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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 14th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Link Reit (823 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Link Reit (823 HK), HSBC (5 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 14th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Link Reit (823 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Link Reit (823 HK), HSBC (5 HK).


Hong Kong Buybacks Weekly (Aug 14th): HSBC, Link Reit, Xiaomi

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 31st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Link Reit (823 HK), Forest Cabin (2657 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 31st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Link Reit (823 HK), Forest Cabin (2657 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Jul 31st): Link Reit, Forest Cabin, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan, Zijin Gold Intl, China Life, CNOOC, Hua Hong Semi, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan, Zijin Gold Intl, China Life, CNOOC, Hua Hong Semi, Xiaomi.


HK Connect Flows Weekly (Jul 24th): Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan

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

Hong Kong

China Resources Gas Group Limited is an investment holding company primarily engaged in the sale and distribution of natural and liquefied gas, and the construction and connection of gas pipelines. The company also offers comprehensive services including the sale of gas appliances and related products, and provides design, construction, consultancy, and management services for gas connection projects, as well as operating gas stations. It was incorporated in 1994 and is based in Wan Chai, Hong Kong.

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China Resources Gas (1193 HK)

Hong Kong Buybacks Weekly (Aug 14th): HSBC, Link Reit, Xiaomi

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK), Link...

Ke Yan, CFA, FRM

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

Hong Kong Buybacks Weekly (Jul 31st): Link Reit, Forest Cabin, Xiaomi

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Link Reit (823 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 24th): Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Knowledge Atlas (2513 HK), Kingboard...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)