Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> is a well-managed conglomerate trading at a big discount to its constituent parts</li>
<li>Earnings should move up from here and pays a decent dividend while you wait.</li>
<li>A member of both the the Hang Seng Index (HSI INDEX)  and the HSCCI and will attract inflows once institutional money returns</li>
</ul>



Citic Ltd (267 HK) is a well-managed conglomerate trading at a big discount to its constituent parts
Earnings should move up from here and pays a decent dividend while you wait.
A member of both the the Hang Seng Index (HSI INDEX)  and the HSCCI and will attract inflows once institutional money returns


Citic Limited - A Deeply Discounted Conglomerate in the Hang Seng Index

Cross Asset Strategy

<ul>
<li>Sentiment, positioning and valuation provide a similar setup to January 2024</li>
<li>External macro events leading to a better fundamental environment for China</li>
<li>Foreign Investors' disappointment in minimal fiscal stimulus provides an asymmetric opportunity</li>
</ul>


Sentiment, positioning and valuation provide a similar setup to January 2024
External macro events leading to a better fundamental environment for China
Foreign Investors' disappointment in minimal fiscal stimulus provides an asymmetric opportunity


Just when I Thought I Was Out, They Pull Me Back In – Time for Another Tradeable Rally in the HSI?

China Communications Services Corp Ltd. / Equity Bottom-Up

<ul>
<li>Stable, Steady, State-owned Enterprise with upside from policy push on AI</li>
<li>Lowly rated company with a new cyclical growth story in a strategic sector</li>
<li>Good balance sheet with the opportunity to raise payouts and yields.</li>
</ul>


Stable, Steady, State-owned Enterprise with upside from policy push on AI
Lowly rated company with a new cyclical growth story in a strategic sector
Good balance sheet with the opportunity to raise payouts and yields.


China Communications Services Corp. (552.HK)-Riding the AI Wave...

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Nonferrous Mining Corp / Event-Driven

<ul>
<li>A shares were down on the week, not maintaining the month-end bounce after the long weekend. H-shares were mixed. HSCEI was slightly up. </li>
<li>Net SOUTHBOUND buying was +HK23bn. SOUTHBOUND ended its consecutive post-CNY daily net buy streak on 25 March, then started a new one. No net sell days since.</li>
<li>This week saw a LOT of news. State Council Nine Points. CSRC draft regs and legislative work plan. Ratings agency action. Lots of movement. None of it hugely positive.</li>
</ul>


A shares were down on the week, not maintaining the month-end bounce after the long weekend. H-shares were mixed. HSCEI was slightly up. 
Net SOUTHBOUND buying was +HK23bn. SOUTHBOUND ended its consecutive post-CNY daily net buy streak on 25 March, then started a new one. No net sell days since.
This week saw a LOT of news. State Council Nine Points. CSRC draft regs and legislative work plan. Ratings agency action. Lots of movement. None of it hugely positive.


HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Thematic (Sector/Industry)

<ul>
<li>China’s economic data is continuing to surprise on the upside.</li>
<li>Investors are starting to take notice and good news is not being ignored – a sign of a change in sentiment.</li>
<li>Economically sensitive and commodity-related sectors a good hunting ground for absolute returns</li>
</ul>


China’s economic data is continuing to surprise on the upside.
Investors are starting to take notice and good news is not being ignored – a sign of a change in sentiment.
Economically sensitive and commodity-related sectors a good hunting ground for absolute returns


What's up with Hong Kong? Bull Market Dude!

Hong Kong

Tracker Fund of Hong Kong (TraHK) is an ETF registered in Hong Kong. The Fund seeks to provide investment results that closely correspond to the performance of the Hang Seng Index through investing all, or substantially all, of the Fund's assets in Index Shares in substantially the same weightings as they appear in the Hang Seng Index.

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Tracker Fund of Hong Kong (2800 HK)

Citic Limited - A Deeply Discounted Conglomerate in the Hang Seng Index

Tradeable rally for the Hang Seng Index in motion. Conglomerates have been leading the market (as noted by @David Mudd here BUY/SELL/HOLD: Hong...

Rikki Malik

Just when I Thought I Was Out, They Pull Me Back In – Time for Another Tradeable Rally in the HSI?

Bloomberg today -Chinese cities removing restrictions on non-Hukou purchases. "China Weighs Removing Major Homebuying Curbs to Boost...

Rikki Malik

China Communications Services Corp. (552.HK)-Riding the AI Wave...

State-owned enterprise poised for growth in AI sector with potential for increased dividends and yields due to strong balance sheet.

Rikki Malik

HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Strong SOUTHBOUND Connect flows continue. Only one net sell day since the end of Chinese New Year. H-shares were flat to up while A-shares were...

Travis Lundy

What's up with Hong Kong? Bull Market Dude!

China's stronger economic data is catching investors' attention, signalling a shift in sentiment and highlighting opportunities in economically...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Citic Limited - A Deeply Discounted Conglomerate in the Hang Seng Index

Tradeable rally for the Hang Seng Index in motion. Conglomerates have been leading the market (as noted by @David Mudd here BUY/SELL/HOLD: Hong...

Rikki Malik

Just when I Thought I Was Out, They Pull Me Back In – Time for Another Tradeable Rally in the HSI?

Bloomberg today -Chinese cities removing restrictions on non-Hukou purchases. "China Weighs Removing Major Homebuying Curbs to Boost...

Rikki Malik

China Communications Services Corp. (552.HK)-Riding the AI Wave...

​State-owned enterprise poised for growth in AI sector with potential for increased dividends and yields due to strong balance sheet.

Rikki Malik

HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Strong SOUTHBOUND Connect flows continue. Only one net sell day since the end of Chinese New Year. H-shares were flat to up while A-shares were...

Travis Lundy

What's up with Hong Kong? Bull Market Dude!

​China's stronger economic data is catching investors' attention, signalling a shift in sentiment and highlighting opportunities in economically...

Rikki Malik

State-owned enterprise poised for growth in AI sector with potential for increased dividends and yields due to strong balance sheet.

China's stronger economic data is catching investors' attention, signalling a shift in sentiment and highlighting opportunities in economically...