Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

China Construction Bank H / Technical Analysis

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week: • Signals for a new tactical opportunity: Upgrade on Kospi to “Increase Exposure” from “Hold”, within a long term Kospi outperformance. • No change for the other countries: Still Overweight Nikkei, Nifty, HSI and HSCEI. • ASX under the radar for a potential outperformance (watching reintegration of channel on the ASX/MXAP at 38.60/38.85 ) but maintain hold for now until the signal is triggered. Also, keep “hold” for TWSE.

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week: • Signals for a new tactical opportunity: Upgrade on Kospi to “Increase Exposure” from “Hold”, within a long term Kospi outperformance. • No change for the other countries: Still Overweight Nikkei, Nifty, HSI and HSCEI. • ASX under the radar for a potential outperformance (watching reintegration of channel on the ASX/MXAP at 38.60/38.85 ) but maintain hold for now until the signal is triggered. Also, keep “hold” for TWSE.

BBSP Equity Asia Weekly Research 31 May 2017

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/026/955/original/939%20HK.JPG?1496197378" class="editor-image img-responsive" data-smartkarma-image-id="26955"></figure>Bullish above 6.25 Preferred case: elements: Bullish 6.25 support rise expected to 6.80 before  Key elements: Boouned off channel support Daily Rsi surpassed and shaped a pullback on support at 50% Ellliot wave suggests end of range.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us. Equity Asia : +(65) 6735 3040 or bbsp.research@bbsp.frAccess to this document is restricted to the use of the intended recipient designated by BBSP and may not be…

Bullish above 6.25 Preferred case: elements: Bullish 6.25 support rise expected to 6.80 before  Key elements: Boouned off channel support Daily Rsi surpassed and shaped a pullback on support at 50% Ellliot wave suggests end of range.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us. Equity Asia : +(65) 6735 3040 or bbsp.research@bbsp.frAccess to this document is restricted to the use of the intended recipient designated by BBSP and may not be…

(939 HK) CHINA CONST BA-H (High Conviction): Bullish Above 6.25

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/026/814/original/China%20Cons%20Bank%20939%20HK.JPG?1496014915" class="editor-image img-responsive" data-smartkarma-image-id="26814"></figure>PREFERRED CASE Bullish above 6.00, surpassing 6.50 confirms rise to 7.25.Holding above bullish trendline RSI support reaction expected on ascending line Bullish Elliott Wave structure.Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole orin part, is strictly prohibited. This document is provided solely for information purposes. Under no…

PREFERRED CASE Bullish above 6.00, surpassing 6.50 confirms rise to 7.25.Holding above bullish trendline RSI support reaction expected on ascending line Bullish Elliott Wave structure.Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole orin part, is strictly prohibited. This document is provided solely for information purposes. Under no…

939 HK China Construction Bank - Target 7.25

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David Riedel

Founder

Independent equity research on GEM Markets

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<ul>
<li>For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets.  This service is now being widely used by risk managers, fundamental investors and quant funds.</li>
<li>Our proprietary Corporate Governance (CG) scoring system now covers 1,629 stocks.</li>
<li>RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha.  Over the past 5 years a basket of companies with…</li>
</ul>


For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets.  This service is now being widely used by risk managers, fundamental investors and quant funds.
Our proprietary Corporate Governance (CG) scoring system now covers 1,629 stocks.
RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha.  Over the past 5 years a basket of companies with…


RRG Corporate Governance Scoring System Adds Coverage of 60 HKG Names - Who Are the Likely Frauds?

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.

The China bank numbers show us once again that quarterly figures during the year are hardly reliable. This is because it is in the final quarter when banks top up their impairment costs, showing that previous periods are highly inflated.  At the same time, where stated NPL figures are increasingly held in question, for some banks, special mention loans are soaring. This is yet another way to limit impairment costs and inflate profit.Profit growth of selected China banks (% ch QoQ)<table class="table table-striped"><tbody>
<tr>
<td> </td>
<td style="text-align: right;">2Q16</td>
<td style="text-align: right;">3Q16</td>
<td style="text-align: right;">4Q16</td>
</tr>
<tr>
<td>…</td>
</tr>
</tbody></table>

The China bank numbers show us once again that quarterly figures during the year are hardly reliable. This is because it is in the final quarter when banks top up their impairment costs, showing that previous periods are highly inflated.  At the same time, where stated NPL figures are increasingly held in question, for some banks, special mention loans are soaring. This is yet another way to limit impairment costs and inflate profit.Profit growth of selected China banks (% ch QoQ)

 
2Q16
3Q16
4Q16


…



Sequential Profit Is Telling for China Banks

China

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

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

China Construction Bank H (939 HK)

BBSP Equity Asia Weekly Research 31 May 2017

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week:• Signals for a new tactical opportunity: Upgrade on Kospi to “Increase...

BBSP Asia

(939 HK) CHINA CONST BA-H (High Conviction): Bullish Above 6.25

Bullish above 6.25Preferred case: elements: Bullish 6.25 support rise expected to 6.80 before Key elements:Boouned off channel supportDaily Rsi...

BBSP Asia

939 HK China Construction Bank - Target 7.25

PREFERRED CASEBullish above 6.00, surpassing 6.50 confirms rise to 7.25.Holding above bullish trendlineRSI support reaction expected on ascending...

BBSP Asia

RRG Corporate Governance Scoring System Adds Coverage of 60 HKG Names - Who Are the Likely Frauds?

For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This...

David Riedel

Sequential Profit Is Telling for China Banks

The China bank numbers show us once again that quarterly figures during the year are hardly reliable. This is because it is in the final quarter...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)