Independent Research on HKEX-Listed Companies

Where the consensus stops, the research starts.

Recent Analyses

All Analyses
18 Analysis · Tencent Is Spending Billions on AI and Still Getting Richer. The RMB 708 Billion Portfolio Is a Free Option. Read the analysis →
17 Consumer Discretionary · The Only Debt-Free Operator in Macau Is Priced Like the Most Levered Read the analysis →
16 Market Thesis · The 1983 Peg Still Sets Hong Kong Stock Prices Read the analysis →
15 Consumer Discretionary · 361 Degrees (1361.HK): Five Years of +17% Growth. EV/EBIT at 2.26×. ANTA Is at 20×. Read the analysis →
14 Macro · Gold: When a 23% Correction Becomes a Buy Read the analysis →
13 Macro · Rate Convexity: The Hidden Factor Behind Every HK Financial Read the analysis →
12 Market Thesis · China Tripled Its GDP. The Hang Seng Didn't Move. Read the analysis →
11 Analysis · Cheap Is a Question, Not an Answer Read the analysis →
10 Analysis · Midea Group (0300.HK): It Owns One of the World's Four Big Robot Makers. The Market Prices It as a Washing-Machine Company. Read the analysis →
09 Analysis · The 2022 High Was $0.13 From the Level. SPY Is Now 1.3% From the Next One. Read the analysis →
08 Analysis · Profit +66%, Stock -66% from ATH. Spotify Trades at Four Times the Multiple. Read the analysis →
07 Analysis · Haier Smart Home (6690.HK): The World's Largest Appliance Maker Trades at 6.85×. Midea at 12×. Electrolux at 14×. Read the analysis →
06 Analysis · Jacobio (1167.HK): AstraZeneca Paid US$100M for One Molecule. The Rest Trades at US$507M. Read the analysis →
05 Analysis · Yadea (1585.HK): Profit +129%. EV/EBIT 6.1x. The Market Sees a Bicycle Company. Read the analysis →
04 Analysis · Alibaba (9988.HK): EBITA Down 57%. Cloud Up 36%. This Is What Amazon Looked Like in 2014. Read the analysis →
03 Analysis · Prada (1913.HK): The Growth Threshold Cleared. The Margin Hit Was Priced. Read the analysis →
02 Analysis · Dickson Concepts (0113.HK): The Market Is Paying You HKD 375M to Buy This Company Read the analysis →
01 Analysis · Six Bounces. One Break. Now the Retest. Read the analysis →
  1. Follow the numbers.
  2. Every discount published is measurable from public sources.
  3. Absorb what the filing shows. Discard what the narrative adds.

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