Core Viewpoint - Singapore's central bank is facilitating dual listings on the Singapore Exchange and Nasdaq to enhance the city-state's attractiveness for high-growth businesses [1] Group 1 - The initiative aims to boost Singapore's appeal as a hub for high-growth companies [1]

Core Viewpoint - The news highlights a shift in the capital strategies of Chinese electric vehicle companies, particularly focusing on the potential Hong Kong listing of Taotao Automotive and the considerations for Kandi Technologies regarding a possible Hong Kong listing as well [2]. Group 1: Company Strategies - Taotao Automotive is considering a Hong Kong listing, while Kandi Technologies, which went public on NASDAQ in 2007, is contemplating the same option [2]. - The differing paths of these two Zhejiang companies reflect a changing landscape in capital market strategies, with Taotao focusing on the Chinese supply chain and Kandi emphasizing its North American market [2]. - Taotao's vehicles are priced 20%-30% lower than American brands, contrasting with Kandi's high-margin, technology-driven approach [2]. Group 2: Financial Insights - Kandi Technologies reported a cash reserve of $257 million as of August 2025, but its market capitalization is only about $120 million, indicating a significant valuation discrepancy in the U.S. market [3]. - The Hong Kong market tends to offer higher valuations for technology companies in sectors like high-end equipment manufacturing and AI applications, which could benefit Kandi's robot and battery swap businesses [3]. Group 3: Listing Advantages - A dual listing structure ("N+H") could help Kandi Technologies mitigate regulatory uncertainties in the U.S. market and provide more flexible entry and exit options for institutional investors [5]. - Taotao's "A+H" strategy aims to attract international capital and diversify its financing channels, enhancing its risk management in North America and Asia [5]. - Listing in Hong Kong could provide Kandi with a platform that is more aligned with its core market, potentially leading to higher financing efficiency for its new business ventures [6]. Group 4: Challenges and Considerations - Kandi Technologies must balance the costs and compliance burdens of a dual listing while addressing potential skepticism from existing U.S. investors [8]. - The decision to pursue a Hong Kong listing should be part of Kandi's broader globalization strategy, emphasizing the need for a global capital perspective [8].

Core Viewpoint - Deloitte estimates that Hong Kong's fiscal budget for 2025/26 will be approximately balanced with a surplus of HKD 15.6 billion, and the fiscal reserves are expected to reach around HKD 669.9 billion by March 31, 2026, reflecting a year-on-year increase of 2.4% from HKD 654.3 billion last year [1] Group 1: Fiscal Proposals - Deloitte suggests developing the Northern Metropolis as a new growth engine for Hong Kong, proposing investment tax credits and subsidies for businesses investing in the area, as well as a 150% special tax deduction for interest expenses and professional fees related to bonds issued for supporting the development [1] - A dedicated tax framework is recommended for the Hong Kong-Shenzhen Innovation and Technology Cooperation Zone, extending tax incentives to activities in the Shenzhen area [1] Group 2: Tax Optimization and Dual Listing - Recommendations include optimizing tax policies to promote dual listings and capital investment, such as providing a "safe harbor" for companies dual-listed in Hong Kong and reducing the stamp duty rate on transactions involving dual-listed company shares by 0.05% [2] - The proposal to change the interest expense deduction condition from "actual taxation" to "applicable tax rate" standard for Corporate Treasury Centers (CTC) and provide unilateral tax credits for CTC income [2] Group 3: Financial Services and Wealth Management - The expectation to maintain Hong Kong's competitive advantage as a regional asset and wealth management center includes offering preferential tax regimes for eligible fund managers, reducing the profits tax rate to 8.25% [2] - Additional recommendations include tax incentives for licensed digital asset market participants and single-family offices, as well as enhancing the charitable ecosystem [2]

Core Viewpoint - The company reported better-than-expected Q3 2025 results, driven by strong performance from the China and TUMI brands [1] Financial Performance - Q3 2025 net sales reached $873 million, a year-on-year decrease of 1.3% at constant exchange rates [1] - Adjusted EBITDA was $143 million, with an adjusted EBITDA margin of 16.3%, down from 17.6% in the same period last year [1] - Adjusted net profit was $63.6 million, compared to $79.7 million in the previous year [1] Growth Trends - Management anticipates a long-term global passenger travel growth rate of approximately 4% from 2024 to 2029, benefiting from sustained travel demand [1] - The company is expected to gain from the replacement cycle of luggage purchases following the rebound in travel from 2021 to 2023 [1] - Sales need to grow over 5% to achieve operational leverage release, with advertising expenses projected to remain at 6-6.5% of sales [1] Shareholder Returns - The dividend payout ratio is maintained at 40%, with a stock buyback plan to be finalized by the board in early 2026 [1] - The company plans to complete a dual listing in the U.S. by 2026, depending on market conditions [1] Earnings Forecast and Valuation - Due to stronger-than-expected recovery in Asia and the upcoming Q4 2025 shopping season, revenue and net profit forecasts for 2025 have been raised by 3% and 12% to $3.513 billion and $302 million, respectively [1] - For 2026, revenue and net profit forecasts have been increased by 3% and 8% to $3.753 billion and $342 million, respectively [1] - The target price has been raised by 20% to HKD 24, indicating a 44% upside based on a 13x 2026 P/E ratio [1]

Core Viewpoint - Prada's recent quarterly performance shows a slowdown in revenue growth, particularly for the Prada brand, which has recorded negative growth for the first time since 2020, while Miu Miu's growth is normalizing despite being faster than peers [1] Group 1: Financial Performance - Prada's stock fell over 4%, currently trading at 46.6 HKD with a trading volume of 28.27 million HKD [1] - Citigroup noted that revenue growth for the second and third quarters has slowed to unit numbers, indicating a concerning trend for the brand [1] - The group's profit margin is expected to remain at 23.6% in 2024, which is approximately 350 basis points lower than historical highs [1] Group 2: Brand Insights - The Miu Miu brand continues to grow faster than competitors, but its growth is also stabilizing [1] - Significant investments in advertising, manufacturing, IT infrastructure, and retail network expansion are required for Miu Miu, which may suppress profit margin expansion [1] Group 3: Strategic Outlook - Prada's CFO, Andrea Bonini, stated that the company plans to become a dual-listed entity, with a six-month window to consider the listing in Italy, but no commitments have been made yet [1] - The luxury goods market is currently stable, with positive conditions in the U.S. market, although caution is advised due to potential market bubbles fostering overly optimistic sentiments [1]

Core Viewpoint - Prada's recent performance shows a slowdown in revenue growth, particularly for the Prada brand, which has recorded negative growth for the first time since 2020, while Miu Miu's growth is normalizing despite being faster than peers [1] Group 1: Financial Performance - Prada's stock fell over 4%, currently down 3.32% at HKD 46.6, with a trading volume of HKD 28.27 million [1] - Citigroup noted that revenue growth for the second and third quarters has slowed to unit numbers, indicating a concerning trend for the Prada brand [1] - The group's profit margin is expected to remain at 23.6% in 2024, which is approximately 350 basis points lower than historical highs [1] Group 2: Brand Performance - The Miu Miu brand continues to grow faster than its competitors, but its growth rate is beginning to normalize [1] - Significant investments in advertising, manufacturing, IT infrastructure, and retail network expansion are required for Miu Miu, which may suppress profit margin expansion [1] Group 3: Strategic Outlook - Prada's CFO, Andrea Bonini, stated that the company plans to pursue a dual listing, with a six-month consideration period for the Italian listing, but no commitments have been made yet [1] - The luxury goods market is currently stable, with positive conditions in the U.S. market, although caution is advised due to potential market bubbles fostering overly optimistic sentiments [1]

Core Viewpoint - The company plans to pursue a dual listing, with a six-month timeframe to consider its listing in Italy, without making any immediate commitments [1] Group 1: Market Conditions - The luxury goods market is currently stable, with positive performance in the U.S. market [1] - Overall, it is difficult to criticize the performance in the U.S., although the company remains cautious about potential market bubbles that could foster overly optimistic sentiments [1]

Core Viewpoint - UBS reported that Samsonite (01910) experienced an 8% year-on-year decline in adjusted EBITDA for Q3, amounting to $143 million, which aligns with the bank's expectation of $139 million. The EBITDA margin was 16.3%, slightly above the forecasted 16.1% [1] Financial Performance - Net sales growth significantly slowed, with a year-on-year decline of 1% at constant exchange rates, an improvement from a 6% decline in Q2, partly due to a low base effect [1] - The company is trading at a forecasted P/E ratio of 10.2 times, which is still 1.3 standard deviations below its historical average [1] Management Insights - Management indicated that positive revenue momentum is expected to continue into October, with anticipated improvement in Q4 net sales growth despite a high base effect [1] - Gross margin is expected to remain stable at 59.6%, benefiting from a shift in product mix towards Tumi and direct sales channels, as well as effective measures to mitigate the impact of U.S. tariffs [1] - Management is considering a dual listing next year in response to market conditions [1] Market Expectations - UBS anticipates that the market will react positively to the company's Q4 sales growth outlook and management's confidence in maintaining profitability [1]

Core Viewpoint - UBS reports that Samsonite (01910) experienced an 8% year-on-year decline in adjusted EBITDA for Q3, amounting to $143 million, which aligns with the bank's expectation of $139 million [1]. Financial Performance - The EBITDA margin was recorded at 16.3%, slightly above UBS's forecast of 16.1% [1]. - Net sales growth has significantly slowed, with a year-on-year decline of 1% at constant exchange rates, an improvement from a 6% decline in Q2, partly due to a low base effect [1]. Valuation and Market Position - Samsonite is currently trading at a forecasted price-to-earnings ratio of 10.2 times, which is still 1.3 standard deviations below its historical average [1]. - UBS is reviewing its investment rating and target price for Samsonite, which was previously set at "Neutral" with a target price of HKD 17.4 [1]. Management Outlook - Management indicated that positive revenue momentum is expected to continue into October, with an anticipated improvement in Q4 net sales growth despite a high base effect [1]. - Gross margin is expected to remain stable at 59.6%, benefiting from a shift in product mix towards Tumi and direct sales channels, as well as effective measures to mitigate the impact of U.S. tariffs [1]. - Management is considering a dual listing next year in response to market conditions [1]. - UBS anticipates that the market will react positively to the company's Q4 sales growth outlook and management's confidence in maintaining profitability [1].

Core Viewpoint - Allergy Therapeutics is evaluating the possibility of a dual primary listing on the Hong Kong Stock Exchange while retaining its listing on the AIM market, aiming to complete the listing by the first half of 2026 [1] Group 1: Company Strategy - The company aims to expand its business footprint in Asia and become a leader in the global allergy treatment sector [1] - A listing on the Hong Kong Stock Exchange is expected to broaden the investor base by including investors from Hong Kong and mainland China, aligning with the company's growth objectives in the region [1] - The dual listing is anticipated to enhance the liquidity of its ordinary shares [1] Group 2: Company Background - Allergy Therapeutics is a UK-based biotechnology company focused on allergy immunotherapy [1]