Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Mainland China
38 articles
(Page 3)
CNOOC: 2022 update
Negative effect from US sanctions on CNOOC dissipating, crude oil prices at record levels while valuation multiples are half the global peer group's. Estimated reading time: 13 minutes.
Deep-dive 2022-13: Uni-President China
Ready-to-drink tea and instant noodles leader below 10x normalised EBIT
Deep-dive 2022-6: Baiyunshan Pharma
Owner of "the Coca-Cola of China" and "the Viagra of China" at 7.6x P/E
The Chinese property market is turning
A new credit cycle is brewing in China, benefitting property developers. But don't expect a return to the heydays of the early 2010s. Estimated reading time: 18 minutes