Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

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

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Property agents say more government support is needed.  But historically timing and scale of policy is hard to predict</li>
<li>POEs are still under pressure with bond default.  Latest case is KWG missing debt payment and potential cross default</li>
<li>Sector's valuation is almost at all time low and big part of risk is priced in.  But stocks can stay cheap forever.  Monitor the HY bond market as key indicator.</li>
</ul>


Property agents say more government support is needed.  But historically timing and scale of policy is hard to predict
POEs are still under pressure with bond default.  Latest case is KWG missing debt payment and potential cross default
Sector's valuation is almost at all time low and big part of risk is priced in.  But stocks can stay cheap forever.  Monitor the HY bond market as key indicator.


Short Note: China Prop - When Is a Good Time to Revisit the Sector? Still No Light at the Tunnel

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>Hubris and Heartache: Behind the tragedy of Beijing’s deadly hospital fire</li><li>China lodges complaint about South Korean president’s ‘erroneous’ remarks on Taiwan</li><li>China loses more of its share of U.S. imports to ‘low-cost’ Asian rivals</li></ul>

Hubris and Heartache: Behind the tragedy of Beijing’s deadly hospital fireChina lodges complaint about South Korean president’s ‘erroneous’ remarks on TaiwanChina loses more of its share of U.S. imports to ‘low-cost’ Asian rivals

CX Daily: Hubris And Heartache: Behind The Tragedy Of Beijing’s Deadly Hospital Fire

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 weekly Hong Kong Connect flows with our data engine for holding position as of April 21st.</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 China Mobile, Anta Sports Products, Semiconductor Manufacturing International, Meituan, Wuxi Biologics, Petrochina, Tencent, China Construction Bank, Sensetime.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Anta Sports Products, Semiconductor Manufacturing International, Meituan, Wuxi Biologics, Petrochina, Tencent, China Construction Bank, Sensetime.


Hong Kong Connect Flows (Apr 21st): China Mobile, Anta, SMIC, Tencent, CCB, Sensetime

<ul>
<li>Full year 2022 annual results indicate that SOEs CRL and COLI are holding up, while smaller developers are still under liquidity pressure</li>
<li>In terms of the physical market, contract sales rebound strongly in Q1, with SOEs to gain market share over POEs</li>
<li>Sunac announced resume trading today (down 53%), but sector risk is still here.  Part of the risk is priced in at current valuation for sector, but SOEs are not cheap </li>
</ul>


Full year 2022 annual results indicate that SOEs CRL and COLI are holding up, while smaller developers are still under liquidity pressure
In terms of the physical market, contract sales rebound strongly in Q1, with SOEs to gain market share over POEs
Sunac announced resume trading today (down 53%), but sector risk is still here.  Part of the risk is priced in at current valuation for sector, but SOEs are not cheap 


Short Note: China Prop FY22 Results, Physical Market Uneven Recovery and Sunac’s Trading Resumption

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2023 dividend futures have dropped over the last week as results have trickled in and some of the larger dividend payers have cut their final dividends.</li>
<li>Over 50% of the DIPS are confirmed now and that number will increase significantly over the next couple of days as the remaining companies announce their final dividends.</li>
<li>From our estimates, just over 80% of the DIPS will be confirmed by tomorrow though over 66% of the total DIPS will have CNYHKD risk attached to it.</li>
</ul>


The HSCEI 2023 dividend futures have dropped over the last week as results have trickled in and some of the larger dividend payers have cut their final dividends.
Over 50% of the DIPS are confirmed now and that number will increase significantly over the next couple of days as the remaining companies announce their final dividends.
From our estimates, just over 80% of the DIPS will be confirmed by tomorrow though over 66% of the total DIPS will have CNYHKD risk attached to it.


HSCEI Dividend Futures: Nearing the Pointy End of Results Season

Hong Kong

China Resources Land Limited, through its subsidiaries, develops and invests in properties.  The Company also provides corporate financing and electrical engineering services.

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

China Resources Land (1109 HK)

Short Note: China Prop - When Is a Good Time to Revisit the Sector? Still No Light at the Tunnel

Short Note - when should we re-visit China property sector? There seems to be no light at the tunnel. POEs continue to suffer while SOEs shine. ...

Jacob Cheng

CX Daily: Hubris And Heartache: Behind The Tragedy Of Beijing’s Deadly Hospital Fire

Hubris and Heartache: Behind the tragedy of Beijing’s deadly hospital fire. China lodges complaint about South Korean president’s ‘erroneous’...

Caixin Global

Hong Kong Connect Flows (Apr 21st): China Mobile, Anta, SMIC, Tencent, CCB, Sensetime

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, Anta, SMIC, Tencent, CCB, Sensetime.

Ke Yan, CFA, FRM

Short Note: China Prop FY22 Results, Physical Market Uneven Recovery and Sunac’s Trading Resumption

Implications from 1) China property FY2022 results, 2) physical market Q1 uneven recovery and 3) Sunac's trading resumption - safe bets are still...

Jacob Cheng

HSCEI Dividend Futures: Nearing the Pointy End of Results Season

Over half of 2023 DIPS are now confirmed & will rise to 80% by close tomorrow. There is FX risk attached to most dividends. The 2023/24 steepener...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)