External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul>
<li>While the market appears to have just spotted the name of China Huarong (Huraong) would be changed to CITIC Financial AMC, Huarong indeed made 4 announcements last night.</li>
<li>In addition to name change, Huarong announced: the acquisition of 5.01% stakes in CITIC Ltd. (267 HK) for HKD13.6bn from CITIC Group. CITIC Ltd. is currently 58.1% owned by CITIC Group;</li>
<li>the completion of disposals of 5 out of 8 non-core assets. The realized consolidated gain from these disposals is RMB3.5bn.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


While the market appears to have just spotted the name of China Huarong (Huraong) would be changed to CITIC Financial AMC, Huarong indeed made 4 announcements last night.
In addition to name change, Huarong announced: the acquisition of 5.01% stakes in CITIC Ltd. (267 HK) for HKD13.6bn from CITIC Group. CITIC Ltd. is currently 58.1% owned by CITIC Group;
the completion of disposals of 5 out of 8 non-core assets. The realized consolidated gain from these disposals is RMB3.5bn.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>’s IFA opines that the conditional voluntary general offer from the Cheng family is fair and reasonable. The offer + 2H dividend is HK$9.46 per share.</li>
<li>The key condition is (majority vote) approval by independent NWD shareholders (EGM on 2 November). The timetable is designed such that the shareholders will also receive the NWS final dividend.</li>
<li>NWD has a high but declining AGM minority participation rate. Retail forums suggest support for the transaction. On balance, we believe that this deal gets up. </li>
</ul>



Nws Holdings (659 HK)’s IFA opines that the conditional voluntary general offer from the Cheng family is fair and reasonable. The offer + 2H dividend is HK$9.46 per share.
The key condition is (majority vote) approval by independent NWD shareholders (EGM on 2 November). The timetable is designed such that the shareholders will also receive the NWS final dividend.
NWD has a high but declining AGM minority participation rate. Retail forums suggest support for the transaction. On balance, we believe that this deal gets up. 


NWS Holding (659 HK): Offer Opens with NWD Vote on 2 November

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a> reversal was overdue, but the bounce looks weak: so far it did not even reach Q1 resistance on week 1 and on week 2 (current).</li>
<li>Resistance level to watch where the current bounce could end is 18874, or any price around that area at Close, at the end of this week. High probability SHORT.</li>
<li>If some unexpected catalyst pushes the index to rally, look for resistance at 19459 on week 3, we think this won't happen but a tail is always possible.</li>
</ul>



HSI reversal was overdue, but the bounce looks weak: so far it did not even reach Q1 resistance on week 1 and on week 2 (current).
Resistance level to watch where the current bounce could end is 18874, or any price around that area at Close, at the end of this week. High probability SHORT.
If some unexpected catalyst pushes the index to rally, look for resistance at 19459 on week 3, we think this won't happen but a tail is always possible.


EQD | Hang Seng Index (HSI) WEEKLY Weak Bounce: Resistance Analysis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>The September rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.</li>
<li>The largest passive inflows will be on <a href="https://www.smartkarma.com/entities/east-buy-holding-ltd" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">East Buy (1797 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/sinopharm-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:32:1" rel="noopener">Sinopharm (1099 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> and <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961)</a>.</li>
<li>The largest passive outflows will be on <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies (2018 HK)</a>, <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/country-garden-holdings-co" target="_blank" data-smartkarma-citation="entities:5225:1" rel="noopener">COGARD (2007)</a> and <a href="https://www.smartkarma.com/entities/country-garden-services-holdin" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">CG Services (6098)</a>.</li>
</ul>


The September rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.
The largest passive inflows will be on East Buy (1797 HK), JD.com (9618 HK), Ping An (2318 HK), Sinopharm (1099 HK), BYD (1211 HK), Lenovo (992 HK) and Trip.com (9961).
The largest passive outflows will be on Alibaba (9988 HK), Li Auto (2015 HK), Meituan (3690 HK), AAC Technologies (2018 HK), Kuaishou (1024 HK), COGARD (2007) and CG Services (6098).


HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (Sep 2023)

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

Oil & Natural Gas Corp / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.</li>
<li>We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in Int’l Compass and ETF Pathfinder reports throughout 2023.</li>
<li>Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.</li>
</ul>


MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.
We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in Int’l Compass and ETF Pathfinder reports throughout 2023.
Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.


EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

Hong Kong

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

Jardine Matheson Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on motor vehicles, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining, energy, and agribusiness.

Beijing Enterprises Holdings Ltd. is a diversified company.  The Company brews beer; distributes natural gas through pipelines; invests in, designs, constructs and operates water supply and wastewater treatment plants; operates toll roads; disposes of hazardous waste; and offers electronic payment systems.

NWS Holdings Limited operates businesses under three main divisions: Service, Infrastructure, and Ports. Its Service division comprises facilities, contracting, transport, financial, and environmental. The Infrastructure portfolio includes roads and bridges, energy, and water treatment and waste management. Its port division includes container handling, logistics, and warehousing.

Shanghai Industrial Holdings Limited is an investment holding company that focuses on three core businesses: infrastructure facilities, real estate and consumer products. SIHL invests in toll road projects, water-related business, property development, investment, hotel operation, the manufacturing and sale of cigarettes, packaging materials and printed products.

Shun Tak Holdings Limited, through its subsidiaries, develops, invests  and manages properties.  The Company also provides shipping and related travel services and engages in hotel operations and securities investments.

Chevalier International Holdings Limited, through its subsidiaries, provides building and engineering services.  The Company also trades motor vehicles and Information Technology (IT) and business machines.  In addition, Chevalier operates property, hotel and insurance business as well as provides IT services.

China State Construction International Holdings Limited, through its subsidiaries, provides building construction and civil engineering works services in Hong Kong.

BOC Aviation provides direct operating leasing of aircrafts to airlines. The Company offers a range services including structured finance, aircraft remarketing, direct operating leases, and technical services.

China Energy Engineering Group Co. Ltd. (CEEC) provides infrastructure construction and investment for hydroelectrical works. The Company also offers power engineering, electric power equipment, technology, and human resources. CEEC provides its services in China and internationally.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

Carlisle Companies Incorporated manufactures and distributes construction materials, transportation products, and general industry products.  The Company manufactures a variety of products for the roofing, real estate, construction, trucking, food-service, aircraft manufacturing, lawn and garden, and other industries.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Grupo Carso SAB de CV is a holding company with subsidiaries in the construction ,retail and industrial materials industries. The Company's products and services include: oil platform construction; shoping centers, industrial facilities and corporate buildings construction; highway construction; dam and aqueduct construction; steel tubes; and housing.

CITIC Limited operates in a range of business activities including financial services, resources and energy, manufacturing, real estate and infrastructure, engineering contracting and other businesses in China and overseas.

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Citic Ltd (267 HK)

HRINTH: What are behind the name change?

While the market appears to have just spotted the name of China Huarong (Huraong) would be changed to CITIC Financial AMC, Huarong indeed made 4...

CMB International

NWS Holding (659 HK): Offer Opens with NWD Vote on 2 November

NWD shareholders overwhelmingly approved the two ordinary resolutions at the EGM. Therefore, the offer will be declared unconditional on 9 Nov, and...

Arun George

EQD | Hang Seng Index (HSI) WEEKLY Weak Bounce: Resistance Analysis

The Hang Seng Index reversal was overdue, but the bounce looks weak so far (has not even reached Q1 resistance). MRM SHORT Level at 18874, high...

Nico Rosti

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (Sep 2023)

The September rebalance of the Hang Seng family of indices will use today's closing prices for capping. The one-way trade across all stocks across...

Brian Freitas

EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

MSCI EM Financials & Energy Improving -- Upgrading to Overweight; MSCI EM Technology remains an Overweight. Top Country Overweights: Taiwan, India,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HRINTH: What are behind the name change?

While the market appears to have just spotted the name of China Huarong (Huraong) would be changed to CITIC Financial AMC, Huarong indeed made 4...

CMB International

NWS Holding (659 HK): Offer Opens with NWD Vote on 2 November

NWD shareholders overwhelmingly approved the two ordinary resolutions at the EGM. Therefore, the offer will be declared unconditional on 9 Nov, and...

Arun George

EQD | Hang Seng Index (HSI) WEEKLY Weak Bounce: Resistance Analysis

​The Hang Seng Index reversal was overdue, but the bounce looks weak so far (has not even reached Q1 resistance). MRM SHORT Level at 18874, high...

Nico Rosti

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (Sep 2023)

The September rebalance of the Hang Seng family of indices will use today's closing prices for capping. The one-way trade across all stocks across...

Brian Freitas

EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

MSCI EM Financials & Energy Improving -- Upgrading to Overweight; MSCI EM Technology remains an Overweight. Top Country Overweights: Taiwan, India,...

Vermilion Research

The Hang Seng Index reversal was overdue, but the bounce looks weak so far (has not even reached Q1 resistance). MRM SHORT Level at 18874, high...