In today’s briefing:
- Mainland Connect NORTHBOUND Flows (To 14 June 2024): Large Tech Buying, Large Consumer Selling
- A/H Premium Tracker (To 14 Jun 2024): H Underperform A; the More Liquid, the Worse the Performance.
- HK Connect SOUTHBOUND Flows (To 14 June 2024); Energy/Utes/Banks/Tech Bought Bigly
- Northbound Flows (Jun 14th): CATL, Mindray, Luxshare Precision, Xinghuacun Fen Wine
- Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB
- KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia
- A-H Premium Weekly (Jun 14th): China Tourism, CGN Power, Huadian Power, Hua Hong Semi, Huaneng Power
- TWSE Short Interest Weekly (Jun 14th): Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech
- TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi
Mainland Connect NORTHBOUND Flows (To 14 June 2024): Large Tech Buying, Large Consumer Selling
- 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 21.9bn of A-shares. NORTHBOUND bought tech and sold everything else, especially consumer names. Kweichow Moutai, Midea, appliances and renewables.
- Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.
A/H Premium Tracker (To 14 Jun 2024): H Underperform A; the More Liquid, the Worse the Performance.
- The New/Better 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’s buy streak continues unabated. NORTHBOUND was heavy to sell. Only Tech bought. Consumer sold heavily.
- AH Premia lowish in 52-week range, but still high for many pairs. I continue to expect further “convergence” among spreads.
HK Connect SOUTHBOUND Flows (To 14 June 2024); Energy/Utes/Banks/Tech Bought Bigly
- SOUTHBOUND was again a net buyer, for HK$27.0bn this week, on small two-way volumes. Energy, banks, utilities, tech all saw inflows.
- It is not clear how much of this is H/A discounts, expected dividend tax removal, KPIs for SOE CEOs to raise prices and payout ratios, or upcoming Third Plenum policy…
- But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows – national team and otherwise.
Northbound Flows (Jun 14th): CATL, Mindray, Luxshare Precision, Xinghuacun Fen Wine
- We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 14th.
- We estimate the weekly outflows to be US$3,126.0 million, led by consumer staples, consumer discretionary, financials, and offset by information technology.
- We highlight flows for CATL, Mindray, Luxshare Precision, Shanxi Xinghuacun Fen Wine Factory, China Citic Bank, Moutai, Bank Of Communications, Wuliangye, China Yangtze Power, Midea.
Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB
- We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.
- The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
- We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.
KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia
- We analyzed the changes in foreign holdings of KRX Stocks as of Jun 14th which has an aggregated holding worth USD547.8bn.
- We estimate that foreign flows to be inflows of USD1,575mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
- We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.
A-H Premium Weekly (Jun 14th): China Tourism, CGN Power, Huadian Power, Hua Hong Semi, Huaneng Power
- We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 105.3% as of Jun 14th.
- The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, information technology, financials and offset by consumer staples, utilities, real estate.
- We highlight weekly changes in A-H premium for China Tourism, CGN Power, Huadian Power, Hua Hong Semi, Huaneng Power.
TWSE Short Interest Weekly (Jun 14th): Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech
- We analyzed the changes in short interest of TWSE Stocks as of Jun 14th which has an aggregated short interest worth USD102.4bn.
- We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
- We highlight short interest changes in Hon Hai, Ctbc Financial, Realtek Semi, TSMC, Lite-On Tech, Asmedia Tech, Asustek Computer.
TWSE Foreign Holding Weekly (Jun 14th): Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi
- We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 14th which has an aggregated holding worth USD4,617.2bn.
- We estimate that foreign flows to be inflows of USD6,436mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
- We highlight foreign changes in Hon Hai, TSMC, Mediatek, Quanta Computer, Realtek Semi, Evergreen Marine, Ctbc Financial, Eva Airways, Asia Vital, Asmedia Tech.
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