HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

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

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


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.

<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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> priced its IPO at HK$10.82 per share to raise net proceeds of HK$5.0 billion (US$636 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99438" rel="noopener">ZJLD Group IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99455" rel="noopener">ZJLD Group IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/zjld-group-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:100252" rel="noopener">ZJLD Group IPO: Valuation Insights</a>. </li>
<li>We expect a muted debut as A Share baijiu peers have derated since the release of the prospectus. The shares remain attractive at the IPO price. </li>
</ul>



ZJLD Group (ZJLD HK) priced its IPO at HK$10.82 per share to raise net proceeds of HK$5.0 billion (US$636 million). The shares will start trading tomorrow.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case, ZJLD Group IPO: The Bear Case and ZJLD Group IPO: Valuation Insights. 
We expect a muted debut as A Share baijiu peers have derated since the release of the prospectus. The shares remain attractive at the IPO price. 


China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

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Kweichow Moutai (600519 CH)

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

Screening for GEMs: May 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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

ZJLD Group IPO: Trading Debut

We expect a muted debut as A Share baijiu peers have derated since the release of the prospectus. The shares remain attractive at the IPO price.

Arun George

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