Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Thematic (Sector/Industry)

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:<a href="https://www.smartkarma.com/entities/huawei-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:8231:1" rel="noopener">Huawei Technology (40978Z CH)</a>, <a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/bytedance-technology" target="_blank" data-smartkarma-citation="entities:27936:1" rel="noopener">ByteDance (1460967D CH)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom Corp Ltd (H) (728 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:Huawei Technology (40978Z CH), Top Glove Corp (TOPG MK), Naver Corp (035420 KS), Samsung Electronics (005930 KS), ByteDance (1460967D CH), Alibaba Group (9988 HK), Baidu (BIDU US), China Mobile (941 HK), China Telecom Corp Ltd (H) (728 HK), China Unicom Hong Kong (762 HK) 

Global Emerging Markets Weekly: 22 January 2021

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<div class="content-highlight">This report was commissioned by iSTOX, a next-generation investing platform designed to lower the barriers to entry to alternative assets like private equity, hedge funds, private debt and more. To learn more, go to <a href="https://istox.com/" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://istox.com/&amp;source=gmail&amp;ust=1610161268151000&amp;usg=AFQjCNGZcpgoAqxNXnyi7YHjo1-AoCkeCQ" rel="noopener">iSTOX.com</a>.</div>China is currently leading the Internet of Things (IoT) race, supported by the efforts of its telco providers, the government, and early adoption of 5G. Estimates by various consultancy and industry bodies expect China’s IoT industry to grow at a stronger rate over the forecast period (c. 27% compound annual growth rate (CAGR) over 2019-2025), surpassing US spending on IoT.A growing focus on Industrial IoT (IIoT) has become a key trend in the Chinese IoT industry. Initially, IoT was mainly adopted by the consumer sector, particularly in developing smart devices and smart homes. Given the country’s large manufacturing base, IIoT is seen as a sector with the highest growth potential for IoT services. IIoT is still in its nascent stage and we believe that China is well-positioned for growth in this sector.We have identified seventeen emerging IoT companies across key IoT application areas: smart device, home, city and building, IoT and cloud platform, manufacturing and IIoT, automotive and transportation systems and other IoT solutions. Based on industry estimates, IoT and cloud platforms are areas which are likely to witness the highest growth rates over the medium term. Over the longer term, however, we believe that manufacturing and IIoT-related companies will enjoy the strongest growth rates as manufacturers start adopting IoT services throughout their production processes. In terms of IoT platform services, the two names of interest are Gizwits and China Mobile IoT. On the manufacturing and IIoT side, we believe that RootCloud and Thingple have attractive potential for growth. In the smart devices and homes application segment, Yeelink and Tuya Smart caught our attention for their continued efforts in developing product technologies to meet growing IoT needs. In the automotive and transportation systems segment, Roadstar.ai, Deeproute.ai and Uhnder have caught our attention for their efforts in developing technologies for autonomous driving.

This report was commissioned by iSTOX, a next-generation investing platform designed to lower the barriers to entry to alternative assets like private equity, hedge funds, private debt and more. To learn more, go to iSTOX.com.China is currently leading the Internet of Things (IoT) race, supported by the efforts of its telco providers, the government, and early adoption of 5G. Estimates by various consultancy and industry bodies expect China’s IoT industry to grow at a stronger rate over the forecast period (c. 27% compound annual growth rate (CAGR) over 2019-2025), surpassing US spending on IoT.A growing focus on Industrial IoT (IIoT) has become a key trend in the Chinese IoT industry. Initially, IoT was mainly adopted by the consumer sector, particularly in developing smart devices and smart homes. Given the country’s large manufacturing base, IIoT is seen as a sector with the highest growth potential for IoT services. IIoT is still in its nascent stage and we believe that China is well-positioned for growth in this sector.We have identified seventeen emerging IoT companies across key IoT application areas: smart device, home, city and building, IoT and cloud platform, manufacturing and IIoT, automotive and transportation systems and other IoT solutions. Based on industry estimates, IoT and cloud platforms are areas which are likely to witness the highest growth rates over the medium term. Over the longer term, however, we believe that manufacturing and IIoT-related companies will enjoy the strongest growth rates as manufacturers start adopting IoT services throughout their production processes. In terms of IoT platform services, the two names of interest are Gizwits and China Mobile IoT. On the manufacturing and IIoT side, we believe that RootCloud and Thingple have attractive potential for growth. In the smart devices and homes application segment, Yeelink and Tuya Smart caught our attention for their continued efforts in developing product technologies to meet growing IoT needs. In the automotive and transportation systems segment, Roadstar.ai, Deeproute.ai and Uhnder have caught our attention for their efforts in developing technologies for autonomous driving.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

In 1998, before the US and China entered into Permanent Normal Trade Relations with China in 2000, the US Congress enacted a law requiring the Clinton Administration to publish a list of Chinese companies in the US which did business with the People's Liberation Army (Public Law 105-261, Section 1237), and a "Communist Chinese military company" was defined in that law as any company named in to Defense Intelligence Agency documents from 1990 and 1995 and "any other entity owned or controlled by the PLA and engaged in providing commercial services, manufacturing, or exporting."That law basically lay dormant until last year when the Pentagon launched a review of such companies following the Trump White House's labelling of China (and Russia) a "revisionist" power in its first National Security Strategy <a href="https://www.whitehouse.gov/wp-content/uploads/2017/12/NSS-Final-12-18-2017-0905-2.pdf" target="_blank" rel="noopener">report</a> in 2017. The goal was to investigate and warn about supply-chain vulnerabilities. The Department of Defense published a list in June 2020 of 20 companies which were "Qualified Entities". It updated the list in late August 2020. The former Secretary of Defense was ousted several days ago and the new Secretary of Defense is now responsible for the list. There is, as of last night, an Executive Order by the White House blocking US 'persons' investment in any of the names mentioned - a list now 31 names long.More below on the impact.

In 1998, before the US and China entered into Permanent Normal Trade Relations with China in 2000, the US Congress enacted a law requiring the Clinton Administration to publish a list of Chinese companies in the US which did business with the People's Liberation Army (Public Law 105-261, Section 1237), and a "Communist Chinese military company" was defined in that law as any company named in to Defense Intelligence Agency documents from 1990 and 1995 and "any other entity owned or controlled by the PLA and engaged in providing commercial services, manufacturing, or exporting."That law basically lay dormant until last year when the Pentagon launched a review of such companies following the Trump White House's labelling of China (and Russia) a "revisionist" power in its first National Security Strategy report in 2017. The goal was to investigate and warn about supply-chain vulnerabilities. The Department of Defense published a list in June 2020 of 20 companies which were "Qualified Entities". It updated the list in late August 2020. The former Secretary of Defense was ousted several days ago and the new Secretary of Defense is now responsible for the list. There is, as of last night, an Executive Order by the White House blocking US 'persons' investment in any of the names mentioned - a list now 31 names long.More below on the impact.

Trump's Executive Order on Chinese Military Companies

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

DZT Research

DZT 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 the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.</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 Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.


HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

Hong Kong

China Unicom (Hong Kong) Limited is a telecommunications service provider in China, offering mobile and fixed-line broadband, GSM, ICT, data communications, and cloud services. It operates as the incumbent fixed-line operator in 10 northern Chinese provinces and the third-largest wireless operator nationwide. The company was incorporated in Hong Kong in February 2000.

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China Unicom (Hong Kong) (CHU US)

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

Global Emerging Markets Weekly: 22 January 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Emerging IoT Companies in China

China is currently leading the IoT race, supported by the efforts of its telco providers, the government, and early adoption of 5G. In this...

Shifara Samsudeen, FCMA, CGMA

Trump's Executive Order on Chinese Military Companies

The White House announced an Executive Order prohibiting "US persons" from "providing capital" to a list of "China Military Cos" which has been...

Travis Lundy

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

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