Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.</li>
<li>Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. </li>
<li>At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.</li>
</ul>


The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. 
At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.


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 analyzed the latest HK SFC report for aggregate short position as of Aug 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, TraHK HSI ETF, ZTE, Anta, Cathay Pacific Airways, HSCEI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, TraHK HSI ETF, ZTE, Anta, Cathay Pacific Airways, HSCEI ETF.


HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.


HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

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

Index Rebalance

<ul>
<li>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 September. However, there are float and capping changes.</li>
<li>Estimated one-way turnover is 6.3% leading to a round-trip trade of HK$31.1bn (US$4bn). There is plenty to buy in <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, <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> and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. </li>
<li>Short interest is elevated in some of the stocks with large flows and shorts could be active in the stocks over the next couple of weeks.</li>
</ul>


There are no constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in September. However, there are float and capping changes.
Estimated one-way turnover is 6.3% leading to a round-trip trade of HK$31.1bn (US$4bn). There is plenty to buy in Horizon Robotics (9660 HK), BYD (1211 HK) and Meituan (3690 HK). 
Short interest is elevated in some of the stocks with large flows and shorts could be active in the stocks over the next couple of weeks.


HSTECH Index Rebalance: No Constituent Changes; Float/Capping Changes Lead to US$4bn Trade

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.
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 Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.


HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo (992 HK)

India & China – Rekindling Brotherhood

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd and highlight short interest changes in Xiaomi, TraHK HSI ETF,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou,...

Ke Yan, CFA, FRM

HSTECH Index Rebalance: No Constituent Changes; Float/Capping Changes Lead to US$4bn Trade

No constituent changes, but some large FAF/capping changes. Estimated one-way turnover is 6.3% and round-trip trade is US$4bn. Large inflows for...

Brian Freitas

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India & China – Rekindling Brotherhood

​India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd and highlight short interest changes in Xiaomi, TraHK HSI ETF,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou,...

Ke Yan, CFA, FRM

HSTECH Index Rebalance: No Constituent Changes; Float/Capping Changes Lead to US$4bn Trade

No constituent changes, but some large FAF/capping changes. Estimated one-way turnover is 6.3% and round-trip trade is US$4bn. Large inflows for...

Brian Freitas

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...