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>July outbound travel (and seat capacity) fnally approached pre-Covid19 levels</li>
<li>Domestic air travel demand also showed modest Y/Y improvement in July </li>
<li>We still like Trip.com on improving profitability, BUY with US$55 target</li>
</ul>


July outbound travel (and seat capacity) fnally approached pre-Covid19 levels
Domestic air travel demand also showed modest Y/Y improvement in July 
We still like Trip.com on improving profitability, BUY with US$55 target


Monthly Chinese Tourism Tracker | Outbound Activity Approaches Pre-Covid Levels | (August 2024)

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Pop Mart’s total revenue increased by 62% YoY due to the promising overseas market.</li>
<li>Tongcheng’ revenue grew by 48% YoY in 2Q24, as new businesses are successful.</li>
<li>Alibaba’s Freshippo plans to set up frontline warehouses, which is a way back to online.</li>
</ul>


Pop Mart’s total revenue increased by 62% YoY due to the promising overseas market.
Tongcheng’ revenue grew by 48% YoY in 2Q24, as new businesses are successful.
Alibaba’s Freshippo plans to set up frontline warehouses, which is a way back to online.


China Consumption Weekly (26Aug2024): 2Q24 Rev Up By - PopMart 62%, Zeekr 58%, Tongcheng 48%, Etc.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Hang Seng Index Committee its slow move (lack of movement) towards 100 names and sector rebalancing to tech and healthcare. This is really disappointing.</li>
<li>This time? We get nothing. No name changes. Some capping flows. 6 FAF changes. </li>
<li>Minimal flows on the HSI rebalance to be effective on 9 September. </li>
</ul>


The Hang Seng Index Committee its slow move (lack of movement) towards 100 names and sector rebalancing to tech and healthcare. This is really disappointing.
This time? We get nothing. No name changes. Some capping flows. 6 FAF changes. 
Minimal flows on the HSI rebalance to be effective on 9 September. 


Hang Seng Index Sep24 Rebal - No Name Changes, Some Capping, 1% One-Way Flow - Total 0️⃣🍔

<ul>
<li>The HSCEI is famous but has less AUM tracking it passively than you'd think. Nevertheless it is well-known and well-watched.</li>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> and <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Techn (9901 HK)</a> were ADDs. <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> and <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> are DELETEs. </li>
<li>
<a href="https://www.smartkarma.com/entities/picc-property-casualty-h" target="_blank" data-smartkarma-citation="entities:350:1" rel="noopener">PICC Property &amp; Casualty H (2328 HK)</a> was NOT included. This was a surprise. We may see some disappointment this week from pre-positioning getting sold.</li>
</ul>


The HSCEI is famous but has less AUM tracking it passively than you'd think. Nevertheless it is well-known and well-watched.

J&amp;T Global Express (1519 HK) and New Oriental Education &amp; Techn (9901 HK) were ADDs. JD Logistics (2618 HK) and SenseTime Group (20 HK) are DELETEs. 

PICC Property &amp; Casualty H (2328 HK) was NOT included. This was a surprise. We may see some disappointment this week from pre-positioning getting sold.


HSCEI Sep24 Rebal - Two ADDs, Two DELETEs, Two Surprises, Middling Flows

<ul>
<li>HSTECH sees one ADD, one DELETE and several capping and re-capping actions. One of the re-caps is already an un-recap (i.e. a new capping), to be updated.</li>
<li>The ADD is <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>, as expected, with significant ADV impact to buy. The DELETE is <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a>, also a big sell.</li>
<li>Across the three major indices, <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> is the big dollar sell and HSTECH changes are the biggies in terms of ADV impact.</li>
</ul>


HSTECH sees one ADD, one DELETE and several capping and re-capping actions. One of the re-caps is already an un-recap (i.e. a new capping), to be updated.
The ADD is ASM Pacific Technology (522 HK), as expected, with significant ADV impact to buy. The DELETE is Ping An Healthcare and Technol (1833 HK), also a big sell.
Across the three major indices, Alibaba Group Holding (9988 HK) is the big dollar sell and HSTECH changes are the biggies in terms of ADV impact.


Sep24 HSTECH Index Rebal - ASMPT (522 HK) ADDed as Expected, After Post-Earnings Fall

China

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.

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Tongcheng Travel Holdings (780 HK)

Monthly Chinese Tourism Tracker | Outbound Activity Approaches Pre-Covid Levels | (August 2024)

July data shows continuing improvement in Chinese outbound and domestic travel activity. We still like shares of Trip.com, and retain our BUY...

Tracking Traffic

China Consumption Weekly (26Aug2024): 2Q24 Rev Up By - PopMart 62%, Zeekr 58%, Tongcheng 48%, Etc.

Alibaba’s Freshippo plans to set up frontline warehouses, which is a way back to online. Many small caps' revenues grew strongly in 2Q24.

Ming Lu

Hang Seng Index Sep24 Rebal - No Name Changes, Some Capping, 1% One-Way Flow - Total 0️⃣🍔

The HSI committee promised changes to rebalance towards better sector representation and a move to 100 names. That was a couple years ago. Progress...

Travis Lundy

HSCEI Sep24 Rebal - Two ADDs, Two DELETEs, Two Surprises, Middling Flows

HSCEI sees two ADDs and two DELETEs, as expected, but one of the ADDs was unexpected, and the main expected ADD was n-o-t added. This will surprise...

Travis Lundy

Sep24 HSTECH Index Rebal - ASMPT (522 HK) ADDed as Expected, After Post-Earnings Fall

The HSTECH Index Rebalance is as expected - one ADD and one DELETE. Both are big in terms of ADV at 10+ days to buy and sell, respectively.

Travis Lundy

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