Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>We look at the global macro themes that are impacting the equity market including the US election, the Fed and China's latest rate cut</li>
<li>We also look at the latest condition in Hong Kong, including the rates, the economy and the physical RE market</li>
<li>HK RE stocks continue to trade at compelling valuation, but fund flows are needed if we want a re-rating</li>
</ul>


We look at the global macro themes that are impacting the equity market including the US election, the Fed and China's latest rate cut
We also look at the latest condition in Hong Kong, including the rates, the economy and the physical RE market
HK RE stocks continue to trade at compelling valuation, but fund flows are needed if we want a re-rating


HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental.


HK Short Interest Weekly: Tencent, Nongfu Spring, China Shenhua, Petrochina, New Oriental

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy, China Longyuan.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy, China Longyuan.


HK Short Interest Weekly: Zijin Mining, Lenovo, HSBC, Kuaishou, CK Asset, Yankuang Energy

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 28th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 28th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Jun 28th): Tencent, Meituan, Aia

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

Event-Driven

<ul>
<li>The steady selloff in <a href="https://www.smartkarma.com/entities/swire-properties-ltd" target="_blank" data-smartkarma-citation="entities:5775:1" rel="noopener">Swire Properties (1972 HK)</a> could result in the stock being deleted from global passive portfolios in the next couple of months.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-properties-ltd" target="_blank" data-smartkarma-citation="entities:5775:1" rel="noopener">Swire Properties (1972 HK)</a> trades marginally cheaper than its similar sized peers on forward PE and price to book value.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> owns 82% of <a href="https://www.smartkarma.com/entities/swire-properties-ltd" target="_blank" data-smartkarma-citation="entities:5775:1" rel="noopener">Swire Properties (1972 HK)</a> and a big drop in the stock price could see them step in.</li>
</ul>


The steady selloff in Swire Properties (1972 HK) could result in the stock being deleted from global passive portfolios in the next couple of months.

Swire Properties (1972 HK) trades marginally cheaper than its similar sized peers on forward PE and price to book value.

Swire Pacific (A) (19 HK) owns 82% of Swire Properties (1972 HK) and a big drop in the stock price could see them step in.


Swire Properties (1972 HK): Potential Passive Selling & Trade Ideas

Hong Kong

CK Asset Holdings Limited operates real estate businesses. The Company provides real estate development, leasing, marketing, property management, and hotel serviced suite services domestically and internationally. CK Asset Holdings also operates real estate investment trust, aircraft leasing, and assets management businesses.

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