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 20th 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), Chow Tai Fook Jewellery (1929 HK), AIA (1299 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), Chow Tai Fook Jewellery (1929 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 20th 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), Chow Tai Fook Jewellery (1929 HK), AIA (1299 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), Chow Tai Fook Jewellery (1929 HK).


Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Zhou Liu Fu Jewellery / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewelery Co., Ltd. (6168 HK)</a>'s IPO does not appeal to us, given deteriorating profitability, smaller size, and inferior financials. </li>
<li>Its IPO price of HK$24.0 appears to be fair relative to the peers' valuation, leaving limited upside and downside in the secondary market. </li>
<li>We value the stock at HK$22.5-25.7, based on 20-30% discount to <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a>. It is not another <a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>. </li>
</ul>



Zhou Liu Fu Jewelery Co., Ltd. (6168 HK)'s IPO does not appeal to us, given deteriorating profitability, smaller size, and inferior financials. 
Its IPO price of HK$24.0 appears to be fair relative to the peers' valuation, leaving limited upside and downside in the secondary market. 
We value the stock at HK$22.5-25.7, based on 20-30% discount to Chow Tai Fook Jewellery (1929 HK). It is not another Laopu Gold (6181 HK). 


Zhou Liu Fu (6168 HK) IPO: Not Our Cup of Tea

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH)</a> is looking to raise up to $143m in its upcoming Hong Kong IPO.</li>
<li>It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise up to $143m in its upcoming Hong Kong IPO.
It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Zhou Liu Fu Pre-IPO: Not Blindingly Cheap but Peer Momentum Is Strong

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group (9992 HK)</a>  opened its first dedicated jewellery concept store, POPOP, in Shanghai last Friday, featuring accessories based on its best-selling characters like Labubu, Molly, and Skullpanda.</li>
<li>The jewellery line represents a natural, high-return extension of Pop Mart’s brand. If scaled successfully, it could support overall revenue growth, enhance group margins, and contribute to higher returns.</li>
<li>Expect high margin, high return casual jewellery business to support growth and uplift margins going forward and  lead to analyst upgrades to future revenues/earnings. </li>
</ul>



Pop Mart International Group (9992 HK)  opened its first dedicated jewellery concept store, POPOP, in Shanghai last Friday, featuring accessories based on its best-selling characters like Labubu, Molly, and Skullpanda.
The jewellery line represents a natural, high-return extension of Pop Mart’s brand. If scaled successfully, it could support overall revenue growth, enhance group margins, and contribute to higher returns.
Expect high margin, high return casual jewellery business to support growth and uplift margins going forward and  lead to analyst upgrades to future revenues/earnings. 


Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>
Resilient FY25 Margins: Despite a 17.5% revenue drop, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> expanded operating margins by 400bps through cost control and premium product mix.</li>
<li>
Brand-Led Recovery in FY26: Signature launches, digital sales, and store optimization to drive Same Store Sales Growth (SSSG) recovery and sustain high operating leverage.</li>
<li>
Valuation Supported by Fundamentals: Valuation at 20.8x P/E (TTM) valuation justified by strong ROE (&gt;20%), margin leadership, and stable dividend payout (~88%) versus regional jewellery peers.</li>
</ul>



Resilient FY25 Margins: Despite a 17.5% revenue drop, Chow Tai Fook Jewellery (1929 HK) expanded operating margins by 400bps through cost control and premium product mix.

Brand-Led Recovery in FY26: Signature launches, digital sales, and store optimization to drive Same Store Sales Growth (SSSG) recovery and sustain high operating leverage.

Valuation Supported by Fundamentals: Valuation at 20.8x P/E (TTM) valuation justified by strong ROE (&gt;20%), margin leadership, and stable dividend payout (~88%) versus regional jewellery peers.


Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26

Hong Kong

Chow Tai Fook Jewellery Group Limited is a leading luxury jeweler that manufactures and sells a wide range of jewelry products, including gem-set, platinum, k-gold, and gold jewelry, as well as distributing watches. The company operates a vertically integrated business model, from diamond sourcing and manufacturing to retail and after-sales services, through both physical stores and online platforms. It was founded in 1929 and is headquartered in Hong Kong.

Price Gauge
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Chow Tai Fook Jewellery (1929 HK)

Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

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

Zhou Liu Fu (6168 HK) IPO: Not Our Cup of Tea

Zhou Liu Fu Jewelery's IPO lacks appeal due to declining profitability, smaller size, and weaker financials, with limited upside and downside in...

Osbert Tang, CFA

Zhou Liu Fu Pre-IPO: Not Blindingly Cheap but Peer Momentum Is Strong

Zhou Liu Fu is looking to raise up to $143m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?

Pop Mart offers investors with high risk appetite and long term conviction, a growth story that’s still unfolding. Valuation multiples are rich but...

Devi Subhakesan

Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26

Chow Tai Fook Jewellery Group shows resilience with margin expansion despite revenue drop, poised for brand-led recovery and supported by strong...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

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

Zhou Liu Fu (6168 HK) IPO: Not Our Cup of Tea

​Zhou Liu Fu Jewelery's IPO lacks appeal due to declining profitability, smaller size, and weaker financials, with limited upside and downside in...

Osbert Tang, CFA

Zhou Liu Fu Pre-IPO: Not Blindingly Cheap but Peer Momentum Is Strong

Zhou Liu Fu is looking to raise up to $143m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?

Pop Mart offers investors with high risk appetite and long term conviction, a growth story that’s still unfolding. Valuation multiples are rich but...

Devi Subhakesan

Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26

​Chow Tai Fook Jewellery Group shows resilience with margin expansion despite revenue drop, poised for brand-led recovery and supported by strong...

Sreemant Dudhoria

Zhou Liu Fu Jewelery's IPO lacks appeal due to declining profitability, smaller size, and weaker financials, with limited upside and downside in...

Chow Tai Fook Jewellery Group shows resilience with margin expansion despite revenue drop, poised for brand-led recovery and supported by strong...