Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Brand-Spanking New (three weeks old) A-H Monitor has tables, charts, measures galore.</li>
<li>New stimulus measures appear to be triggering FOMO on real estate stocks, but a foreshortened week, yet again, makes one wonder. There IS money being applied though.</li>
<li>I expect more measures and more buying. I am not sure I would want to be short any Hs with a deep discount to the A the next few months.</li>
</ul>


The Brand-Spanking New (three weeks old) A-H Monitor has tables, charts, measures galore.
New stimulus measures appear to be triggering FOMO on real estate stocks, but a foreshortened week, yet again, makes one wonder. There IS money being applied though.
I expect more measures and more buying. I am not sure I would want to be short any Hs with a deep discount to the A the next few months.


Quiddity A/H Premium Weekly (Sep 8):  ICBC, ABC, CCB, BOC, Vanke, NCL, Rails

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, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Meituan, CCB, China Mobile, CNOOC, HKEX.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Meituan, CCB, China Mobile, CNOOC, HKEX.


Hong Kong Connect Flows (August): $8.8bn Outflows

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.</li>
<li>IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.</li>
<li>In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.</li>
</ul>


CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.
IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.
In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.


CSRC’s IPO Reform and Its Impact on China Healthcare Investment

Equity Bottom-Up

Hangzhou Tigermed Consulting C / Equity Bottom-Up

<ul>
<li>In 23H1, Tigermed’s net profit attributable to shareholders has changed from a negative growth trend in 2022. However, net profit growth brought by its main CRO business was not impressive.</li>
<li>With the reform of domestic new drug approval policies, domestic CRO demand would decrease. Since Tigermed mainly provides early-stage CRO services, it’s more susceptible to negative changes of financing environment.</li>
<li>Tigermed’s performance growth would slow down in 2023. Although valuation is in the bottom range, we recommend investors to take profits in time for any rebound in the stock price.</li>
</ul>


In 23H1, Tigermed’s net profit attributable to shareholders has changed from a negative growth trend in 2022. However, net profit growth brought by its main CRO business was not impressive.
With the reform of domestic new drug approval policies, domestic CRO demand would decrease. Since Tigermed mainly provides early-stage CRO services, it’s more susceptible to negative changes of financing environment.
Tigermed’s performance growth would slow down in 2023. Although valuation is in the bottom range, we recommend investors to take profits in time for any rebound in the stock price.


Hangzhou Tigermed Consulting (3347.HK) 23H1 - Performance Inflection Point Has Not yet Arrived

<ul>
<li>This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.</li>
<li>Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP. </li>
<li>6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.</li>
</ul>


This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.
Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP. 
6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.


Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

China

Hangzhou Tigermed Consulting Co.,Ltd. provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis. Hangzhou Tigermed Consulting offers services worldwide.

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Hangzhou Tigermed Consulting C (3347 HK)

Quiddity A/H Premium Weekly (Sep 8): ICBC, ABC, CCB, BOC, Vanke, NCL, Rails

The fourth week of the A/H Monitor and the last three weeks have seen decent returns. Hs outperformed As decently on a short week. Exposure to...

Travis Lundy

Hong Kong Connect Flows (August): $8.8bn Outflows

We analyzed the Hong Kong Connect Scheme for the month of August and highlight flows for Meituan, CCB, China Mobile, CNOOC, HKEX.

Ke Yan, CFA, FRM

CSRC’s IPO Reform and Its Impact on China Healthcare Investment

CSRC issued new policy related to IPO/reduction of shares, which would rewrite the investment logic of primary/secondary market.Investors need to...

Xinyao (Criss) Wang

Hangzhou Tigermed Consulting (3347.HK) 23H1 - Performance Inflection Point Has Not yet Arrived

Thanks to the good performance of investment business, Tigermed's net profit growth improved in 23H1. However, decreasing domestic CRO demand and...

Xinyao (Criss) Wang

Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

The new Quiddity A/H Premium Monitor (this week in A/H Premium rather than H/A Discount), now with Southbound AND Northbound flows. Last week was...

Travis Lundy

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