Offshore marketing feedback: Screening for the next bottom-out/alpha opportunity with beer and value retail in focus, while dairy and high-yield defensive remain preferred

We recently completed a series of marketing meetings in Singapore, primarily with large global and regional long-only funds. Investor discussions increasingly centered on where the next bottom-out/re-rating opportunities lie within staples (especially after recent outperformance), with key questions around 1) which structural growth stories have been excessively de-rated on concerns over their longer-term addressable market; and 2) how portfolios should balance alpha generation with defensive yield and earnings visibility. Against this backdrop, investors remain selective on China consumer staples, with attention shifting away from broad macro/consumption recovery (or policy support potential) toward idiosyncratic earnings inflections, mis-priced structural/cyclical growth and dependable shareholder returns. In terms of sector/stock discussion, dairy and value retailers attracted the greatest interest while Moutai remained one of the most frequently discussed individual stocks. In term