HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a> is successful in capturing China's niche designer fashion segment. Its FY24 net profit surged 36.4%, despite the challenging retail market.</li>
<li>Gross margin reached a record high of 67.3% in 2H24 on higher purchases from loyal members. Operating cash flow surged 70.7% YoY, affirming its status as a cash cow.</li>
<li>Including special dividends, FY24 payout ratio was 95%. At 75% ordinary payout for FY25, it sits on a 10.9% yield. Net cash equals 22% of the share price.</li>
</ul>



JNBY Design Ltd (3306 HK) is successful in capturing China's niche designer fashion segment. Its FY24 net profit surged 36.4%, despite the challenging retail market.
Gross margin reached a record high of 67.3% in 2H24 on higher purchases from loyal members. Operating cash flow surged 70.7% YoY, affirming its status as a cash cow.
Including special dividends, FY24 payout ratio was 95%. At 75% ordinary payout for FY25, it sits on a 10.9% yield. Net cash equals 22% of the share price.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

CSSC (Hong Kong) Shipping / Equity Bottom-Up

<ul>
<li>Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.</li>
<li>
<a href="https://www.smartkarma.com/entities/cssc-hong-kong-shipping-co-l" target="_blank" data-smartkarma-citation="entities:28068:1" rel="noopener">CSSC (Hong Kong) Shipping Co Ltd (3877 HK)</a> was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.
</li>
<li><a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.</li>
</ul>


Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.

CSSC (Hong Kong) Shipping Co Ltd (3877 HK) was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.

Bosideng International Holdings (3998 HK) has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.


BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

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 analyzed the latest HK SFC report for aggregate short position as of Dec 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Weimob, Byd Electronic, Meituan, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 27th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Weimob, Byd Electronic, Meituan, Baba.


HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent,  Weimob, AIA, Jd, Hkex.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent,  Weimob, AIA, Jd, Hkex.


HK Short Interest Weekly: Tencent, Weimob, AIA, Jd, Hkex

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 13th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng.


HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

Hong Kong

Bosideng is the largest down clothing company in the PRC, specializing in the research, design, development, manufacturing, marketing, and distribution of branded down apparel. The company also offers ladieswear, school uniforms, and provides OEM services. It was founded in 1976 and is headquartered in Hong Kong.

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Bosideng (3998 HK)

JNBY Design (3306 HK): A Cash Cow

JNBY's 1H FY25 result is in line with consensus, with the gross margin flat at 65.1%. The interim payout ratio is unchanged at 37%, but the lack of...

Osbert Tang, CFA

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

HK/China markets have outperformed other Asian markets since the beginning of 2024. In HK the consumer discretionary sector has lost momentum as...

David Mudd

HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

We analyzed the latest HK SFC report for aggregate short position as of Dec 27th and highlight short interest changes in Weimob, Byd Electronic,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Weimob, AIA, Jd, Hkex

We analyzed the latest HK SFC report for aggregate short position as of Dec 20th and highlight short interest changes in Tencent, Weimob, AIA, Jd,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Hkex, Tracker Fund, Midea, Kuaishou, Jd, Bosideng

We analyzed the latest HK SFC report for aggregate short position as of Dec 13th and highlight short interest changes in Hkex, Tracker Fund, Midea,...

Ke Yan, CFA, FRM

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