Live from the Macquarie Asia Conference 2025

Date: Thursday, 15 May 2025Episode Summary:This week’s episode comes to you fresh from a packed week of company meetings, investor discussions, and on-site visits across Asia, capped off by an excellent Macquarie-hosted conference. Leonid reflects on what he saw and heard, and how it informs the evolving Panda Portfolio positioning.Key Takeaways:* 🏢 On the Ground in Asia:A long but rewarding week attending site visits and investor meetings across the region. Don’t miss our latest Property Management deep-dive published this Monday for a detailed write-up of the sector.* 🇨🇳 China: Automation and Consumption Themes on Display:Two core theses came alive during the trip:* Robotics & Automation are “humming along” with visible signs of industrial intensity.* Consumption is gaining momentum, underpinned by impressive and well-run consumer-facing businesses. A reminder to revisit the retail/restaurant chain thesis in more detail soon.* 📈 CATL Hong Kong IPO:The $5bn listing was over 30x oversubscribed — a clear sign of investor appetite. Expect a shift into CATL in the Panda Portfolio this Friday.* 🇮🇩 Indonesia: Quietly Compelling:The country continues to present interesting opportunities and warrants a dedicated write-up, likely in June.* 🇮🇳 India Panel Takeaways:Despite attending a thoughtful panel on India, the valuation concerns remain front and center. The growth story is appealing, but we’re holding off for now.* 🏅 Conference Shout-Out:Big thanks to Macquarie for hosting — fantastic venue, high-quality access to corporates, and great conversations throughout.📌 Mentioned Content:* China Property Management Sector Deep Dive – May 2025 (link to the Substack article)Hope you enjoy it, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe