Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

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

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Central Huijin, the sovereign wealth fund, increased their shareholding of the Big 4 banks in China on 11 October 2023</li>
<li>Contrary to their last similar action, Huijin will increase its stakes in these banks over the next 6 months period, providing stabilizing force of the stock prices </li>
<li>Worries on property sector, LGFV and the overall health of the economy have significantly depressed banking stocks. </li>
</ul>


Central Huijin, the sovereign wealth fund, increased their shareholding of the Big 4 banks in China on 11 October 2023
Contrary to their last similar action, Huijin will increase its stakes in these banks over the next 6 months period, providing stabilizing force of the stock prices 
Worries on property sector, LGFV and the overall health of the economy have significantly depressed banking stocks. 


Huijin’s Increase in Shareholdings of the Big4 May Signal Temporary Bottoming of the Stocks

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>In this China banks screen, we focus on the credit quality headwinds going forward, as well as the returns trends that can absorb potentially worsening cost of risk charges</li>
<li>China bank shares continue to be poor performers; yet we see selective contrarian buy opportunities, for those banks with deeply discounted valuations and strong balance sheets including credit quality metrics</li>
<li>We stick with Industrial Bank and CCB as buys, adding Ping An Bank to the buys both of which have attractive valuations; Minsheng remains our fundamental sell</li>
</ul>


In this China banks screen, we focus on the credit quality headwinds going forward, as well as the returns trends that can absorb potentially worsening cost of risk charges
China bank shares continue to be poor performers; yet we see selective contrarian buy opportunities, for those banks with deeply discounted valuations and strong balance sheets including credit quality metrics
We stick with Industrial Bank and CCB as buys, adding Ping An Bank to the buys both of which have attractive valuations; Minsheng remains our fundamental sell


China Banks; Deep Value Despite the Rising Credit Quality Risks

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.


Hong Kong Connect Flows: $7.3bn of Inflows in September

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. <strong>This 4-day week</strong> saw HKD 14.0bn+ of net buying. That makes 11 weeks of net inflows.</li>
</ul>


This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 4-day week saw HKD 14.0bn+ of net buying. That makes 11 weeks of net inflows.


Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene.


HK Short Interest Weekly: Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene

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)

Huijin’s Increase in Shareholdings of the Big4 May Signal Temporary Bottoming of the Stocks

Huijin’s increase in shareholdings of the big four banks may signal temporary bottoming of the stocks. Worries remained banks' exposure in property...

Fern Wang

China Banks; Deep Value Despite the Rising Credit Quality Risks

China banks face credit quality hurdles, yet there are opportunities with discounted valuations and strong balance sheets; Industrial Bank, CCB...

Victor Galliano

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

The Quiddity HK Connect SOUTHBOUND Monitor, offering data on liquid names and interactive tables+charts. This week saw HKD 14.0bn+ of net buying,...

Travis Lundy

HK Short Interest Weekly: Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd and highlight short interest changes in Tencent, Baba, CCB, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Huijin’s Increase in Shareholdings of the Big4 May Signal Temporary Bottoming of the Stocks

Huijin’s increase in shareholdings of the big four banks may signal temporary bottoming of the stocks. Worries remained banks' exposure in property...

Fern Wang

China Banks; Deep Value Despite the Rising Credit Quality Risks

​China banks face credit quality hurdles, yet there are opportunities with discounted valuations and strong balance sheets; Industrial Bank, CCB...

Victor Galliano

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

The Quiddity HK Connect SOUTHBOUND Monitor, offering data on liquid names and interactive tables+charts. This week saw HKD 14.0bn+ of net buying,...

Travis Lundy

HK Short Interest Weekly: Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd and highlight short interest changes in Tencent, Baba, CCB, China...

Ke Yan, CFA, FRM

China banks face credit quality hurdles, yet there are opportunities with discounted valuations and strong balance sheets; Industrial Bank, CCB...