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 Hong Kong Connect flows with our data engine for holding position as of July 7th.</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 analyzed southbound Hong Kong connect flows in the past week and highlight flows for  China Mobile, ICBC, ABC, Tencent, HSBC, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We analyzed southbound Hong Kong connect flows in the past week and highlight flows for  China Mobile, ICBC, ABC, Tencent, HSBC, BYD.


Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Bank of Chongqing Co Ltd H / Equity Bottom-Up

<ul>
<li>Combination of high NIM contraction with high loan growth is not a good combination</li>
<li>BOC has seen its NIM down 14% in the past year but against 12% loan growth</li>
<li>PBOC pressure to cut rates and for banks to support ailing debtors, is a risk</li>
</ul>


Combination of high NIM contraction with high loan growth is not a good combination
BOC has seen its NIM down 14% in the past year but against 12% loan growth
PBOC pressure to cut rates and for banks to support ailing debtors, is a risk


Bank of Chongqing - One Of Worst NIM Contraction, But With High Loan Growth

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.</li>
<li>We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.</li>
<li>We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.
We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.
We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.


Northbound Flows (Jun 23rd): China Cssc, Dahua

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>The 200 largest weighted companies in the GEM index reported average EPS growth of +6.3%y/y for 1Q23-to-date, slightly down from the +7.5% reported for 4Q22.</li>
<li>Only 51% of companies delivered positive sales surprises, whilst 60% delivered positive EPS surprises, an increase from the trend seen over the past year.</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>


The 200 largest weighted companies in the GEM index reported average EPS growth of +6.3%y/y for 1Q23-to-date, slightly down from the +7.5% reported for 4Q22.
Only 51% of companies delivered positive sales surprises, whilst 60% delivered positive EPS surprises, an increase from the trend seen over the past year.
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, 1Q2023

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

<ul>
<li>The latest aggregate and fund level stock holding metrics among active China A-Share investors.  </li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> and <a href="https://www.smartkarma.com/entities/longi-green-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">LONGi Green Energy Technology (601012 CH)</a>  are the most widely owned stocks in the A-Share universe</li>
<li>
<a href="https://www.smartkarma.com/entities/agricultural-bank-of-china-ltd" target="_blank" data-smartkarma-citation="entities:654:1" rel="noopener">Agricultural Bank of China (601288 CH)</a> , <a href="https://www.smartkarma.com/entities/bank-of-communications-co-ltd" target="_blank" data-smartkarma-citation="entities:24562:1" rel="noopener">Bank Of Communications (601328 CH)</a> and <a href="https://www.smartkarma.com/entities/shanghai-pudong-devel-bank-a" target="_blank" data-smartkarma-citation="entities:736:1" rel="noopener">Shanghai Pudong Development Bank Co. (600000 CH)</a> mostly avoided by active A-Share Funds.</li>
</ul>


The latest aggregate and fund level stock holding metrics among active China A-Share investors.  

CATL (A) (300750 CH) , Kweichow Moutai (600519 CH) and LONGi Green Energy Technology (601012 CH)  are the most widely owned stocks in the A-Share universe

Agricultural Bank of China (601288 CH) , Bank Of Communications (601328 CH) and Shanghai Pudong Development Bank Co. (600000 CH) mostly avoided by active A-Share Funds.


China A-Shares: Stock Positioning Chart Pack

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

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Agricultural Bank Of China (1288 HK)

Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, ICBC, ABC, Tencent, HSBC, BYD.

Ke Yan, CFA, FRM

Bank of Chongqing - One Of Worst NIM Contraction, But With High Loan Growth

NIM contraction at BOC is severe and this is despite high loan growth. Risk is that this worsens in coming quarters, with weaker economy. Credit...

Daniel Tabbush

Northbound Flows (Jun 23rd): China Cssc, Dahua

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Cssc Holding, Zhejiang Dahua.

Ke Yan, CFA, FRM

Global Emerging Markets: Reporting Season Summary, 1Q2023

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

China A-Shares: Stock Positioning Chart Pack

How are China A-Share managers positioned? In this chart pack we look at the most widely held stocks, unloved stocks, the largest fund level stock...

Steven Holden

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