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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Hong Kong health expert downplays city’s Covid fatality rate</li><li>Shanghai offers support for importing Covid drugs and vaccines as it battles outbreak</li><li>Distressed Chinese developer Sunac sweetens proposed bond extension plan</li></ul>

Hong Kong health expert downplays city’s Covid fatality rateShanghai offers support for importing Covid drugs and vaccines as it battles outbreakDistressed Chinese developer Sunac sweetens proposed bond extension plan

CX Daily: China’s Battle to Stabilize Its Economy

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

We view Xiaomi Corp as “Low Risk” on the LARA scale, driven by: [1] the company’s leading market position in smartphones and smart hardware; [2] its increasing market share, scale and brand name; and [3] the company’s strong financial metrics with large positive FCF, solid balance sheet with net cash, as well as sound liquidity position. Xiaomi has a strong track record of execution and innovation, along with the entrance into and success in new verticals (e.g. cleaning robots, smart speakers, smart TVs and smart routers). The company also has fast-growing revenue streams from Internet services and gaming. On the other hand, the mobile phone industry is very competitive with low switching costs, particularly for Android phones (Blackberry and Nokia have gone out of business despite having been leading players). The credit is further weighed down by: [1] potential trade sanctions from the US; and [2] execution risk related to Xiaomi’s entry into the increasingly competitive electric vehicle market. Our Credit Bias is “Stable”, given the company’s robust business risk profile and strong balance sheet.

  We view Xiaomi Corp as “Low Risk” on the LARA scale, driven by: [1] the company’s leading market position in smartphones and smart hardware; [2] its increasing market share, scale and brand name; and [3] the company’s strong financial metrics with large positive FCF, solid balance sheet with net cash, as well as sound liquidity position. Xiaomi has a strong track record of execution and innovation, along with the entrance into and success in new verticals (e.g. cleaning robots, smart speakers, smart TVs and smart routers). The company also has fast-growing revenue streams from Internet services and gaming. On the other hand, the mobile phone industry is very competitive with low switching costs, particularly for Android phones (Blackberry and Nokia have gone out of business despite having been leading players). The credit is further weighed down by: [1] potential trade sanctions from the US; and [2] execution risk related to Xiaomi’s entry into the increasingly competitive electric vehicle market.   Our Credit Bias is “Stable”, given the company’s robust business risk profile and strong balance sheet. 

Xiaomi Corp  - Tear Sheet - Lucror Analytics

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 Mar 18. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interests increases for HKEx, Nongfu Spring, and Baidu. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 18. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interests increases for HKEx, Nongfu Spring, and Baidu. 


HK Short Interest: Short Spiked for HKEx, Nongfu, Baidu

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 25 based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Xiaomi (1810 HK), Ping An H&amp;T (1833 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), China Gas (384 HK), Man Wah (1999 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 25 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Xiaomi (1810 HK), Ping An H&amp;T (1833 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), China Gas (384 HK), Man Wah (1999 HK).


Hong Kong Buybacks: AIA, Xiaomi, Ping An H&T

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> reported 4Q2021 results on Tuesday. Revenue grew 21.4% YoY to RMB85.6bn (vs consensus RMB82.1bn) while reported OP declined 54.0% YoY to RMB4.5bn (vs consensus RMB4.3bn).</li>
<li>Adjusted OP (excluding fair value adjustment and other gains) grew 21.4% YoY to RMB85.6bn, with an adjusted OPM of 4.0% vs 3.0% in 4Q2020.</li>
<li>Xiaomi’s smartphone revenues bounced back in 4Q2021 after growing less than 1.0% YoY during the previous quarter. The company also announced a share buyback of HK$10bn.</li>
</ul>



Xiaomi Corp (1810 HK) reported 4Q2021 results on Tuesday. Revenue grew 21.4% YoY to RMB85.6bn (vs consensus RMB82.1bn) while reported OP declined 54.0% YoY to RMB4.5bn (vs consensus RMB4.3bn).
Adjusted OP (excluding fair value adjustment and other gains) grew 21.4% YoY to RMB85.6bn, with an adjusted OPM of 4.0% vs 3.0% in 4Q2020.
Xiaomi’s smartphone revenues bounced back in 4Q2021 after growing less than 1.0% YoY during the previous quarter. The company also announced a share buyback of HK$10bn.


Xiaomi 4Q: Good Results Despite a Challenging Environment

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

CX Daily: China’s Battle to Stabilize Its Economy

Hong Kong health expert downplays city’s Covid fatality rate; Shanghai offers support for importing Covid drugs and vaccines as it battles outbreak

Caixin Global

Xiaomi Corp - Tear Sheet - Lucror Analytics

We view Xiaomi Corp as “Low Risk” on the LARA scale, driven by: [1] the company’s leading market position in smartphones and smart hardware; [2]...

Lucror Analytics

HK Short Interest: Short Spiked for HKEx, Nongfu, Baidu

We highlight week on week short interests increases for HKEx, Nongfu Spring, and Baidu based on the latest HK SFC Short aggregate report.

Ke Yan, CFA, FRM

Hong Kong Buybacks: AIA, Xiaomi, Ping An H&T

We highlight the top 3 companies that repurchased the most shares in HK last week: Aia Group (1299 HK), Xiaomi (1810 HK), Ping An H&T (1833 HK).

Ke Yan, CFA, FRM

Xiaomi 4Q: Good Results Despite a Challenging Environment

Xiaomi’s 4Q2021 earnings helped eased our concerns over its smartphones business which grew less than 1.0% during 3Q2021. Smartphone revenues...

Shifara Samsudeen, FCMA, CGMA

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