The New Becomes The Old As The Old Becomes The New is one of our themes which we are feeling our way around. As interest rates rise we start off with another look at Casualty Insurers in Asia Pacific. These are classic float businesses. Ping An Insurance (2318 HK) looks the best idea here though Bangkok Insurance (BKI TB) is also a rising rates play in SE Asia. We then look at supermarkets. Once again the best idea is in China - Yonghui Superstores (601933 CH).