Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> overtook <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> as the largest EV maker by deliveries in December 2023.</li>
<li>Tesla is suspending work at its Berlin factory temporarily due to the tension in the Red Sea, while BYD’s supply chain is all in China.</li>
<li>BYD is trading at deep discount to Tesla on PEG, PER, and PBR.</li>
</ul>



BYD (1211 HK) overtook Tesla Motors (TSLA US) as the largest EV maker by deliveries in December 2023.
Tesla is suspending work at its Berlin factory temporarily due to the tension in the Red Sea, while BYD’s supply chain is all in China.
BYD is trading at deep discount to Tesla on PEG, PER, and PBR.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New and Better (5mos old) 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 flows flat/light and NORTHBOUND flows a significant net buy, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 200+bp.</li>
<li>STILL time to go long Hs vs As for the new year. 52wk wide discounts were just last week. Wide A/H premia in renewables space look vulnerable.</li>
</ul>


The New and Better (5mos old) 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 flows flat/light and NORTHBOUND flows a significant net buy, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 200+bp.
STILL time to go long Hs vs As for the new year. 52wk wide discounts were just last week. Wide A/H premia in renewables space look vulnerable.


A/H Premium Tracker (To 5 Jan 2024):  STAY Long Hs Vs As: A Premia Still Wide, High Div SOEs Moving

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 5.5bn of A-shares on lighter average activity. BIG net selling flows on the first day of the year for HK going north.</li>
<li>Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 5.5bn of A-shares on lighter average activity. BIG net selling flows on the first day of the year for HK going north.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.


Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought

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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.</li>
<li>We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.</li>
<li>We highlight flows for Chongqing Changan Automobile, CATL and Moutai.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.
We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.
We highlight flows for Chongqing Changan Automobile, CATL and Moutai.


Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.8% as of Jan 5th.</li>
<li>The average A-H premium changed by -0.5ppt week-on-week, led by information technology, consumer staples, communication services and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for BYD, Fuyao Glass, China Southern, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.8% as of Jan 5th.
The average A-H premium changed by -0.5ppt week-on-week, led by information technology, consumer staples, communication services and offset by utilities.
We highlight weekly changes in A-H premium for BYD, Fuyao Glass, China Southern, China Longyuan.


A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan

China

Zijin Mining Group Company Limited operates metal mineral resources exploration and mining businesses. The Company produces gold, copper, zinc, iron, and other base metals. Zijin Mining Group also conducts metal trade and investment businesses domestically and internationally.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Zijin Mining Group (601899 CH)

BYD Vs Tesla: Part Deux

BYD surpasses Tesla as top EV maker in Dec 2023; Tesla suspends work in Berlin due to Red Sea tension; BYD trades at a deep discount to Tesla on...

Henry Soediarko

A/H Premium Tracker (To 5 Jan 2024): STAY Long Hs Vs As: A Premia Still Wide, High Div SOEs Moving

The first week of the year, the A/H premia on average were flat. On liquid names, Hs slightly underperformed. Very mixed across sectors. Premia...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought

NORTHBOUND saw some outflow in the first week after a huge net buy the last week of the year. Large cap liquid names KM and CATL were sold. Banks...

Travis Lundy

Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Chongqing Changan Automobile, CATL, Moutai.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Maanshan Iron and Nanjing Panda.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD Vs Tesla: Part Deux

​BYD surpasses Tesla as top EV maker in Dec 2023; Tesla suspends work in Berlin due to Red Sea tension; BYD trades at a deep discount to Tesla on...

Henry Soediarko

A/H Premium Tracker (To 5 Jan 2024): STAY Long Hs Vs As: A Premia Still Wide, High Div SOEs Moving

The first week of the year, the A/H premia on average were flat. On liquid names, Hs slightly underperformed. Very mixed across sectors. Premia...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 5 Jan 2024): Big Names Sold, Banks Bought

NORTHBOUND saw some outflow in the first week after a huge net buy the last week of the year. Large cap liquid names KM and CATL were sold. Banks...

Travis Lundy

Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Chongqing Changan Automobile, CATL, Moutai.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Maanshan Iron and Nanjing Panda.

Ke Yan, CFA, FRM

BYD surpasses Tesla as top EV maker in Dec 2023; Tesla suspends work in Berlin due to Red Sea tension; BYD trades at a deep discount to Tesla on...