in 2024 CNY, with the potential for upside surprise. We believe it is unjustified that...

Osbert Tang, CFA

Monthly Chinese Tourism Tracker | January & Initial Read On February Both Indicate Solid Growth

In January 2024 Chinese travel demand continued to recover, and initial indications are that demand related to the long LNY holiday was also strong.

Tracking Traffic

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

Monthly Chinese Tourism Tracker | Decision to Slow Capacity Rebuild in Mid-2023 Now Looks Prudent

February outbound travel demand continued to recovery nicely, and the major airlines' decision to slow their capacity rebuild in H223 now appears...

Tracking Traffic

China Travel Intl Inv (308 HK): A Laggard that Sets to Catch Up

​CTII shows tourist attractions volume and revenue growth in 2024 CNY, with the potential for upside surprise. We believe it is unjustified that...

Osbert Tang, CFA

Monthly Chinese Tourism Tracker | January & Initial Read On February Both Indicate Solid Growth

In January 2024 Chinese travel demand continued to recover, and initial indications are that demand related to the long LNY holiday was also strong.

Tracking Traffic

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

CTII shows tourist attractions volume and revenue growth in 2024 CNY, with the potential for upside surprise. We believe it is unjustified that...