EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

<p>The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of 47 convicts including Shia cleric Sheikh Nimr al-Nimr.</p><p>While some claim this is the latest manifestation of a historic Sunni-Shia hatred, digging deeper shows other, more important factors at work that could determine the fallout for the region.</p>

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of 47 convicts including Shia cleric Sheikh Nimr al-Nimr.While some claim this is the latest manifestation of a historic Sunni-Shia hatred, digging deeper shows other, more important factors at work that could determine the fallout for the region.

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 10th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), Cloud Factory (2512 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), Cloud Factory (2512 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Oct 10th): Tencent, Hang Seng Bank, Cloud Factory

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, China Water Affairs, Anton Oilfield, Tata Steel, China Vanke</li>
<li>In the US, December 2024 new-home sales rose 3.6% m-o-m (1.7% e / 9.6% revised p) to an annualised 698 k units. Full-year newhome sales were up 2.5% y-o-y at 683 k units, with the median sale price rising 2.1% to USD 427 k.</li>
<li>Treasuries rallied on haven demand amid a sell-off in equities, as well as on the back of a strong 5Y notes auction. The yield on the 2Y UST declined 7 bps to 4.20%, while the yield on the 10Y UST fell 9 bps to 4.54%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, China Water Affairs, Anton Oilfield, Tata Steel, China Vanke
In the US, December 2024 new-home sales rose 3.6% m-o-m (1.7% e / 9.6% revised p) to an annualised 698 k units. Full-year newhome sales were up 2.5% y-o-y at 683 k units, with the median sale price rising 2.1% to USD 427 k.
Treasuries rallied on haven demand amid a sell-off in equities, as well as on the back of a strong 5Y notes auction. The yield on the 2Y UST declined 7 bps to 4.20%, while the yield on the 10Y UST fell 9 bps to 4.54%.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Health and Happiness (H&amp;H), Anton Oilfield, Lippo Karawaci</li>
<li>In the US, the December Conference Board leading index inched down by 0.1% (-0.1% e / 0.4% revised p) in December to 101.6. The decrease was due to "low consumer confidence about future business conditions, still relatively weak manufacturing orders, an increase in initial claims for unemployment and a decline in building permits", according to Justyna Zabinska-La Monica, Senior Manager for Business Cycle Indicators at The Conference Board.</li>
<li>US President Donald Trump is considering imposing a 10% tariff on imports of Chinese goods as soon as February 1st, apparently due to fentanyl being trafficked into the US via Mexico and Canada, using chemicals from China.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Health and Happiness (H&amp;H), Anton Oilfield, Lippo Karawaci
In the US, the December Conference Board leading index inched down by 0.1% (-0.1% e / 0.4% revised p) in December to 101.6. The decrease was due to "low consumer confidence about future business conditions, still relatively weak manufacturing orders, an increase in initial claims for unemployment and a decline in building permits", according to Justyna Zabinska-La Monica, Senior Manager for Business Cycle Indicators at The Conference Board.
US President Donald Trump is considering imposing a 10% tariff on imports of Chinese goods as soon as February 1st, apparently due to fentanyl being trafficked into the US via Mexico and Canada, using chemicals from China.


China

Anton Oilfield Services is an integrated oilfield technology service company that provides a full range of products and services for oil and gas development. These services include drilling, completion, downhole operations, oilfield management, and inspection. The company was founded in 1999 and is headquartered in Beijing, China.

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Anton Oilfield Services (3337 HK)

The Sunni-Shia Canard

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of...

Emad Mostaque

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Hong Kong Buybacks Weekly (Oct 10th): Tencent, Hang Seng Bank, Cloud Factory

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, China Water Affairs,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Health and Happiness...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Sunni-Shia Canard

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of...

Emad Mostaque

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Hong Kong Buybacks Weekly (Oct 10th): Tencent, Hang Seng Bank, Cloud Factory

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, China Water Affairs,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Health and Happiness...

Lucror Analytics

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....