Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Thematic (Sector/Industry)

<ul>
<li>China is expanding its list of countries allowed to enter visa-free. A good gesture to make China more friendly to foreigners and one step closer to global best practices </li>
<li>Chinese major airlines and airports can become more desirable global aviation hubs, assuming they play their cards right </li>
<li>Doubt much can change in a year, but the seeds are sown for stiffer competition for airlines with a hub-and-spoke strategy in North Asia</li>
</ul>


China is expanding its list of countries allowed to enter visa-free. A good gesture to make China more friendly to foreigners and one step closer to global best practices 
Chinese major airlines and airports can become more desirable global aviation hubs, assuming they play their cards right 
Doubt much can change in a year, but the seeds are sown for stiffer competition for airlines with a hub-and-spoke strategy in North Asia


China to Provide Visa-Free for Six Countries - Why and The (Possible) Impact

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

Event-Driven

<ul>
<li>The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.</li>
<li>The changes for the next <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> rebalance will be announced after the close of trading on 1 December.</li>
<li>It was another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets (EMXC US)</a> to take units outstanding to a new high.</li>
</ul>


The capping for the Hang Seng family of indices will use closing prices from 28 November while implementation will take place at the close on 1 December.
The changes for the next S&amp;P/ASX 200 (AS51 INDEX) rebalance will be announced after the close of trading on 1 December.
It was another week of inflows for the iShares Emerging Markets (EMXC US) to take units outstanding to a new high.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Trip.com reported strong Q3 earnings, reflecting 2023's ongoing tourism revival</li>
<li>Net Income beat expectations, and company made progress on expense control</li>
<li>But we don't see "game-changing" numbers in Trip.com's latest earnings release</li>
</ul>


Trip.com reported strong Q3 earnings, reflecting 2023's ongoing tourism revival
Net Income beat expectations, and company made progress on expense control
But we don't see "game-changing" numbers in Trip.com's latest earnings release


Trip.com Q3 Quick Take: Net Inc > Consensus | Progress on Expenses | But Not a Game-Changer

<ul>
<li>As expected, there are no constituent changes for the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in December. However, there are float and capping changes for a lot of stocks.</li>
<li>Estimated one-way turnover is 4.8% leading to a one-way trade of HK$5.29bn (US$679m). There are 4 stocks with over 1 day of ADV to trade.</li>
<li>The largest selling will be on <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> offset by buying in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>. </li>
</ul>


As expected, there are no constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in December. However, there are float and capping changes for a lot of stocks.
Estimated one-way turnover is 4.8% leading to a one-way trade of HK$5.29bn (US$679m). There are 4 stocks with over 1 day of ADV to trade.
The largest selling will be on Xiaomi Corp (1810 HK) offset by buying in Meituan (3690 HK), JD.com (9618 HK) and Alibaba Group Holding (9988 HK). 


HSTECH Index Rebalance: No Constituent Changes; Round-Trip Trade of US$1.4bn

<ul>
<li>Wednesday will be a busy day as positions are put on and unwound following announcement of the changes to the MSC indices.</li>
<li>Friday will end the review cutoff for the ASX indices and Hang Seng Indexes will announce the December 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">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> and HSCI post market close.</li>
<li>Another week of large outflows for China focused ETFs with redemptions across all the major indices.</li>
</ul>


Wednesday will be a busy day as positions are put on and unwound following announcement of the changes to the MSC indices.
Friday will end the review cutoff for the ASX indices and Hang Seng Indexes will announce the December changes for the HSI, HSCEI, HSTECH and HSCI post market close.
Another week of large outflows for China focused ETFs with redemptions across all the major indices.


Index Rebalance & ETF Flow Recap: SSE50, Chinext/50, Renesas, Tencent, Amman Mineral

China

Songcheng Performance Development Co., LTD invests, develops and operates theme parks and tourism cultural performing arts. The Company's major projects include the Sungcheng theme park and the cultural performing arts musical "The Romance of the Song Dynasty".

Songcheng Performance Development (300144 CH)

Shanghai Jinjiang International Hotels Co.,Ltd. owns and operates hotels.  The Company also provides catering, business, entertainment, and other services. Shanghai Jinjiang International Hotels conducts its business in China.

Shanghai Jinjiang Internationa (600754 CH)

BTG Hotels (Group) Co., Ltd. operates a tourism business.  The Company also invests in hotel and restaurant management, as well as provides advertising and exhibition center management services.

Shenzhen Overseas Chinese Town Co Ltd invests in and manages theme parks in China.  The Company, through its subsidiaries, also provides travel agency service.

Shenzhen Overseas Chinese (A) (000069 CH)

Giant Network Group Co., Ltd. develops online games. The Company mainly develops, operates, and sells computer terminal network game and mobile terminal network game products. Giant Network Group provides services in China.

Guangzhou Lingnan Group Holdings Co. Ltd. is in the hotel management business.  The Company also provides travel, food, and exhibition   space rental services.

Emei Shan Tourism Co.,Ltd provides travel services. The Company provides scenic spot ticket sales, tourist souvenir sales, tourism hotel management, and other services. Emei Shan Tourism also operates passenger cableway management, real estate loans, and other businesses.

China CYTS Tours Holding Co., Ltd. provides travel information and arrangement services.  Through its subsidiaries, the Company also manufactures medical instrument, provides system integration services for the insurance industry, and develops real estate.

Changbai Mountain Tourism Company Limited provides tourism services.The Company's primary service includes passenger travel transportation, travel agency services and hot spring water development business.

Huangshan Tourism Development Co., Ltd. operates in the tourism industry.  The Company provides cableway transportation, sells garden tickets, operates hotels and restaurants, and provides tourism services.

Huangshan Tourism Development (600054 CH)

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

Skylark Co. Ltd. mainly operates a family restaurant chain across Japan.  The Company offers Japanese-style, Western-style, and Asia-style foods for a wide variety of targeted customer segments.  Skylark also sells food and provides delivery servies.

McDonald's Holdings Company (Japan), Ltd. operates a hamburger fast food restaurant chain throughout Japan.  The Company operates its own stores and franchise stores.

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

Jollibee Foods Corporation owns, franchises and manages a network of fast food restaurants under the trade name Jollibee. The Company was incorporated in 1978.

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

The Wendy's Company operates fast-food restaurants. The Company owns, operates, and franchises fast-food restaurants located throughout countries that include the United States, Singapore, the Middle East and North Africa, the Russian Federation, the Eastern Caribbean, Argentina, the Philippines and Japan.

Marriott Vacations Worldwide Corporation is a worldwide developer, marketer, seller and manager of vacation ownership resorts and vacation club, destination club and exchange programs, principally under the "Marriott" and "Ritz-Carlton" brands and trademarks, which we license from Marriott International and Ritz-Carlton.

Travel + Leisure Co. operates as a hospitality company. The Company focuses on providing vacation ownership, managed rental, and exchange services, as well as owns vacation resorts and exchange properties. Travel + Leisure serves customers worldwide.

Genting Malaysia Berhad operates a tourist resort in Genting Highlands which includes hotels, restaurants, casinos, and recreational and amusement facilities. Through its subsidiaries, the Company also develops and leases property, operates leisure and hospitality services, and provides time share ownership scheme.

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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

Tongcheng Travel Holdings (780 HK)

China to Provide Visa-Free for Six Countries - Why and The (Possible) Impact

China is opening visa-free entry for more countries, aiming to improve its global image and become a preferred aviation hub in North Asia. Could...

Mohshin Aziz

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Trip.com Q3 Quick Take: Net Inc > Consensus | Progress on Expenses | But Not a Game-Changer

Trip.com reported Q323 results that featured strong top-line growth, sharp Y/Y improvement in margins, and progress on cost control. But its Q323...

Tracking Traffic

HSTECH Index Rebalance: No Constituent Changes; Round-Trip Trade of US$1.4bn

There are no constituent changes for the HSTECH in Dec. Float and capping changes will result in a round-trip trade of US$1.4bn. There could be...

Brian Freitas

Index Rebalance & ETF Flow Recap: SSE50, Chinext/50, Renesas, Tencent, Amman Mineral

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China to Provide Visa-Free for Six Countries - Why and The (Possible) Impact

​China is opening visa-free entry for more countries, aiming to improve its global image and become a preferred aviation hub in North Asia. Could...

Mohshin Aziz

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, Div+, Top50, ASX, FXI, Xiaomi, Tata Tech

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Trip.com Q3 Quick Take: Net Inc > Consensus | Progress on Expenses | But Not a Game-Changer

Trip.com reported Q323 results that featured strong top-line growth, sharp Y/Y improvement in margins, and progress on cost control. But its Q323...

Tracking Traffic

HSTECH Index Rebalance: No Constituent Changes; Round-Trip Trade of US$1.4bn

There are no constituent changes for the HSTECH in Dec. Float and capping changes will result in a round-trip trade of US$1.4bn. There could be...

Brian Freitas

Index Rebalance & ETF Flow Recap: SSE50, Chinext/50, Renesas, Tencent, Amman Mineral

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

China is opening visa-free entry for more countries, aiming to improve its global image and become a preferred aviation hub in North Asia. Could...