OTHER

A prized restaurant asset could spark a bidding war among quick-service restaurant (QSR) players, potentially yielding a return of over 35%. The analysis is based on the depressed valuations of 45 publicly traded US restaurant stocks, making them attractive targets for private equity or strategic buyers.

The article discusses the investment opportunities in China's financial sector, including banks, brokers, and digital intermediaries. It highlights the nuances beyond a simple 'buy banks' call, considering the current economic recovery cycle where the state is leading and the private sector is lagging. The author avoids specific stock recommendations but provides a framework for thinking about financials within a broader 2026 strategy. The article also mentions that due to a pending regulatory license, portfolio updates and company notes are temporarily suspended.

This article revisits the author's May 2025 thesis on Chinese property developers. The original thesis predicted a divergence between SOE and POE developers, with SOEs outperforming. Nine months later, the author assesses the accuracy of this prediction, noting that while the divergence is happening, the risks remain significant. The piece serves as a follow-up to a January article on property management companies, examining the upstream effects on developers. Due to a pending regulatory license, specific portfolio updates are withheld.

The article argues that China's fixed asset investment (FAI) is at an inflection point. After a poor performance in 2025, the government's policy is shifting from property and infrastructure towards smart factories and digital infrastructure. This pivot is expected to turn FAI into a market driver in 2026, which could surprise investors who have been discouraged by recent negative data. The author suggests that the divergence within FAI data, rather than the headline numbers, reveals the true story.