Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

For our next Webinar, we are excited to welcome Analysts <a href="https://www.smartkarma.com/profiles/said-desaque" target="_blank" data-smartkarma-citation="accounts:1107" rel="noopener">Said Desaque</a> and <a href="https://www.smartkarma.com/profiles/osbert-tang-cfa" target="_blank" data-smartkarma-citation="accounts:3879" rel="noopener">Osbert Tang, CFA</a> , who will go over China's latest potential $220 billion stimulus through a massive sale of special bonds. The Analysts will each present their views on the situation and a Q&amp;A will follow.
<h3>The webinar was hosted on Wednesday, 13 July 2022, 17:00 SGT/HKT.</h3>
Subscribe to our podcast feed and listen to the session on the go:
<iframe src="https://open.spotify.com/embed/episode/5vGxVSGzl0Izwsa0swFIBi?utm_source=generator" width="100%" height="232" style="border-radius: 12px;" frameborder="0" allowfullscreen="allowfullscreen" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture"></iframe>Said DeSaque is a professional economist with over 33 years of experience covering the global economy, with significant expertise in the US, China, Japan, and emerging markets. He worked with US investment banks for 25 years covering institutional investors in Europe, Middle East, Far East and Australia. He covers financial markets on a multi-asset basis, and has been an independent economist covering the global economy and financial markets for the past 8 years since founding DeSaque Macro Research in London.
Osbert Tang is an equity analyst with over 20 years of experience, focusing on China transport, infrastructure, industrials, and utilities. He has been based in Shanghai since 2003, where he accumulated more than 15 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities.

For our next Webinar, we are excited to welcome Analysts Said Desaque and Osbert Tang, CFA , who will go over China's latest potential $220 billion stimulus through a massive sale of special bonds. The Analysts will each present their views on the situation and a Q&amp;A will follow.
The webinar was hosted on Wednesday, 13 July 2022, 17:00 SGT/HKT.
Subscribe to our podcast feed and listen to the session on the go:
Said DeSaque is a professional economist with over 33 years of experience covering the global economy, with significant expertise in the US, China, Japan, and emerging markets. He worked with US investment banks for 25 years covering institutional investors in Europe, Middle East, Far East and Australia. He covers financial markets on a multi-asset basis, and has been an independent economist covering the global economy and financial markets for the past 8 years since founding DeSaque Macro Research in London.
Osbert Tang is an equity analyst with over 20 years of experience, focusing on China transport, infrastructure, industrials, and utilities. He has been based in Shanghai since 2003, where he accumulated more than 15 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities.

Smartkarma Webinar | Understanding China's Latest Stimulus

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

China State Construction Development / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/china-state-construction-dev" target="_blank" data-smartkarma-citation="entities:3892:1" rel="noopener">Far East Global (830 HK)</a>, now known as China State Construction Development Holdings (CSCD), a subsidiary of <a href="https://www.smartkarma.com/entities/china-state-construction-int-l-holdings" target="_blank" data-smartkarma-citation="entities:10038:1" rel="noopener">China State Construction Int'L (3311 HK)</a>, presents an excellent short-term opportunity with an upside north of 50% ( from the current share price of 1.2 HKD).
We like this one-stop façade solution service provider for the following reasons:
<ul>
<li>Strong brand name in the curtain wall business in Hong Kong and Macau.</li>
<li>Margin expansion story due to the phasing out of US/Canada business and HK/Macau and China growth.</li>
<li>Potential for profit alert for H1 2021 and potential to increase dividend payout ratio.</li>
<li>Massive growth opportunity in China.</li>
</ul>
Risk 
<ol>
<li>A downturn estate for China and Hong Kong.</li>
<li>Issues relating to execution in phasing out of the overseas business.</li>
</ol>

Far East Global (830 HK), now known as China State Construction Development Holdings (CSCD), a subsidiary of China State Construction Int'L (3311 HK), presents an excellent short-term opportunity with an upside north of 50% ( from the current share price of 1.2 HKD).
We like this one-stop façade solution service provider for the following reasons:

Strong brand name in the curtain wall business in Hong Kong and Macau.
Margin expansion story due to the phasing out of US/Canada business and HK/Macau and China growth.
Potential for profit alert for H1 2021 and potential to increase dividend payout ratio.
Massive growth opportunity in China.

Risk 

A downturn estate for China and Hong Kong.
Issues relating to execution in phasing out of the overseas business.


China State Construction Development (830 HK): A Short-Term Opportunity with Tremendous Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On the 12th of November, newly lame duck US president Donald Trump signed an <a href="https://www.whitehouse.gov/presidential-actions/executive-order-addressing-threat-securities-investments-finance-communist-chinese-military-companies/" target="_blank" rel="noopener">Executive Order</a>(Executive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies) banning investment and capital provision by "US persons" to companies in lists established by the US Department of Defense pursuant to Public Law 105-261, Section 1237 (Fiscal Year 1999 National Defense Authorization Act).The various global index providers immediately commenced consultations with their myriad investors and with OFAC (the Office of Foreign Asset Control of the US Treasury Department) and decided in early December for the most part to delete certain securities from their indices. New guidance from OFAC in the form of FAQs (Frequently Asked Questions related to Executive Order (E.O.) 13959, "Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies":  <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/857" target="_blank" rel="noopener">857</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/858" target="_blank" rel="noopener">858</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/859" target="_blank" rel="noopener">859</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/860" target="_blank" rel="noopener">860</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/861" target="_blank" rel="noopener">861</a>). This insight looks at the indirect holdings and subsidiaries.It is a BIG list (I have a list of 133 names, most of which appear to be 50+% controlled, which could be affected in portfolios).Investors would do well to understand how much of the float is for sale.

On the 12th of November, newly lame duck US president Donald Trump signed an Executive Order(Executive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies) banning investment and capital provision by "US persons" to companies in lists established by the US Department of Defense pursuant to Public Law 105-261, Section 1237 (Fiscal Year 1999 National Defense Authorization Act).The various global index providers immediately commenced consultations with their myriad investors and with OFAC (the Office of Foreign Asset Control of the US Treasury Department) and decided in early December for the most part to delete certain securities from their indices. New guidance from OFAC in the form of FAQs (Frequently Asked Questions related to Executive Order (E.O.) 13959, "Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies":  857, 858, 859, 860, 861). This insight looks at the indirect holdings and subsidiaries.It is a BIG list (I have a list of 133 names, most of which appear to be 50+% controlled, which could be affected in portfolios).Investors would do well to understand how much of the float is for sale.

OFAC Makes a Longer List of Trump Names of China Military Cos

In 1998, before the US and China entered into Permanent Normal Trade Relations with China in 2000, the US Congress enacted a law requiring the Clinton Administration to publish a list of Chinese companies in the US which did business with the People's Liberation Army (Public Law 105-261, Section 1237), and a "Communist Chinese military company" was defined in that law as any company named in to Defense Intelligence Agency documents from 1990 and 1995 and "any other entity owned or controlled by the PLA and engaged in providing commercial services, manufacturing, or exporting."That law basically lay dormant until last year when the Pentagon launched a review of such companies following the Trump White House's labelling of China (and Russia) a "revisionist" power in its first National Security Strategy <a href="https://www.whitehouse.gov/wp-content/uploads/2017/12/NSS-Final-12-18-2017-0905-2.pdf" target="_blank" rel="noopener">report</a> in 2017. The goal was to investigate and warn about supply-chain vulnerabilities. The Department of Defense published a list in June 2020 of 20 companies which were "Qualified Entities". It updated the list in late August 2020. The former Secretary of Defense was ousted several days ago and the new Secretary of Defense is now responsible for the list. There is, as of last night, an Executive Order by the White House blocking US 'persons' investment in any of the names mentioned - a list now 31 names long.More below on the impact.

In 1998, before the US and China entered into Permanent Normal Trade Relations with China in 2000, the US Congress enacted a law requiring the Clinton Administration to publish a list of Chinese companies in the US which did business with the People's Liberation Army (Public Law 105-261, Section 1237), and a "Communist Chinese military company" was defined in that law as any company named in to Defense Intelligence Agency documents from 1990 and 1995 and "any other entity owned or controlled by the PLA and engaged in providing commercial services, manufacturing, or exporting."That law basically lay dormant until last year when the Pentagon launched a review of such companies following the Trump White House's labelling of China (and Russia) a "revisionist" power in its first National Security Strategy report in 2017. The goal was to investigate and warn about supply-chain vulnerabilities. The Department of Defense published a list in June 2020 of 20 companies which were "Qualified Entities". It updated the list in late August 2020. The former Secretary of Defense was ousted several days ago and the new Secretary of Defense is now responsible for the list. There is, as of last night, an Executive Order by the White House blocking US 'persons' investment in any of the names mentioned - a list now 31 names long.More below on the impact.

Trump's Executive Order on Chinese Military Companies

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.

The Premier Li Keqiang had just conducted an annual Government Work Report in the two session conference (两会) in Beijing this morning. In this insight, we will briefly walk through key points of his report and identify bulls and bears in the market.
While the theme of cost reduction benefits manufacturing companies, it will negative for some infrastructure service providers, such as telecom companies.
The full text in Chinese can be accessed <a href="http://www.xinhuanet.com/politics/2019lh/2019-03/05/c_1124194454.htm" target="_blank">here</a>.

The Premier Li Keqiang had just conducted an annual Government Work Report in the two session conference (两会) in Beijing this morning. In this insight, we will briefly walk through key points of his report and identify bulls and bears in the market.
While the theme of cost reduction benefits manufacturing companies, it will negative for some infrastructure service providers, such as telecom companies.
The full text in Chinese can be accessed here.

Quick Read of 2019 Government Work Report - Bulls and Bears

Hong Kong

China State Construction International Holdings Limited, through its subsidiaries, provides building construction and civil engineering works services in Hong Kong.

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China State Construction Int'L (3311 HK)

Smartkarma Webinar | Understanding China's Latest Stimulus

On 13 July, 5pm SGT, join our Webinar on China's latest potential stimulus, featuring Analysts Said Desaque and Osbert Tang.

Smartkarma Research

China State Construction Development (830 HK): A Short-Term Opportunity with Tremendous Upside

Leading curtain wall solution provider in HK and Macau trading at 8.8x FY21 and 6.8x FY22 PE and provides a great dividend yield of 5.7% and 7.3%...

Sameer Taneja

OFAC Makes a Longer List of Trump Names of China Military Cos

There are a LOT of names which could be affected by the Trump Executive Order on China Military Companies. It behooves investors to have a list....

Travis Lundy

Trump's Executive Order on Chinese Military Companies

The White House announced an Executive Order prohibiting "US persons" from "providing capital" to a list of "China Military Cos" which has been...

Travis Lundy

Quick Read of 2019 Government Work Report - Bulls and Bears

The Premier Li Keqiang had just conducted an annual Government Work Report in the two session conference (两会) in Beijing this morning. In this...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)