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 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 11th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by financials, health care, energy and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life, Csc Financial.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 11th.
The average A-H premium changed by 3.7ppt week-on-week, led by financials, health care, energy and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life, Csc Financial.


A-H Premium Weekly (Apr 11th): Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life

<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

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China National Building Material / Equity Bottom-Up

China National Building Material (3323 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s proposed H-share buyback has been approved. We continue to support existing shareholders to tender their holdings to accept the offer. </li>
<li>The buyback will enhance FY25 and FY26 EPS by 4.8% and 8.2%, respectively. Its book value will increase by 11% compared to without a buyback.</li>
<li>The post-buyback FY25 PER of 9.6x is at a premium to the sector median of 7.6x. The proposal has led to significant outperformance, and we anticipate downside risks on completion. </li>
</ul>



China National Building Material (3323 HK)'s proposed H-share buyback has been approved. We continue to support existing shareholders to tender their holdings to accept the offer. 
The buyback will enhance FY25 and FY26 EPS by 4.8% and 8.2%, respectively. Its book value will increase by 11% compared to without a buyback.
The post-buyback FY25 PER of 9.6x is at a premium to the sector median of 7.6x. The proposal has led to significant outperformance, and we anticipate downside risks on completion. 


China National Building Material (3323 HK): Buyback Approved and Implications

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China National Building Material / Event-Driven

<ul>
<li>On the 6th December 2024, <strong><a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a></strong> (CNBM), China's leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.</li>
<li>This elevated CNBM's parent's stake to 50.01% of total shares from 45.02% currently, necessitating  a whitewash waiver so the parent would not be obliged to make a full blown offer.  </li>
<li>Independent H-shareholder overwhelmingly approved the waiver yesterday, the 19th February. Tendering closes on the 5th March. Minimum pro-ration is 19.24%. I'm estimating at least 35%. The Offer is now unconditional.</li>
</ul>


On the 6th December 2024, China National Building Material (3323 HK) (CNBM), China's leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
This elevated CNBM's parent's stake to 50.01% of total shares from 45.02% currently, necessitating  a whitewash waiver so the parent would not be obliged to make a full blown offer.  
Independent H-shareholder overwhelmingly approved the waiver yesterday, the 19th February. Tendering closes on the 5th March. Minimum pro-ration is 19.24%. I'm estimating at least 35%. The Offer is now unconditional.


CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

China

BBMG Corporation is an investment holding company primarily engaged in the manufacture and sale of building materials, including cement and concrete, and modern building materials. It also has significant operations in property development, investment, and management. The company was incorporated in 2005 and is headquartered in Beijing, China.

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BBMG (2009 HK)

A-H Premium Weekly (Apr 11th): Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Oilfield Services, Dfzq, Innocare Pharma,...

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

China National Building Material (3323 HK): Buyback Approved and Implications

CNBM's H-share buyback will boost EPS by 4.8% in FY25, with an 11% increase in book value. Its above-sector PER and recent share price strengths...

Osbert Tang, CFA

CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

I'm inclined to simply short outright here, if I had guaranteed take-no-action borrow. Especially as the price closes in on the tender price, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 11th): Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Oilfield Services, Dfzq, Innocare Pharma,...

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

China National Building Material (3323 HK): Buyback Approved and Implications

​CNBM's H-share buyback will boost EPS by 4.8% in FY25, with an 11% increase in book value. Its above-sector PER and recent share price strengths...

Osbert Tang, CFA

CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

I'm inclined to simply short outright here, if I had guaranteed take-no-action borrow. Especially as the price closes in on the tender price, and...

David Blennerhassett

CNBM's H-share buyback will boost EPS by 4.8% in FY25, with an 11% increase in book value. Its above-sector PER and recent share price strengths...