Founder of Antler Capital

Stanley Tsai, CFA

Stanley has over 20 years of capital markets experience on the buy side and sell side and as a credit analyst. He is the founder of Antler Capital, the culmination of his efforts to deliver differentiated solutions to global investors since 2021.

From 2017 to 2021, he was a Managing Director at CSPI Ratings, a credit rating agency servicing the USD bond market. He also led the firm’s efforts in sustainable finance.

Prior to that, he held various roles at Keefe, Bruyette & Woods, Nighthawk Capital, CLSA and Fitch Ratings. He was also an advisor at WWF, supporting the organization’s bankable nature solutions program.

Stanley has an honors degree in Finance from the University of British Columbia. He has been a CFA charterholder since 2004.

PICC Group / PICC P&C Pair: A Cheat Sheet to Improve Your Batting Average

Equity Bottom-Up

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>PICC P&amp;C was a shelter for investors in 2022, as its earnings were largely shielded from the pandemic. However, momentum has shifted in favor of the rest of the sector.</li>
<li>As the reopening story tails off, we expect the stock's performance to recouple to the broader H-Financials index. </li>
<li>Valuation is undemanding, but the same can be said of almost any other stock in the space. If the HKD7.25/share resistance level breaks, we may see a major correction.</li>
</ul>


PICC P&amp;C was a shelter for investors in 2022, as its earnings were largely shielded from the pandemic. However, momentum has shifted in favor of the rest of the sector.
As the reopening story tails off, we expect the stock's performance to recouple to the broader H-Financials index. 
Valuation is undemanding, but the same can be said of almost any other stock in the space. If the HKD7.25/share resistance level breaks, we may see a major correction.


Haitong Securities Co Ltd (A) (600837 CH)

PICC P&C (2328 HK): Performance Recoupling; Breaking Support at HKD7.25?