Analyst

Steve

Equity Bottom-Up

Fuyao Glass Industry Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fuyao-glass-industry-group-co-ltd" target="_blank" data-smartkarma-citation="entities:330:1" rel="noopener">Fuyao Glass Industry Group (3606 HK)</a> is the largest auto glass producer in the world, with an estimated 40% market share globally, and a dominant 65% market share in China.</li>
<li>The investment case for Fuyao include:  ASP increase from product mix upgrade; increasing sales volume due to more auto glasses needed per car; and improving margins.</li>
<li>The company has production bases in China with annual production volume of around 32.5 million units, and in US with annual production volume of around 5.5 million units.</li>
</ul>



Fuyao Glass Industry Group (3606 HK) is the largest auto glass producer in the world, with an estimated 40% market share globally, and a dominant 65% market share in China.
The investment case for Fuyao include:  ASP increase from product mix upgrade; increasing sales volume due to more auto glasses needed per car; and improving margins.
The company has production bases in China with annual production volume of around 32.5 million units, and in US with annual production volume of around 5.5 million units.


Fuyao Glass (3606 HK):  Global Champion Benefiting From Structural Uptrend

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 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.</li>
<li>We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.</li>
</ul>


We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.
We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.


Northbound Flows (4Q2023): $20bn Outflows in 4Q

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.3% as of Nov 29th.</li>
<li>The average A-H premium changed by -0.2ppt week-on-week, led by information technology, materials, real estate and offset by consumer staples, energy, health care.</li>
<li>We highlight weekly changes in A-H premium for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.3% as of Nov 29th.
The average A-H premium changed by -0.2ppt week-on-week, led by information technology, materials, real estate and offset by consumer staples, energy, health care.
We highlight weekly changes in A-H premium for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric.


A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.7% as of Nov 22nd.</li>
<li>The average A-H premium changed by -1.0ppt week-on-week, led by communication services, industrials, financials and offset by consumer staples, health care, utilities.</li>
<li>We highlight weekly changes in A-H premium for InnoCare, Shanghai Pharma, First Tractor, Air China.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.7% as of Nov 22nd.
The average A-H premium changed by -1.0ppt week-on-week, led by communication services, industrials, financials and offset by consumer staples, health care, utilities.
We highlight weekly changes in A-H premium for InnoCare, Shanghai Pharma, First Tractor, Air China.


A-H Premium Weekly (Nov 22nd): InnoCare, Shanghai Pharma, First Tractor, Air China

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 98.8% as of Nov 8th.</li>
<li>The average A-H premium changed by -0.1ppt week-on-week, led by utilities, real estate, financials and offset by consumer staples, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for BAIYUNSHAN PH, SMIC, PICC, CHINA LIFE, FDZJ.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 98.8% as of Nov 8th.
The average A-H premium changed by -0.1ppt week-on-week, led by utilities, real estate, financials and offset by consumer staples, information technology, energy.
We highlight weekly changes in A-H premium for BAIYUNSHAN PH, SMIC, PICC, CHINA LIFE, FDZJ.


A-H Premium Weekly (Nov 8th):Baiyunshan, SMIC, PICC, CHINA LIFE, FDZJ

China

Fuyao Glass Industry Group Co Ltd, through its subsidiaries, manufactures and distributes automobile glass, decorated glassware, and other industrial glassware. The Company also provides glass installation service. Fuyao Glass Industry Group markets its products internationally.

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

Fuyao Group Glass Industr A (600660 CH)

Fuyao Glass (3606 HK): Global Champion Benefiting From Structural Uptrend

The investment case for Fuyao Glass include: ASP increase from product mix upgrade; increasing sales volume due to more auto glasses needed per...

Steve

Northbound Flows (4Q2023): $20bn Outflows in 4Q

We analyzed Northbound connect data for 4Q2023 and highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai...

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 22nd): InnoCare, Shanghai Pharma, First Tractor, Air China

We analyzed A-H premium changes in the past week and highlight A-H premium changes for InnoCare, Shanghai Pharma, First Tractor, Air China.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 8th):Baiyunshan, SMIC, PICC, CHINA LIFE, FDZJ

We analyzed A-H premium changes in the past week and highlight A-H premium changes for baiyunshan, SMIC, PICC, CHINA LIFE, FDZJ.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)