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 analyzed the latest HK SFC report for aggregate short position as of Aug 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.


HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

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.

Thematic (Sector/Industry)

<ul>
<li>Unseasoned loans are especially high for 2 banks and very low for 2 others, divergent risks</li>
<li>Worsening China economy, geopolitical concerns, beware of well-held China banks</li>
<li>Rising losses at China's corporate suggests worse asset quality than reported</li>
</ul>


Unseasoned loans are especially high for 2 banks and very low for 2 others, divergent risks
Worsening China economy, geopolitical concerns, beware of well-held China banks
Rising losses at China's corporate suggests worse asset quality than reported


China Banks - Unseasoned Loans, Institutional Ownership, Corporate Losses

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>Active China A-Share funds scale back Financials exposure to record lows.</li>
<li>A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average</li>
<li>Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.</li>
</ul>


Active China A-Share funds scale back Financials exposure to record lows.
A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average
Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Apple /: In Depth: Long tethered to Apple, Chinese suppliers seek new options</li><li>GDP /: China’s first-quarter GDP grows 4.5% on pickup in consumption, industrial production</li><li>Banking /: Citic Bank promotes president Fang Heying to chairman</li></ul>

Apple /: In Depth: Long tethered to Apple, Chinese suppliers seek new optionsGDP /: China’s first-quarter GDP grows 4.5% on pickup in consumption, industrial productionBanking /: Citic Bank promotes president Fang Heying to chairman

CX Daily: Long Tethered to Apple, Chinese Suppliers Seek New Options

<ul>
<li>Allocations in China &amp; HK Banks are at depressed levels. The percentage of funds with exposure has fallen from a high of 78% in 2011 to just 58.2% today.</li>
<li>More funds have exposure to Mexico, Brazil and Indonesian Banks.  Versus benchmark, China Banks are the 2nd largest Bank country underweight.</li>
<li>For the major stocks in the sector, we see a picture of low positioning and declining sentiment.  </li>
</ul>


Allocations in China &amp; HK Banks are at depressed levels. The percentage of funds with exposure has fallen from a high of 78% in 2011 to just 58.2% today.
More funds have exposure to Mexico, Brazil and Indonesian Banks.  Versus benchmark, China Banks are the 2nd largest Bank country underweight.
For the major stocks in the sector, we see a picture of low positioning and declining sentiment.  


China

China Merchants Bank is a joint-stock commercial bank offering comprehensive financial services, including corporate and retail banking, investment banking, wealth management, and insurance. It provides products such as deposits, loans, credit cards, and online banking services. The bank was founded in 1987 and is headquartered in Shenzhen, China.

Price Gauge
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China Merchants Bank (3968 HK)

HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Aug 7th and highlight short interest changes in Wuxi Apptec, Zijin Gold...

Ke Yan, CFA, FRM

China Banks - Unseasoned Loans, Institutional Ownership, Corporate Losses

China concerns rising, we look at banks' unseasoned loans, institutional ownership, and losses of loss making companies in China - soaring.

Daniel Tabbush

CX Daily: Long Tethered to Apple, Chinese Suppliers Seek New Options

Apple /: In Depth: Long tethered to Apple, Chinese suppliers seek new options GDP /: China’s first-quarter GDP grows 4.5% on pickup in...

Caixin Global

China & HK Banks: Optimism Fading

EM Funds show declining appetite for China & HK Banks exposure as positioning slumps to all-time lows. Mexico, India and Indonesia remain favoured...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Aug 7th and highlight short interest changes in Wuxi Apptec, Zijin Gold...

Ke Yan, CFA, FRM

China Banks - Unseasoned Loans, Institutional Ownership, Corporate Losses

China concerns rising, we look at banks' unseasoned loans, institutional ownership, and losses of loss making companies in China - soaring.

Daniel Tabbush

China A-Share Financials: Out Of Love

China A-Share managers scale back Financials exposure to record lows. Outside of the top 6 stocks, active managers show little appetite for the...

Steven Holden

CX Daily: Long Tethered to Apple, Chinese Suppliers Seek New Options

Apple /: In Depth: Long tethered to Apple, Chinese suppliers seek new options GDP /: China’s first-quarter GDP grows 4.5% on pickup in...

Caixin Global

China & HK Banks: Optimism Fading

EM Funds show declining appetite for China & HK Banks exposure as positioning slumps to all-time lows. Mexico, India and Indonesia remain favoured...

Steven Holden