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 analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.
The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.
We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.


A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.
We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.


A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<p>The takeover of Baoshang Bank by the government of China is as good a signal as any. All is not well in China banking. Press reports suggest this is the first bank closure in 20 years, which is also telling.  Perhaps the reddest of red flags for this bank was its missing financials for the past two years. We find several other China banks without financial statements, suggesting that this bank may not be alone. Beijing has since highlighted its concerns about high levels of special mention loans (SML) which flatter NPLs. We see many banks in China where SML loans are well over 100% of loss NPLs. The risk to higher credit costs is meaningful.  The negative profit growth shown by six of China’s banks during the latest quarter is another sign of how this can play out.</p>

The takeover of Baoshang Bank by the government of China is as good a signal as any. All is not well in China banking. Press reports suggest this is the first bank closure in 20 years, which is also telling.  Perhaps the reddest of red flags for this bank was its missing financials for the past two years. We find several other China banks without financial statements, suggesting that this bank may not be alone. Beijing has since highlighted its concerns about high levels of special mention loans (SML) which flatter NPLs. We see many banks in China where SML loans are well over 100% of loss NPLs. The risk to higher credit costs is meaningful.  The negative profit growth shown by six of China’s banks during the latest quarter is another sign of how this can play out.

China Banks – Missing Financials, Negative Growth, High Special Mention Loans

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.
We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.


A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<p>It has been almost a year since I wrote my piece on <a href="https://www.smartkarma.com/insights/wmp-exposure-in-smaller-banks-in-china-who-are-the-banks-shareholders" target="_blank" data-smartkarma-citation="insights:11430">WMP Exposure in Smaller Banks in China &amp; Who Are The Banks' Shareholders</a> that discussed how much of Wealth Management Products exposure that the rural banks carry in their balance sheet. Concerned about the size of the wealth management products issued in the past years and its influence on the banking system, the regulators have issued  <a href="http://www.chinabankingnews.com/2018/04/30/five-key-points-understanding-chinas-new-asset-management-rules/" target="_blank">new guidance</a> as follows:</p><ol><li>The transition period for the new regulation has been extended to the end of 2020 <ul><li>…</li></ul>
</li></ol>

It has been almost a year since I wrote my piece on WMP Exposure in Smaller Banks in China &amp; Who Are The Banks' Shareholders that discussed how much of Wealth Management Products exposure that the rural banks carry in their balance sheet. Concerned about the size of the wealth management products issued in the past years and its influence on the banking system, the regulators have issued  new guidance as follows:The transition period for the new regulation has been extended to the end of 2020 …


(Less) Wealth(Y) Management Products: New Rules

China

China Zheshang Bank Co., Ltd. is a national joint-stock commercial bank offering a comprehensive range of commercial banking products and services in Mainland China. It operates through Corporate Banking, Retail Banking, and Treasury Business segments, providing services such as loans, deposits, wealth management, and trade financing. The bank officially commenced operations on August 18, 2004, and is headquartered in Hangzhou, China, tracing its roots to Zhejiang Commercial Bank established in 1993.

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China Zheshang Bank (2016 HK)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Yankuang Energy, Haier Smarthome, Times Electric, China...

Ke Yan, CFA, FRM

China Banks – Missing Financials, Negative Growth, High Special Mention Loans

The takeover of Baoshang Bank by the government of China is as good a signal as any. All is not well in China banking. Press reports suggest this...

Daniel Tabbush

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

(Less) Wealth(Y) Management Products: New Rules

It has been almost a year since I wrote my piece on WMP Exposure in Smaller Banks in China & Who Are The Banks' Shareholders that discussed how...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)