Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Evergrande Property Services / Event-Driven

The Hang Seng Indexes Company Limited (HSIL) will announce the results of the June 2021 review of the Hang Seng Family of Indexes on 21 May. The constituent changes will be effective after the close of trading on 4 June.The review period for the June review ended on 31 March and stocks that had at least 1 month of trading history by that date are eligible for inclusion in the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a>.<a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> will be a Fast Entry inclusion into the index at the close of trading on 8 April and no stock will be deleted on that date.At the June review, we see a high probability of <a href="https://www.smartkarma.com/entities/china-evergrande-new-energy-vehicle-group-ltd" target="_blank" data-smartkarma-citation="entities:713:1" rel="noopener">Evergrande Auto (708 HK)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and being included in the index, and of <a href="https://www.smartkarma.com/entities/china-tower-corp-ltd" target="_blank" data-smartkarma-citation="entities:27037:1" rel="noopener">China Tower (788 HK)</a>, <a href="https://www.smartkarma.com/entities/guangdong-investment-ltd" target="_blank" data-smartkarma-citation="entities:12109:1" rel="noopener">Guangdong Investment (270 HK)</a> and <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> being deleted from the index.There is a slightly lower probability of <a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" data-smartkarma-citation="entities:30921:1" rel="noopener">Evergrande Property Services (6666 HK)</a> being included in the index and of <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement Co Ltd H (914 HK)</a> being excluded.<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning Co Ltd (2331 HK)</a> is a close add and the corresponding deletion is <a href="https://www.smartkarma.com/entities/shimao-property-holdings-limited" target="_blank" data-smartkarma-citation="entities:8375:1" rel="noopener">Shimao Property Holdings (813 HK)</a>.The June review also sees a change in the index methodology where all stocks will be capped at 8% of the index weight.

The Hang Seng Indexes Company Limited (HSIL) will announce the results of the June 2021 review of the Hang Seng Family of Indexes on 21 May. The constituent changes will be effective after the close of trading on 4 June.The review period for the June review ended on 31 March and stocks that had at least 1 month of trading history by that date are eligible for inclusion in the Hang Seng China Enterprises Index (HSCEI INDEX).Baidu (9888 HK) will be a Fast Entry inclusion into the index at the close of trading on 8 April and no stock will be deleted on that date.At the June review, we see a high probability of Evergrande Auto (708 HK) and BYD (1211 HK) and being included in the index, and of China Tower (788 HK), Guangdong Investment (270 HK) and China Unicom Hong Kong (762 HK) being deleted from the index.There is a slightly lower probability of Evergrande Property Services (6666 HK) being included in the index and of Anhui Conch Cement Co Ltd H (914 HK) being excluded.Li Ning Co Ltd (2331 HK) is a close add and the corresponding deletion is Shimao Property Holdings (813 HK).The June review also sees a change in the index methodology where all stocks will be capped at 8% of the index weight.

HSCEI June 2021 Index Rebalance Preview - Three Adds, Four Deletes Possible

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Thematic (Sector/Industry)

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:<a href="https://www.smartkarma.com/entities/huawei-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:8231:1" rel="noopener">Huawei Technology (40978Z CH)</a>, <a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/bytedance-technology" target="_blank" data-smartkarma-citation="entities:27936:1" rel="noopener">ByteDance (1460967D CH)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom Corp Ltd (H) (728 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:Huawei Technology (40978Z CH), Top Glove Corp (TOPG MK), Naver Corp (035420 KS), Samsung Electronics (005930 KS), ByteDance (1460967D CH), Alibaba Group (9988 HK), Baidu (BIDU US), China Mobile (941 HK), China Telecom Corp Ltd (H) (728 HK), China Unicom Hong Kong (762 HK) 

Global Emerging Markets Weekly: 22 January 2021

APAC IPOs & Placements

Zhen Zhou, Toh

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.

Equity Capital Markets

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In this note, we aim to highlight the Asia Pacific IPO pipeline for 2021. This list has been compiled on a best effort basis from tracking the company filings and through various media and other sources.
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For readers who are not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea and A-shares), including China ADRs. Hence, our pipeline will only include companies that fit these criterion.
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Feel free to drop us a message for additional information (bookrunners and coverage) on these IPOs
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In this note, we aim to highlight the Asia Pacific IPO pipeline for 2021. This list has been compiled on a best effort basis from tracking the company filings and through various media and other sources.


For readers who are not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea and A-shares), including China ADRs. Hence, our pipeline will only include companies that fit these criterion.


Feel free to drop us a message for additional information (bookrunners and coverage) on these IPOs


Aequitas 2021 Asia IPO Pipeline - More Mega IPOs to Come

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<div class="content-highlight">This report was commissioned by iSTOX, a next-generation investing platform designed to lower the barriers to entry to alternative assets like private equity, hedge funds, private debt and more. To learn more, go to <a href="https://istox.com/" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://istox.com/&amp;source=gmail&amp;ust=1610161268151000&amp;usg=AFQjCNGZcpgoAqxNXnyi7YHjo1-AoCkeCQ" rel="noopener">iSTOX.com</a>.</div>China is currently leading the Internet of Things (IoT) race, supported by the efforts of its telco providers, the government, and early adoption of 5G. Estimates by various consultancy and industry bodies expect China’s IoT industry to grow at a stronger rate over the forecast period (c. 27% compound annual growth rate (CAGR) over 2019-2025), surpassing US spending on IoT.A growing focus on Industrial IoT (IIoT) has become a key trend in the Chinese IoT industry. Initially, IoT was mainly adopted by the consumer sector, particularly in developing smart devices and smart homes. Given the country’s large manufacturing base, IIoT is seen as a sector with the highest growth potential for IoT services. IIoT is still in its nascent stage and we believe that China is well-positioned for growth in this sector.We have identified seventeen emerging IoT companies across key IoT application areas: smart device, home, city and building, IoT and cloud platform, manufacturing and IIoT, automotive and transportation systems and other IoT solutions. Based on industry estimates, IoT and cloud platforms are areas which are likely to witness the highest growth rates over the medium term. Over the longer term, however, we believe that manufacturing and IIoT-related companies will enjoy the strongest growth rates as manufacturers start adopting IoT services throughout their production processes. In terms of IoT platform services, the two names of interest are Gizwits and China Mobile IoT. On the manufacturing and IIoT side, we believe that RootCloud and Thingple have attractive potential for growth. In the smart devices and homes application segment, Yeelink and Tuya Smart caught our attention for their continued efforts in developing product technologies to meet growing IoT needs. In the automotive and transportation systems segment, Roadstar.ai, Deeproute.ai and Uhnder have caught our attention for their efforts in developing technologies for autonomous driving.

This report was commissioned by iSTOX, a next-generation investing platform designed to lower the barriers to entry to alternative assets like private equity, hedge funds, private debt and more. To learn more, go to iSTOX.com.China is currently leading the Internet of Things (IoT) race, supported by the efforts of its telco providers, the government, and early adoption of 5G. Estimates by various consultancy and industry bodies expect China’s IoT industry to grow at a stronger rate over the forecast period (c. 27% compound annual growth rate (CAGR) over 2019-2025), surpassing US spending on IoT.A growing focus on Industrial IoT (IIoT) has become a key trend in the Chinese IoT industry. Initially, IoT was mainly adopted by the consumer sector, particularly in developing smart devices and smart homes. Given the country’s large manufacturing base, IIoT is seen as a sector with the highest growth potential for IoT services. IIoT is still in its nascent stage and we believe that China is well-positioned for growth in this sector.We have identified seventeen emerging IoT companies across key IoT application areas: smart device, home, city and building, IoT and cloud platform, manufacturing and IIoT, automotive and transportation systems and other IoT solutions. Based on industry estimates, IoT and cloud platforms are areas which are likely to witness the highest growth rates over the medium term. Over the longer term, however, we believe that manufacturing and IIoT-related companies will enjoy the strongest growth rates as manufacturers start adopting IoT services throughout their production processes. In terms of IoT platform services, the two names of interest are Gizwits and China Mobile IoT. On the manufacturing and IIoT side, we believe that RootCloud and Thingple have attractive potential for growth. In the smart devices and homes application segment, Yeelink and Tuya Smart caught our attention for their continued efforts in developing product technologies to meet growing IoT needs. In the automotive and transportation systems segment, Roadstar.ai, Deeproute.ai and Uhnder have caught our attention for their efforts in developing technologies for autonomous driving.

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)

HSCEI June 2021 Index Rebalance Preview - Three Adds, Four Deletes Possible

We forecast 3 inclusions and 4 exclusions from the HSCEI at the June review. Along with capping changes, we estimate a one-way turnover of 9.75%....

Brian Freitas

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

Global Emerging Markets Weekly: 22 January 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Aequitas 2021 Asia IPO Pipeline - More Mega IPOs to Come

We aim to highlight the Asia Pacific IPO pipeline for 2021. This list has been compiled on a best effort basis from tracking the company filings...

Zhen Zhou, Toh

Emerging IoT Companies in China

China is currently leading the IoT race, supported by the efforts of its telco providers, the government, and early adoption of 5G. In this...

Shifara Samsudeen, ACMA, CGMA

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