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.

Equity Bottom-Up

<ul><li>CMGE delivered soft top line and profitability in FY23 for declining game grossing from existing games and rescheduling of several key titles.</li><li>We suggest looking to revenue acceleration and margin recovery in FY24E (forecast top line +32% YoY, with adj. NM at 11%), boosted by: 1) a strong pipeline in FY24E, including Soul Land: Space and Time Reversal (斗罗大 陆：逆转时空), Fights Break Firmament: Peak Confrontation (斗破苍穹：巅峰 对决) and Sword and Fair World (仙剑世界); 2) rising contribution from minigames; and 3) continued overseas expansion.</li><li>CMGE would pursue a ROIdriven R&amp;D and S&amp;M strategy ahead, to enhance its margin. </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.

CMGE delivered soft top line and profitability in FY23 for declining game grossing from existing games and rescheduling of several key titles.We suggest looking to revenue acceleration and margin recovery in FY24E (forecast top line +32% YoY, with adj. NM at 11%), boosted by: 1) a strong pipeline in FY24E, including Soul Land: Space and Time Reversal (斗罗大 陆：逆转时空), Fights Break Firmament: Peak Confrontation (斗破苍穹：巅峰 对决) and Sword and Fair World (仙剑世界); 2) rising contribution from minigames; and 3) continued overseas expansion.CMGE would pursue a ROIdriven R&amp;D and S&amp;M strategy ahead, to enhance its margin. 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.

CMGE Technology (302 HK) - Eyes on Strong Pipeline Ahead

<ul><li>CMGE delivered above-industrial rev growth (+25% YoY) and profitability in 1H23.</li><li>Looking ahead, we expect 2H23E to see rev acceleration and stronger earnings, for: 1) rising contribution from newly launched games in 1H23; 2) several key titles to be launched in 4Q23E; 3) R&amp;D to decline with lower outsourcing cost and manageable S&amp;M.</li><li>We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in summer. </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.

CMGE delivered above-industrial rev growth (+25% YoY) and profitability in 1H23.Looking ahead, we expect 2H23E to see rev acceleration and stronger earnings, for: 1) rising contribution from newly launched games in 1H23; 2) several key titles to be launched in 4Q23E; 3) R&amp;D to decline with lower outsourcing cost and manageable S&amp;M.We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in summer. 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.

CMGE Technology (302 HK) – Looking into improving profitability in 2H23E

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.


Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

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

Event-Driven

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

China

7Road Holdings Limited operates as an online game developer and operator. The Company develops, distributes, and licenses web and mobile games. 7Road Holdings publishes its games worldwide.

iDreamSky Technology Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs, develops, and distributes video games for mobile, consoles, PC, and tablets, as well as offers live gaming services. iDreamSky Technology Holdings serves customers worldwide.

Mobvista Inc. operates as a holding company. The Company, through its subsidiaries, offers technology platform that provides mobile advertising and mobile analytics services to the application developers. Mobvista serves clients worldwide.

China Digital Video Holdings Limited is a digital video technology solution and service company in the TV broadcasting industry in China. The Company provides a full range of solutions, services, and products to TV broadcasters and other digital video content providers, focusing mainly on the post-production segment, a critical part of the PRC TV broadcasting market.

Babytree Group operates Chinese parenting website. The Company and its subsidiaries, engaged in the advertising, e-commerce, and content monetization businesses. Babytree Group provides services for worldwide customers.

Guangzhou KingTeller Technology Co. Ltd specializes in ATM (Automated Teller Machine)'s research & development, manufacturing, deployment and after-sale services.

Guangzhou Kingteller Technology (002177 CH)

Hengxin Mobile Business Co Ltd sells mobile information products and provides related services.The Company sells mobile handsets and other mobile information products such as proxy server, and provides mobile information services such as voice and music magazines platform and search platform.

Oriental Times Media Corporation produces and operates HD digital entertainment platforms and TV shows. The Company also designs, manufactures and markets digital measuring instruments.

Shenzhen Hirisun Technology Incorporated provides information technology solutions to the electric power industry. The Company's services include system integration, software development and technical advisory services.

DouYu International Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on development of live game streaming. DouYu International Holdings serves customers in China.

Gravity Co. Ltd. develops and distributes online games in many countries across the world, especially in Japan, Taiwan, and Thailand.  The Company's principal product is Ragnarok Online.  Gravity also offers mobile games, participates in the production of a televised animation series, and license the merchandising of character-related products based on their online games.

iHeartMedia, Inc. provides media entertainment services. The Company offers radio broadcasting, entertainment data distribution, and media advertising services. iHeartMedia serves customers worldwide.

Vividthree Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, produces and distributes motion pictures. Vividthree Holdings serves customers Singapore and Malaysia.

Matrimony.com owns and operates matrimony websites. The company offers matrimony and matchmaking services through its matrimony websites and outlets. 

ReWorld operates a social networking Internet website built around sustainable development.  The website allows individuals, companies and associations to exchange information, conduct marketing, and recruit members.

Eventbrite, Inc. operates as a platform as a service company. The Company offers a platform that allows users to provide online event planning services, as well as publishes, promotes, and sells tickets through social networks and e-mails. Evenbrite operates in the United States.

Leadtek Research Inc. manufactures and markets communication equipments, computer and peripheral products, industrial control systems, and toys.  The Company also designs and trades information software.

CMGE Technology Group Limited serves customers in China.

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CMGE Tech (302 HK)

CMGE Technology (302 HK) - Eyes on Strong Pipeline Ahead

CMGE delivered soft top line and profitability in FY23 for declining game grossing from existing games and rescheduling of several key titles.

CMB International

CMGE Technology (302 HK) – Looking into improving profitability in 2H23E

We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in...

CMB International

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

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