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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.1% as of Feb 2nd.</li>
<li>The average A-H premium changed by -5.6ppt week-on-week, led by consumer staples, information technology, industrials and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.1% as of Feb 2nd.
The average A-H premium changed by -5.6ppt week-on-week, led by consumer staples, information technology, industrials and offset by utilities.
We highlight weekly changes in A-H premium for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.</li>
<li>The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.
The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.
We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.


A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.</li>
<li>The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.
The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.


A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.</li>
<li>The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.
The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.


A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>We find good value in <a href="https://www.smartkarma.com/entities/jiangsu-express-co-ltd-h" target="_blank" data-smartkarma-citation="entities:9956:1" rel="noopener">Jiangsu Expressway (H) (177 HK)</a> - its 8.3x PER is cheap relative to 10.4% EPS CAGR and P/B multiple of 1.06x is below historical average.</li>
<li>It has an extremely secured dividend stream for the next two years, yielding at least 6.3%. 1Q23 result showed a solid recovery, and potentially adding upside to earnings outlook.</li>
<li>Key drivers are stronger traffic recovery, rise in contribution from clean energy, margin expansion through cost control and completion of new projects in the next two years.</li>
</ul>


We find good value in Jiangsu Expressway (H) (177 HK) - its 8.3x PER is cheap relative to 10.4% EPS CAGR and P/B multiple of 1.06x is below historical average.
It has an extremely secured dividend stream for the next two years, yielding at least 6.3%. 1Q23 result showed a solid recovery, and potentially adding upside to earnings outlook.
Key drivers are stronger traffic recovery, rise in contribution from clean energy, margin expansion through cost control and completion of new projects in the next two years.


Jiangsu Expressway (177 HK): A Decent Play Even After Rally

China

Anhui Expressway constructs, operates, manages, and develops toll roads and associated service sections, generating revenue primarily through toll collection and vehicle services. The company also offers ancillary pawn loan services. It was founded in 1996 and is headquartered in Hefei, the People's Republic of China.

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Anhui Expressway (995 HK)

A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Tourism, Ping An Insurance, BYD.

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance and Beigene.

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.

Ke Yan, CFA, FRM

Jiangsu Expressway (177 HK): A Decent Play Even After Rally

The recent fall in share price has put Jiangsu Expressway on an attractive yield of 7.3% and this is very secure given it has consistently paid out...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)