External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Prada delivered an exceptional 1H performance with 17.4% reported sales growth.</li><li>Upon its forthcoming 3Q data release, we project revenue growth will start to normalise towards mid-single-digit, and this should not come in as a total surprise to the market, in our view, considering the well-communicated management guidance given at the beginning of the year.</li><li>By region, we caveat that sales in Europe will likely face the toughest comp among all, when the return of tourist traffic to Western Europe drove the region’s sales growth to 30%+ in 3Q22. Asia would likely face similar headwind owing to Shanghai’s reopening in the same quarter last year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prada delivered an exceptional 1H performance with 17.4% reported sales growth.Upon its forthcoming 3Q data release, we project revenue growth will start to normalise towards mid-single-digit, and this should not come in as a total surprise to the market, in our view, considering the well-communicated management guidance given at the beginning of the year.By region, we caveat that sales in Europe will likely face the toughest comp among all, when the return of tourist traffic to Western Europe drove the region’s sales growth to 30%+ in 3Q22. Asia would likely face similar headwind owing to Shanghai’s reopening in the same quarter last year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prada SpA (1913 HK) – 3Q Preview: Embracing a Normalised Quarter

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at some of the names with high likelihood of being involved in index changes for the Hang Seng Index in September 2023.</li>
<li>The index changes for the September 2023 rebalance could be announced in mid-August and implemented in early-September.</li>
<li>Although the index methodology is highly subjective and predicting index changes is extremely tricky, the HSI is an important index in the region and here are our thoughts for September. </li>
</ul>


In this insight, we take a look at some of the names with high likelihood of being involved in index changes for the Hang Seng Index in September 2023.
The index changes for the September 2023 rebalance could be announced in mid-August and implemented in early-September.
Although the index methodology is highly subjective and predicting index changes is extremely tricky, the HSI is an important index in the region and here are our thoughts for September. 


Quiddity Leaderboard for Hang Seng Index Sep 23: Beigene Vs Peers An Interesting Trade

<ul><li>1H Group sales growth of 20.5% cFX slightly disappointed, considering 22.2% YoY growth in 1Q, when retail sales growth descended QoQ from 21.1% in 1Q to 14.7% in 2Q.</li><li>Growth in Miu Miu remained eye-catching, with net sales in 2Q further accelerating at 57.3% YoY from 41.9% YoY in 1Q, thanks to the brand’s higher exposure in China and Asia. By region, Japan was the best performing region and grew 49.2% YoY, benefitting from a refreshed retail network and elevating inbound tourist flow.</li><li>Growth in APAC was 25.3% YoY and that of Europe was 24.2% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H Group sales growth of 20.5% cFX slightly disappointed, considering 22.2% YoY growth in 1Q, when retail sales growth descended QoQ from 21.1% in 1Q to 14.7% in 2Q.Growth in Miu Miu remained eye-catching, with net sales in 2Q further accelerating at 57.3% YoY from 41.9% YoY in 1Q, thanks to the brand’s higher exposure in China and Asia. By region, Japan was the best performing region and grew 49.2% YoY, benefitting from a refreshed retail network and elevating inbound tourist flow.Growth in APAC was 25.3% YoY and that of Europe was 24.2% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prada SpA (1913 HK) – A Decent 1H, Though Not a Straight Beat

Thematic (Sector/Industry)

<ul><li>We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.</li><li>Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.</li><li>We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Hang Seng Indexes has started a consultation on the eligibility of Foreign Companies in the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, a review of the seven Industry Groups and number of HK constituents.</li>
<li>We agree that foreign companies should be added to the index, no change needed to the Industry Groups, and the cap on the number of HK constituents should be removed.</li>
<li>There are a few potential adds due to the removal of the cap on HK companies, while there are potential foreign company additions later this year or in 2024.</li>
</ul>


Hang Seng Indexes has started a consultation on the eligibility of Foreign Companies in the Hang Seng Index, a review of the seven Industry Groups and number of HK constituents.
We agree that foreign companies should be added to the index, no change needed to the Industry Groups, and the cap on the number of HK constituents should be removed.
There are a few potential adds due to the removal of the cap on HK companies, while there are potential foreign company additions later this year or in 2024.


HSI Market Consultation: Foreign Companies, Industry Groups, HK Companies

Italy

Prada S.p.A. is an Italian fashion company that designs, manufactures, promotes and sells high-end leather goods, ready-to-wear and footwear through various brands.

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Prada S.P.A. (1913 HK)

Prada SpA (1913 HK) – 3Q Preview: Embracing a Normalised Quarter

Upon its forthcoming 3Q data release, we project revenue growth will start to normalise towards mid-single-digit, and this should not come in as a...

CMB International

Quiddity Leaderboard for Hang Seng Index Sep 23: Beigene Vs Peers An Interesting Trade

Hang Seng Index Sep 23 index changes and indicative weights could be published after the close on Friday 18th August 2023. The Hang Seng Index...

Janaghan Jeyakumar, CFA

Prada SpA (1913 HK) – A Decent 1H, Though Not a Straight Beat

1H Group sales growth of 20.5% cFX slightly disappointed, considering 22.2% YoY growth in 1Q, when retail sales growth descended QoQ from 21.1% in...

CMB International

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of...

CMB International

HSI Market Consultation: Foreign Companies, Industry Groups, HK Companies

The conclusions of the market consultation have been announced. Primary-listed foreign companies will be eligible for inclusion in the HSI and...

Brian Freitas

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