In today’s briefing:
- “Buy the Worst” HSI Strategy: A Tragic 2023 and What About 2024?
- Hong Kong Buybacks Weekly (Dec 22nd): Tencent, AIA, Li Ning
“Buy the Worst” HSI Strategy: A Tragic 2023 and What About 2024?
- 2023 is the worst year for our “Buy the Worst” strategy as it returned -34.5% YTD, underperforming the HSI by 20.7pp. The two property names are the key drags.
- Despite a poor 2023, the strategy has still outperformed the HSI by 17.9pp for 2018-2023. It remains significantly better than buying the winners in the current year.
- For 2024, our strategy is to switch to Li Ning (2331 HK), Country Garden Services (6098 HK), Meituan (3690 HK), Wuxi Biologics (2269 HK), and Zhongsheng Group (881 HK).
Hong Kong Buybacks Weekly (Dec 22nd): Tencent, AIA, Li Ning
- We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 22nd based on HKEx daily reports.
- In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Ning (2331 HK).
- In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).