Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Luxshare Precision Industry / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 13.9bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 13.9bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought.


Mainland Connect NORTHBOUND Flows (To 5 July 2024): Finance, Consumer, IT Sold, Utilities Bought

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.</li>
<li>We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.</li>
<li>We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.
We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.
We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).


Northbound Flows (Jul 5th): 4 Weeks of Outflows

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 104.4% as of Jul 5th.</li>
<li>The average A-H premium changed by -1.2ppt week-on-week, led by consumer staples, information technology, health care and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Ganfeng Lithium, China East Air, Petrochina.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 104.4% as of Jul 5th.
The average A-H premium changed by -1.2ppt week-on-week, led by consumer staples, information technology, health care and offset by communication services, real estate.
We highlight weekly changes in A-H premium for China Tourism, Ganfeng Lithium, China East Air, Petrochina.


A-H Premium Weekly (Jul 5th): China Tourism, Ganfeng Lithium, China East Air, Petrochina

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.

<ul>
<li>During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.</li>
<li>Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.
Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 2Q2024

<ul>
<li><em>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</em></li>
<li>Last week saw NORTHBOUND net SELL RMB 11.8bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 11.8bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought. 


Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

China

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

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Zijin Mining Group Co Ltd H (2899 HK)

Mainland Connect NORTHBOUND Flows (To 5 July 2024): Finance, Consumer, IT Sold, Utilities Bought

NORTHBOUND Flows were quite low this week on a gross basis. On a net basis, they were still a net sell and consumer names and finance names were...

Travis Lundy

Northbound Flows (Jul 5th): 4 Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week. We estimate the outflows to be USD1.8bn and highlight flows for CATL.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 5th): China Tourism, Ganfeng Lithium, China East Air, Petrochina

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism,Ganfeng Lithium,China East Air,Petrochina.

Ke Yan, CFA, FRM

Global Emerging Markets: Reporting Season Summary, 2Q2024

In this quarterly insight, we analyse recent GEM reporting trends by looking at Sales and EPS growth, size and percentage of positive surprises,...

Wium Malan, CFA

Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

NORTHBOUND net selling continues. It is dominant in the consumer names. Appliances continue to see weakness. Tech is mixed. Renewables are mixed....

Travis Lundy

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