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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.</li>
<li>The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.</li>
<li>With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.</li>
</ul>


The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.
The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.
With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.


HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over nearly 4 years and implemented in its current state for nearly 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over nearly 4 years and implemented in its current state for nearly 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 21st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Tian Lun Gas (1600 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Wuxi Biologics (2269 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 21st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Tian Lun Gas (1600 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Wuxi Biologics (2269 HK), Xiaomi (1810 HK).


Hong Kong Buybacks: Tencent Spent HKD 1bn Last Week

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 07 based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Wuxi Biologics (2269 HK), Tencent (700 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Wuxi Biologics (2269 HK), Ping An H&amp;T (1833 HK), Tencent (700 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 07 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Wuxi Biologics (2269 HK), Tencent (700 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Wuxi Biologics (2269 HK), Ping An H&amp;T (1833 HK), Tencent (700 HK).


Hong Kong Buybacks: Tencent Buyback Is Back

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

We see the HSCEI 2022 div futures trading in line with our estimates while there could be more downside to the 2022/23 div spread. We'd look to get...

Brian Freitas

Screening for GEMs: February 2022

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Hong Kong Buybacks: Tencent Spent HKD 1bn Last Week

We highlight the top 3 companies that repurchased the most shares from the Hong Kong market were Tencent (700 HK), Xiaomi (1810 HK), Tian Lun Gas...

Ke Yan, CFA, FRM

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

Hong Kong Buybacks: Tencent Buyback Is Back

We highlight the top 3 companies that repurchased the most shares in HK were Wuxi Biologics (2269 HK), Tencent (700 HK), Xiaomi (1810 HK) in the...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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