Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Haier Smart Home / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd" target="_blank" data-smartkarma-citation="entities:7196:1" rel="noopener">Haier Smart Home (600690 CH)</a> has filed for an IPO on the Hong Kong Stock Exchange and simultaneously plans to privatise <a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a> . However, the success of the IPO is dependent on Privatisation materialising.</li>
<li>We have covered Haier Smart Homes (HSH) in detail in our previous reports where we concluded that we were positive on the company’s growth prospects.</li>
</ul><blockquote>
We remain positive on the company’s growth prospects given its well diversified product portfolio, large exposure to growing overseas markets and the ability to generate synergies through its acquisitions which should help the company expand its margins
- Previous Insight
</blockquote><ul>
<li>Since we have already discussed about the company’s businesses and the outlook for each segment in detail in our previous insights, we intend to provide an update on the company’s recent financial performance and any changes to the company’s business outlook since we last wrote on the company.</li>
<li>Read our previous insights on the company:</li>
</ul><a href="https://www.smartkarma.com/insights/haier-sh-diversified-product-mix-overseas-exposure-and-synergies-to-support-a-higher-valuation" target="_blank" rel="noopener">https://www.smartkarma.com/insights/haier-sh-diversified-product-mix-overseas-exposure-and-synergies-to-support-a-higher-valuation</a>.<a href="https://www.smartkarma.com/insights/haier-sh-emerging-markets-refrigerator-growth-cushions-slowdown-in-china-and-developed-markets" target="_blank" rel="noopener">https://www.smartkarma.com/insights/haier-sh-emerging-markets-refrigerator-growth-cushions-slowdown-in-china-and-developed-markets</a><a href="https://www.smartkarma.com/insights/haier-sh-part-ii-lower-exposure-to-declining-ac-market-while-synergies-help-margin-expansion" target="_blank" rel="noopener">https://www.smartkarma.com/insights/haier-sh-part-ii-lower-exposure-to-declining-ac-market-while-synergies-help-margin-expansion</a>.



Haier Smart Home (600690 CH) has filed for an IPO on the Hong Kong Stock Exchange and simultaneously plans to privatise Haier Electronics Group Co (1169 HK) . However, the success of the IPO is dependent on Privatisation materialising.
We have covered Haier Smart Homes (HSH) in detail in our previous reports where we concluded that we were positive on the company’s growth prospects.

We remain positive on the company’s growth prospects given its well diversified product portfolio, large exposure to growing overseas markets and the ability to generate synergies through its acquisitions which should help the company expand its margins
- Previous Insight

Since we have already discussed about the company’s businesses and the outlook for each segment in detail in our previous insights, we intend to provide an update on the company’s recent financial performance and any changes to the company’s business outlook since we last wrote on the company.
Read our previous insights on the company:
https://www.smartkarma.com/insights/haier-sh-diversified-product-mix-overseas-exposure-and-synergies-to-support-a-higher-valuation.https://www.smartkarma.com/insights/haier-sh-emerging-markets-refrigerator-growth-cushions-slowdown-in-china-and-developed-marketshttps://www.smartkarma.com/insights/haier-sh-part-ii-lower-exposure-to-declining-ac-market-while-synergies-help-margin-expansion.

Haier Smart Homes IPO: Growing Exposure to Emerging Markets and M&A Opportunities to Drive Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. Consumer Discretionary and Manufacturing Sectors continue to be two attractive Sectors that are outperforming globally; we highlight numerous actionable names in today's report.

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. Consumer Discretionary and Manufacturing Sectors continue to be two attractive Sectors that are outperforming globally; we highlight numerous actionable names in today's report.

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is bullish and will continue to be as long as there is an absence of breakdowns. On the other hand, Europe’s EURO STOXX 50 and Japan’s TOPIX have struggled to break above resistance and their RS remains near the lows -- be selective. In addition to covering important technical levels across all markets, we highlight additional ideas in the following Sectors: Services, Communications, Industrials, and Transportation.

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is bullish and will continue to be as long as there is an absence of breakdowns. On the other hand, Europe’s EURO STOXX 50 and Japan’s TOPIX have struggled to break above resistance and their RS remains near the lows -- be selective. In addition to covering important technical levels across all markets, we highlight additional ideas in the following Sectors: Services, Communications, Industrials, and Transportation.

Global Equity Strategy: Bullish Outlook Intact

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China A-Share allocations have hit new highs every month so far this year, overtaking Russia as the 6th largest 'country' holding.</li>
<li>Sector allocations are led by Consumers, however Health Care/Industrials/Tech are seeing inflows.</li>
<li>Stock ownership is broadening out, with confidence growing outside of the well-known large cap stocks. </li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> ,  <a href="https://www.smartkarma.com/entities/xian-longi-silicon-materials-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">Xian Longi Silicon Materials (601012 CH)</a>  and <a href="https://www.smartkarma.com/entities/lepu-medical-technology-a" target="_blank" data-smartkarma-citation="entities:16654:1" rel="noopener">Lepu Medical Technology A (300003 CH)</a> are seeing investment levels rise among EM investors.</li>
</ul>


China A-Share allocations have hit new highs every month so far this year, overtaking Russia as the 6th largest 'country' holding.
Sector allocations are led by Consumers, however Health Care/Industrials/Tech are seeing inflows.
Stock ownership is broadening out, with confidence growing outside of the well-known large cap stocks. 

Shenzhen Mindray Bio-Medical Electronics (300760 CH) ,  Xian Longi Silicon Materials (601012 CH)  and Lepu Medical Technology A (300003 CH) are seeing investment levels rise among EM investors.


China A-Share Boom. Overtakes Russia in GEM Portfolios. Health/Tech/Industrials Lead.

Quantitative Analysis

In this report, we show 2 portfolios based on the most favoured and least favoured stocks among High Active China focused equity managers. The criteria for each portfolio are as follows:<ul>
<li>High Active Best Picks Portfolio:  High active managers only (active share &gt; 75%). Stocks held overweight on average and held by more than 15% of high active funds.</li>
<li>High Active Most Avoided Portfolio: High active managers only (active share &gt; 75%). Stocks held underweight on average and held by less than 5% of high active funds.</li>
</ul>The Best Picks portfolio is headed by <a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:12310:1" rel="noopener">Luxshare Precision Industry (002475 CH)</a> , <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine Co., (600276 CH)</a> and <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> .  Performance has been stellar, outperforming the benchmark in 6 of the last 8-years.The Most Avoided portfolio is led by <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a> and <a href="https://www.smartkarma.com/entities/agricultural-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1120:1" rel="noopener">Agricultural Bank Of China (1288 HK)</a>.  Performance has lagged the benchmark.

In this report, we show 2 portfolios based on the most favoured and least favoured stocks among High Active China focused equity managers. The criteria for each portfolio are as follows:
High Active Best Picks Portfolio:  High active managers only (active share &gt; 75%). Stocks held overweight on average and held by more than 15% of high active funds.
High Active Most Avoided Portfolio: High active managers only (active share &gt; 75%). Stocks held underweight on average and held by less than 5% of high active funds.
The Best Picks portfolio is headed by Luxshare Precision Industry (002475 CH) , Jiangsu Hengrui Medicine Co., (600276 CH) and Midea Group Co Ltd A (000333 CH) .  Performance has been stellar, outperforming the benchmark in 6 of the last 8-years.The Most Avoided portfolio is led by CNOOC Ltd (883 HK), Pinduoduo (PDD US) and Agricultural Bank Of China (1288 HK).  Performance has lagged the benchmark.

Active Fund Manager's Favoured (And Least Favoured) China Stocks

China

Midea Group CO., LTD manufactures, markets and installs household electrical appliances, compressors and components. Midea also provides services in information technology, corporate investment consultation, software and hardware development, property management and corporate engineering supports. Midea Group provides its products worldwide.

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Midea Group Co Ltd A (000333 CH)

Haier Smart Homes IPO: Growing Exposure to Emerging Markets and M&A Opportunities to Drive Growth

Haier Smart Homes has filed for an IPO on the Hong Kong Stock Exchange and simultaneously plans to privatise Haier Electronics Group. However, the...

Shifara Samsudeen, ACMA, CGMA

Global Equity Strategy:

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This...

Vermilion Research

Global Equity Strategy: Bullish Outlook Intact

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is...

Vermilion Research

Active Fund Manager's Favoured (And Least Favoured) China Stocks

In this report, we show 2 portfolios based on the most favoured and least favoured stocks among High Active China focused equity managers. The...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Haier Smart Homes IPO: Growing Exposure to Emerging Markets and M&A Opportunities to Drive Growth

Haier Smart Homes has filed for an IPO on the Hong Kong Stock Exchange and simultaneously plans to privatise Haier Electronics Group. However, the...

Shifara Samsudeen, ACMA, CGMA

Global Equity Strategy:

Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This...

Vermilion Research

Global Equity Strategy: Bullish Outlook Intact

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is...

Vermilion Research

China A-Share Boom. Overtakes Russia in GEM Portfolios. Health/Tech/Industrials Lead.

China A-Share allocations have hit new highs every month so far this year, overtaking Russia as the 6th largest 'country' holding. Sector...

Steven Holden

Active Fund Manager's Favoured (And Least Favoured) China Stocks

In this report, we show 2 portfolios based on the most favoured and least favoured stocks among High Active China focused equity managers. The...

Steven Holden