China Merchants China Direct Investments (CMCDI, 133 HK) has just published its quarterly “breakdown of total assets“.
CMCDI doesn’t comment on its portfolio, so here is our take:
- The net asset value on 30 June 2024 was HK$ 31.69 per share (or US$774m in total), which is +4.2% from a month ago, and +4.5% from three months ago. We congratulate CMCDI on the strong performance.
- But that also means a wider discount to net asset value (NAV). Now CMCDI is trading at price-to-NAV ratio of 0.4x (as of 22 July 2024) . That only increases the urgency of narrowing the discount. Read our full proposal to find out how.
- Cash balance has decreased from US$ 49m to US$ 43m. We urge CMCDI to prioritize buying back shares, as we proposed.
- China Merchants Bank (34.2% of total assets) continues to be the single largest asset. Its carrying value increased from US$ 250m to US$ 265m in the last quarter, due to the increase of share price.
- The carrying value of China Credit Trust (中誠信託 CCT, 20.6% of total assets), the second largest asset, increased from US$ 148m to US$ 159m in the last quarter. We don’t really know what drives the increase.
- As we wrote earlier, we urge CMCDI to increases its transparency on how assets are valued.
- CCT published its annual report on 30 April 2024. In 2023, it made net profit of RMB 969m, down 12% from a year ago. 79% of its RMB 2.8bn revenue were fee income. Its book value on 31 December 2023 was RMB 20.64bn
- CMCDI owns 6.94% stake in CCT. That means CMCDI’s values CCT is valued at ~17x price-to-earnings ratio and 0.8x price-to-book ratio
- The carrying value of NBA China, which is NBA’s franchise in China, jumped from US$ 28m to US$ 49m in the last quarter, accounting for 6.3% of CMCDI’s total assets. While pleasantly surprised, we don’t know what drives the jump.
- The carrying value of Moonshot AI (月之暗面) jumped from US$ 10m to US$ 21m in the last quarter, accounting for 2.7% of total assets. That might have to do with a new round of investment by Alibaba, which was done at almost 3x the valuation of CMCDI’s round. Good job.
- The carrying value of Arashi Vision (影石科技, also known as Insta360) went from US$ 18m to US$ 34m in the last quarter, accounting for 4.4% of total assets. Again, we don’t know what drives the increase . Insta360 makes GoPro-like cameras, which you can buy on Taobao or Amazon. For adrenaline junkies, Insta360 looks amazing:
Here is a summary of CMCDI’s portfolio:
| Carrying value (US$m) 账面价值 （百万美金） as of 30 06 2024 截至2024年6月30日 | CMCDI’s stake 中国基金持股量 as of 31 12 2023 截至2024年12月31日 | % total assets 占总资产比例 as of 30 06 2024 截至2024年6月30日 | Industry 行业 | Remarks 备注 | |
| Liquid assets 较流动资产 | |||||
| China Merchants Bank (listed shares) 中国招商银行(上市股票) | 265 | 0.2% | 34.2% | Banking 银行 | One of the biggest banks in China. Listed and very liquid. 中国最大的银行之一。非常流动。 |
| iFLYTEK (listed shares) 科大讯飞(上市股票) | 41 | 0.3% | 5.3% | Artificial intelligence 人工智能 | SparkDesk chatbot. Listed and very liquid. 星火大模型聊天机器人。非常流动。 |
| Cash 现金 | 43 | n/a | 5.6% | – | |
| Sub-total (liquid) 小计 | 349 | – | 45% | ||
| Less liquid assets 较低流动性资产 | |||||
| China Credit Trust 中诚信托 | 159 | 6.9% | 20.5% | Trust management 信托管理 | Major trust company. PICC is largest shareholder. Link to annual report. 中国大型信托公司。人民保险集团是最大股东。年度报告链接。 |
| NBA China NBA 中国 | 49 | 1% | 6.3% | Sports marketing 体育营销 | NBA’s franchise in China. Pays dividend regularly. NBA中国特许经营者，定期支付股息 |
| Xunfei Healthcare 讯飞医疗 | 41 | 3.4% | 5.3% | AI medical 人工智能医疗 | Spun off from iFlytek. Could IPO in HK. 从科大讯飞分拆出来。有可能在香港IPO |
| Arashi Vision (Insta360) 影石科技 | 34 | 1.6% | 4.4% | AI cameras 人工智能相机 | GoPro-like action cameras. 像GoPro的运动相机 |
| Moonshot AI 月之暗面 | 21 | 1.3% | 2.7% | Artificial intelligence 人工智能 | Kimi chatbot. Alibaba owns 36%. KIMI智能聊天机器人，阿里巴巴持有其36%股权 |
| Anhui Iflytek Venture Capital LLP 安徽科訊創業投資基金合夥企業 | 21 | 15.0% | 2.7% | Information technology investment 資訊科技投資 | Also invested in Xunfei Healthcare 也投资了讯飞医疗 |
| China UnionPay 中国银联 | 16 | 0.05% | 2.1% | Payment 金融支付 | Exited 0.12% stake for US$39m in 2024 已经退出0.12%股权，退出金额为3900万美元左右 |
| Pony.ai 小马智行 | 11 | 0.65% | 1.4% | Autonomous driving 自动驾驶 | Robotaxies are already running in big Chinese cities. Could IPO in the US. 自动驾驶出租车已经在中国的大城市中开始运营。有可能在美国上市（IPO）。 |
| Others (18 items)* 其他（18 项） | 73 | – | 9% | Each item is less than 2% total assets 各项占总资产比例小于2% | |
| Sub-total (less liquid) 小计(较低流动性资产) | 425 | – | 55% | ||
| Grand total 总计 | 774 | 100% |
We are now on WeChat and Whatsapp. Chat with us.
💬 WeChat 微信: ASM_Argyle
💬 WhatsApp: +852 6317 6371
🖥️ UnlockValueChinaMerchants.com
招商局中国基金（“中国基金”，133 HK）刚刚发布了其季度“总资产明细”。
中国基金未对其投资组合发表评论，所以以下是我们的观点：
- 截至2024年6月30日，中国基金每股净资产价值为31.69港元（或总计774百万美元），相比一个月前上涨了4.2％，相比三个月前上涨了4.5％。我们祝贺中国基金取得了强劲的业绩。
- 但这也意味着与净资产价值（NAV）之间的折价扩大了。现在中国基金的价格与净资产价值比率为0.4倍（截至2024年7月22日）。而这更增加了缩小资产折价的紧迫性。请阅读我们的完整提案以了解详情。
- 现金余额从4,900万美元下降到4,300万美元。正如我们之前提议的那样，我们敦促中国基金应该优先考虑回购股份。
- 中国招商银行（占总资产的34.2%）仍然是最大的单一资产。由于股价上涨，其价值从2.5亿美元增加到2.65亿美元。
- 中诚信托（占总资产的20.6%）作为第二大资产，在上个季度资产价值从1.48亿美元增加到1.59亿美元。我们不太清楚是什么导致了其价值的增长。
- 正如我们之前所述，我们敦促中国基金增加对资产估值方式的透明度。
- 中诚信托于2024年4月30日发布了其年度报告。在2023年，其净利润为9.69亿元人民币，较一年前下降了12%。其人民币28亿元的收入中，79%来自费用收入。其2023年12月31日的账面价值为206.4亿元人民币。
- 中国基金拥有中诚信托的6.94％股权。这意味着中国基金对中诚信托的估值约为17倍市盈率和0.8倍市净率。
- NBA China（NBA中国），即NBA在中国的特许经营权，在上个季度从2,800万美元增加到4,900万美元，占中国基金总资产的6.3%。我们就此感到惊喜，但我们不知道是什么推动了其价值的增长。
- 月之暗面（Moonshot AI）在上个季度从1,000万美元增加到2,100万美元，占总资产的2.7%。这可能与阿里巴巴的一轮新投资有关，该投资的估值几乎是中国基金轮次的3倍。非常漂亮。
- 影石科技（Arashi Vision，又称Insta360）在上个季度从1,800万美元增加到3,400万美元，占总资产的4.4%。同样，我们不知道是什么推动了增长。Insta360制造类似GoPro的相机，您可以在淘宝或亚马逊上购买。对于爱好刺激的人来说，Insta360看起来很棒。
欢迎在微信或者Whatsapp上与我们联络：
💬 微信: ASM_Argyle
💬 WhatsApp: +852 6317 6371
Unlocking Value 
Leave a comment