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 analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC, XIAOMI.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC, XIAOMI.


HSI Index Earning Revision (Dec): MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping Cosmetics (1318 HK)</a> raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.


Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods Group (2648 HK)</a>'s rally since reporting 3Q25 results is prompted by solid revenue and margin recovery. Its HA discount has narrowed 6.1pp from IPO. </li>
<li>Sales model and geographical optimisation has driven business outlook. With projected EPS CAGR of 10.4%, it is now in line with the sector momentum.</li>
<li>Its PEG of 1.4x is below peer's average of 1.9x. With net cash equalling 15.1% of its share price, it can deliver a decent 5.4% FY26F dividend yield.</li>
</ul>



Anjoy Foods Group (2648 HK)'s rally since reporting 3Q25 results is prompted by solid revenue and margin recovery. Its HA discount has narrowed 6.1pp from IPO. 
Sales model and geographical optimisation has driven business outlook. With projected EPS CAGR of 10.4%, it is now in line with the sector momentum.
Its PEG of 1.4x is below peer's average of 1.9x. With net cash equalling 15.1% of its share price, it can deliver a decent 5.4% FY26F dividend yield.


Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Contemporary Amperex Technology / Index Rebalance

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Post market close on Friday, Hang Seng Indexes will announce the changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> that will be implemented at the close on 5 December.</li>
<li>We highlight 6 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> will have a 6-month trading history by implementation of the index changes and is a high probability inclusion to the index. But cornerstone lock-up ends tomorrow.</li>
</ul>


Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 5 December.
We highlight 6 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.

CATL (3750 HK) will have a 6-month trading history by implementation of the index changes and is a high probability inclusion to the index. But cornerstone lock-up ends tomorrow.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> ’s US$3.2bn acquisition of beer, soft drinks, and retail assets in Central America at 11.6x EV/EBITDA highlights the valuation gap with Asian Beer Companies.</li>
<li>CR Beer’s strong 1H2025 recovery in sales and margins were powered by innovative product launches and digital channel sales. However it's performance has drawn little market attention, yet.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a>  trades near 10-year low EV/EBITDA, even as consensus expects solid margins and steady revenue growth ahead. Expect a valuation upside.</li>
</ul>



Heineken Holding NV (HEIO NA) ’s US$3.2bn acquisition of beer, soft drinks, and retail assets in Central America at 11.6x EV/EBITDA highlights the valuation gap with Asian Beer Companies.
CR Beer’s strong 1H2025 recovery in sales and margins were powered by innovative product launches and digital channel sales. However it's performance has drawn little market attention, yet.

China Resources Beer Holdings (291 HK)  trades near 10-year low EV/EBITDA, even as consensus expects solid margins and steady revenue growth ahead. Expect a valuation upside.


Heineken's USD3.2 Bn Acqsn. Frothy Valuations. Why Are Asia’s Beer Champions Still Flat?

Hong Kong

Budweiser Brewing Company APAC is a leading beverage company that produces, imports, markets, distributes, and sells beer and other non-beer beverages across Asia-Pacific. It offers a portfolio of over 50 beer brands, including Budweiser, Stella Artois, Corona, Harbin, Hoegaarden, and Cass. The company is headquartered in Hong Kong and was founded in 1876.

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Budweiser Brewing Company APAC (1876 HK)

HSI Index Earning Revision (Dec): MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC

We analyzed HSI's consensus for Dec 2025 and highlighted changes of EPS in MEITUAN (3690 HK), CCB (939 HK), China Life (2628 HK), HENGAN...

Ke Yan, CFA, FRM

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...

Osbert Tang, CFA

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25

We highlight 6 potential adds to the HSI in Dec. CATL is a high prob add and has a lock-up expiry tomorrow. Estimated turnover is 1.9% and trade is...

Brian Freitas

Heineken's USD3.2 Bn Acqsn. Frothy Valuations. Why Are Asia’s Beer Champions Still Flat?

CR Beer’s strong 1H2025, driven by new products and digital growth, merits market attention. Heineken’s premium Central America deal may shift the...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI Index Earning Revision (Dec): MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC

We analyzed HSI's consensus for Dec 2025 and highlighted changes of EPS in MEITUAN (3690 HK), CCB (939 HK), China Life (2628 HK), HENGAN...

Ke Yan, CFA, FRM

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

Anjoy Foods Group (2648 HK): The Start or the End of a Rally?

​Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...

Osbert Tang, CFA

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25

We highlight 6 potential adds to the HSI in Dec. CATL is a high prob add and has a lock-up expiry tomorrow. Estimated turnover is 1.9% and trade is...

Brian Freitas

Heineken's USD3.2 Bn Acqsn. Frothy Valuations. Why Are Asia’s Beer Champions Still Flat?

CR Beer’s strong 1H2025, driven by new products and digital growth, merits market attention. Heineken’s premium Central America deal may shift the...

Devi Subhakesan

Anjoy's strong revenue and margin recovery for 3Q25 drive the post-results rally. The improved earnings projection will support a narrower...