Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In the setup/unwind tables highlighted in<a href="https://skr.ma/JEUKB" target="_blank" rel="noopener"> StubWorld: Haw Par Looking Stretched</a>, I see <a href="https://www.smartkarma.com/entities/dah-sing-financial-holdings" target="_blank" data-smartkarma-citation="entities:589:1" rel="noopener">Dah Sing Financial (440 HK)</a> at trading "cheap" to 74.4%-held <a href="https://www.smartkarma.com/entities/dah-sing-banking-group-ltd" target="_blank" data-smartkarma-citation="entities:342:1" rel="noopener">Dah Sing Banking (2356 HK)</a>.</li>
<li>I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.</li>
<li>Separately, DSB is trading at a ~62% discount to NAV - applying its 13.2%-holding in <a href="https://www.smartkarma.com/entities/bank-of-chongqing-co-ltd-h" target="_blank" data-smartkarma-citation="entities:658:1" rel="noopener">Bank of Chongqing (1963 HK)</a> - around a one-year high.  This is, however, a weak stub. </li>
</ul>


In the setup/unwind tables highlighted in StubWorld: Haw Par Looking Stretched, I see Dah Sing Financial (440 HK) at trading "cheap" to 74.4%-held Dah Sing Banking (2356 HK).
I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.
Separately, DSB is trading at a ~62% discount to NAV - applying its 13.2%-holding in Bank of Chongqing (1963 HK) - around a one-year high.  This is, however, a weak stub. 


Dah Sing Financial (2356 HK): Discounts On Discounts

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 156 stocks over the last week. The average A-H premium was 69.4% as of Jul 4th.</li>
<li>The average A-H premium changed by -0.5ppt week-on-week, led by consumer staples, real estate, consumer discretionary and offset by utilities, financials.</li>
<li>We highlight weekly changes in A-H premium for ICBC, Angang Steel, Datang Intl Power Gen, CMB, China Zheshang Bank, China Everbright Bank.</li>
</ul>


We analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 69.4% as of Jul 4th.
The average A-H premium changed by -0.5ppt week-on-week, led by consumer staples, real estate, consumer discretionary and offset by utilities, financials.
We highlight weekly changes in A-H premium for ICBC, Angang Steel, Datang Intl Power Gen, CMB, China Zheshang Bank, China Everbright Bank.


A-H Premium Weekly (Jul 4th): ICBC, Angang Steel, Datang Intl Power Gen, CMB, China Zheshang Bank

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.
The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.


A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.
The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.
We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.


A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

China

Bank of Chongqing Co., Ltd. provides a comprehensive range of banking and related financial services to corporate and individual clients across the People's Republic of China. The bank offers deposit and lending products, financial market services, and digital banking solutions. It was founded in 1996 and is headquartered in Chongqing, People's Republic of China.

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Bank of Chongqing (1963 HK)

Dah Sing Financial (2356 HK): Discounts On Discounts

Fundamentally, DSF's stubs ops are not exactly blowing the lights out. IF you think credit impairment losses have peaked, or are peaking, you might...

David Blennerhassett

A-H Premium Weekly (Jul 4th): ICBC, Angang Steel, Datang Intl Power Gen, CMB, China Zheshang Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ICBC, Angang Steel, Datang Intl Power Gen, CMB, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)