Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


September Themes and Thematic Portfolio Review

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 analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 108.9% as of Sep 27th.</li>
<li>The average A-H premium changed by -1.5ppt week-on-week, led by real estate, consumer discretionary, information technology and offset by consumer staples, communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.</li>
</ul>


We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 108.9% as of Sep 27th.
The average A-H premium changed by -1.5ppt week-on-week, led by real estate, consumer discretionary, information technology and offset by consumer staples, communication services, energy.
We highlight weekly changes in A-H premium for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.


A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>China announces a barrage of  fiscal and monetary stimulus plans</li>
<li>New LDP leader and Japan Prime Minister impacts the markets</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
China announces a barrage of  fiscal and monetary stimulus plans
New LDP leader and Japan Prime Minister impacts the markets


Overview #10 -China Knocks It Out of the Park

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Haidilao International Holding / Equity Bottom-Up

<ul>
<li>Hong Kong is now the top-performing major world market this year.  With a large valuation disparity, both Hong Kong's and China's markets have more upside potential.</li>
<li>
<a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> are benefiting from the improvement in consumer sentiment with government stimulus targeting housing payments and consumption.
</li>
<li><a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> surged in anticipation of increased market trading and IPOs.  Industry consolidation is also part of the improved sentiment.</li>
</ul>


Hong Kong is now the top-performing major world market this year.  With a large valuation disparity, both Hong Kong's and China's markets have more upside potential.

Haidilao International Holding (6862 HK) and Anta Sports Products (2020 HK) are benefiting from the improvement in consumer sentiment with government stimulus targeting housing payments and consumption.

Citic Securities (H) (6030 HK) surged in anticipation of increased market trading and IPOs.  Industry consolidation is also part of the improved sentiment.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 27)

<ul>
<li>The fabled  PBoC Put is finally out in the open</li>
<li>Is there a floor under the stock market, if not the property market?</li>
<li>Has the asymetric opportunity now gone with this recent rally?</li>
</ul>


The fabled  PBoC Put is finally out in the open
Is there a floor under the stock market, if not the property market?
Has the asymetric opportunity now gone with this recent rally?


After the Rally. What Next for the Hong Kong Market?

China

China International Capital Corporation Ltd. (CICC) operates as an international investment bank. The Company provides financial services, including investment banking, capital markets, securities sales and trading, fixed income, asset management, and private equity. China International Capital also offers individual wealth management and research services.

China International Capital Corporation (3908 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China International Capital Corporation (3908 HK)

September Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.

Ke Yan, CFA, FRM

Overview #10 -China Knocks It Out of the Park

A review of recent events/data impacting our investment themes and outlook. We look at the implications of the China stumulus package and Japan's...

Rikki Malik

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 27)

HSI is the top performing major global index heading into 4Q2024. Haidilao and Anta both benefit from improved sentiment in consumer sector. Citic...

David Mudd

After the Rally. What Next for the Hong Kong Market?

The emergence of the PBoC Put and what to do now that the Hang Seng Index has rallied so fast and hard. Has the boat been missed?

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)