HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

CK Infrastructure Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>'s share price should pick up as its portfolio of non-US infrastructure assets will become increasingly attractive.</li>
<li>Its assets will benefit from re-pricing as global inflation rates trend higher. Meanwhile, it will gain from the translation of foreign earnings back to HK$.</li>
<li>The secured 5.7% and 6.2% dividend yield for FY25F and FY26F makes CKI appealing, especially given a track record of 28 consecutive years of dividend hike.</li>
</ul>



CK Infrastructure Holdings (1038 HK)'s share price should pick up as its portfolio of non-US infrastructure assets will become increasingly attractive.
Its assets will benefit from re-pricing as global inflation rates trend higher. Meanwhile, it will gain from the translation of foreign earnings back to HK$.
The secured 5.7% and 6.2% dividend yield for FY25F and FY26F makes CKI appealing, especially given a track record of 28 consecutive years of dividend hike.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Singtel (Singapore Telecommunications) / Technical Analysis

<ul>
<li>We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.</li>
<li>Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.</li>
<li>Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.</li>
</ul>


We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.
Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.


Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. </li><li>DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. </li><li>CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.</li></ul>

Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

<ul><li>MPACT's overseas assets underperformed in 3QFY2025 according to analysts, highlighting a weakness in that area of the business.</li><li>DBS has launched ETFs in US equities, AI, small caps, and gold, expecting them to perform well under Trump 2.0 presidency.</li><li>Both RHB and DBS remain optimistic about ESR REIT despite a decrease in DPU, indicating a bullish outlook on the real estate investment trust.</li></ul>

MPACT's overseas assets underperformed in 3QFY2025 according to analysts, highlighting a weakness in that area of the business.DBS has launched ETFs in US equities, AI, small caps, and gold, expecting them to perform well under Trump 2.0 presidency.Both RHB and DBS remain optimistic about ESR REIT despite a decrease in DPU, indicating a bullish outlook on the real estate investment trust.

Singapore Market Roundup (27-Jan-2025): MPACT's overseas assets weak in 3QFY2025.

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>2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.</li>
<li>We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.
We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

Hong Kong

The Hong Kong and China Gas Company Limited produces, distributes, and markets gas and gas appliances to residential and industrial customers through its brands.The Company's subsidiaries develops gas projects in China and manages commercial properties.

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Hong Kong & China Gas (3 HK)

CKI (1038 HK): It Is the Best Time

CKI is poised to perform with non-US assets becoming more attractive, benefitting from global inflation and foreign earnings translation, offering...

Osbert Tang, CFA

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn are Rising; We are Cautious; Get Defensive; $115 on ACWI-US Remains Key Level, and is at Risk of Breakdown. Actionable...

Vermilion Research

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

FEHT is favored by analysts for strong hotel RevPAR, DBS is skeptical of China's AI breakthrough, and CGSI upgrades ISDN on industrial automation...

Singapore Market Roundup

Singapore Market Roundup (27-Jan-2025): MPACT's overseas assets weak in 3QFY2025.

MPACT's overseas assets disappointing, DBS launches new ETFs under Trump 2.0, RHB & DBS optimistic on ESR REIT despite lower DPU.

Singapore Market Roundup

Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. We had an accuracy rate of 79.4% for IPOs and 68.8% for placements in...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CKI (1038 HK): It Is the Best Time

​CKI is poised to perform with non-US assets becoming more attractive, benefitting from global inflation and foreign earnings translation, offering...

Osbert Tang, CFA

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn are Rising; We are Cautious; Get Defensive; $115 on ACWI-US Remains Key Level, and is at Risk of Breakdown. Actionable...

Vermilion Research

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

FEHT is favored by analysts for strong hotel RevPAR, DBS is skeptical of China's AI breakthrough, and CGSI upgrades ISDN on industrial automation...

Singapore Market Roundup

Singapore Market Roundup (27-Jan-2025): MPACT's overseas assets weak in 3QFY2025.

MPACT's overseas assets disappointing, DBS launches new ETFs under Trump 2.0, RHB & DBS optimistic on ESR REIT despite lower DPU.

Singapore Market Roundup

Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. We had an accuracy rate of 79.4% for IPOs and 68.8% for placements in...

Sumeet Singh

CKI is poised to perform with non-US assets becoming more attractive, benefitting from global inflation and foreign earnings translation, offering...