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 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.
We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.


A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

Since autumn of 2014, the HK-Shanghai Connect, and later the HK-Shenzhen Connect mechanisms have provided means for mainland investors to buy Hong Kong-listed stocks. We have been tracking the H/A relationships and the Southbound flows per name on a weekly basis and occasionally writing commentary about it since late 2016. This report provides a brief synopsis of the SOUTHBOUND flows into Hong Kong-listed stocks over the course of 2018, by sector, by average percentage change in mainland ownership of HK shares outstanding subject to the Connect mechanisms, and the top and bottom five names per sector per quarter.

Since autumn of 2014, the HK-Shanghai Connect, and later the HK-Shenzhen Connect mechanisms have provided means for mainland investors to buy Hong Kong-listed stocks. We have been tracking the H/A relationships and the Southbound flows per name on a weekly basis and occasionally writing commentary about it since late 2016. This report provides a brief synopsis of the SOUTHBOUND flows into Hong Kong-listed stocks over the course of 2018, by sector, by average percentage change in mainland ownership of HK shares outstanding subject to the Connect mechanisms, and the top and bottom five names per sector per quarter.

<ul>
<li>We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.
The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.
We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.


A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

Equity Capital Markets

Sungrow Power Supply / Equity Capital Markets

<ul>
<li>Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.</li>
<li>We also discuss our preliminary thoughts on valuation, anchored by A-H premium.</li>
</ul>


Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.
We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.
We also discuss our preliminary thoughts on valuation, anchored by A-H premium.


Sungrow Power Supply A+H Pre-IPO: Early Thought

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

China’s banks are well-exposed to China’s Information Technology (IT) companies. We may sometimes forget this, where we tend to focus on industrial companies or State Owned Enterprises (SOE’s) as the only real credit risk. The interest surrounding the recent <a href="https://www.smartkarma.com/entities/24409" target="_blank" data-smartkarma-citation="entities:24409:1">Xiaomi Corp (1810 HK)</a> IPO is exceptional, but its financial metrics are weak and its creditors face repayment risk. This risk is apparent with many peer IT companies, where debt levels are rising and with weak debt/ebitda. We believe that…

China’s banks are well-exposed to China’s Information Technology (IT) companies. We may sometimes forget this, where we tend to focus on industrial companies or State Owned Enterprises (SOE’s) as the only real credit risk. The interest surrounding the recent Xiaomi Corp (1810 HK) IPO is exceptional, but its financial metrics are weak and its creditors face repayment risk. This risk is apparent with many peer IT companies, where debt levels are rising and with weak debt/ebitda. We believe that…

Xiaomi and China Banks: Poor China IT Financial Metrics, a Lessor Known Risk to China Banks

China

CGN Power Co., Ltd. is a holding company primarily engaged in the generation and sale of nuclear power, as well as the construction, operation, and management of nuclear and non-nuclear clean energy projects. It is China's largest domestic nuclear power operator. The company was founded on March 25, 2014, and is headquartered in Shenzhen, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CGN Power (1816 HK)

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

2018 HK-Connect SouthBound In a Nutshell

Since autumn of 2014, the HK-Shanghai Connect, and later the HK-Shenzhen Connect mechanisms have provided means for mainland investors to buy Hong...

Travis Lundy

A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Eastroc, CIMC, Remegen.

Ke Yan, CFA, FRM

Sungrow Power Supply A+H Pre-IPO: Early Thought

Sungrow is seeking to raise at least USD 100m in an A+H listing. In this note, we look at company's business, its industry context and provide our...

Ke Yan, CFA, FRM

Xiaomi and China Banks: Poor China IT Financial Metrics, a Lessor Known Risk to China Banks

China’s banks are well-exposed to China’s Information Technology (IT) companies. We may sometimes forget this, where we tend to focus on industrial...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)