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

Event-Driven

<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> is looking to place 750m shares at a price range of HK$52.8-54.6/share, a 4.2-7.4% discount from last. That could raise up to HK$40.95bn (US$5.27bn).</li>
<li>There will be limited passive buying near-term. There will be more passive buying at the end of May. Then there will be passive selling early June.</li>
<li>Shorts will be hurting from the relentless move higher in the stock and there could be short covering if the stock moves lower from these levels.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to place 750m shares at a price range of HK$52.8-54.6/share, a 4.2-7.4% discount from last. That could raise up to HK$40.95bn (US$5.27bn).
There will be limited passive buying near-term. There will be more passive buying at the end of May. Then there will be passive selling early June.
Shorts will be hurting from the relentless move higher in the stock and there could be short covering if the stock moves lower from these levels.


Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

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/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is looking to raise around US$5.3bn via selling 3% additional shares.</li>
<li>The shares have done exceedingly well this year and are now trading at their all time highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares.
The shares have done exceedingly well this year and are now trading at their all time highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<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> significantly beat Q4 2024 earnings expectations, yet the stock showed minimal price movement with just a 1.0% gain immediately after the announcement.</li>
<li>Post-Earnings implied volatility declined substantially from 72% pre-earnings to below 53.4% after earnings, confirming pre-announcement predictions of overpriced volatility.</li>
<li>Straddle positions were actively traded around the earnings event. A case study showcases a profitable short straddle strategy.</li>
</ul>



Xiaomi Corp (1810 HK) significantly beat Q4 2024 earnings expectations, yet the stock showed minimal price movement with just a 1.0% gain immediately after the announcement.
Post-Earnings implied volatility declined substantially from 72% pre-earnings to below 53.4% after earnings, confirming pre-announcement predictions of overpriced volatility.
Straddle positions were actively traded around the earnings event. A case study showcases a profitable short straddle strategy.


Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

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

<ul>
<li>Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.</li>
<li>The company's growth was driven by solid performance in the Smartphone x Artificial Intelligence of Things segment and rapid expansion of the Smart Electric Vehicle (EV) business.</li>
<li>While short-term challenges persist, particularly in the EV segment, Xiaomi’s long-term growth trajectory appears robust.</li>
</ul>


Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.
The company's growth was driven by solid performance in the Smartphone x Artificial Intelligence of Things segment and rapid expansion of the Smart Electric Vehicle (EV) business.
While short-term challenges persist, particularly in the EV segment, Xiaomi’s long-term growth trajectory appears robust.


Xiaomi Corp - Earnings Flash - FY 2024 Results - Lucror Analytics

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates, thanks to stronger IoT/EV and other incomes.</li><li>Xiaomi’s EV GPM came in strong at 20.4% (vs. 3Q24 17.1%), and mgmt. raised 2025 EV delivery target to 350k units (vs. prior 300k) in view of strong demand.</li><li>Looking ahead, we remain positive on Xiaomi’s “Human x Car x Home” strategy, backed by smartphone premiumization and share gains, overseas expansion on AIoT, and EV YU7 upside into FY25-26E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates, thanks to stronger IoT/EV and other incomes.Xiaomi’s EV GPM came in strong at 20.4% (vs. 3Q24 17.1%), and mgmt. raised 2025 EV delivery target to 350k units (vs. prior 300k) in view of strong demand.Looking ahead, we remain positive on Xiaomi’s “Human x Car x Home” strategy, backed by smartphone premiumization and share gains, overseas expansion on AIoT, and EV YU7 upside into FY25-26E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xiaomi (1810 HK)

Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Xiaomi is looking to raise US$5bn in a placement at a 4.2-7.4% discount to last. The placement in Dec 2020 did well. The net index buying is only...

Brian Freitas

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

Xiaomi Corp post-earnings implied volatility drops significantly. Trading straddle positions around earnings event proves profitable.

Gaudenz Schneider

Xiaomi Corp - Earnings Flash - FY 2024 Results - Lucror Analytics

Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.

Lucror Analytics

Xiaomi (1810 HK) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Xiaomi is looking to raise US$5bn in a placement at a 4.2-7.4% discount to last. The placement in Dec 2020 did well. The net index buying is only...

Brian Freitas

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

​Xiaomi Corp post-earnings implied volatility drops significantly. Trading straddle positions around earnings event proves profitable.

Gaudenz Schneider

Xiaomi Corp - Earnings Flash - FY 2024 Results - Lucror Analytics

Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.

Lucror Analytics

Xiaomi (1810 HK) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates

CMB International

Xiaomi Corp post-earnings implied volatility drops significantly. Trading straddle positions around earnings event proves profitable.