Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

* Risk Increasing Within Tier 2 Banks:  The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being implemented in March 2018 which should force the sector to abandon their high level of illiquid assets and promote “real” NAV-type products. This risk has now morphed into a size where confidence in the financial system could erode quickly. * Watch Your Insurers: Mainland Chinese insurers have 50%-60% of their investment portfolios exposed to the weakest…

* Risk Increasing Within Tier 2 Banks:  The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being implemented in March 2018 which should force the sector to abandon their high level of illiquid assets and promote “real” NAV-type products. This risk has now morphed into a size where confidence in the financial system could erode quickly. * Watch Your Insurers: Mainland Chinese insurers have 50%-60% of their investment portfolios exposed to the weakest…

China Financials – The Accident About to Happen

* Orchestrated Collapse: The CIRC notified Anbang that it took over the company’s Board and managerial functions for an extendable one year period until the proper controls are installed. In other words, until asset disposals are completed and strategic shareholders have injected enough capital.* Tail Risk: Some of Anbang’s more high profile stakes in mainland China include: China Minsheng Bank (1988.HK); SNS Reaal (SRH.NV); Vivat Holdings (VVT.LN); Delta Lloyd banking unit (DL.BB); and Fidea…

* Orchestrated Collapse: The CIRC notified Anbang that it took over the company’s Board and managerial functions for an extendable one year period until the proper controls are installed. In other words, until asset disposals are completed and strategic shareholders have injected enough capital.* Tail Risk: Some of Anbang’s more high profile stakes in mainland China include: China Minsheng Bank (1988.HK); SNS Reaal (SRH.NV); Vivat Holdings (VVT.LN); Delta Lloyd banking unit (DL.BB); and Fidea…

Equity Bottom-Up

* After running 110% in 2017, Ping An Insurance (<a href="http://2318.hk/" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://2318.HK&amp;source=gmail&amp;ust=1516670325543000&amp;usg=AFQjCNGc3N_-tlhJq309egkx7jwFprvoSw">2318.HK</a>) [Ping An] shares are off to the races yet again as the fintech story continues to have legs. * Ping An, however, remains the poster child for everything that is fundamentally wrong with the mainland Chinese financial system - having its hands in nearly every hot button issue. <h2>Summary</h2>In the past, we have argued that Ping An is the poster child for every thing which is wrong in the mainland Chinese financial system, having: 1) Over 50% of its…

* After running 110% in 2017, Ping An Insurance (2318.HK) [Ping An] shares are off to the races yet again as the fintech story continues to have legs.  * Ping An, however, remains the poster child for everything that is fundamentally wrong with the mainland Chinese financial system - having its hands in nearly every hot button issue.  SummaryIn the past, we have argued that Ping An is the poster child for every thing which is wrong in the mainland Chinese financial system, having:  1) Over 50% of its…

Ping An Insurance - Not a Good Company, But You Can't Argue With the Power of Fin-Tech

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Sony Financial Holdings / Technical Analysis

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP • HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade HSCEI from increase exposure to hold. While HSI/MXAP ratio remains above a trend line support (preference for a tactical HSI outperformance over HSCEI). • Keep “overweight” position on HSI, Nikkei, ASX and TWSE. • Maintain “Hold for KOSPI and Nifty vs MXAPShould you have any questions and wish to speak with one of our analysts, please don’t hesitate to…

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP • HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade HSCEI from increase exposure to hold. While HSI/MXAP ratio remains above a trend line support (preference for a tactical HSI outperformance over HSCEI). • Keep “overweight” position on HSI, Nikkei, ASX and TWSE. • Maintain “Hold for KOSPI and Nifty vs MXAPShould you have any questions and wish to speak with one of our analysts, please don’t hesitate to…

BBSP Equity Asia Weekly Research 10th January 2018

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.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  Notable themes include:<ul><li>Add exposure to Energy and Materials. </li><li>Financial stocks are strengthening. </li><li>Avoid Australian banks. </li></ul>See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  Notable themes include:Add exposure to Energy and Materials. Financial stocks are strengthening. Avoid Australian banks. See the attached report for a complete list of our recommendations from this list.

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)

China Financials – The Accident About to Happen

* Risk Increasing Within Tier 2 Banks: The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being...

Thomas J. Monaco

Anbang Group - Snared

* Orchestrated Collapse: The CIRC notified Anbang that it took over the company’s Board and managerial functions for an extendable one year period...

Thomas J. Monaco

Ping An Insurance - Not a Good Company, But You Can't Argue With the Power of Fin-Tech

* After running 110% in 2017, Ping An Insurance (2318.HK) [Ping An] shares are off to the races yet again as the fintech story continues to have...

Thomas J. Monaco

BBSP Equity Asia Weekly Research 10th January 2018

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP• HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade...

BBSP Asia

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

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