HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cofco-meat-holdings" target="_blank" data-smartkarma-citation="entities:22858:1" rel="noopener">Cofco Joycome (1610 HK)</a> is in a good position to benefit from the hog cycle upturn. China's anti-dumping investigation into imported pork from the EU may also disrupt supply.</li>
<li>Its average hog price has increased by 12.7% YTD and by 1.6% YoY for 5M24. Market hog price further surged by 10.4% in the week of 12-Jun from end-May.</li>
<li>Its P/B of 0.78x is inexpensive at 1SD below the 5-year average. Its peers like <a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff (002714 CH)</a> and <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff Group (300498 CH)</a> are also interesting. </li>
</ul>



Cofco Joycome (1610 HK) is in a good position to benefit from the hog cycle upturn. China's anti-dumping investigation into imported pork from the EU may also disrupt supply.
Its average hog price has increased by 12.7% YTD and by 1.6% YoY for 5M24. Market hog price further surged by 10.4% in the week of 12-Jun from end-May.
Its P/B of 0.78x is inexpensive at 1SD below the 5-year average. Its peers like Muyuan Foodstuff (002714 CH) and Wens Foodstuff Group (300498 CH) are also interesting. 


COFCO Joycome (1610 HK): Brewing a Hog Cycle Upturn?

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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Meituan, China Mobile, ICBC, Bilibili, and outflows from CCB, Geely, Sunny Optical.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Meituan, China Mobile, ICBC, Bilibili, and outflows from CCB, Geely, Sunny Optical.


Hong Kong Connect Flows Monthly: 1Y High Inflows in March

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 14th.</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 highlight inflows into Tencent (700 HK), and Li Auto (2015 HK). </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent (700 HK), and Li Auto (2015 HK). 


Hong Kong Connect Flows (Oct 14th): Tencent, Li Auto

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</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 highlight Tencent and BYD that dominated the inflows last week.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Tencent and BYD that dominated the inflows last week.


Hong Kong Connect Flows: 11 Weeks of Inflows

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.</li>
<li>We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.
We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. 


Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

China

COFCO Joycome Foods Limited engages in animal meat production. The Company produces, processes, distributes, and sells fresh pork, pork products, and animal feeds. COFCO Joycome Foods also operates and manages slaughterhouse throughout China.

Price Gauge
52-week Range	0.00 - 0.00
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COFCO Joycome Foods (1610 HK)

COFCO Joycome (1610 HK): Brewing a Hog Cycle Upturn?

Cofco Joycome is well-positioned for China's hog cycle upturn, potential supply disruption from anti-dumping investigation into EU pork. Peers...

Osbert Tang, CFA

Hong Kong Connect Flows Monthly: 1Y High Inflows in March

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Tencent, Meituan, China Mobile, ICBC, Bilibili, CCB, Geely, Sunny Optical.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Oct 14th): Tencent, Li Auto

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent Holding (700 HK), and Li Auto (2015 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows: 11 Weeks of Inflows

Southbound connect recorded 11 weeks of consecutive inflows. We highlight Tencent and BYD that dominated the inflows last week.

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

COFCO Joycome (1610 HK): Brewing a Hog Cycle Upturn?

​Cofco Joycome is well-positioned for China's hog cycle upturn, potential supply disruption from anti-dumping investigation into EU pork. Peers...

Osbert Tang, CFA

Hong Kong Connect Flows Monthly: 1Y High Inflows in March

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Tencent, Meituan, China Mobile, ICBC, Bilibili, CCB, Geely, Sunny Optical.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Oct 14th): Tencent, Li Auto

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent Holding (700 HK), and Li Auto (2015 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows: 11 Weeks of Inflows

Southbound connect recorded 11 weeks of consecutive inflows. We highlight Tencent and BYD that dominated the inflows last week.

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Cofco Joycome is well-positioned for China's hog cycle upturn, potential supply disruption from anti-dumping investigation into EU pork. Peers...