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 154 stocks over the last week. The average A-H premium was 79.2% as of May 30th.</li>
<li>The average A-H premium changed by -1.3ppt week-on-week, led by health care, information technology, utilities and offset by consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&amp;M Engineering, Joinn Lab, Livzon Pharmaceutical.</li>
</ul>


We analyse the changes of A-H premium on 154 stocks over the last week. The average A-H premium was 79.2% as of May 30th.
The average A-H premium changed by -1.3ppt week-on-week, led by health care, information technology, utilities and offset by consumer staples, materials.
We highlight weekly changes in A-H premium for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&amp;M Engineering, Joinn Lab, Livzon Pharmaceutical.


A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

<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

China

BBMG Corporation has operation in manufacturing and sales of cement and modern building materials. The Company also operates in property development, property investment and provision of property management services in China.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

BBMG Corporation (601992 CH)

A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M...

Ke Yan, CFA, FRM

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'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...