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TECENT:BUY BACK SUPPORT SHARE PRICE

Abstract

Tencent has launched a new share price programme on 19th August 2021, after 46%+ price correction in 2021. Based on the past 12 share repurchase programme pattern, Tencent management has a tremendous record, i.e. 100% win rate as the share price delivered 30D positive return after the completion of share repurchase programme. However, investment during the repurchase period did not guarantee any positive return.

Tencent launch a new share repurchase programme

Tencent repurchased 180,000 shares (less than 0.01% of total issued shares) with the average price at HK$427.6 on 19th Aug 2021, after price corrected 46%+ from the peak…


Summary

  • While inflation might be transitory, there remains a question as to whether it would come all the way down to the pre-pandemic level.
  • From 2009 to 2015, the S&P index kept rising after the announcement of tapering, and peaked six months after its conclusion.
  • The Fed meeting will be held in late September, which may cover tapering arrangements.
  • Investors may expect a rate hike when inflation becomes stable.
  • As investors rotate from traditional industries back to the technology sector, the S&P will benefit in the near term as market capitalization of the technology sector is higher than traditional industry companies.


WWDC events normally announce exciting products of Apple for the fall term. However, investing for WWDC does not generate positive returns. Instead, the best investment strategy is to invest into Apple during WWDC and hold until the iPhone announcement. Such a strategy has provided an 80% win rate in the past 10 year. After consideration of fundamental factors, we believe this is an attractive investment strategy for our portfolio.

WWDC investment strategy delivers less than 50% Win rate

Apple will hold the flagship annual developer event “2021 Worldwide Developers Conference” from June 7 to June 12. In every WWDC, Apple…


After the 1Q21 result announcement, the market welcomed stable growth results and has eased tension on regulatory risk. Together with index weighting reduction after HSI constituents changes, Tencent share price has stablised and showed 250MA has a great support. CNH appreciation has fueled investors’ interest in buying RMB denominated assets and Tencent will be a key beneficiary. Our study showed that Tencent should deliver positive price performance in the next 30 trading days despite near-term price correction.

Tencent: 13 times to rise 4%+ while under 50MA

On 25th May, Tencent share price rose 4.2%. Is it a sign of bottom…


President-elect Joe Biden inauguration will be held on 20th Jan 2021. Market believes he will deliver an encouraging speech to reunite the country and share his vision on the US government policies in the next 4 years. We have studied market data points before and after the past 7 presidential inauguration and found that presidential inauguration did have an impact on the market.

S&P generally performed better after Presidential Inauguration day, thus higher probability to close above that of Inauguration day (see Figure 1). In the past 7 Inauguration, S&P had 100% chance to close above Inauguration day on the…


After our analysis on the Macro funds and Mega funds, we analyzed 13F filings of the two large Quant Funds. Renaissance Technologies (or “Renaissance”) and AQR Capital (or “AQR”), with discretionary assets under management (AUM) of around US$165.9 bn and US$248.9 bn, have been one of the world’s best-known quantitative hedge funds. Through the 13F analysis, we aim to understand their performances and strategies amid the increased volatility and on-the-rally market.

Divergence between market value and number of stock holdings implied underperformance

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