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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 2nd 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 Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 2nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).


Hong Kong Buybacks Weekly (Jun 2nd): Tencent, AIA, CK Asset

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.

Equity Bottom-Up

Chinasoft International / Equity Bottom-Up

<ul><li>Chinasoft delivered a weak set of FY22 results with revenue of RMB20.0bn (+9% YoY) and net profit of RMB759mn (-33% YoY) mainly due to GPM erosion (-3.7 ppts to 23.0%) despite better opex control (opex -2% YoY).</li><li>We think the road to recovery will be slow but 1) lower reliance on Huawei (49% of FY22 revenue vs. 54% in FY21), 2) continued workforce restructuring (-11% YoY in FY22) will help margin recovery.</li><li>Key catalyst being Huawei’s new product launch related to MetaERP and Pangu large AI model. Maintain BUY.</li></ul>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.

Chinasoft delivered a weak set of FY22 results with revenue of RMB20.0bn (+9% YoY) and net profit of RMB759mn (-33% YoY) mainly due to GPM erosion (-3.7 ppts to 23.0%) despite better opex control (opex -2% YoY).We think the road to recovery will be slow but 1) lower reliance on Huawei (49% of FY22 revenue vs. 54% in FY21), 2) continued workforce restructuring (-11% YoY in FY22) will help margin recovery.Key catalyst being Huawei’s new product launch related to MetaERP and Pangu large AI model. Maintain BUY.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.

Chinasoft (354 HK) – On a slow road to recovery

<ul>
<li>According to WSJ, the Biden’s administration is reviewing Huawei export license policy.</li>
<li>The US may not grant new licenses to US companies (e.g. Qualcomm, Intel) for sales to Huawei over national security concerns.</li>
<li>The new action would extend the covered products from 5G technology to even older 4G products. </li>
</ul>
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.


According to WSJ, the Biden’s administration is reviewing Huawei export license policy.
The US may not grant new licenses to US companies (e.g. Qualcomm, Intel) for sales to Huawei over national security concerns.
The new action would extend the covered products from 5G technology to even older 4G products. 

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.

Chinasoft (354 HK) – US is reviewing Huawei export license policy

<ul><li>Chinasoft hosted an investor call on 11 Jan to discuss the latest updates regarding KaihongOS development.</li><li>We believe the key takeaways is that Chinasoft is benefiting from the localization trend in a broader sense, from KaihongOS, Kunpeng (ARM) cloud migration, ERP application software and IoT products.</li><li>After a year of workforce restructuring, we expect Chinasoft revenue growth to accelerate in FY23E as enterprise digitalization and IT spending will pick up with loosened COVID restrictions in China. </li></ul>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.

Chinasoft hosted an investor call on 11 Jan to discuss the latest updates regarding KaihongOS development.We believe the key takeaways is that Chinasoft is benefiting from the localization trend in a broader sense, from KaihongOS, Kunpeng (ARM) cloud migration, ERP application software and IoT products.After a year of workforce restructuring, we expect Chinasoft revenue growth to accelerate in FY23E as enterprise digitalization and IT spending will pick up with loosened COVID restrictions in China. 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.

Chinasoft (354 HK) – Benefiting from localization trend with KaihongOS

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 15th 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 Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).</li>
<li>In addition, we note that China Soft International started buyback activity last week. </li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 15th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).
In addition, we note that China Soft International started buyback activity last week. 


Hong Kong Buybacks: Tencent, AIA, and Xiaomi

China

Chinasoft International is a global software and information technology services company, providing application development, cloud computing, big data analytics, and business process outsourcing. It offers solutions like the JointPilot platform, HOJI software project management platform, and CloudEasy Series products. The company was founded in 2000 and is headquartered in Hong Kong.

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Chinasoft International (354 HK)

Hong Kong Buybacks Weekly (Jun 2nd): Tencent, AIA, CK Asset

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Chinasoft (354 HK) – On a slow road to recovery

Chinasoft delivered a weak set of FY22 results with revenue of RMB20.0bn (+9% YoY) and net profit of RMB759mn (-33% YoY) mainly due to GPM erosion...

CMB International

Chinasoft (354 HK) – US is reviewing Huawei export license policy

The US may not grant new licenses to US companies (e.g. Qualcomm, Intel) for sales to Huawei over national security concerns.

CMB International

Chinasoft (354 HK) – Benefiting from localization trend with KaihongOS

We believe the key takeaways is that Chinasoft is benefiting from the localization trend in a broader sense, from KaihongOS, Kunpeng (ARM) cloud...

CMB International

Hong Kong Buybacks: Tencent, AIA, and Xiaomi

We highlight the top 3 companies that repurchased the most shares from the Hong Kong market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).

Ke Yan, CFA, FRM

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