Founder of Antler Capital

Stanley Tsai, CFA

Equity Bottom-Up

People's Insurance (PICC) / Equity Bottom-Up

<ul>
<li>To build on our earlier work on the insurance space -- and as we search for beta-neutral relative value plays -- we look at PICC Group-H's SOTP valuation.</li>
<li>The group's life and health business has historically traded at a steep implicit discount to China Life-H, perhaps deservedly so. But price dislocations do occur from time to time.</li>
<li>We share our cheat sheet on how we approach these opportunities, which are often good for a quick 10% trade. As usual, we highlight the potential risks as well.</li>
</ul>


To build on our earlier work on the insurance space -- and as we search for beta-neutral relative value plays -- we look at PICC Group-H's SOTP valuation.
The group's life and health business has historically traded at a steep implicit discount to China Life-H, perhaps deservedly so. But price dislocations do occur from time to time.
We share our cheat sheet on how we approach these opportunities, which are often good for a quick 10% trade. As usual, we highlight the potential risks as well.


PICC Group / PICC P&C Pair: A Cheat Sheet to Improve Your Batting Average

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>PICC P&amp;C was a shelter for investors in 2022, as its earnings were largely shielded from the pandemic. However, momentum has shifted in favor of the rest of the sector.</li>
<li>As the reopening story tails off, we expect the stock's performance to recouple to the broader H-Financials index. </li>
<li>Valuation is undemanding, but the same can be said of almost any other stock in the space. If the HKD7.25/share resistance level breaks, we may see a major correction.</li>
</ul>


PICC P&amp;C was a shelter for investors in 2022, as its earnings were largely shielded from the pandemic. However, momentum has shifted in favor of the rest of the sector.
As the reopening story tails off, we expect the stock's performance to recouple to the broader H-Financials index. 
Valuation is undemanding, but the same can be said of almost any other stock in the space. If the HKD7.25/share resistance level breaks, we may see a major correction.


PICC P&C (2328 HK): Performance Recoupling; Breaking Support at HKD7.25?

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 3rd.</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 Meituan, Sensetime, Tencent, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Sensetime, Tencent, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Feb 3rd): Meituan, Sensetime, Tencent, CCB, HKEx

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Ning, Ccb, Beigene, Hworld, Hutchmed.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 27th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Ning, Ccb, Beigene, Hworld, Hutchmed.


HK Short Interest Weekly: Li Ning, Ccb, Beigene, Hworld, Hutchmed

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight flows of China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country Garden Services, Anta. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight flows of China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country Garden Services, Anta. 


Hong Kong Connect Flows Monthly: Health Care Led Inflows in Jan

China

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

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

China Construction Bank H (939 HK)

PICC Group / PICC P&C Pair: A Cheat Sheet to Improve Your Batting Average

PICC Group / PICC P&C are an interesting pair that often provides investors with short windows for relative value trades. From the group's SOTP...

Stanley Tsai, CFA

PICC P&C (2328 HK): Performance Recoupling; Breaking Support at HKD7.25?

The long PICC P&C / short the rest of H-share financials trade began to unwind in Oct 2022. As the reopening story tails off, we expect the stock's...

Stanley Tsai, CFA

Hong Kong Connect Flows (Feb 3rd): Meituan, Sensetime, Tencent, CCB, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, Sensetime, Tencent, China Construction Bank, Hong...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Li Ning, Ccb, Beigene, Hworld, Hutchmed

We analyzed the latest HK SFC report for aggregate short position as of Jan 27th and highlight short interest changes in Li Ning, Ccb, Beigene,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: Health Care Led Inflows in Jan

We analyzed the Hong Kong Connect Scheme for January and highlight flows for China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)