Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Post market close on Friday, Hang Seng Indexes will announce the changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> that will be implemented at the close on 7 March.</li>
<li>With no constituent changes, one-way turnover will be 2.75% with 3 stocks being capped downward. This gives the index committee the opportunity to add more stocks without significantly increasing turnover.</li>
<li>The return of the high and medium probability inclusions has matched the performance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a> over the last few months, Shorts have climbed in some names.</li>
</ul>


Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 7 March.
With no constituent changes, one-way turnover will be 2.75% with 3 stocks being capped downward. This gives the index committee the opportunity to add more stocks without significantly increasing turnover.
The return of the high and medium probability inclusions has matched the performance of the Hang Seng Index over the last few months, Shorts have climbed in some names.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for March

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we review the share price performances of the 18 companies/insights on the Asian Dividend Gems in 2024.</li>
<li>The 18 stocks in the Asian Dividend Gems published in 2024 are up on average 4.5% from the date of publishing the insight to current price.</li>
<li>The 18 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 7.1% and average SmartScore of 4.0 (out of 5.0).</li>
</ul>


In this insight, we review the share price performances of the 18 companies/insights on the Asian Dividend Gems in 2024.
The 18 stocks in the Asian Dividend Gems published in 2024 are up on average 4.5% from the date of publishing the insight to current price.
The 18 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 7.1% and average SmartScore of 4.0 (out of 5.0).


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>Starbucks’ CEO of China denied the rumor that Starbucks will sell its Chinese businesses.</li>
<li>Chow Tai Fook closed 239 stores from March to September.</li>
<li>SAIC and Volkswagen will extend their joint venture to 2040.</li>
</ul>


Starbucks’ CEO of China denied the rumor that Starbucks will sell its Chinese businesses.
Chow Tai Fook closed 239 stores from March to September.
SAIC and Volkswagen will extend their joint venture to 2040.


China Consumption Weekly (2 Dec 2024): Starbucks, Chow Tai Fook, SAIC, Volkswagen, BYD

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.

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul><li>Chow Tai Fook (CTF) reported 1HFY25 (6 months ended Sep 2024) results with revenue down 20.4% YoY, in line with Bloomberg consensus estimates.</li><li>NP dropped 44.4% YoY, 20% below consensus mainly due to weak consumer sentiment and fair value loss of gold loan due to gold price hikes.</li><li>CTF announced a share buyback plan of HK$ 2bn on top of HK$ 0.2 per share dividend. </li></ul><p><em>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.</em></p>

Chow Tai Fook (CTF) reported 1HFY25 (6 months ended Sep 2024) results with revenue down 20.4% YoY, in line with Bloomberg consensus estimates.NP dropped 44.4% YoY, 20% below consensus mainly due to weak consumer sentiment and fair value loss of gold loan due to gold price hikes.CTF announced a share buyback plan of HK$ 2bn on top of HK$ 0.2 per share dividend. 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.

Chow Tai Fook (1929 HK) - 1H Earnings Missed, 2H Still Under Pressure

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Mokingran Jewellery Group Ltd / Equity Capital Markets

Mokingran Jewellery Group Ltd (1863481D CH)

<ul>
<li>The skyrocketing gold prices have driven up the prices of gold jewelry, but actually dampen the enthusiasm of many people to buy gold jewelry, which will directly affect MOKINGRAN's performance.</li>
<li>MOKINGRAN's prediction of gold price is incorrect. For an industry veteran, MOKINGRAN shouldn’t make such mistakes. The error in the judgment of important raw material trends is worth investors' vigilance.</li>
<li>We think that valuation of MOKINGRAN should be lower than that of <a href="https://www.smartkarma.com/entities/lao-feng-xiang-co-ltd" target="_blank" data-smartkarma-citation="entities:29910:1" rel="noopener">Lao Feng Xiang (600612 CH)</a>/<a href="https://www.smartkarma.com/entities/chow-tai-seng-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:29414:1" rel="noopener">Chow Tai Seng Jewellery (002867 CH)</a>/<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> and industry average.</li>
</ul>


The skyrocketing gold prices have driven up the prices of gold jewelry, but actually dampen the enthusiasm of many people to buy gold jewelry, which will directly affect MOKINGRAN's performance.
MOKINGRAN's prediction of gold price is incorrect. For an industry veteran, MOKINGRAN shouldn’t make such mistakes. The error in the judgment of important raw material trends is worth investors' vigilance.
We think that valuation of MOKINGRAN should be lower than that of Lao Feng Xiang (600612 CH)/Chow Tai Seng Jewellery (002867 CH)/Chow Tai Fook Jewellery (1929 HK) and industry average.


Pre-IPO Mokingran Jewellery Group (PHIP Updates) - Some Points Worth the Attention

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.

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Chow Tai Fook Jewellery (1929 HK)

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for March

We highlight 9 potential inclusions to the HSI in March. Downward capping on Tencent and Alibaba gives the index committee an opportunity to add...

Brian Freitas

A Review of Asian Dividend Gems in 2024

The 18 stocks in the Asian Dividend Gems published in 2024 are up on average 4.5% from the date of publishing the insight to current price.

Douglas Kim

China Consumption Weekly (2 Dec 2024): Starbucks, Chow Tai Fook, SAIC, Volkswagen, BYD

Starbucks’ CEO of China denied the rumor that Starbucks will sell its Chinese businesses. Chow Tai Fook closed 239 stores. SAIC and Volkswagen will...

Ming Lu

Chow Tai Fook (1929 HK) - 1H Earnings Missed, 2H Still Under Pressure

Chow Tai Fook (CTF) reported 1HFY25 (6 months ended Sep 2024) results with revenue down 20.4% YoY, in line with Bloomberg consensus estimates.

CMB International

Pre-IPO Mokingran Jewellery Group (PHIP Updates) - Some Points Worth the Attention

Skyrocketing gold prices dampen enthusiasm for gold jewelry, impacting MOKINGRAN's performance. Incorrect gold price prediction raises investor...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for March

We highlight 9 potential inclusions to the HSI in March. Downward capping on Tencent and Alibaba gives the index committee an opportunity to add...

Brian Freitas

A Review of Asian Dividend Gems in 2024

The 18 stocks in the Asian Dividend Gems published in 2024 are up on average 4.5% from the date of publishing the insight to current price.

Douglas Kim

China Consumption Weekly (2 Dec 2024): Starbucks, Chow Tai Fook, SAIC, Volkswagen, BYD

Starbucks’ CEO of China denied the rumor that Starbucks will sell its Chinese businesses. Chow Tai Fook closed 239 stores. SAIC and Volkswagen will...

Ming Lu

Chow Tai Fook (1929 HK) - 1H Earnings Missed, 2H Still Under Pressure

Chow Tai Fook (CTF) reported 1HFY25 (6 months ended Sep 2024) results with revenue down 20.4% YoY, in line with Bloomberg consensus estimates.

CMB International

Pre-IPO Mokingran Jewellery Group (PHIP Updates) - Some Points Worth the Attention

​Skyrocketing gold prices dampen enthusiasm for gold jewelry, impacting MOKINGRAN's performance. Incorrect gold price prediction raises investor...

Xinyao (Criss) Wang

Skyrocketing gold prices dampen enthusiasm for gold jewelry, impacting MOKINGRAN's performance. Incorrect gold price prediction raises investor...