Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shenzhen Mindray Bio-Medical Electronics / Event-Driven

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.</li>
<li>NORTHBOUND saw net inflow for the first time in three months. Small at RMB 557mm, but positive.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.
NORTHBOUND saw net inflow for the first time in three months. Small at RMB 557mm, but positive.


Mainland Connect NORTHBOUND Flows (To 3Nov23): First Week of Net Buying in 3mos

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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 3rd.</li>
<li>We estimate the weekly inflows to be US$100.5 million, led by consumer staples, information technology, health care sectors, and offset by industrials, consumer discretionary.</li>
<li>We highlight flows for Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray, Wuliangye, BYD.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 3rd.
We estimate the weekly inflows to be US$100.5 million, led by consumer staples, information technology, health care sectors, and offset by industrials, consumer discretionary.
We highlight flows for Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray, Wuliangye, BYD.


Northbound Flows (Nov 3rd): Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials ($2,588 million worth of outflows), Financials ($1,109 million worth of outflows) led the outflows. </li>
<li>We highlight outflows from Moutai, CATL, Longi, Focus Media, Ping An Insurance.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials ($2,588 million worth of outflows), Financials ($1,109 million worth of outflows) led the outflows. 
We highlight outflows from Moutai, CATL, Longi, Focus Media, Ping An Insurance.


Northbound Flows Monthly (October): Three Months of Outflows

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate the outflows to be $5.3bn in September and consumer discretionary, and health care sectors led the inflows.</li>
<li>We highlight inflows into BYD, Bank Of Jiangsu, Wuxi Apptec and outflows from CATL, Moutai, Wuliangye.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate the outflows to be $5.3bn in September and consumer discretionary, and health care sectors led the inflows.
We highlight inflows into BYD, Bank Of Jiangsu, Wuxi Apptec and outflows from CATL, Moutai, Wuliangye.


Northbound Flows Monthly (September): $5.3bn of Outflows

Analyst

Steve

Equity Bottom-Up

Gree Electric Appliances / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gree-electric-appliances-inc-of-zhuhai" target="_blank" data-smartkarma-citation="entities:7622:1" rel="noopener">Gree Electric Appliances (000651 CH)</a> trades at the lowest valuation multiple among the three major home appliance companies in China, at 7x forward PE and 7% forward yield.</li>
<li>Investment case rests on stable earnings growth and high dividend payout and yield, which works well in a low interest rate environment in China.</li>
<li>Resiliency of earnings for Gree is under-appreciated by the market, making rerating possible. </li>
</ul>



Gree Electric Appliances (000651 CH) trades at the lowest valuation multiple among the three major home appliance companies in China, at 7x forward PE and 7% forward yield.
Investment case rests on stable earnings growth and high dividend payout and yield, which works well in a low interest rate environment in China.
Resiliency of earnings for Gree is under-appreciated by the market, making rerating possible. 


Gree (000651 CH):  Resilient Fundamentals; Rerating Potential In A Low Interest Rate Environment

China

China Yangtze Power Company Ltd. owns the Gezhouba Power Station and the Three Gorges Power Station. The Company generates hydroelectric power, which is supplied to central China, east China, Guangdong province, Chongqing city, and other areas.

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China Yangtze Power Co, Ltd. (600900 CH)

Mainland Connect NORTHBOUND Flows (To 3Nov23): First Week of Net Buying in 3mos

Northbound Connect flows were positive for the first time in three months last week. Top stocks saw the same. Watch for more jawboning on short...

Travis Lundy

Northbound Flows (Nov 3rd): Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, China Yangtze Power, Maxscend...

Ke Yan, CFA, FRM

Northbound Flows Monthly (October): Three Months of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Moutai, CATL, Longi, Focus Media, Ping An Insurance.

Ke Yan, CFA, FRM

Northbound Flows Monthly (September): $5.3bn of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for September and highlight flows for BYD, Bank Of Jiangsu, Wuxi Apptec, CATL, Moutai and Wuliangye.

Ke Yan, CFA, FRM

Gree (000651 CH): Resilient Fundamentals; Rerating Potential In A Low Interest Rate Environment

Investment case rests on stable earnings growth and high dividend payout and yield, which works well in a low interest rate environment in China.

Steve

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