Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND's renewed buy streak continued this past week; every day net positive. Strong net buying. NORTHBOUND saw small net buying on renewables, utilities, and semiconductors.</li>
<li>AH Premia rebounded off multi-year lows, on average, this past week as Hang Seng/other HK indices fell and A-shares did not do much. Liquid Hs underperformed As by 2%.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND's renewed buy streak continued this past week; every day net positive. Strong net buying. NORTHBOUND saw small net buying on renewables, utilities, and semiconductors.
AH Premia rebounded off multi-year lows, on average, this past week as Hang Seng/other HK indices fell and A-shares did not do much. Liquid Hs underperformed As by 2%.


A/H Premium Tracker (To 7 Jun 2024):  Hs Outperform Their As. Great Wall (2333) Suffers, Utes Win

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 analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.</li>
<li>The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.
The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.


A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>China's two national port companies <a href="https://www.smartkarma.com/entities/china-merchants-port-holdings-company-ltd" target="_blank" data-smartkarma-citation="entities:15155:1" rel="noopener">China Merchants Port (144 HK)</a> and <a href="https://www.smartkarma.com/entities/cosco-shipping-ports-ltd" target="_blank" data-smartkarma-citation="entities:360:1" rel="noopener">Cosco Shipping Ports (1199 HK)</a> have underperformed, but exports have picked up. We see an opportunity here.</li>
<li>With a 9.2% increase in container throughput, CSPL even down by 4.8% YTD, underperformed CMPH by 12.9pp. There is room for it to catch up.</li>
<li>CSPL is also cheaper at 7x and 6.3x PERs for the next two years, making it more attractive on a relative basis.</li>
</ul>


China's two national port companies China Merchants Port (144 HK) and Cosco Shipping Ports (1199 HK) have underperformed, but exports have picked up. We see an opportunity here.
With a 9.2% increase in container throughput, CSPL even down by 4.8% YTD, underperformed CMPH by 12.9pp. There is room for it to catch up.
CSPL is also cheaper at 7x and 6.3x PERs for the next two years, making it more attractive on a relative basis.


China Port Pair Opportunity: COSCO Shipping Ports Vs. China Merchants Port

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 114.0% as of May 10th.</li>
<li>The average A-H premium changed by -7.0ppt week-on-week, led by energy, utilities, communication services and offset by consumer staples, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Petrochina, CGN Power, Hua Hong Semi, Huaneng Power, Cansino, Pharmaron.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 114.0% as of May 10th.
The average A-H premium changed by -7.0ppt week-on-week, led by energy, utilities, communication services and offset by consumer staples, consumer discretionary.
We highlight weekly changes in A-H premium for Petrochina, CGN Power, Hua Hong Semi, Huaneng Power, Cansino, Pharmaron.


A-H Premium Weekly (May 10th): 19 Stocks at 52w Low

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 123.5% as of Apr 26th.</li>
<li>The average A-H premium changed by -8.5ppt week-on-week, led by consumer staples, financials, real estate.</li>
<li>We highlight weekly changes in A-H premium for Zoomlion, Sinotrans, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 123.5% as of Apr 26th.
The average A-H premium changed by -8.5ppt week-on-week, led by consumer staples, financials, real estate.
We highlight weekly changes in A-H premium for Zoomlion, Sinotrans, Remegen.


A-H Premium Weekly (Apr 26th): Zoomlion, Sinotrans, Remegen

China

Sinotrans Limited provides integrated logistics services with core service of sea, air, rail and road freight forwarding, express services and shipping agency services.  The Company also provides support services of storage and terminal services, trucking and marine transportation services.

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

Sinotrans (598 HK)

A/H Premium Tracker (To 7 Jun 2024): Hs Outperform Their As. Great Wall (2333) Suffers, Utes Win

AH Premia shrink on the week, after two weeks of A-share rebound vs HK stocks. Spreads remain wide enough to matter. Trends in flows are OK...

Travis Lundy

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

China Port Pair Opportunity: COSCO Shipping Ports Vs. China Merchants Port

China's national port companies, CMPH and CSPL, have underperformed but with recovering throughput, there is an opportunity. CSPL is cheaper at 7x...

Osbert Tang, CFA

A-H Premium Weekly (May 10th): 19 Stocks at 52w Low

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, CGN Power, Hua Hong Semi, Huaneng Power,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 26th): Zoomlion, Sinotrans, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zoomlion Heavy, Sinotrans, Remegen.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (To 7 Jun 2024): Hs Outperform Their As. Great Wall (2333) Suffers, Utes Win

AH Premia shrink on the week, after two weeks of A-share rebound vs HK stocks. Spreads remain wide enough to matter. Trends in flows are OK...

Travis Lundy

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

China Port Pair Opportunity: COSCO Shipping Ports Vs. China Merchants Port

​China's national port companies, CMPH and CSPL, have underperformed but with recovering throughput, there is an opportunity. CSPL is cheaper at 7x...

Osbert Tang, CFA

A-H Premium Weekly (May 10th): 19 Stocks at 52w Low

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, CGN Power, Hua Hong Semi, Huaneng Power,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 26th): Zoomlion, Sinotrans, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zoomlion Heavy, Sinotrans, Remegen.

Ke Yan, CFA, FRM

China's national port companies, CMPH and CSPL, have underperformed but with recovering throughput, there is an opportunity. CSPL is cheaper at 7x...