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

Shenton Research

Shenton 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 195 stocks over the last week. The average A-H premium was 81.4% as of Jul 31st.</li>
<li>The average A-H premium changed by 1.9ppt week-on-week, led by real estate, materials, energy and offset by communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 81.4% as of Jul 31st.
The average A-H premium changed by 1.9ppt week-on-week, led by real estate, materials, energy and offset by communication services, information technology.
We highlight weekly changes in A-H premium for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.


A-H Premium Weekly (Jul 31st): Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Infrastructure, new energy, consumer discretionary and, to a lesser extent, transportation and logistics are sectors that will benefit from extensive government economic supportive policies over the last few days. </li>
<li>Acceleration of special purpose bonds will drive <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a>. We see <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> and <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> benefit from new energy initiatives.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> will be the near-term winner in the consumer discretionary space and so as <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>.</li>
</ul>


Infrastructure, new energy, consumer discretionary and, to a lesser extent, transportation and logistics are sectors that will benefit from extensive government economic supportive policies over the last few days. 
Acceleration of special purpose bonds will drive China Communications Construction (1800 HK). We see China Longyuan Power (916 HK) and Dongfang Electric (1072 HK) benefit from new energy initiatives.

Li Ning (2331 HK) will be the near-term winner in the consumer discretionary space and so as Haier Smart Home Co Ltd (6690 HK).


Roundup of Government Economic Supportive Policies: Key Winners

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Utilities ownership among Asia Ex-Japan funds has fallen to its lowest levels on record. Average fund weights stand at an all-time low of 0.98%, with just 41.3% of funds invested</li>
<li>Record underweights driven by benchmark increases in stocks that active managers have ignored (Adani Green Energy, Adani Transmission and Adani Gas).</li>
<li>Investor flight driven by Growth investors, with Aggressive Growth strategies all but abandoning the sector.  If risk assets continue to deteriorate, some of that rotation may start to reverse.</li>
</ul>


Utilities ownership among Asia Ex-Japan funds has fallen to its lowest levels on record. Average fund weights stand at an all-time low of 0.98%, with just 41.3% of funds invested
Record underweights driven by benchmark increases in stocks that active managers have ignored (Adani Green Energy, Adani Transmission and Adani Gas).
Investor flight driven by Growth investors, with Aggressive Growth strategies all but abandoning the sector.  If risk assets continue to deteriorate, some of that rotation may start to reverse.


Utilities: Record Underweight as Active Managers Exit

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.</li>
<li>The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.
The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.


A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>What to buy in Hong Kong when internet and property names are continuously monitored thus growth rate is clipped?</li>
<li>The utility sector provides the hedge due to its defensive nature.</li>
<li>Clean and renewable energy producers deserve more attention and therefore re-rating. </li>
</ul>


What to buy in Hong Kong when internet and property names are continuously monitored thus growth rate is clipped?
The utility sector provides the hedge due to its defensive nature.
Clean and renewable energy producers deserve more attention and therefore re-rating. 


China Utilities: Your Hedge During War Time

China

China Longyuan Power Group is a leading power producer primarily engaged in the generation and sale of wind and coal power, alongside other renewable energy projects such as solar, tidal, biomass, and geothermal. The company also manufactures power equipment and provides related consulting, maintenance, and training services. It was founded in 1993 and is headquartered in Beijing, People's Republic of China.

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China Longyuan Power Group (916 HK)

A-H Premium Weekly (Jul 31st): Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, CMB, Shandong Gold Mining Co Lt-H, Eastroc.

Ke Yan, CFA, FRM

Roundup of Government Economic Supportive Policies: Key Winners

We expect the government economic supportive policies released in the last few days to drive the infrastructure, new energy, consumer discretionary...

Osbert Tang, CFA

Utilities: Record Underweight as Active Managers Exit

Utilities ownership among Asia Ex-Japan funds has fallen to its lowest levels on record. Average fund weights stand at an all-time low of 0.98%,...

Steven Holden

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

China Utilities: Your Hedge During War Time

Most of the clean and RE are still trading at discounted valuations despite the explosive growth last year. It's not too late to start owning some...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)