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>The June 2023 index review results for the Hang Seng index can be expected after the close on 12th May 2023.</li>
<li>In <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-for-hang-seng-index-mar-23-healthcare-names-could-dominate" target="_blank" data-smartkarma-citation="insights:94998" rel="noopener">Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate</a>, we expected some healthcare names to be added but there were no index changes in March 2023. </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 June. </li>
</ul>


The June 2023 index review results for the Hang Seng index can be expected after the close on 12th May 2023.
In Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate, we expected some healthcare names to be added but there were no index changes in March 2023. 
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 June. 


Quiddity Leaderboard for Hang Seng Index Jun 23: Beigene Looks Interesting

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shandong Weigao Group Medical Polymer Co / Equity Bottom-Up

<ul>
<li>Weigao formed a diversified product lines through a series of acquisitions and capital operation. Its performance is more driven by sales not R&amp;D, with limited core competitiveness.</li>
<li>Weigao’s orthopaedic products business is under pressure due to VBP, which would drag down the overall gross margin. The acquisition of Weigao New Life is hard to turn things around.</li>
<li>Weigao is a holding platform, which is worthless in secondary market.There could be some temporary rebounds but share price could still underperform or its valuation is lower than comparable companies.</li>
</ul>


Weigao formed a diversified product lines through a series of acquisitions and capital operation. Its performance is more driven by sales not R&amp;D, with limited core competitiveness.
Weigao’s orthopaedic products business is under pressure due to VBP, which would drag down the overall gross margin. The acquisition of Weigao New Life is hard to turn things around.
Weigao is a holding platform, which is worthless in secondary market.There could be some temporary rebounds but share price could still underperform or its valuation is lower than comparable companies.


Shandong Weigao Group Medical Polymer (1066.HK) - As a Holding Platform, Investment Value Is Limited

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>In our latest int'l reports we have preached caution, and since January we have discussed our expectations for $93 to cap upside on the ACWI-US</li>
<li>Thus far, $93 has proven to be rock-solid resistance, and ACWI-US now displays a 4.5-month uptrend violation signaling the pullback has officially begun.</li>
<li>We would expect this pullback to continue down to $86-87 at minimum, and potentially $84 (December 2022 low). Even $75-77 (the 2022 lows) is not out of the question.</li>
</ul>


In our latest int'l reports we have preached caution, and since January we have discussed our expectations for $93 to cap upside on the ACWI-US
Thus far, $93 has proven to be rock-solid resistance, and ACWI-US now displays a 4.5-month uptrend violation signaling the pullback has officially begun.
We would expect this pullback to continue down to $86-87 at minimum, and potentially $84 (December 2022 low). Even $75-77 (the 2022 lows) is not out of the question.


MSCI ACWI Uptrend Break; Defensives to Shine; Ideas in Staples, Health Care, Telecomm, Utilities

<ul>
<li>In this insight, we take a look at the potential index changes for 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 (HSI INDEX)</a> in March 2023.</li>
<li>We believe Healthcare names could be given top priority when selecting additions for the upcoming rebalance.</li>
<li>The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.</li>
</ul>


In this insight, we take a look at the potential index changes for the Hang Seng Index (HSI INDEX) in March 2023.
We believe Healthcare names could be given top priority when selecting additions for the upcoming rebalance.
The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.


Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Wuxi Biologics, HKEx, Country Garden, and outflows from Meituan, ICBC, China Pacific, COSCO Shipping, Xiaomi.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Wuxi Biologics, HKEx, Country Garden, and outflows from Meituan, ICBC, China Pacific, COSCO Shipping, Xiaomi.


Hong Kong Connect Flows Monthly: $7bn Inflows in November

China

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

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Shandong Weigao Group Medical Polymer Co (1066 HK)

Quiddity Leaderboard for Hang Seng Index Jun 23: Beigene Looks Interesting

I have presented 24 Names from Healthcare, Consumer Discretionary, Properties, Utilities, and Conglomerates as high-likelihood names. Quiddity's...

Janaghan Jeyakumar, CFA

Shandong Weigao Group Medical Polymer (1066.HK) - As a Holding Platform, Investment Value Is Limited

Weigao is lack of core competitiveness due to weak R&D. Its performance could improve after China reopens, but Weigao could still underperform its...

Xinyao (Criss) Wang

MSCI ACWI Uptrend Break; Defensives to Shine; Ideas in Staples, Health Care, Telecomm, Utilities

$93 on $ACWI has proven to be rock-solid resistance, and it now displays a 4.5-month uptrend violation signaling the pullback has officially begun....

Vermilion Research

Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate

JD Health, BeiGene, WuXi AppTec, Genscript Biotech, and Shandong Weigao Group Medical Polymer are our top picks from the Healthcare Sector for Hang...

Janaghan Jeyakumar, CFA

Hong Kong Connect Flows Monthly: $7bn Inflows in November

We analyzed the Hong Kong Connect Scheme for November and highlight flows for Tencent, Wuxi Biologics, HKEx, Country Garden, Meituan, ICBC, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)