Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.</li>
<li>The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).</li>
<li>At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.</li>
</ul>


Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.
The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).
At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.


The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$19.2bn this week, on smallish two-way volumes. Tencent and ETFs stood out as large net buys.</li>
<li>I've thought national team was buying banks for months. This week, no banks showed in the top five net buys, and only 1 in the top ten.</li>
<li>It is somewhat perplexing that the flows just stopped. But that may be a sign of things to come. Confirmation may require a week or two.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$19.2bn this week, on smallish two-way volumes. Tencent and ETFs stood out as large net buys.
I've thought national team was buying banks for months. This week, no banks showed in the top five net buys, and only 1 in the top ten.
It is somewhat perplexing that the flows just stopped. But that may be a sign of things to come. Confirmation may require a week or two.


HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

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 Jul 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental.


HK Short Interest Weekly: Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> has launched a conditional share buyback offer to acquire a maximum of 46.9m Class A ordinary shares (15.93% of outstanding shares) at HK$9.11 (US$3.50 per ADS).</li>
<li>The offer is conditional on shareholder approval by a majority of votes cast at the EGM. There is no minimum acceptance condition. The EGM vote is done due to irrevocables. </li>
<li>Zhihu’s share buyback returns 19% of cash not subject to government controls, below <a href="https://www.smartkarma.com/entities/douyu-international-hold-adr" target="_blank" data-smartkarma-citation="entities:28045:1" rel="noopener">Douyu International Holdings (DOYU US)</a>’s comparable 34%. The minimum pro-ration is expected to be around 34%. </li>
</ul>



Zhihu Technology (ZH US) has launched a conditional share buyback offer to acquire a maximum of 46.9m Class A ordinary shares (15.93% of outstanding shares) at HK$9.11 (US$3.50 per ADS).
The offer is conditional on shareholder approval by a majority of votes cast at the EGM. There is no minimum acceptance condition. The EGM vote is done due to irrevocables. 
Zhihu’s share buyback returns 19% of cash not subject to government controls, below Douyu International Holdings (DOYU US)’s comparable 34%. The minimum pro-ration is expected to be around 34%. 


Zhihu (ZH US/2390 HK): Negative EV Play Launches a Share Buyback at HK$9.11/US$3.50

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), Tencent (700 HK), HSBC (5 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), Tencent (700 HK), HSBC (5 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Jul 19th): Meituan, Tencent, Hsbc

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Since the appointment of Fabricio Bloisi to Group CEO was announced in May, the discounts have widened notably. This, despite a very good set of...

DMA

HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

SOUTHBOUND saw significant net buying this past week but to no avail. HK stocks got crushed across the board. A-shares were up on the week, so it...

Travis Lundy

HK Short Interest Weekly: Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental

We analyzed the latest HK SFC report for aggregate short position as of Jul 12th and highlight short interest changes in Tencent, Nongfu Spring,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jul 19th): Meituan, Tencent, Hsbc

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Meituan (3690 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Since the appointment of Fabricio Bloisi to Group CEO was announced in May, the discounts have widened notably. This, despite a very good set of...

DMA

HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

SOUTHBOUND saw significant net buying this past week but to no avail. HK stocks got crushed across the board. A-shares were up on the week, so it...

Travis Lundy

HK Short Interest Weekly: Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental

We analyzed the latest HK SFC report for aggregate short position as of Jul 12th and highlight short interest changes in Tencent, Nongfu Spring,...

Ke Yan, CFA, FRM

Zhihu (ZH US/2390 HK): Negative EV Play Launches a Share Buyback at HK$9.11/US$3.50

Zhihu aims to return 19% of cash not subject to PRC government control, below Douyu’s comparable return of 34%. Expect more cash-rich US-China...

Arun George

Hong Kong Buybacks Weekly (Jul 19th): Meituan, Tencent, Hsbc

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Meituan (3690 HK),...

Ke Yan, CFA, FRM