Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Put trading was heavy in the Financial sector this week. ICBC and Bank of China were the main contributors to that with 73% and 63% of their volume in Puts.</li>
<li>ANTA Sports Products had a notable pick up in Call activity this past week as the stock bounces around 3 year lows vs the Hang Seng index (graph at bottom)</li>
<li>Energy and Real Estate sectors might be the best area to look for low vol opportunities.</li>
</ul>


Put trading was heavy in the Financial sector this week. ICBC and Bank of China were the main contributors to that with 73% and 63% of their volume in Puts.
ANTA Sports Products had a notable pick up in Call activity this past week as the stock bounces around 3 year lows vs the Hang Seng index (graph at bottom)
Energy and Real Estate sectors might be the best area to look for low vol opportunities.


EQD | Hong Kong Single Stock Options Weekly Nov 25-29

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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, listing in the past week didn't do much, while a number of comapnies are still looking to beat the year end deadline.</li>
<li>On the placements front, there were a number of secondary selldowns in Japan.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, listing in the past week didn't do much, while a number of comapnies are still looking to beat the year end deadline.
On the placements front, there were a number of secondary selldowns in Japan.


ECM Weekly (2nd Dec 2024) - Kioxia, FineToday, MNC Solutions, JST, Pateo, Carraro, Hulic, Sanrio

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Revenue grew by 22% YoY and operating margin improved 8 percentage points YoY in 3Q24.</li>
<li>All Business lines grew strongly and all expense percentages of total revenue declined YoY in 3Q24.</li>
<li>We believe the stock has an upside of 46% for the next twelve months.</li>
</ul>


Revenue grew by 22% YoY and operating margin improved 8 percentage points YoY in 3Q24.
All Business lines grew strongly and all expense percentages of total revenue declined YoY in 3Q24.
We believe the stock has an upside of 46% for the next twelve months.


MT/ Meituan (3690): 3Q24, Excellent Results, Still 46% Upside

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Meituan reported strong 3Q results last Friday which were largely expected by the market. Yet downbeat guidance seemed to have disappointed investors and dragged the stock during US trading session.</li>
<li>We believe the stock’s significant re-rating since early 2024 has come to end as earnings growth starts normalizing after being boosted by less competition and narrowing losses from new initiatives.</li>
<li>While the company has strengthened its moat and we expect steady growth ahead, we see near-term price volatility as markets digest the notable slowdown.</li>
</ul>


Meituan reported strong 3Q results last Friday which were largely expected by the market. Yet downbeat guidance seemed to have disappointed investors and dragged the stock during US trading session.
We believe the stock’s significant re-rating since early 2024 has come to end as earnings growth starts normalizing after being boosted by less competition and narrowing losses from new initiatives.
While the company has strengthened its moat and we expect steady growth ahead, we see near-term price volatility as markets digest the notable slowdown.


Meituan (3690 HK): Embracing the Slowdown

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 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 Alibaba, Ping An Insurance, China Mobile, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 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 Alibaba, Ping An Insurance, China Mobile, Meituan.


Hong Kong Connect Flows (Nov 29th): Alibaba, Ping An Insurance, China Mobile, Meituan

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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

Meituan (3690 HK)

EQD | Hong Kong Single Stock Options Weekly Nov 25-29

Heavy put trading in Financial sector, with ICBC and Bank of China leading. ANTA Sports sees increase in call activity. Energy and Real Estate...

John Ley

ECM Weekly (2nd Dec 2024) - Kioxia, FineToday, MNC Solutions, JST, Pateo, Carraro, Hulic, Sanrio

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

MT/ Meituan (3690): 3Q24, Excellent Results, Still 46% Upside

Revenue grew by 22% YoY and operating margin improved 8 percentage points YoY in 3Q24. All Business lines grew strongly. We believe the stock has...

Ming Lu

Meituan (3690 HK): Embracing the Slowdown

Strong 3Q results were expected, but downbeat guidance disappointed. Earnings growth normalization signals end of significant re-rating, with...

Eric Chen

Hong Kong Connect Flows (Nov 29th): Alibaba, Ping An Insurance, China Mobile, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Ping An Insurance, China Mobile, Meituan.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Hong Kong Single Stock Options Weekly Nov 25-29

​Heavy put trading in Financial sector, with ICBC and Bank of China leading. ANTA Sports sees increase in call activity. Energy and Real Estate...

John Ley

ECM Weekly (2nd Dec 2024) - Kioxia, FineToday, MNC Solutions, JST, Pateo, Carraro, Hulic, Sanrio

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

MT/ Meituan (3690): 3Q24, Excellent Results, Still 46% Upside

Revenue grew by 22% YoY and operating margin improved 8 percentage points YoY in 3Q24. All Business lines grew strongly. We believe the stock has...

Ming Lu

Meituan (3690 HK): Embracing the Slowdown

​Strong 3Q results were expected, but downbeat guidance disappointed. Earnings growth normalization signals end of significant re-rating, with...

Eric Chen

Hong Kong Connect Flows (Nov 29th): Alibaba, Ping An Insurance, China Mobile, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Ping An Insurance, China Mobile, Meituan.

Ke Yan, CFA, FRM

Heavy put trading in Financial sector, with ICBC and Bank of China leading. ANTA Sports sees increase in call activity. Energy and Real Estate...

Strong 3Q results were expected, but downbeat guidance disappointed. Earnings growth normalization signals end of significant re-rating, with...