Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<div>
Since we published our earlier Insight, the HSCEI dividends futures expiring in December 2020 have moved up 1.9% mainly driven by strong Q3 results led by Chinese insurers, a slightly stronger CNY and a marginally higher HSCEI. Open Interest in the 2020 dividend futures contract has continued to increase as prices push higher.
</div>
<div>
In this Insight, we look at the Q3 results of companies that announced quarterly results and estimate nine month EPS for non-reporting companies based on their half yearly results and operational statistics/data for the July to September period where provided.
We find that the 2020 dividend futures are trading below our bottom up fair value and provide a 3.7% upside from current prices.

</div>


Since we published our earlier Insight, the HSCEI dividends futures expiring in December 2020 have moved up 1.9% mainly driven by strong Q3 results led by Chinese insurers, a slightly stronger CNY and a marginally higher HSCEI. Open Interest in the 2020 dividend futures contract has continued to increase as prices push higher.


In this Insight, we look at the Q3 results of companies that announced quarterly results and estimate nine month EPS for non-reporting companies based on their half yearly results and operational statistics/data for the July to September period where provided.
We find that the 2020 dividend futures are trading below our bottom up fair value and provide a 3.7% upside from current prices.



HSCEI Dividends - Better Results Increase Expected Fair Value

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Major Indexes Testing Support & Vulnerable to Further Weakness

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

Following on from our <a href="https://www.smartkarma.com/insights/china-housing-in-the-guangdong-hong-kong-macau-greater-bay-area-gba" target="_blank">original note</a> on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on February 18, we are presenting the highlights from our inaugural 'Baywatch' report focused on the housing markets on the mainland of the GBA. For the essentials on the GBA, see Bondcritic's <a href="https://www.smartkarma.com/insights/china-s-greater-bay-area-the-essential" target="_blank" data-smartkarma-citation="insights:29080">China’s Greater Bay Area: The Essential</a>

Following on from our original note on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on February 18, we are presenting the highlights from our inaugural 'Baywatch' report focused on the housing markets on the mainland of the GBA. For the essentials on the GBA, see Bondcritic's China’s Greater Bay Area: The Essential

China Housing: Highlights From the 'Baywatch' Report On The Greater Bay Area (GBA)

Shanghai Stock Exchange Composite Index / Technical Analysis

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

EM Equity Strategy: Remain Overweight China

APAC IPOs & Placements

Zhen Zhou, Toh

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.

Equity Capital Markets

Dexin China Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27887" target="_blank" data-smartkarma-citation="entities:27887:1">Dexin China Holdings (2019 HK)</a> (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight, <a href="https://www.smartkarma.com/insights/dexin-china-pre-ipo-related-party-transactions-and-partial-asset-listing" target="_blank" data-smartkarma-citation="insights:27474">Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing</a>.
While details of Huzhou's property growth has been provided and showed that the city is growing the fastest compared to Hangzhou and Wenzhou, other concerns such as related party transactions and the partial listing of assets remain.
In this insight, we will provide updates on the company's 9M 2018 financials, details of the cornerstone investor, and valuation compared to listed peers. We will also run the deal through our framework.

Dexin China Holdings (2019 HK) (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight, Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing.
While details of Huzhou's property growth has been provided and showed that the city is growing the fastest compared to Hangzhou and Wenzhou, other concerns such as related party transactions and the partial listing of assets remain.
In this insight, we will provide updates on the company's 9M 2018 financials, details of the cornerstone investor, and valuation compared to listed peers. We will also run the deal through our framework.

Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

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

Longfor Properties (960 HK)

HSCEI Dividends - Better Results Increase Expected Fair Value

Since we published our earlier Insight, the HSCEI dividends futures expiring in December 2020 have moved up 1.9% mainly driven by strong Q3...

Brian Freitas

Major Indexes Testing Support & Vulnerable to Further Weakness

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or...

Vermilion Research

China Housing: Highlights From the 'Baywatch' Report On The Greater Bay Area (GBA)

Following on from our original note on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on...

Robert Ciemniak

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth

Dexin China Holdings (2019 HK) (Dexin) is looking to raise up to US$220m in its upcoming IPO. We have covered the company in our previous insight,...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)