Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

* Risk Increasing Within Tier 2 Banks:  The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being implemented in March 2018 which should force the sector to abandon their high level of illiquid assets and promote “real” NAV-type products. This risk has now morphed into a size where confidence in the financial system could erode quickly. * Watch Your Insurers: Mainland Chinese insurers have 50%-60% of their investment portfolios exposed to the weakest…

* Risk Increasing Within Tier 2 Banks:  The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being implemented in March 2018 which should force the sector to abandon their high level of illiquid assets and promote “real” NAV-type products. This risk has now morphed into a size where confidence in the financial system could erode quickly. * Watch Your Insurers: Mainland Chinese insurers have 50%-60% of their investment portfolios exposed to the weakest…

China Financials – The Accident About to Happen

* Circular 46 enabling the CBRC to properly do its job, as Shanghai Pudong Development Bank  - the first of many high profile names - gets exposed for aggressive accounting.  * HNA, China Wanda, and Anbang Insurance monkey business also expose numerous shenanigans in the corporate sector as well.<h2>Summary</h2>The appointment of Guo Shuqing to head the China Bank Regulatory Commission (CBRC) was a clear sign that the mainland Chinese authorities are intent on cleaning up some of the excesses within the…

* Circular 46 enabling the CBRC to properly do its job, as Shanghai Pudong Development Bank  - the first of many high profile names - gets exposed for aggressive accounting.  * HNA, China Wanda, and Anbang Insurance monkey business also expose numerous shenanigans in the corporate sector as well.SummaryThe appointment of Guo Shuqing to head the China Bank Regulatory Commission (CBRC) was a clear sign that the mainland Chinese authorities are intent on cleaning up some of the excesses within the…

China Banks – Questionable Accounting Practices Exposed

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

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  Notable themes include:<ul><li>Add exposure to Energy and Materials. </li><li>Financial stocks are strengthening. </li><li>Avoid Australian banks. </li></ul>See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  Notable themes include:Add exposure to Energy and Materials. Financial stocks are strengthening. Avoid Australian banks. See the attached report for a complete list of our recommendations from this list.

China, Emerging Markets

Ryan Soh 苏祥发

A full translation of an article measuring the progress of deleveraging from a People's Bank of China mouthpiece website at the end of last month yields interesting results for those otherwise used to relying on intermediaries for partial summaries and interpretations.The article summarises the initial results obtained from deleveraging, acknowledges the unbalanced structure of enterprise debt, sees deleveraging as an opportunity for reform of state-owned enterprises, and contemplates the creation of a debt-to-equity swap market by 'qualified implementation agencies'. The full translation is included as an attachment.

A full translation of an article measuring the progress of deleveraging from a People's Bank of China mouthpiece website at the end of last month yields interesting results for those otherwise used to relying on intermediaries for partial summaries and interpretations.The article summarises the initial results obtained from deleveraging, acknowledges the unbalanced structure of enterprise debt, sees deleveraging as an opportunity for reform of state-owned enterprises, and contemplates the creation of a debt-to-equity swap market by 'qualified implementation agencies'. The full translation is included as an attachment.  

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 monthly Hong Kong Connect flows with our data engine for the month ended Apr 30th.</li>
<li>We estimate that the net southbound flows in April were $5.6bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for China Mobile, CCB, Pop Mart Intl, ICBC, Yofc.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Apr 30th.
We estimate that the net southbound flows in April were $5.6bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for China Mobile, CCB, Pop Mart Intl, ICBC, Yofc.


Hong Kong Connect Flows (April): $5.6bn Inflows

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

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Agricultural Bank of China (601288 CH)

China Financials – The Accident About to Happen

* Risk Increasing Within Tier 2 Banks: The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being...

Thomas J. Monaco

China Banks – Questionable Accounting Practices Exposed

* Circular 46 enabling the CBRC to properly do its job, as Shanghai Pudong Development Bank - the first of many high profile names - gets exposed...

Thomas J. Monaco

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

Deleveraging in China: A Translation

A full translation of an article measuring the progress of deleveraging from a People's Bank of China mouthpiece website at the end of last month...

Ryan Soh 苏祥发

Hong Kong Connect Flows (April): $5.6bn Inflows

We estimate inflows to be $5.6bn from mainland investors to HK stocks in April. We highlight flows for China Mobile, CCB, Pop Mart Intl, ICBC, Yofc.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)