Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$15.2bn this week (now 27wks in a row of net buying), on smallish two-way volumes. Better than the previous month but still low.</li>
<li>Bank net buying, which had spiked the previous week, didn't follow through.</li>
<li>There were three ETFs in the top 15 SOUTHBOUND net buys this past week, reversing last week, which reversed the week before's flows.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$15.2bn this week (now 27wks in a row of net buying), on smallish two-way volumes. Better than the previous month but still low.
Bank net buying, which had spiked the previous week, didn't follow through.
There were three ETFs in the top 15 SOUTHBOUND net buys this past week, reversing last week, which reversed the week before's flows.


HK Connect SOUTHBOUND Flows (To 9 Aug 2024); Tencent the Big Buy Again

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written</li>
<li>Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income</li>
<li>Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion</li>
</ul>


Giant Japan insurer reports staggering June 2024 quarter YoY growth, not only from securities gains, but also strong delta in core premiums written
Weak life insurance premiums is more than offset with well controlled costs, non-life premium income, investment income
Acceleration of cross-shareholding disposals can keep income high, with AFS totaling JPY13.8 trillion with unrealized gains of JPY2.8 trillion


Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

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 analyzed the latest HK SFC report for aggregate short position as of Aug 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Hang Seng Bank, Bud Apac, CCB, Baba, Tracker Fund.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 2nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Hang Seng Bank, Bud Apac, CCB, Baba, Tracker Fund.


HK Short Interest Weekly: Hang Seng Bank, Budweiser Apac, CCB, Baba

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Consumer sectors in China are gaining more focus as the government lays out steps to increase domestic consumption.</li>
<li>Hong Kong markets performed well relative to region during recent market turmoil.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-education-group-holdin" target="_blank" data-smartkarma-citation="entities:18218:1" rel="noopener">China Education Group (839 HK)</a> and <a href="https://www.smartkarma.com/entities/china-reinsurance-group-corp" target="_blank" data-smartkarma-citation="entities:993:1" rel="noopener">China Reinsurance (Group) (1508 HK)</a> experienced breakouts and <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a> had a breakdown. <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a> is more positive.
</li>
</ul>


Consumer sectors in China are gaining more focus as the government lays out steps to increase domestic consumption.
Hong Kong markets performed well relative to region during recent market turmoil.

China Education Group (839 HK) and China Reinsurance (Group) (1508 HK) experienced breakouts and China Telecom (H) (728 HK) had a breakdown. Anhui Conch Cement (914 HK) is more positive.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 9)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tracker Fund, AIA, Hisense Ha, China Res Beer.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 26th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tracker Fund, AIA, Hisense Ha, China Res Beer.


HK Short Interest Weekly: Tracker Fund, AIA, Hisense Ha, China Res Beer

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (2328 HK)

HK Connect SOUTHBOUND Flows (To 9 Aug 2024); Tencent the Big Buy Again

27th week in a row that SOUTHBOUND has been a net buyer of HK-listed shares. And for the second time in a row, Tencent was the top net buy. SB net...

Travis Lundy

Tokio Marine Holdings - Net Profit +54% YoY, Non Life Premiums & Investment Income Are Drivers

Strong 1Q25 net profit, despite natural catastrophes & weak life premiums, with strong non-life, investment income and cost controls, supporting...

Daniel Tabbush

HK Short Interest Weekly: Hang Seng Bank, Budweiser Apac, CCB, Baba

We analyzed the latest HK SFC report for aggregate short position as of Aug 2nd and highlight short interest changes in Hang Seng Bank, Bud Apac,...

Ke Yan, CFA, FRM

Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 9)

HK markets had lower volatility than other regional markets this week. China Ed and China Re had technical break outs while China Tel broke...

David Mudd

HK Short Interest Weekly: Tracker Fund, AIA, Hisense Ha, China Res Beer

We analyzed the latest HK SFC report for aggregate short position as of Jul 26th and highlight short interest changes in Tracker Fund, AIA, Hisense...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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