Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

China Unicom Hong Kong / Equity Bottom-Up

<ul>
<li>The rapid adoption of cloud computing has led to China boasting the world’s second-largest cloud computing market.</li>
<li>This migration to the cloud is in lock-step with global customer needs: scale, greater efficiency, and availability; together with a reduction in capex and infrastructure complexity.</li>
<li>The big three PRC telcos are firmly in the mix, with each announcing 100%+ growth in revenue for their cloud businesses in 1H22. Expect that trend to continue.</li>
</ul>


The rapid adoption of cloud computing has led to China boasting the world’s second-largest cloud computing market.
This migration to the cloud is in lock-step with global customer needs: scale, greater efficiency, and availability; together with a reduction in capex and infrastructure complexity.
The big three PRC telcos are firmly in the mix, with each announcing 100%+ growth in revenue for their cloud businesses in 1H22. Expect that trend to continue.


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 146 stocks over the last week. The average A-H premium was 103.3% as of Jun 21st.</li>
<li>The average A-H premium changed by -1.5ppt week-on-week, led by real estate, communication services, consumer staples and offset by utilities, information technology.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Shenhua, China Telecom, CNOOC, Hua Hong Semi, YOFC, Huadian.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 103.3% as of Jun 21st.
The average A-H premium changed by -1.5ppt week-on-week, led by real estate, communication services, consumer staples and offset by utilities, information technology.
We highlight weekly changes in A-H premium for China Tourism, Shenhua, China Telecom, CNOOC, Hua Hong Semi, YOFC, Huadian.


A-H Premium Weekly (Jun 21st): China Tourism, Shenhua, China Telecom, CNOOC, Hua Hong Semi, YOFC

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Four stock remains, 10 stocks added into portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 187% versus the MSCI Asia ex Japan of 78%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stock remains, 10 stocks added into portfolio
Since its inception, it has generated a before-fee total return of 187% versus the MSCI Asia ex Japan of 78%


<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.</li>
<li>The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.
The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.


A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

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>Post market close tomorrow, Hang Seng Indexes will announce the changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> that will be implemented at the close on 7 June.</li>
<li>There were no constituent changes to the index in March. We highlight ten profitable and eligible stocks that could be added to the index in June.</li>
<li>Changes to the Hang Seng Industry Classification System (HSICS) could lead to inclusions for the Information Technology industry while there could also be inclusions for the underweighted Healthcare industry.</li>
</ul>


Post market close tomorrow, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 7 June.
There were no constituent changes to the index in March. We highlight ten profitable and eligible stocks that could be added to the index in June.
Changes to the Hang Seng Industry Classification System (HSICS) could lead to inclusions for the Information Technology industry while there could also be inclusions for the underweighted Healthcare industry.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for June

China

China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

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China Telecom Corp Ltd (Adr) (CHA US)

China Telcos: Send In The Clouds

At 1x forward EV/EBITDA and a 5.6% yield, Unicom is cheap. I don't have a bone to pick with Mobile at 2.1x and a 7.9% yield; or Telecom - but...

David Blennerhassett

A-H Premium Weekly (Jun 21st): China Tourism, Shenhua, China Telecom, CNOOC, Hua Hong Semi, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shenhua, China Telecom, CNOOC, Hua Hong Semi,...

Ke Yan, CFA, FRM

The Stocks to Own in Asia – Vol. 45

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Four stock remains, 10 stocks added.

A. Stotz Investment Research

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for June

The move to 100 constituents is expected to drag on into 2025. We highlight 10 stocks that could be considered for inclusion in the HSI in June....

Brian Freitas

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