Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.</li>
<li>Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.</li>
<li>Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.</li>
</ul>


It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.
Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.
Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn in its H-share listing in Hong Kong.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we will talk about the recent updates and look at the likely valuations.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn in its H-share listing in Hong Kong.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we will talk about the recent updates and look at the likely valuations.


China Tourism Group A/​H Listing - Recent Updates and a Quick Look at Valuations

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 12. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short increases for Smoore and China Resource Land. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 12. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short increases for Smoore and China Resource Land. 


HK Short Interest: Short Spiked for Smoore, CR Land

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 5th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Alibaba, and banks (CCB and CMB).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 5th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Alibaba, and banks (CCB and CMB).


HK Short Interest: BABA Shorts Doubled in 4 Weeks

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Postal Savings Bank of China C / Equity Bottom-Up

*Blowout 3Q21 Results: Established in 2007, Postal Savings Bank of China (1658.HK) [PSB], mainland China’s youngest large commercial bank, reported 3Q21 bottom-line results of CNY 23.5 bn – increasing CNY 3.7 bn (18.6%) linked quarter. Much of the improvement at PSB is due to credit leverage, as loss provisions declined CNY 9.3 bn (54.3%); and*Credit Quality Continues Its Positive Turn, But Reserves More Than Adequate: Net new NPLs did increase CNY 7.8 bn or 61.0% annualized versus CNY 14.9 bn or 116.6% at 2Q21. Despite the increase in net new NPLs, it would appear that PSB’s reserves would remain excessive to the tune of CNY 100 bn or about a year of pre-tax profits – begging the question of why not reverse loss reserves?

*Blowout 3Q21 Results: Established in 2007, Postal Savings Bank of China (1658.HK) [PSB], mainland China’s youngest large commercial bank, reported 3Q21 bottom-line results of CNY 23.5 bn – increasing CNY 3.7 bn (18.6%) linked quarter. Much of the improvement at PSB is due to credit leverage, as loss provisions declined CNY 9.3 bn (54.3%); and*Credit Quality Continues Its Positive Turn, But Reserves More Than Adequate: Net new NPLs did increase CNY 7.8 bn or 61.0% annualized versus CNY 14.9 bn or 116.6% at 2Q21. Despite the increase in net new NPLs, it would appear that PSB’s reserves would remain excessive to the tune of CNY 100 bn or about a year of pre-tax profits – begging the question of why not reverse loss reserves?

Postal Savings Bank of China – Reserve Reversals Expected

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

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

China Merchants Bank A (600036 CH)

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

China Tourism Group A/H Listing - Recent Updates and a Quick Look at Valuations

China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn in its H-share listing in Hong Kong. In this note we talk about...

Sumeet Singh

HK Short Interest: Short Spiked for Smoore, CR Land

We highlight WOW short interest increases for Smoore and China Resource Land based on the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

HK Short Interest: BABA Shorts Doubled in 4 Weeks

We highlight weekly short changes in Alibaba, and banks (CCB and CMB) in the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Postal Savings Bank of China – Reserve Reversals Expected

POSTAL SAVINGS BANK: PSB's QOQ 3Q21 increased 18.6%, due largely to credit leverage and net interest income improvement. PSB’s reserves appear...

Thomas J. Monaco

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

China Tourism Group A/​H Listing - Recent Updates and a Quick Look at Valuations

China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn in its H-share listing in Hong Kong. In this note we talk about...

Sumeet Singh

HK Short Interest: Short Spiked for Smoore, CR Land

We highlight WOW short interest increases for Smoore and China Resource Land based on the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

HK Short Interest: BABA Shorts Doubled in 4 Weeks

We highlight weekly short changes in Alibaba, and banks (CCB and CMB) in the latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Postal Savings Bank of China – Reserve Reversals Expected

POSTAL SAVINGS BANK: PSB's QOQ 3Q21 increased 18.6%, due largely to credit leverage and net interest income improvement. PSB’s reserves appear...

Thomas J. Monaco

China Tourism Group A/H Listing - Recent Updates and a Quick Look at Valuations