Analyst

Steve Zhou, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenbi-ltd" target="_blank" data-smartkarma-citation="entities:36640:1" rel="noopener">Fenbi Ltd (2469 HK)</a> announced after market today a very strong positive profit alert for 1H2023, with adjusted net profit up not less than 182% yoy.  </li>
<li>As a reminder, share price was heavily sold off in June due to pre-IPO shareholders selling, as well as weak market sentiment, niche sector, and new stock (under researched).</li>
<li>Even with the recent bounce back in share price with heavy volume, Fenbi is still very undervalued.</li>
</ul>



Fenbi Ltd (2469 HK) announced after market today a very strong positive profit alert for 1H2023, with adjusted net profit up not less than 182% yoy.  
As a reminder, share price was heavily sold off in June due to pre-IPO shareholders selling, as well as weak market sentiment, niche sector, and new stock (under researched).
Even with the recent bounce back in share price with heavy volume, Fenbi is still very undervalued.


Fenbi (2469 HK):  Strong Positive Profit Alert for 1H2023

<ul>
<li>According to China state media reports, a record number of more than 3 million people attended China's annual civil service exam last weekend, up from 2.6 million last year.  </li>
<li>A civil servant job is viewed in China as highly stable.  In the current weak macro environment where youth unemployment is high, job security is increasingly vital.</li>
<li>The company now trades at 18x forward earnings, with around 30% expected earnings growth. </li>
</ul>


According to China state media reports, a record number of more than 3 million people attended China's annual civil service exam last weekend, up from 2.6 million last year.  
A civil servant job is viewed in China as highly stable.  In the current weak macro environment where youth unemployment is high, job security is increasingly vital.
The company now trades at 18x forward earnings, with around 30% expected earnings growth. 


Fenbi (2469 HK):  Beneficiary Of A Weak Job Market In China

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>The December rebalance of the <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KraneShares CSI China Internet ETF (KWEB US)</a> will take place at the close of trading on 8 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/fenbi-ltd" target="_blank" data-smartkarma-citation="entities:36640:1" rel="noopener">Fenbi Ltd (2469 HK)</a> and <a href="https://www.smartkarma.com/entities/ysb-inc" target="_blank" data-smartkarma-citation="entities:35982:1" rel="noopener">YSB (9885 HK)</a> will be added to the index and there are no deletions.</li>
<li>There is a big lock-up expiry in <a href="https://www.smartkarma.com/entities/ysb-inc" target="_blank" data-smartkarma-citation="entities:35982:1" rel="noopener">YSB (9885 HK)</a> soon after the index inclusion and this could be an opportunity to access liquidity in the stock.</li>
</ul>


The December rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 8 December.

Fenbi Ltd (2469 HK) and YSB (9885 HK) will be added to the index and there are no deletions.
There is a big lock-up expiry in YSB (9885 HK) soon after the index inclusion and this could be an opportunity to access liquidity in the stock.


KWEB Index Rebalance: Fenbi (2469 HK) & YSB (9885 HK) Added

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenbi-ltd" target="_blank" data-smartkarma-citation="entities:36640:1" rel="noopener">Fenbi Ltd (2469 HK)</a> is a newly listed China edtech company that focuses on tutoring for China civil servant exams.  </li>
<li>The company's share price was caught by a perfect storm in June, dropping by as much as 70% during the month.</li>
<li>Very interesting opportunity to have exposure to a quality company in a sector that is very different from K12 tutoring.  </li>
</ul>



Fenbi Ltd (2469 HK) is a newly listed China edtech company that focuses on tutoring for China civil servant exams.  
The company's share price was caught by a perfect storm in June, dropping by as much as 70% during the month.
Very interesting opportunity to have exposure to a quality company in a sector that is very different from K12 tutoring.  


Fenbi (2469 HK): Rightfully Sold, Wrongfully Punished

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Beijing Strong Biotechnolo-A / Event-Driven

<ul>
<li>We have already discussed our flow expectations for the mainstream indices in the CSI family such as CSI300/500, SSE50/100, and the STAR50/100 for the June 2024 index rebal event.</li>
<li>In this insight, we take a look at our flow expectations for the ADDs/DELs involved in the rebalance of some of the lesser known indices in the CSI family.</li>
<li>The indices covered in this insight are All Share Brokerage, China Internet, Medical Devices, National Defense, and Livestock Breeding indices.</li>
</ul>


We have already discussed our flow expectations for the mainstream indices in the CSI family such as CSI300/500, SSE50/100, and the STAR50/100 for the June 2024 index rebal event.
In this insight, we take a look at our flow expectations for the ADDs/DELs involved in the rebalance of some of the lesser known indices in the CSI family.
The indices covered in this insight are All Share Brokerage, China Internet, Medical Devices, National Defense, and Livestock Breeding indices.


CSI Esoteric Index Rebals Jun 24: All Share Brokerage, China Internet, Medical, Defense, & Livestock

Hong Kong

Perfect Medical Health Management (previously Perfect Shape Medical Limited) offers slimming and beauty treatments. The Company provides fat softens and dissolves services, laser freckle services, and other services. Perfect Shape Medical offers services in China.

The Cross-Harbour (Holdings) Limited, through its subsidiaries, operates a driver training center, tunnel, and electronic tolls. The Company also provides treasury services.

Hope Education Group Co, Ltd. offers educational services. The Company provides educational training, knowledge point sharing, activities arrangement, and other services. Hope Education Group offers its services throughout China.

Water Oasis Group Limited distributes exclusively ~H2O+ brand skin-care products in Hong Kong, Macau, Taiwan and China. The Company also operates spa centers under the Oasis Spa, Oasis Beauty, and Oasis Beauty Homme brand names.

Anxian Yuan China Holdings Limited is a holding company. The Company, through its subsidiaries, operates cemetary business.

Melco International Development Limited, through its subsidiaries, operates investment banking, financial services, technology, fine-dining, leisure and tourism, property investment, and investment businesses. The Company carries on financial service businesses under the VC CFN and VC CEF brand names.  Melco also customizes and sells trading and back office systems under the iAsia name.

China Travel International Investment Hong Kong Limited, through its subsidiaries, operates tourist attractions, golf clubs, hotels, and other travel related activities.  The Company also provides passenger transportation as well as freight forwarding and cargo services.

China Travel International Investment Hong Kong (308 HK)

China Travel International Investment Hong Kong

Miramar Hotel and Investment Company Limited, through its subsidiaries, invests in, develops, and sells properties. The Company also owns and manages hotels, operates food and beverage business, and provides travel services.

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

Fosun Tourism Group operates as a leisure focused integrated tourism group. The Company provides resorts management, tourism destinations development, and other related services. Fosun Tourism Group offers its services worldwide.

G8 Education Limited provides community-focused child care for families to foster their child's development.  The Company also conducts a range of child care services that includes child care centers acquisition, child care centers management, and industry-related project management, services and consultancy.

Xiamen Unigroup Xue Co., Ltd. offers various educational services. The Company provides after-school tutoring and education consulting. Unigroup Xue also participates in real estate development and investment activities.

Lung Yen Life Service Corp operates a cemetery and offers funeral and disposition services.

Universal Technical Institute Inc., through its Universal Technical Institute (UTI) campuses, provides technical education training. The Schools, through its UTI campuses, offers automotive, collision repair and refinishing, and diesel training. UTI also offers training in motorcycle, marine, and personal watercraft through its Motorcycle and Marine Mechanics Institutes(MMI).

Universal Technical Institute, Inc (UTI US)

SISB operates a premium K-12 international school in Thailand, adopted Singapore, UK and IBDP curriculum as a blended student pathway in schools. SISB was established in 2001 with the school license under the Private School Act. Currently, there are 6 international schools with over 4,000 students.

Zhejiang Yasha Decoration Company Ltd. provides decorating services for large-scale infrastructure, high-end luxury hotel and luxury residential property.

China Chunlai Education Group Co., Ltd. provides educational services. The Company offers private higher education services and other services. China Chunlai Education Group provides services in China.

China East Education Holdings Limited provides vocational training educational services. The Company offers culinary education, internet technology education, automotive education, and other services. China East Education Holdings provides services in China.

InvoCare Limited owns and operates funeral homes, cemeteries and crematoriums in Australia. The Company's activities include the provision of funerals, burials and cremations through it's funeral home brands including Blackwell, Guardian, George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.

Carriage Services, Inc. operates funeral homes and cemeteries in the United States.  The Company provides a complete range of services relating to funerals, burials, and cremations.  Carriage also sells related products and merchandise such as caskets, burial vaults, garments, and memorials.

Fenbi Ltd. offers non formal vocational education and training services. The Company provides career test preparation, recruitment and qualification examination tutoring, and other services. Fenbi provides its services throughout Hong Kong.

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Fenbi Ltd (2469 HK)

Fenbi (2469 HK): Strong Positive Profit Alert for 1H2023

Fenbi announced a strong positive profit alert for 1H2023 with adjusted net profit up not less than 182% yoy to RMB270m.

Steve Zhou, CFA

Fenbi (2469 HK): Beneficiary Of A Weak Job Market In China

China's annual civil service exam attracted a record-breaking 3 million participants, highlighting the increasing importance of stable job...

Steve Zhou, CFA

KWEB Index Rebalance: Fenbi (2469 HK) & YSB (9885 HK) Added

Fenbi and YSB will be bought by the KWEB ETF at the close on 8 December. Fenbi also has some passive inflows at month end. YSB has a big lock up...

Brian Freitas

Fenbi (2469 HK): Rightfully Sold, Wrongfully Punished

Strong recent share price momentum - worth taking a look. Market is more comfortable with the company after the interim report, as great...

Steve Zhou, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fenbi (2469 HK): Strong Positive Profit Alert for 1H2023

Fenbi announced a strong positive profit alert for 1H2023 with adjusted net profit up not less than 182% yoy to RMB270m.

Steve Zhou, CFA

Fenbi (2469 HK): Beneficiary Of A Weak Job Market In China

​China's annual civil service exam attracted a record-breaking 3 million participants, highlighting the increasing importance of stable job...

Steve Zhou, CFA

KWEB Index Rebalance: Fenbi (2469 HK) & YSB (9885 HK) Added

Fenbi and YSB will be bought by the KWEB ETF at the close on 8 December. Fenbi also has some passive inflows at month end. YSB has a big lock up...

Brian Freitas

Fenbi (2469 HK): Rightfully Sold, Wrongfully Punished

Strong recent share price momentum - worth taking a look. Market is more comfortable with the company after the interim report, as great...

Steve Zhou, CFA

CSI Esoteric Index Rebals Jun 24: All Share Brokerage, China Internet, Medical, Defense, & Livestock

We expect the the CSI Medical Services ADDs to outperform the Medical Services DELs over the next few days. The Inclusion/Exclusion events could...

Janaghan Jeyakumar, CFA

China's annual civil service exam attracted a record-breaking 3 million participants, highlighting the increasing importance of stable job...