CLSA
Upgrade grade
C
Downgrade grade
B
CLSA, founded in 1986 in Hong Kong by a group of former Morgan Stanley analysts, has grown into one of Asia's leading independent investment banks and a major player in equity research globally. The firm maintains a substantial research platform with significant coverage across multiple markets, including approximately 419 analyst ratings on US equities that span diverse sectors and industries. CLSA is particularly renowned for its deep expertise in Asian markets and technology stocks, leveraging its position as a bridge between Asian investors and Western capital markets, while also maintaining strong coverage capabilities across financials, consumer, and industrials sectors. A distinctive element of CLSA's research culture is its contrarian streak and willingness to challenge consensus views, earning the firm respect for independent thinking and detailed fundamental analysis that often distinguishes it from larger bulge-bracket competitors.
Upgrades
52
71.15% win rate
· avg +2.39% D1
Downgrades
85
77.65% win rate
· avg -2.58% D1
Avg Gap — Upgrades
+1.41%
open vs prev close
Avg Gap — Downgrades
-1.90%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Consumer Cyclical | 81.82% (11) | +2.03% | 73.33% (15) | -1.81% |
| Consumer Defensive | 72.73% (11) | +1.76% | 92.31% (13) | -5.43% |
| Technology | 90.00% (10) | +3.22% | 92.31% (13) | -3.68% |
| Basic Materials | — | — | 68.75% (16) | -2.11% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2016 | 92.3% | 13 | 74.2% | 31 |
| 2015 | 69.2% | 13 | 88.9% | 18 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Dec 5, 2025 | AAPL | Apple Inc. | Technology | Maintains | Outperform → Outperform | — | -0.1% | -0.7% |
| Sep 3, 2025 | MLCO | Melco Resorts & Entertainment Limited | Consumer Cyclical | Upgrade | Hold → Outperform | — | -0.1% | +1.3% |
| May 27, 2025 | SMR | NuScale Power Corporation | Utilities | Maintains | Outperform → Outperform | — | +0.4% | +17.5% |
| May 27, 2025 | OKLO | Oklo Inc. | Utilities | Maintains | Outperform → Outperform | — | +1.3% | +10.3% |
| May 27, 2025 | BWXT | BWX Technologies, Inc. | Industrials | Maintains | Outperform → Outperform | — | +2.2% | +2.4% |
| Sep 4, 2024 | CPNG | Coupang, Inc. | Consumer Cyclical | Upgrade | Hold → Outperform | — | +0.9% | +7.0% |
| Aug 30, 2024 | BZUN | Baozun Inc. | Consumer Cyclical | Downgrade | Outperform → Hold | — | -1.3% | -1.3% |
| Aug 21, 2024 | VIPS | Vipshop Holdings Limited | Consumer Cyclical | Downgrade | Outperform → Hold | — | +1.2% | +9.9% |
| May 13, 2024 | TCOM | Trip.com Group Limited | Consumer Cyclical | Maintains | Buy → Buy | — | +0.8% | +2.5% |
| May 10, 2024 | BILI | Bilibili Inc. | Technology | Maintains | Outperform → Buy | — | -0.1% | +0.4% |
| Mar 21, 2024 | KC | Kingsoft Cloud Holdings Limited | Technology | Upgrade | Underperform → Outperform | — | +2.1% | -2.9% |
| Mar 18, 2024 | FUTU | Futu Holdings Limited | Financial Services | Upgrade | Underperform → Outperform | — | +0.8% | +5.0% |
| Feb 28, 2024 | GOTU | Gaotu Techedu Inc. | Consumer Defensive | Upgrade | Underperform → Outperform | — | -3.2% | -1.5% |
| Aug 31, 2023 | GOTU | Gaotu Techedu Inc. | Consumer Defensive | Downgrade | Outperform → Underperform | — | -2.5% | -11.1% |
| Aug 8, 2023 | XPEV | XPeng Inc. | Consumer Cyclical | Maintains | Outperform → Buy | — | -4.2% | -5.2% |
| Jun 30, 2023 | XPEV | XPeng Inc. | Consumer Cyclical | Maintains | Buy → Outperform | — | +7.7% | +13.4% |
| Mar 16, 2023 | JOYY | JOYY, Inc. Sponsored ADR Class A | Communication Services | Maintains | Buy → Buy | — | +2.2% | +3.4% |
| Feb 27, 2023 | BZUN | Baozun Inc. | Consumer Cyclical | Upgrade | Underperform → Outperform | — | +7.3% | +3.6% |
| Feb 24, 2023 | VIPS | Vipshop Holdings Limited | Consumer Cyclical | Maintains | Outperform → Buy | — | +0.0% | -0.6% |
| Feb 13, 2023 | GOTU | Gaotu Techedu Inc. | Consumer Defensive | Upgrade | Underperform → Outperform | — | +5.6% | +14.9% |
| Dec 14, 2022 | ZH | Zhihu Inc. | Communication Services | Maintains | Outperform → Outperform | — | -1.6% | +11.6% |
| Oct 27, 2022 | EDU | New Oriental Education & Technology Group Inc. | Consumer Defensive | Maintains | Outperform → Buy | — | -3.1% | -3.8% |
| Oct 11, 2022 | BABA | Alibaba Group Holding Limited | Consumer Cyclical | Maintains | Buy → Buy | — | -2.3% | -4.9% |
| Sep 1, 2022 | FUTU | Futu Holdings Limited | Financial Services | Maintains | Sell → Underperform | — | -1.8% | -0.1% |
| Aug 19, 2022 | FUTU | Futu Holdings Limited | Financial Services | Downgrade | Outperform → Underperform | — | -0.8% | -3.4% |