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>In this insight, we take a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.</li>
<li>According to our estimation, there could be two changes for the HSCEI in June 2023 and there could be one-way index flows of US$585mn.</li>
<li>The final index changes along with indicative capping and index weights could be published in Mid/Late-May 2023.</li>
</ul>


In this insight, we take a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.
According to our estimation, there could be two changes for the HSCEI in June 2023 and there could be one-way index flows of US$585mn.
The final index changes along with indicative capping and index weights could be published in Mid/Late-May 2023.


Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in December.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.</li>
<li>In this note, we run the deal through our ECM framework and talk about valuations.</li>
</ul>



DPC Dash (1405 HK) is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in December.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.
In this note, we run the deal through our ECM framework and talk about valuations.


DPC Dash IPO - Might Be Worth a Small Slice

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We screen for companies that are at record positioning among active Asia Ex-Japan managers, whilst capturing strong investment growth over the last 6-months.</li>
<li>9 companies stand out, led by <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings, Inc (YUMC US)</a>  and <a href="https://www.smartkarma.com/entities/glodon-company-limited-a" target="_blank" data-smartkarma-citation="entities:10536:1" rel="noopener">Glodon Company Limited A (002410 CH)</a> </li>
<li>These 9 stocks have accelerated to a record combined weight of 3.04%.  The rate of increase has been remarkable, with average weights doubling since the end of March 2022.  </li>
</ul>


We screen for companies that are at record positioning among active Asia Ex-Japan managers, whilst capturing strong investment growth over the last 6-months.
9 companies stand out, led by Yum China Holdings, Inc (YUMC US)  and Glodon Company Limited A (002410 CH) 
These 9 stocks have accelerated to a record combined weight of 3.04%.  The rate of increase has been remarkable, with average weights doubling since the end of March 2022.  


<ul>
<li>Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history.</li>
<li>This was on back of the Aug 2022 agreement between PCAOB, CSRC and MOF, which was followed up with a Hong Kong visit by PCAOB officials over Sep-Nov 2022.</li>
<li>We wrote about this on 14th Dec 2022 and expected the results to be out on Friday (16th Dec), they have come out a day earlier than we expected.</li>
</ul>


Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history.
This was on back of the Aug 2022 agreement between PCAOB, CSRC and MOF, which was followed up with a Hong Kong visit by PCAOB officials over Sep-Nov 2022.
We wrote about this on 14th Dec 2022 and expected the results to be out on Friday (16th Dec), they have come out a day earlier than we expected.


China ADRs Delisting - Christmas Came a Day Earlier than We Expected - No Delisting Risk for Now

China

Yum China Holdings, Inc. operates chain restaurants. The Company offers pizza, entrees, pasta, rice dishes, appetizers, soups, vegetables, beverages, and desserts. Yum China Holding conducts its business worldwide.

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Yum China Holdings (YUMC US)

Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way

According to my estimates based on the latest available data, Yum China and BeiGene are ADDs and Country Garden Holdings and Country Garden...

Janaghan Jeyakumar, CFA

DPC Dash IPO - Might Be Worth a Small Slice

DPC Dash (1405 HK) is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in...

Sumeet Singh

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

Asia Ex-Japan's Rising Stars

We screen for companies in the Asia Ex-Japan region that are not widely held but are at record levels of ownership among actively managed funds.

Steven Holden

China ADRs Delisting - Christmas Came a Day Earlier than We Expected - No Delisting Risk for Now

Today PCAOB announced that they had secured complete access to inspect and investigate Chinese Firms for the first time in history. This removes...

Sumeet Singh

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