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>During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.</li>
<li>Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.
Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 2Q2024

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 analyzed the latest HK SFC report for aggregate short position as of Jun 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy, China Longyuan.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy, China Longyuan.


HK Short Interest Weekly: Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Baba, Kuaishou, Lenovo, CCB, Yankuang Energy, AIA.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Baba, Kuaishou, Lenovo, CCB, Yankuang Energy, AIA.


HK Short Interest Weekly: Baba, Kuaishou, Lenovo, CCB, Yankuang Energy, AIA

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Fujitsu launches GenAI platform for advanced AI capabilities, enhancing customization options for users.</li><li>CuspAI receives US$30M funding, partners with Geoffrey Hinton to address climate change using advanced materials.</li><li>Global IC fab capacity expected to grow by 6% in 2024 and 7% in 2025, with Taiwan playing a key role in AI innovation.</li></ul>

Fujitsu launches GenAI platform for advanced AI capabilities, enhancing customization options for users.CuspAI receives US$30M funding, partners with Geoffrey Hinton to address climate change using advanced materials.Global IC fab capacity expected to grow by 6% in 2024 and 7% in 2025, with Taiwan playing a key role in AI innovation.

Tech Supply Chain Tracker (20-Jun-2024): Fujitsu launches new AI customization platform.

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.


Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

BAIC Motor Corporation Limited designs, researches, develops, manufactures and sells a variety of passenger vehicles in China.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

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Li Auto (2015 HK)

Global Emerging Markets: Reporting Season Summary, 2Q2024

In this quarterly insight, we analyse recent GEM reporting trends by looking at Sales and EPS growth, size and percentage of positive surprises,...

Wium Malan, CFA

HK Short Interest Weekly: Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy

We analyzed the latest HK SFC report for aggregate short position as of Jun 21st and highlight short interest changes in Zijin Mining, Lenovo,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Baba, Kuaishou, Lenovo, CCB, Yankuang Energy, AIA

We analyzed the latest HK SFC report for aggregate short position as of Jun 14th and highlight short interest changes in Baba, Kuaishou, Lenovo,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (20-Jun-2024): Fujitsu launches new AI customization platform.

Fujitsu launches GenAI platform for advanced AI, CuspAI secures funding for climate change efforts, IC fab capacity to grow, Lumai boosts AI with...

Tech Supply Chain Tracker

Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.

Ke Yan, CFA, FRM

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