HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The overvaluation or undervaluation of China core assets cannot be explained solely by valuation models such as PE/PB/DCF etc., but rather by considering the deep meaning represented by them.</li>
<li>The so-called policy, strategic, and systemic importance are playing increasingly important role in stock picking process. It's not wise to just analyze it from bottom-up perspective without considering top-down perspective.</li>
<li>There’s no eternal,universal,absolute truth in this world. We’re in the midst of a "unprecedented upheaval in a century".It's time to change mindset so investors don't miss the next valuation takeoff.</li>
</ul>


The overvaluation or undervaluation of China core assets cannot be explained solely by valuation models such as PE/PB/DCF etc., but rather by considering the deep meaning represented by them.
The so-called policy, strategic, and systemic importance are playing increasingly important role in stock picking process. It's not wise to just analyze it from bottom-up perspective without considering top-down perspective.
There’s no eternal,universal,absolute truth in this world. We’re in the midst of a "unprecedented upheaval in a century".It's time to change mindset so investors don't miss the next valuation takeoff.


Valuation System with Chinese Characteristics – the Correct Interpretation and Its Deep Meaning

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 weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 5th.</li>
<li>We estimate the weekly outflows to be US$75.1 million, led by information technology, materials, and offset by financials, consumer staples, health care.</li>
<li>We highlight flows for Kweichow Moutai, Foxconn Industrial Internet, Gree Electric Appliances.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 5th.
We estimate the weekly outflows to be US$75.1 million, led by information technology, materials, and offset by financials, consumer staples, health care.
We highlight flows for Kweichow Moutai, Foxconn Industrial Internet, Gree Electric Appliances.


Northbound Flows (May 5th): Kweichow Moutai, Foxconn Industrial Internet, Gree Electric Appliances

Equity Bottom-Up

<ul>
<li>Many people have begun to pay attention to whether there would be a second wave of COVID-19 in China. We think it is necessary to share our views.</li>
<li>The overvaluation or undervaluation of China’s core assets cannot be explained solely by classic valuation models such as PE/PB/DCF, but rather by considering the deep meaning represented by the companies.</li>
<li>Lifetech’s future growth space depend more on the performance of pacemakers and IBS, but they are facing different challenges. Therefore, we recommend short-term trade rather than long term hold.</li>
</ul>


Many people have begun to pay attention to whether there would be a second wave of COVID-19 in China. We think it is necessary to share our views.
The overvaluation or undervaluation of China’s core assets cannot be explained solely by classic valuation models such as PE/PB/DCF, but rather by considering the deep meaning represented by the companies.
Lifetech’s future growth space depend more on the performance of pacemakers and IBS, but they are facing different challenges. Therefore, we recommend short-term trade rather than long term hold.


China Healthcare Weekly (May.5)- 2nd Wave of COVID, Valuation Logic of China's Core Assets, Lifetech

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into industrials, energy, and utilities were offset by outflows from financials, and information technology.</li>
<li>We highlight flows for COSCO Shipping, Shenzhen Inovance, Zhejiang Jingsheng, Ningbo Tuopu, Wuliangye, Ping An Insurance, Moutai, East Money, CMB, Midea.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into industrials, energy, and utilities were offset by outflows from financials, and information technology.
We highlight flows for COSCO Shipping, Shenzhen Inovance, Zhejiang Jingsheng, Ningbo Tuopu, Wuliangye, Ping An Insurance, Moutai, East Money, CMB, Midea.


Northbound Flows Monthly (April): Inflows into Industrials Offset by Outflows from Financials

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.</li>
<li>We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.</li>
<li>We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.
We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.
We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.


Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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

Contemporary Amperex Technology (CATL) (300750 CH)

Valuation System with Chinese Characteristics – the Correct Interpretation and Its Deep Meaning

Many investors do not have a deep understanding of the "valuation system with Chinese characteristics". It is necessary to provide some...

Xinyao (Criss) Wang

Northbound Flows (May 5th): Kweichow Moutai, Foxconn Industrial Internet, Gree Electric Appliances

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, Foxconn Industrial Internet, Gree...

Ke Yan, CFA, FRM

China Healthcare Weekly (May.5)- 2nd Wave of COVID, Valuation Logic of China's Core Assets, Lifetech

It's time to talk about the 2nd wave of COVID in China.Investors need to understand deep meaning/valuation logic of China's core assets so as not...

Xinyao (Criss) Wang

Northbound Flows Monthly (April): Inflows into Industrials Offset by Outflows from Financials

We analyzed the Shanghai/Shenzhen Connect Scheme for April and highlight flows for COSCO Shipping, Inovance, Jingsheng, Tuopu, Wuliangye, Ping An...

Ke Yan, CFA, FRM

Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, East Money Information, CATL, Gree...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)