Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.</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, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.
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, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.


HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.</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 Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.
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, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.


HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Datamine's March 2026 quarter Telcowatch data showed continued market share losses for Spark NZ (SPK) in its core mobile market.</li><li>We expect SPK's total mobile connections to decline ~-2% in FY26 and, taken together, these signals increase our confidence that EBITDAI will marginally fall in FY27 versus FY26.</li><li>We leave our below consensus earnings forecasts unchanged (~-2% below consensus EBITDAI in FY27/FY28) but retain NEUTRAL on valuation grounds, with SPK trading on a ~10% gross yield.</li></ul>

Datamine's March 2026 quarter Telcowatch data showed continued market share losses for Spark NZ (SPK) in its core mobile market.We expect SPK's total mobile connections to decline ~-2% in FY26 and, taken together, these signals increase our confidence that EBITDAI will marginally fall in FY27 versus FY26.We leave our below consensus earnings forecasts unchanged (~-2% below consensus EBITDAI in FY27/FY28) but retain NEUTRAL on valuation grounds, with SPK trading on a ~10% gross yield.

<ul><li>Infratil (IFT) hosted a confident investor day with presentations from its three largest portfolio companies: CDC Data Centres, One NZ, and Longroad; as well as its most promising future growth platform, Gurin Energy.</li><li>The key updates were reiterations of medium-term targets from each of its three large investments.</li><li>CDC is now tracking to the bottom end of its FY26 guidance range, with timing delays the reason, but it retained confidence in its FY27 target, which now implies ~+70% year-on-year EBITDAF growth; we forecast ~+60% growth.</li></ul>

Infratil (IFT) hosted a confident investor day with presentations from its three largest portfolio companies: CDC Data Centres, One NZ, and Longroad; as well as its most promising future growth platform, Gurin Energy.The key updates were reiterations of medium-term targets from each of its three large investments.CDC is now tracking to the bottom end of its FY26 guidance range, with timing delays the reason, but it retained confidence in its FY27 target, which now implies ~+70% year-on-year EBITDAF growth; we forecast ~+60% growth.

Infratil Investor Day 2025—Reiterating Targets

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.

361 Degrees International / Equity Bottom-Up

<ul><li>1H25 results were a small miss, in our view, and despite the confirmation of FY25E guidance, we have turned more concerned about its store opening plan, offline sales growth and inventory days.</li><li>However, because of its relatively low valuation vs peers, plus its better-than-peers’ retail sales growth in 1H25, we maintain BUY and raise TP to HK$ 7.09, based on 11x FY25E P/E.</li><li>On one hand, we believe the FY25E guidance is achievable, but on the other hand, we do see a few risks or concerns as well.</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>

1H25 results were a small miss, in our view, and despite the confirmation of FY25E guidance, we have turned more concerned about its store opening plan, offline sales growth and inventory days.However, because of its relatively low valuation vs peers, plus its better-than-peers’ retail sales growth in 1H25, we maintain BUY and raise TP to HK$ 7.09, based on 11x FY25E P/E.On one hand, we believe the FY25E guidance is achievable, but on the other hand, we do see a few risks or concerns as well.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.

361 Degrees (1361 HK) - Guidance Unchanged but We Are Concerned

China

361 Degrees International is a leading Chinese sportswear enterprise that manufactures and trades in a wide range of sporting goods, including footwear, apparel, and accessories for adults and children. The company focuses on professional sports functionality and offers products under its 361° core and 361° Kids brand names. It was founded in 2003 and is headquartered in Xiamen, People's Republic of China.

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361 Degrees International (1361 HK)

HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

Spark NZ Mobile Signal Fading

Datamine's March 2026 quarter Telcowatch data showed continued market share losses for Spark NZ (SPK) in its core mobile market. We expect SPK's...

Forsyth Barr

Infratil Investor Day 2025—Reiterating Targets

Infratil (IFT) hosted a confident investor day with presentations from its three largest portfolio companies: CDC Data Centres, One NZ, and...

Forsyth Barr

361 Degrees (1361 HK) - Guidance Unchanged but We Are Concerned

1H25 results were a small miss, in our view, and despite the confirmation of FY25E guidance, we have turned more concerned about its store opening...

CMB International

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